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    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-428": {
   "value": "4765000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-429": {
   "value": "15478000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-430": {
   "value": "2895000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-431": {
   "value": "1558107000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2024-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-432": {
   "value": "2315219000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-2": {
   "value": "GENERAL IN<span class=\"_ _7\"></span>FORMA<span class=\"_ _2\"></span>TION VI<span class=\"_ _2\"></span>ENN<span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>IN<span class=\"_ _2\"></span>SUR<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>CE<span class=\"_ _2\"></span> GR<span class=\"_ _2\"></span>OU<span class=\"_ _7\"></span>P<span class=\"_ _7\"></span> A<span class=\"_ _7\"></span>G <span class=\"_ _2\"></span>Wie<span class=\"_ _2\"></span>ner<span class=\"_ _7\"></span> V<span class=\"_ _e\"></span>ers<span class=\"_ _2\"></span>ic<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>ru<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> Gr<span class=\"_ _7\"></span>up<span class=\"_ _10\"></span>pe <span class=\"_ _2\"></span>(VI<span class=\"_ _2\"></span>G H<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>di<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span>) i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> a<span class=\"_ _2\"></span>n A<span class=\"_ _2\"></span>kti<span class=\"_ _2\"></span>eng<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>ls<span class=\"_ _2\"></span>cha<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>(p<span class=\"_ _7\"></span>ub<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>c l<span class=\"_ _2\"></span>imi<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>pany<span class=\"_ _7\"></span>) and <span class=\"_ _3\"> </span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>leading <span class=\"_ _f\"> </span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _f\"> </span>group <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _3\"> </span>entir<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>region <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Central <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>Eastern <span class=\"_ _f\"> </span>Europ<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>(CEE), <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>regi<span class=\"_ _7\"></span>ster<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>off<span class=\"_ _7\"></span>ice <span class=\"_ _f\"> </span>in Schotte<span class=\"_ _7\"></span>nring <span class=\"_ _2\"></span>30, <span class=\"_ _2\"></span>1010 <span class=\"_ _10\"></span>Vienna <span class=\"_ _7\"></span>(Aust<span class=\"_ _7\"></span>ria). <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>W<span class=\"_ _6\"></span>iene<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>St\u00e4<span class=\"_ _6\"></span>dtis<span class=\"_ _2\"></span>che <span class=\"_ _7\"></span>V<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>rsi<span class=\"_ _7\"></span>cherungsv<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>in, <span class=\"_ _2\"></span>also <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>regis<span class=\"_ _7\"></span>tered <span class=\"_ _10\"></span>off<span class=\"_ _7\"></span>ice <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>ienna, is <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>majority <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>eh<span class=\"_ _6\"></span>old<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _7\"></span>ng. <span class=\"_ _1\"></span>It <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>also <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>par<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>company <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>therefo<span class=\"_ _7\"></span>re <span class=\"_ _6\"></span>invol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>including <span class=\"_ _6\"></span>its subsidia<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies in its consol<span class=\"_ _7\"></span>idated f<span class=\"_ _7\"></span>inanci<span class=\"_ _7\"></span>al stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. The ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance co<span class=\"_ _7\"></span>mpa<span class=\"_ _7\"></span>nies and p<span class=\"_ _7\"></span>ension fu<span class=\"_ _7\"></span>nds of VIG Insu<span class=\"_ _7\"></span>rance Gr<span class=\"_ _2\"></span>oup of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>insurance <span class=\"_ _2\"></span>services \u2013 <span class=\"_ _2\"></span>life <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ealth, <span class=\"_ _2\"></span>as well <span class=\"_ _2\"></span>as pr<span class=\"_ _7\"></span>op<span class=\"_ _7\"></span>erty <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ualty i<span class=\"_ _7\"></span>nsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce \u2013 <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>aro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nd <span class=\"_ _7\"></span>32 <span class=\"_ _2\"></span>millio<span class=\"_ _7\"></span>n custome<span class=\"_ _7\"></span>rs i<span class=\"_ _7\"></span>n 30 countries.<span class=\"_ _3d5\"> </span>PRINCIPLES O<span class=\"_ _7\"></span>F SIGNIFICANT <span class=\"_ _2\"></span>ACC<span class=\"_ _7\"></span>OUNTING POLICIES<span class=\"_ _2\"></span> The <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _6\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>stateme<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>were <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>epare<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>accorda<span class=\"_ _2\"></span>nce <span class=\"_ _1\"></span>with <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>Internation<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>Reporting <span class=\"_ _6\"></span>Stand<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>ds (IFRS) <span class=\"_ _0\"></span>as <span class=\"_ _4\"> </span>ado<span class=\"_ _2\"></span>pted <span class=\"_ _4\"> </span>b<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>Europe<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>n <span class=\"_ _0\"></span>Union, <span class=\"_ _0\"></span>and <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>able <span class=\"_ _0\"></span>commer<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _0\"></span>law <span class=\"_ _4\"> </span>p<span class=\"_ _2\"></span>rovisions<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>\u00a7<span class=\"_ _7\"></span> 245a <span class=\"_ _0\"></span>(1) <span class=\"_ _0\"></span>of <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>Au<span class=\"_ _6\"></span>stri<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> Commer<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>al Code <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>Unte<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nehme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sges<span class=\"_ _7\"></span>etzbuc<span class=\"_ _7\"></span>h \u2013 U<span class=\"_ _7\"></span>GB).<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>were <span class=\"_ _6\"></span>commer<span class=\"_ _2\"></span>cially <span class=\"_ _0\"></span>ro<span class=\"_ _2\"></span>unded <span class=\"_ _6\"></span>and, <span class=\"_ _1\"></span>where<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>indic<span class=\"_ _7\"></span>ated <span class=\"_ _1\"></span>otherwise,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>shown <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>tho<span class=\"_ _7\"></span>usands <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>euros <span class=\"_ _1\"></span>(EUR \u201900<span class=\"_ _2\"></span>0). Calculatio<span class=\"_ _7\"></span>ns, ho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ever<span class=\"_ _10\"></span>, <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e do<span class=\"_ _7\"></span>ne using <span class=\"_ _7\"></span>exact amo<span class=\"_ _2\"></span>unts, w<span class=\"_ _7\"></span>hich ma<span class=\"_ _7\"></span>y lead to r<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>undi<span class=\"_ _7\"></span>ng dif<span class=\"_ _2\"></span>ferences.<span class=\"_ _3d5\"> </span>Going con<span class=\"_ _7\"></span>cern <span class=\"_ _7\"></span> The <span class=\"_ _10\"></span>prese<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>consol<span class=\"_ _7\"></span>idat<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>state<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>prepa<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>a <span class=\"_ _10\"></span>going <span class=\"_ _10\"></span>con<span class=\"_ _6\"></span>ce<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>n <span class=\"_ _2\"></span>basi<span class=\"_ _7\"></span>s <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>ac<span class=\"_ _6\"></span>cor<span class=\"_ _2\"></span>dance <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>IAS 1.25 <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _10\"></span>.26. The <span class=\"_ _0\"></span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _1\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>made <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>assessme<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>prim<span class=\"_ _7\"></span>arily <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>ased <span class=\"_ _1\"></span>on <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>solid <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>pital <span class=\"_ _1\"></span>reso<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ces, <span class=\"_ _1\"></span>positive <span class=\"_ _1\"></span>res<span class=\"_ _7\"></span>ult <span class=\"_ _1\"></span>be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>taxes,<span class=\"_ _7\"></span> risk-ave<span class=\"_ _7\"></span>rse capit<span class=\"_ _7\"></span>al in<span class=\"_ _7\"></span>vestme<span class=\"_ _7\"></span>nt and th<span class=\"_ _7\"></span>e cons<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvative <span class=\"_ _7\"></span>reins<span class=\"_ _2\"></span>urance strat<span class=\"_ _7\"></span>egy<span class=\"_ _e\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-434": {
   "value": "VI<span class=\"_ _2\"></span>ENN<span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>IN<span class=\"_ _2\"></span>SUR<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>CE<span class=\"_ _2\"></span> GR<span class=\"_ _2\"></span>OU<span class=\"_ _7\"></span>P<span class=\"_ _7\"></span> A<span class=\"_ _7\"></span>G <span class=\"_ _2\"></span>Wie<span class=\"_ _2\"></span>ner<span class=\"_ _7\"></span> V<span class=\"_ _e\"></span>ers<span class=\"_ _2\"></span>ic<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>ru<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> Gr<span class=\"_ _7\"></span>up<span class=\"_ _10\"></span>pe",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-435": {
   "value": "A<span class=\"_ _2\"></span>kti<span class=\"_ _2\"></span>eng<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>ls<span class=\"_ _2\"></span>cha<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>(p<span class=\"_ _7\"></span>ub<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>c l<span class=\"_ _2\"></span>imi<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>pany<span class=\"_ _7\"></span>)",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-436": {
   "value": "Schotte<span class=\"_ _7\"></span>nring <span class=\"_ _2\"></span>30, <span class=\"_ _2\"></span>1010 <span class=\"_ _10\"></span>Vienna",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-468": {
   "value": "Vienna",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-437": {
   "value": "Aust<span class=\"_ _7\"></span>ria",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-438": {
   "value": "W<span class=\"_ _6\"></span>iene<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>St\u00e4<span class=\"_ _6\"></span>dtis<span class=\"_ _2\"></span>che <span class=\"_ _7\"></span>V<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>rsi<span class=\"_ _7\"></span>cherungsv<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>in",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-495": {
   "value": "The ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance co<span class=\"_ _7\"></span>mpa<span class=\"_ _7\"></span>nies and p<span class=\"_ _7\"></span>ension fu<span class=\"_ _7\"></span>nds of VIG Insu<span class=\"_ _7\"></span>rance Gr<span class=\"_ _2\"></span>oup of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>insurance <span class=\"_ _2\"></span>services \u2013 <span class=\"_ _2\"></span>life <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ealth, <span class=\"_ _2\"></span>as well <span class=\"_ _2\"></span>as pr<span class=\"_ _7\"></span>op<span class=\"_ _7\"></span>erty <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ualty i<span class=\"_ _7\"></span>nsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce \u2013 <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>aro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nd <span class=\"_ _7\"></span>32 <span class=\"_ _2\"></span>millio<span class=\"_ _7\"></span>n custome<span class=\"_ _7\"></span>rs i<span class=\"_ _7\"></span>n 30 countries.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-439": {
   "value": "<div class=\"t m0 h1d ff4d fs10 fca sc0 ls5 ws2 gs5\">PRINCIPLES O<span class=\"_ _7\"></span>F SIGNIFICANT <span class=\"_ _2\"></span>ACC<span class=\"_ _7\"></span>OUNTING POLICIES<span class=\"_ _2\"></span> </div><div class=\"t m0 h1a ff4b fse fc3 sc0 ls5 ws2 gs6\">The <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _6\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>stateme<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>were <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>epare<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>accorda<span class=\"_ _2\"></span>nce <span class=\"_ _1\"></span>with <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>Internation<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>Reporting <span class=\"_ _6\"></span>Stand<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>ds </div><div class=\"t m0 h1a ff4b fse fc3 sc0 ls5 ws2 gs7\">(IFRS) <span class=\"_ _0\"></span>as <span class=\"_ _4\"> </span>ado<span class=\"_ _2\"></span>pted <span class=\"_ _4\"> </span>b<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>Europe<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>n <span class=\"_ _0\"></span>Union, <span class=\"_ _0\"></span>and <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>able <span class=\"_ _0\"></span>commer<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _0\"></span>law <span class=\"_ _4\"> </span>p<span class=\"_ _2\"></span>rovisions<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>\u00a7<span class=\"_ _7\"></span> 245a <span class=\"_ _0\"></span>(1) <span class=\"_ _0\"></span>of <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>Au<span class=\"_ _6\"></span>stri<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> </div><div class=\"t m0 h1a ff4b fse fc3 sc0 ls5 ws2 gs8\">Commer<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>al Code <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>Unte<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nehme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sges<span class=\"_ _7\"></span>etzbuc<span class=\"_ _7\"></span>h \u2013 U<span class=\"_ _7\"></span>GB).<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h1a ff4b fse fc3 sc0 ls5 ws2 gs9\">Amou<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>were <span class=\"_ _6\"></span>commer<span class=\"_ _2\"></span>cially <span class=\"_ _0\"></span>ro<span class=\"_ _2\"></span>unded <span class=\"_ _6\"></span>and, <span class=\"_ _1\"></span>where<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>indic<span class=\"_ _7\"></span>ated <span class=\"_ _1\"></span>otherwise,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>shown <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>tho<span class=\"_ _7\"></span>usands <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>euros <span class=\"_ _1\"></span>(EUR \u201900<span class=\"_ _2\"></span>0). </div><div class=\"t m0 h1a ff4b fse fc3 sc0 ls5 ws2 gsa\">Calculatio<span class=\"_ _7\"></span>ns, ho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ever<span class=\"_ _10\"></span>, <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e do<span class=\"_ _7\"></span>ne using <span class=\"_ _7\"></span>exact amo<span class=\"_ _2\"></span>unts, w<span class=\"_ _7\"></span>hich ma<span class=\"_ _7\"></span>y lead to r<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>undi<span class=\"_ _7\"></span>ng dif<span class=\"_ _2\"></span>ferences.<span class=\"_ _3d5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-494": {
   "value": "PRINCIPLES O<span class=\"_ _7\"></span>F SIGNIFICANT <span class=\"_ _2\"></span>ACC<span class=\"_ _7\"></span>OUNTING POLICIES<span class=\"_ _2\"></span> The <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _6\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>stateme<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>were <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>epare<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>accorda<span class=\"_ _2\"></span>nce <span class=\"_ _1\"></span>with <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>Internation<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>Reporting <span class=\"_ _6\"></span>Stand<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>ds (IFRS) <span class=\"_ _0\"></span>as <span class=\"_ _4\"> </span>ado<span class=\"_ _2\"></span>pted <span class=\"_ _4\"> </span>b<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>Europe<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>n <span class=\"_ _0\"></span>Union, <span class=\"_ _0\"></span>and <span class=\"_ _4\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>able <span class=\"_ _0\"></span>commer<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _0\"></span>law <span class=\"_ _4\"> </span>p<span class=\"_ _2\"></span>rovisions<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>\u00a7<span class=\"_ _7\"></span> 245a <span class=\"_ _0\"></span>(1) <span class=\"_ _0\"></span>of <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>Au<span class=\"_ _6\"></span>stri<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> Commer<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>al Code <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>Unte<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nehme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sges<span class=\"_ _7\"></span>etzbuc<span class=\"_ _7\"></span>h \u2013 U<span class=\"_ _7\"></span>GB).<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-433": {
   "value": "<div class=\"t m0 h1f ff4c fse fc3 sc0 ls5 ws2 gsc\">Going con<span class=\"_ _7\"></span>cern <span class=\"_ _7\"></span> </div><div class=\"t m0 h1a ff4b fse fc3 sc0 ls5 ws2 gsd\">The <span class=\"_ _10\"></span>prese<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>consol<span class=\"_ _7\"></span>idat<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>state<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>prepa<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>a <span class=\"_ _10\"></span>going <span class=\"_ _10\"></span>con<span class=\"_ _6\"></span>ce<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>n <span class=\"_ _2\"></span>basi<span class=\"_ _7\"></span>s <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>ac<span class=\"_ _6\"></span>cor<span class=\"_ _2\"></span>dance <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>IAS 1.25 <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _10\"></span>.26. </div><div class=\"t m0 h1a ff4b fse fc3 sc0 ls5 ws2 gse\">The <span class=\"_ _0\"></span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _1\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>made <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>assessme<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>prim<span class=\"_ _7\"></span>arily <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>ased <span class=\"_ _1\"></span>on <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>solid <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>pital <span class=\"_ _1\"></span>reso<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ces, <span class=\"_ _1\"></span>positive <span class=\"_ _1\"></span>res<span class=\"_ _7\"></span>ult <span class=\"_ _1\"></span>be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>taxes,<span class=\"_ _7\"></span> </div><div class=\"t m0 h1a ff4b fse fc3 sc0 ls5 ws2 gsf\">risk-ave<span class=\"_ _7\"></span>rse capit<span class=\"_ _7\"></span>al in<span class=\"_ _7\"></span>vestme<span class=\"_ _7\"></span>nt and th<span class=\"_ _7\"></span>e cons<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvative <span class=\"_ _7\"></span>reins<span class=\"_ _2\"></span>urance strat<span class=\"_ _7\"></span>egy<span class=\"_ _e\"></span>. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-1": {
   "value": "Estimate<span class=\"_ _7\"></span>s and d<span class=\"_ _7\"></span>iscretionary d<span class=\"_ _7\"></span>ecision<span class=\"_ _7\"></span>s Consoli<span class=\"_ _7\"></span>dated  financi<span class=\"_ _7\"></span>al  stat<span class=\"_ _6\"></span>em<span class=\"_ _7\"></span>ents  prepar<span class=\"_ _2\"></span>ed <span class=\"_ _12\"> </span>in  accord<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce <span class=\"_ _12\"> </span>wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _12\"> </span>the  IFRS  requir<span class=\"_ _2\"></span>e <span class=\"_ _12\"> </span>that  the <span class=\"_ _12\"> </span>Ma<span class=\"_ _2\"></span>naging  B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard  make discretio<span class=\"_ _2\"></span>nary <span class=\"_ _f\"> </span>assess<span class=\"_ _7\"></span>ments <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>nd <span class=\"_ _f\"> </span>sp<span class=\"_ _7\"></span>ecify <span class=\"_ _f\"> </span>ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>egar<span class=\"_ _7\"></span>ding <span class=\"_ _f\"> </span>fut<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re <span class=\"_ _f\"> </span>de<span class=\"_ _7\"></span>velopm<span class=\"_ _7\"></span>ents <span class=\"_ _f\"> </span>(estim<span class=\"_ _7\"></span>ates<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>. <span class=\"_ _f\"> </span>These <span class=\"_ _f\"> </span>estim<span class=\"_ _2\"></span>ates <span class=\"_ _f\"> </span>and<span class=\"_ _7\"></span> discretio<span class=\"_ _2\"></span>nary decisions could have a <span class=\"_ _6\"></span>mate<span class=\"_ _7\"></span>rial e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fect <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nition and v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue <span class=\"_ _6\"></span>of a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>ets and <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties, the <span class=\"_ _6\"></span>disclos<span class=\"_ _2\"></span>ure of other oblig<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>ns and <span class=\"_ _7\"></span>the re<span class=\"_ _7\"></span>porti<span class=\"_ _7\"></span>ng of in<span class=\"_ _7\"></span>come <span class=\"_ _7\"></span>and exp<span class=\"_ _7\"></span>enses<span class=\"_ _2\"></span>.  The <span class=\"_ _6\"></span>book values of the <span class=\"_ _6\"></span>items at<span class=\"_ _6\"></span> the <span class=\"_ _6\"></span>end <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>porting period are shown in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>consol<span class=\"_ _7\"></span>idated bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>sheet on <span class=\"_ _6\"></span>page <span class=\"_ _2\"></span>30 and <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>respec<span class=\"_ _7\"></span>tive <span class=\"_ _2\"></span>Notes. <span class=\"_ _2\"></span>Sensitivit<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>analyses <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>liabil<span class=\"_ _7\"></span>ities <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lso <span class=\"_ _10\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>Notes <span class=\"_ _2\"></span>relate<span class=\"_ _2\"></span>d to <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>it<span class=\"_ _7\"></span>ems<span class=\"_ _7\"></span>.<span class=\"_ _6\"></span>  Details rega<span class=\"_ _7\"></span>rding th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>areas with a h<span class=\"_ _6\"></span>igh<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>degr<span class=\"_ _7\"></span>ee of judgeme<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>as we<span class=\"_ _6\"></span>ll as greater compl<span class=\"_ _7\"></span>exity<span class=\"_ _e\"></span>, <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>eas wher<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>ns and <span class=\"_ _f\"> </span>esti<span class=\"_ _7\"></span>mates <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>of <span class=\"_ _f\"> </span>critic<span class=\"_ _7\"></span>al <span class=\"_ _f\"> </span>im<span class=\"_ _7\"></span>portance <span class=\"_ _4\"> </span>for <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>co<span class=\"_ _7\"></span>nsolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _f\"> </span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _4\"> </span>stateme<span class=\"_ _7\"></span>nts <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>an <span class=\"_ _f\"> </span>be <span class=\"_ _4\"> </span>found <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>Note <span class=\"_ _4\"> </span>24. <span class=\"_ _f\"> </span>Mate<span class=\"_ _7\"></span>ri<span class=\"_ _7\"></span>al<span class=\"_ _6\"></span> estimat<span class=\"_ _7\"></span>es and disc<span class=\"_ _2\"></span>retio<span class=\"_ _7\"></span>nary deci<span class=\"_ _7\"></span>sions b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gin<span class=\"_ _7\"></span>ning on p<span class=\"_ _7\"></span>age 14<span class=\"_ _7\"></span>1.<span class=\"_ _3d5\"> </span>Material esti<span class=\"_ _7\"></span>mates a<span class=\"_ _7\"></span>nd discretio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ary decisions<span class=\"_ _2\"></span> The material<span class=\"_ _7\"></span> estimates<span class=\"_ _7\"></span> and discre<span class=\"_ _7\"></span>tionar<span class=\"_ _7\"></span>y decisions<span class=\"_ _7\"></span> made in connectio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> with the (r<span class=\"_ _7\"></span>e-) insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>are pres<span class=\"_ _2\"></span>ented in Note <span class=\"_ _7\"></span>24.1. (Re-) i<span class=\"_ _2\"></span>nsurance co<span class=\"_ _7\"></span>ntracts st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> p<span class=\"_ _7\"></span>age 141.<span class=\"_ _3d5\"> </span>24.<span class=\"ff4a\"> </span>MA<span class=\"_ _2\"></span>TERIAL ESTIMA<span class=\"_ _10\"></span>TES <span class=\"_ _2\"></span>AND DISCRETI<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>NARY<span class=\"_ _7\"></span> DECISI<span class=\"_ _7\"></span>ON<span class=\"_ _6\"></span>S 24.1.<span class=\"ff4a\"> </span>(Re-) insuranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> contract<span class=\"_ _7\"></span>s The <span class=\"_ _1\"></span>assumptio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _1\"></span>estim<span class=\"_ _7\"></span>ates <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>b<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ll <span class=\"_ _1\"></span>param<span class=\"_ _7\"></span>eters <span class=\"_ _1\"></span>available <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _1\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _1\"></span>stateme<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>were<span class=\"_ _2\"></span> prep<span class=\"_ _7\"></span>are<span class=\"_ _7\"></span>d. <span class=\"_ _4\"> </span>Futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>develo<span class=\"_ _7\"></span>pments <span class=\"_ _4\"></span>ma<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>change <span class=\"_ _4\"></span>d<span class=\"_ _7\"></span>ue <span class=\"_ _f\"> </span>to <span class=\"_ _4\"></span>ma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ket <span class=\"_ _4\"></span>changes <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>circums<span class=\"_ _2\"></span>tances <span class=\"_ _4\"></span>arising <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>outside <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he influenc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>Ins<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. <span class=\"_ _0\"></span>Suc<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>are <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>efle<span class=\"_ _7\"></span>cted <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>when <span class=\"_ _0\"></span>they <span class=\"_ _0\"></span>oc<span class=\"_ _7\"></span>cur<span class=\"_ _e\"></span>. <span class=\"_ _4\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>inform<span class=\"_ _7\"></span>ation <span class=\"_ _0\"></span>is disaggr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ated <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>disclose <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 17 <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>ment <span class=\"_ _0\"></span>models<span class=\"_ _7\"></span>, <span class=\"_ _0\"></span>na<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ely <span class=\"_ _0\"></span>GMM, <span class=\"_ _1\"></span>VF<span class=\"_ _7\"></span>A <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>P<span class=\"_ _10\"></span>AA. <span class=\"_ _0\"></span>This <span class=\"_ _0\"></span>disaggr<span class=\"_ _2\"></span>egation <span class=\"_ _0\"></span>clos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ly foll<span class=\"_ _7\"></span>ows the str<span class=\"_ _7\"></span>uctur<span class=\"_ _7\"></span>e of t<span class=\"_ _7\"></span>he IFRS 17<span class=\"_ _7\"></span> po<span class=\"_ _7\"></span>rtfolio<span class=\"_ _7\"></span>s at VIG, <span class=\"_ _7\"></span>which ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> generall<span class=\"_ _7\"></span>y be d<span class=\"_ _7\"></span>escribe<span class=\"_ _2\"></span>d a<span class=\"_ _6\"></span>s fol<span class=\"_ _7\"></span>lows: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Unit-linked l<span class=\"_ _7\"></span>ife ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts, pa<span class=\"_ _7\"></span>rticipating l<span class=\"_ _7\"></span>ife ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts <span class=\"_ _7\"></span>and t<span class=\"_ _7\"></span>he Aust<span class=\"_ _7\"></span>rian healt<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> insu<span class=\"_ _7\"></span>rance b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>by type of l<span class=\"_ _7\"></span>ife i<span class=\"_ _7\"></span>nsurance a<span class=\"_ _7\"></span>re me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>VF<span class=\"_ _2\"></span>A method,<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty and c<span class=\"_ _7\"></span>asualt<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>os will<span class=\"_ _7\"></span> primarily b<span class=\"_ _7\"></span>e measu<span class=\"_ _7\"></span>red <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h P<span class=\"_ _10\"></span>AA and  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Lon<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>-duratio<span class=\"_ _2\"></span>n proper<span class=\"_ _7\"></span>ty a<span class=\"_ _7\"></span>nd casualt<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> not fulf<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ing the P<span class=\"_ _10\"></span>AA crit<span class=\"_ _7\"></span>eria, life ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot fulfil<span class=\"_ _7\"></span>ling the VF<span class=\"_ _2\"></span>A crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ria, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>will be m<span class=\"_ _2\"></span>easure<span class=\"_ _7\"></span>d using t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e GMM.<span class=\"_ _2\"></span> The metho<span class=\"_ _7\"></span>ds us<span class=\"_ _7\"></span>ed to mea<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span>ure i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce contra<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ts in the<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>life an<span class=\"_ _7\"></span>d hea<span class=\"_ _7\"></span>lth busin<span class=\"_ _7\"></span>ess<span class=\"_ _7\"></span> The <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sent <span class=\"_ _0\"></span>value <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>fut<span class=\"_ _7\"></span>ure <span class=\"_ _0\"></span>cash <span class=\"_ _4\"></span>fl<span class=\"_ _7\"></span>ows <span class=\"_ _4\"></span>will<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>be <span class=\"_ _0\"></span>de<span class=\"_ _6\"></span>termin<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>by <span class=\"_ _4\"> </span>dif<span class=\"_ _7\"></span>ferent <span class=\"_ _0\"></span>appro<span class=\"_ _7\"></span>aches <span class=\"_ _0\"></span>depending <span class=\"_ _0\"></span>on <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>decis<span class=\"_ _7\"></span>ion <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>lo<span class=\"_ _7\"></span>cal companies. Bo<span class=\"_ _7\"></span>th <span class=\"_ _6\"></span>stoc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>astic <span class=\"_ _6\"></span>mod<span class=\"_ _7\"></span>elling and deterministi<span class=\"_ _7\"></span>c <span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>ojection <span class=\"_ _6\"></span>are used within the <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. In <span class=\"_ _6\"></span>contrast to <span class=\"_ _6\"></span>dete<span class=\"_ _7\"></span>rminis<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ic proj<span class=\"_ _7\"></span>ection tech<span class=\"_ _7\"></span>niques, stoch<span class=\"_ _7\"></span>astic modell<span class=\"_ _7\"></span>ing appl<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>tec<span class=\"_ _7\"></span>hnique<span class=\"_ _7\"></span>s to <span class=\"_ _6\"></span>genera<span class=\"_ _7\"></span>te a <span class=\"_ _6\"></span>large n<span class=\"_ _7\"></span>umber of <span class=\"_ _6\"></span>possi<span class=\"_ _7\"></span>ble economi<span class=\"_ _7\"></span>c scen<span class=\"_ _7\"></span>arios for market <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ariables s<span class=\"_ _2\"></span>uch as in<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>es and <span class=\"_ _7\"></span>equity r<span class=\"_ _2\"></span>eturns to pr<span class=\"_ _2\"></span>oject futur<span class=\"_ _2\"></span>e cas<span class=\"_ _7\"></span>h flows. <span class=\"_ _2\"></span> ASSUMP<span class=\"_ _7\"></span>TIONS US<span class=\"_ _7\"></span>ED <span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>O <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>STIMA<span class=\"_ _10\"></span>TE FUTUR<span class=\"_ _7\"></span>E CASH<span class=\"_ _7\"></span> FLOWS<span class=\"_ _7\"></span> Mortality<span class=\"_ _e\"></span>, morbi<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ity an<span class=\"_ _7\"></span>d longevity r<span class=\"_ _7\"></span>ates  Assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> base<span class=\"_ _2\"></span>d on <span class=\"_ _7\"></span>stan<span class=\"_ _7\"></span>dar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>indust<span class=\"_ _7\"></span>ry and <span class=\"_ _2\"></span>nation<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>tables, <span class=\"_ _2\"></span>acc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rding <span class=\"_ _2\"></span>to t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ype <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>contract <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ritte<span class=\"_ _7\"></span>n a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e t<span class=\"_ _7\"></span>errito<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y in which the ins<span class=\"_ _7\"></span>ured perso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> resid<span class=\"_ _2\"></span>es. <span class=\"_ _6\"></span>The<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>eflec<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cent hist<span class=\"_ _2\"></span>orical experie<span class=\"_ _7\"></span>nce and are<span class=\"_ _7\"></span> adjusted w<span class=\"_ _7\"></span>hen appr<span class=\"_ _7\"></span>opri<span class=\"_ _7\"></span>ate to refle<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t the <span class=\"_ _7\"></span>local <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>panies <span class=\"_ _2\"></span>experienc<span class=\"_ _7\"></span>es. <span class=\"_ _7\"></span>An <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>opriate, <span class=\"_ _2\"></span>but <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>excessiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>allow<span class=\"_ _7\"></span>ance i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>de <span class=\"_ _2\"></span>for ex<span class=\"_ _2\"></span>pected <span class=\"_ _7\"></span>futur<span class=\"_ _2\"></span>e impr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>veme<span class=\"_ _7\"></span>nts. The assum<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>ions <span class=\"_ _2\"></span>diff<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>, for exam<span class=\"_ _7\"></span>ple, de<span class=\"_ _7\"></span>pendi<span class=\"_ _7\"></span>ng on th<span class=\"_ _7\"></span>e insu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lass a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d type o<span class=\"_ _7\"></span>f co<span class=\"_ _7\"></span>ntract. <span class=\"_ _2\"></span> An <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span>cre<span class=\"_ _7\"></span>ase <span class=\"_ _0\"></span>in <span class=\"_ _6\"></span>expected <span class=\"_ _1\"></span>mortali<span class=\"_ _7\"></span>ty <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>morbidity <span class=\"_ _1\"></span>rates <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>inc<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ase <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted <span class=\"_ _1\"></span>claim <span class=\"_ _1\"></span>cost <span class=\"_ _6\"></span>which<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>reduce <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>future CSM as a <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>equenc<span class=\"_ _7\"></span>e. Expenses <span class=\"_ _2\"></span> Administr<span class=\"_ _7\"></span>ative <span class=\"_ _3\"> </span>expenses <span class=\"_ _d\"> </span>ass<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>ns  r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fle<span class=\"_ _7\"></span>ct  th<span class=\"_ _7\"></span>e  pr<span class=\"_ _2\"></span>ojected <span class=\"_ _d\"> </span>costs<span class=\"_ _7\"></span>  of <span class=\"_ _d\"> </span>mai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>taining<span class=\"_ _7\"></span>  and<span class=\"_ _2\"></span>  servicing  i<span class=\"_ _2\"></span>n-for<span class=\"_ _7\"></span>ce  pol<span class=\"_ _7\"></span>icies  a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d associat<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>overhead <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>penses. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>curre<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>level <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>expenses<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>taken<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>appr<span class=\"_ _7\"></span>op<span class=\"_ _7\"></span>riate <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>xpens<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>for <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>uture <span class=\"_ _2\"></span>expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ses,<span class=\"_ _7\"></span> adjusted fo<span class=\"_ _7\"></span>r exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cted <span class=\"_ _7\"></span>expense i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>flation, i<span class=\"_ _7\"></span>f appr<span class=\"_ _2\"></span>opriate.<span class=\"_ _2\"></span> An incre<span class=\"_ _2\"></span>ase in the <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed le<span class=\"_ _7\"></span>vel of exp<span class=\"_ _7\"></span>enses <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> reduce f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ture <span class=\"_ _2\"></span>expected p<span class=\"_ _7\"></span>rof<span class=\"_ _7\"></span>its. The <span class=\"_ _1\"></span>cash <span class=\"_ _6\"></span>flows w<span class=\"_ _6\"></span>ithi<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _6\"></span>boundary <span class=\"_ _6\"></span>includ<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>allocatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>fixed <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>var<span class=\"_ _6\"></span>ia<span class=\"_ _7\"></span>ble <span class=\"_ _6\"></span>overheads <span class=\"_ _6\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tly <span class=\"_ _6\"></span>attributabl<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> fulfil<span class=\"_ _7\"></span>ling <span class=\"_ _2\"></span>insu<span class=\"_ _6\"></span>rance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts. <span class=\"_ _2\"></span>Such o<span class=\"_ _7\"></span>verheads<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>are <span class=\"_ _2\"></span>allocated <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>gro<span class=\"_ _7\"></span>ups of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>insurance <span class=\"_ _2\"></span>contracts <span class=\"_ _2\"></span>(GICs) <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _2\"></span>methods t<span class=\"_ _2\"></span>hat a<span class=\"_ _7\"></span>re systematic <span class=\"_ _2\"></span>and rational<span class=\"_ _7\"></span>. These m<span class=\"_ _2\"></span>ethods ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>consisten<span class=\"_ _7\"></span>tly ap<span class=\"_ _2\"></span>plied to all costs t<span class=\"_ _2\"></span>hat have sim<span class=\"_ _7\"></span>ilar <span class=\"_ _7\"></span>characte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>istics.<span class=\"_ _3d5\"> </span>Lapse and s<span class=\"_ _7\"></span>urrend<span class=\"_ _7\"></span>er rates  Lapses <span class=\"_ _6\"></span>relat<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ation <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>policies<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>due<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>non-pa<span class=\"_ _7\"></span>ymen<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>premiu<span class=\"_ _2\"></span>ms <span class=\"_ _1\"></span>where<span class=\"_ _7\"></span>as <span class=\"_ _1\"></span>surr<span class=\"_ _7\"></span>enders<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rela<span class=\"_ _7\"></span>te <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>volunta<span class=\"_ _7\"></span>ry terminatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>polici<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>policy<span class=\"_ _7\"></span>holders. <span class=\"_ _6\"></span>Poli<span class=\"_ _7\"></span>cy <span class=\"_ _1\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ation assumptions <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>dete<span class=\"_ _7\"></span>rmined using <span class=\"_ _1\"></span>statis<span class=\"_ _7\"></span>tical<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed on experi<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nces <span class=\"_ _7\"></span>and var<span class=\"_ _7\"></span>y by p<span class=\"_ _7\"></span>rod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ct type, po<span class=\"_ _7\"></span>lic<span class=\"_ _7\"></span>y duratio<span class=\"_ _2\"></span>n and sales tr<span class=\"_ _2\"></span>ends.<span class=\"_ _2\"></span> An incre<span class=\"_ _2\"></span>ase in can<span class=\"_ _7\"></span>cellatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> rates wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld t<span class=\"_ _7\"></span>end to r<span class=\"_ _2\"></span>educe t<span class=\"_ _7\"></span>he fut<span class=\"_ _7\"></span>ure CS<span class=\"_ _7\"></span>M.<span class=\"_ _7\"></span> The sensiti<span class=\"_ _2\"></span>vities ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esent<span class=\"_ _7\"></span>ed in Note <span class=\"_ _2\"></span>1.8. Insu<span class=\"_ _7\"></span>rance a<span class=\"_ _7\"></span>nd mark<span class=\"_ _7\"></span>et risks <span class=\"_ _7\"></span>\u2013 sensi<span class=\"_ _7\"></span>tivity a<span class=\"_ _7\"></span>nalysis <span class=\"_ _7\"></span>starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 84<span class=\"_ _7\"></span>. <span class=\"_ _7\"></span> THE MET<span class=\"_ _7\"></span>HODS US<span class=\"_ _7\"></span>ED <span class=\"_ _2\"></span>TO MEASUR<span class=\"_ _2\"></span>E<span class=\"_ _6\"></span> INSUR<span class=\"_ _7\"></span>ANCE <span class=\"_ _7\"></span>CONTRA<span class=\"_ _7\"></span>CTS IN<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>HE NON<span class=\"_ _7\"></span>-LIFE BUSIN<span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>SS The <span class=\"_ _f\"> </span>significan<span class=\"_ _6\"></span>t <span class=\"_ _f\"> </span>assu<span class=\"_ _6\"></span>mptions <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>non-life <span class=\"_ _f\"> </span>busine<span class=\"_ _6\"></span>ss <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>covered <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>Note <span class=\"_ _f\"> </span>Liability <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>In<span class=\"_ _6\"></span>cur<span class=\"_ _6\"></span>red <span class=\"_ _f\"> </span>Claims <span class=\"_ _f\"> </span>(LIC) <span class=\"_ _f\"> </span>sta<span class=\"_ _6\"></span>rting <span class=\"_ _f\"> </span>on<span class=\"_ _6\"></span> page 145.  DISCOUN<span class=\"_ _7\"></span>T RA<span class=\"_ _10\"></span>TES All <span class=\"_ _4\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _4\"> </span>cont<span class=\"_ _7\"></span>ract <span class=\"_ _4\"> </span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _4\"></span>(ex<span class=\"_ _7\"></span>cept <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>liability<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>r<span class=\"_ _7\"></span>emaining <span class=\"_ _0\"></span>coverage <span class=\"_ _4\"> </span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>und<span class=\"_ _7\"></span>er <span class=\"_ _4\"> </span>P<span class=\"_ _10\"></span>AA) <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lculat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>by discou<span class=\"_ _7\"></span>nting exp<span class=\"_ _7\"></span>ected f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ture <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash fl<span class=\"_ _7\"></span>ows <span class=\"_ _7\"></span>at risk-f<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>e interes<span class=\"_ _2\"></span>t rates pl<span class=\"_ _7\"></span>us an ill<span class=\"_ _7\"></span>iquidity cor<span class=\"_ _2\"></span>rection.<span class=\"_ _7\"></span> Ri<span class=\"_ _2\"></span>sk<span class=\"_ _2\"></span>-fr<span class=\"_ _2\"></span>ee <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nt<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>t r<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>es <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>ete<span class=\"_ _2\"></span>rmi<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>by<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>a b<span class=\"_ _2\"></span>ott<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>-u<span class=\"_ _7\"></span>p a<span class=\"_ _2\"></span>pp<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>ach <span class=\"_ _7\"></span>wi<span class=\"_ _2\"></span>th <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ef<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>to s<span class=\"_ _2\"></span>wa<span class=\"_ _7\"></span>p r<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>s i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>cur<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>cy<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nsu<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ntr<span class=\"_ _2\"></span>act<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>abi<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>, <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>gov<span class=\"_ _7\"></span>ernm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> b<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>wher<span class=\"_ _10\"></span>e s<span class=\"_ _2\"></span>wa<span class=\"_ _7\"></span>p <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ca<span class=\"_ _7\"></span>nno<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nsi<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>d s<span class=\"_ _7\"></span>uf<span class=\"_ _2\"></span>fi<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t,<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>nsp<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>. The <span class=\"_ _6\"></span>illi<span class=\"_ _7\"></span>quidit<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>adjustm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt to <span class=\"_ _6\"></span>the rel<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>va<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>risk-f<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>inter<span class=\"_ _2\"></span>est <span class=\"_ _6\"></span>rates is based on the risk-corr<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ted spr<span class=\"_ _7\"></span>ead bet<span class=\"_ _7\"></span>ween the <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tere<span class=\"_ _2\"></span>st rate <span class=\"_ _6\"></span>that cou<span class=\"_ _6\"></span>ld<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>earned <span class=\"_ _1\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> refer<span class=\"_ _7\"></span>ence <span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rtfolio and <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>risk<span class=\"_ _7\"></span>-free<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>inter<span class=\"_ _7\"></span>est r<span class=\"_ _6\"></span>ates. Refere<span class=\"_ _2\"></span>nce <span class=\"_ _6\"></span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>o we<span class=\"_ _6\"></span>igh<span class=\"_ _7\"></span>ts a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> calculat<span class=\"_ _7\"></span>ed consid<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng all of<span class=\"_ _7\"></span> VIGs applic<span class=\"_ _2\"></span>able investme<span class=\"_ _2\"></span>nts gr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>ped b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> cou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>try<span class=\"_ _e\"></span>. Interes<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>rates <span class=\"_ _2\"></span>applied <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>discounting <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>future <span class=\"_ _10\"></span>cash <span class=\"_ _2\"></span>flows <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>present<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>Not<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>1.2. <span class=\"_ _2\"></span>Assumptions <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>starting <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>page 6<span class=\"_ _2\"></span>3. RISK <span class=\"_ _2\"></span>ADJUSTMEN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> FOR<span class=\"_ _7\"></span> NON-FINAN<span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>IAL RI<span class=\"_ _7\"></span>SKS<span class=\"_ _7\"></span> The <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>dj<span class=\"_ _7\"></span>ustmen<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>on-fina<span class=\"_ _7\"></span>ncial <span class=\"_ _0\"></span>risks <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>eprese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>compe<span class=\"_ _7\"></span>nsation <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>equir<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>earing <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>unce<span class=\"_ _7\"></span>rtaint<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>about <span class=\"_ _0\"></span>the amount and <span class=\"_ _6\"></span>timing of the <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>flows of GICs <span class=\"_ _6\"></span>and covers insurance risk, lapse r<span class=\"_ _6\"></span>isk and e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ense r<span class=\"_ _6\"></span>isk. The risk <span class=\"_ _6\"></span>adj<span class=\"_ _7\"></span>ustme<span class=\"_ _7\"></span>nt therefor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>refl<span class=\"_ _7\"></span>ects <span class=\"_ _6\"></span>an amount <span class=\"_ _6\"></span>that an <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>pany <span class=\"_ _6\"></span>would <span class=\"_ _6\"></span>pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>remo<span class=\"_ _7\"></span>ve <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>unce<span class=\"_ _7\"></span>rtaint<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>about whe<span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>futur<span class=\"_ _7\"></span>e c<span class=\"_ _6\"></span>ash flows wil<span class=\"_ _2\"></span>l exceed the best <span class=\"_ _2\"></span>estimate. <span class=\"_ _2\"></span> The <span class=\"_ _1\"></span>risk <span class=\"_ _6\"></span>adjustm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>estimatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>was <span class=\"_ _6\"></span>carried <span class=\"_ _6\"></span>out <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>cos<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>capital <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ech<span class=\"_ _7\"></span>nique <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>CoC <span class=\"_ _6\"></span>tech<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ique). <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>CoC <span class=\"_ _1\"></span>techniq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e req<span class=\"_ _7\"></span>uires estim<span class=\"_ _7\"></span>ating th<span class=\"_ _7\"></span>e proba<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>distrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tion of the fulfil<span class=\"_ _7\"></span>ment cash flows and<span class=\"_ _7\"></span> the ad<span class=\"_ _6\"></span>ditio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al capi<span class=\"_ _7\"></span>tal that it requir<span class=\"_ _2\"></span>es <span class=\"_ _6\"></span>at ea<span class=\"_ _7\"></span>ch future <span class=\"_ _2\"></span>da<span class=\"_ _6\"></span>te i<span class=\"_ _7\"></span>n the c<span class=\"_ _7\"></span>ash flow <span class=\"_ _2\"></span>projectio<span class=\"_ _7\"></span>n to com<span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>y with eco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>mic capit<span class=\"_ _7\"></span>al req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nts.  A<span class=\"_ _7\"></span> C<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>C ra<span class=\"_ _2\"></span>te i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> ap<span class=\"_ _2\"></span>plie<span class=\"_ _2\"></span>d t<span class=\"_ _7\"></span>o t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> ad<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nal<span class=\"_ _2\"></span> capi<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>l r<span class=\"_ _2\"></span>eq<span class=\"_ _2\"></span>uir<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span> futu<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>epo<span class=\"_ _2\"></span>rt<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> peri<span class=\"_ _2\"></span>ods<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>of c<span class=\"_ _2\"></span>api<span class=\"_ _2\"></span>tal<span class=\"_ _2\"></span> r<span class=\"_ _7\"></span>epr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e r<span class=\"_ _10\"></span>eturn<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>equ<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>by<span class=\"_ _7\"></span> a <span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span> fo<span class=\"_ _2\"></span>r <span class=\"_ _7\"></span>exp<span class=\"_ _2\"></span>osu<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> non<span class=\"_ _2\"></span>-f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ris<span class=\"_ _2\"></span>ks.<span class=\"_ _2\"></span> Th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cal<span class=\"_ _2\"></span>cu<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ed r<span class=\"_ _2\"></span>isk<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>dj<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>tme<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span> a<span class=\"_ _2\"></span>t f<span class=\"_ _2\"></span>utur<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>ms <span class=\"_ _2\"></span>is di<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> to<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>por<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>ng <span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>at<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>disc<span class=\"_ _2\"></span>oun<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e,<span class=\"_ _7\"></span> to<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>e h<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ld<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>as<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span> p<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> to<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>l l<span class=\"_ _7\"></span>if<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>nsu<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>ct <span class=\"_ _2\"></span>li<span class=\"_ _7\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _7\"></span>ty<span class=\"_ _5\"></span>.<span class=\"_ _3d5\"> </span>AMOR<span class=\"_ _7\"></span>TISA<span class=\"_ _10\"></span>T<span class=\"_ _6\"></span>ION<span class=\"_ _7\"></span> OF <span class=\"_ _2\"></span>THE CON<span class=\"_ _7\"></span>TRACTUA<span class=\"_ _7\"></span>L SERVI<span class=\"_ _7\"></span>CE MAR<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>IN (CSM<span class=\"_ _7\"></span>) The <span class=\"_ _f\"> </span>C<span class=\"_ _7\"></span>SM <span class=\"_ _4\"> </span>is <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>com<span class=\"_ _2\"></span>pone<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>asse<span class=\"_ _2\"></span>t <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>lia<span class=\"_ _2\"></span>bility <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>the<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>gr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>p <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"> </span>contracts <span class=\"_ _4\"> </span>that <span class=\"_ _4\"> </span>repres<span class=\"_ _2\"></span>ents <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>u<span class=\"_ _7\"></span>nearned <span class=\"_ _7\"></span> prof<span class=\"_ _7\"></span>it a <span class=\"_ _6\"></span>company will recognis<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>it pro<span class=\"_ _7\"></span>vides services in <span class=\"_ _6\"></span>the future. In <span class=\"_ _6\"></span>eac<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>period, an amou<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>CSM for <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts is r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised in profi<span class=\"_ _7\"></span>t and lo<span class=\"_ _7\"></span>ss as ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance se<span class=\"_ _7\"></span>rvice r<span class=\"_ _2\"></span>evenue to ref<span class=\"_ _7\"></span>lect the i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>contract ser<span class=\"_ _7\"></span>vices provid<span class=\"_ _2\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>under t<span class=\"_ _7\"></span>he gro<span class=\"_ _7\"></span>up of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce cont<span class=\"_ _7\"></span>racts i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> that pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod. This <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt is de<span class=\"_ _7\"></span>termin<span class=\"_ _7\"></span>ed by:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identifying t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erage u<span class=\"_ _7\"></span>nits in <span class=\"_ _7\"></span>the gro<span class=\"_ _2\"></span>up;  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>allocating <span class=\"_ _7\"></span>the CSM <span class=\"_ _2\"></span>at<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>end of <span class=\"_ _7\"></span>the period <span class=\"_ _2\"></span>equally to<span class=\"_ _7\"></span> eac<span class=\"_ _7\"></span>h cov<span class=\"_ _7\"></span>erage <span class=\"_ _7\"></span>unit pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ided i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>curr<span class=\"_ _7\"></span>ent p<span class=\"_ _7\"></span>eriod o<span class=\"_ _7\"></span>r expected to be pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ided i<span class=\"_ _7\"></span>n th<span class=\"_ _7\"></span>e futur<span class=\"_ _7\"></span>e. All<span class=\"_ _7\"></span>ocatio<span class=\"_ _7\"></span>n takes <span class=\"_ _7\"></span>place befor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> amo<span class=\"_ _7\"></span>unts t<span class=\"_ _7\"></span>hat refl<span class=\"_ _7\"></span>ect t<span class=\"_ _7\"></span>he insura<span class=\"_ _7\"></span>nce s<span class=\"_ _7\"></span>ervice exp<span class=\"_ _2\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e made in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he period ar<span class=\"_ _7\"></span>e r<span class=\"_ _2\"></span>ecognised <span class=\"_ _7\"></span>thro<span class=\"_ _2\"></span>ugh<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>ofit and los<span class=\"_ _7\"></span>s;<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>recog<span class=\"_ _7\"></span>nising t<span class=\"_ _7\"></span>hro<span class=\"_ _7\"></span>ugh pro<span class=\"_ _7\"></span>fit a<span class=\"_ _7\"></span>nd loss t<span class=\"_ _2\"></span>he amou<span class=\"_ _7\"></span>nt alloc<span class=\"_ _7\"></span>ated to <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>overage <span class=\"_ _2\"></span>units pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ided i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod.<span class=\"_ _2\"></span> In <span class=\"_ _6\"></span>or<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>er to <span class=\"_ _6\"></span>dete<span class=\"_ _7\"></span>rmine the number of cover<span class=\"_ _7\"></span>age un<span class=\"_ _6\"></span>its in a <span class=\"_ _6\"></span>gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of insura<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts, the numb<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>of benefits<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span>d to the <span class=\"_ _3\"> </span>poli<span class=\"_ _7\"></span>cyhold<span class=\"_ _7\"></span>er <span class=\"_ _3\"> </span>whic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _3\"> </span>combi<span class=\"_ _7\"></span>nes <span class=\"_ _3\"> </span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _f\"> </span>coverage <span class=\"_ _f\"> </span>services <span class=\"_ _f\"> </span>and <span class=\"_ _3\"> </span>in<span class=\"_ _7\"></span>vestme<span class=\"_ _7\"></span>nt <span class=\"_ _3\"> </span>servic<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _3\"> </span>has <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be<span class=\"_ _6\"></span> <span class=\"_ _3\"> </span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed. <span class=\"_ _3\"> </span>When<span class=\"_ _7\"></span> weighting <span class=\"_ _10\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ervices,<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>consolid<span class=\"_ _7\"></span>ated <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up g<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nerall<span class=\"_ _7\"></span>y co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>rs <span class=\"_ _2\"></span>the spl<span class=\"_ _7\"></span>it <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>prese<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>value <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>premi<span class=\"_ _7\"></span>um i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>risk <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> savings pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ts to wei<span class=\"_ _7\"></span>ght the r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>ease compo<span class=\"_ _2\"></span>nents. Ho<span class=\"_ _7\"></span>wever<span class=\"_ _e\"></span>, in some c<span class=\"_ _7\"></span>ases the<span class=\"_ _7\"></span>re mig<span class=\"_ _7\"></span>ht also<span class=\"_ _7\"></span> be th<span class=\"_ _7\"></span>e need to weig<span class=\"_ _2\"></span>ht<span class=\"_ _6\"></span> dif<span class=\"_ _2\"></span>ferent<span class=\"_ _7\"></span> insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>cove<span class=\"_ _7\"></span>rages <span class=\"_ _6\"></span>when determining the <span class=\"_ _6\"></span>number <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>coverage units. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>premi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ms <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>each <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce coverage i<span class=\"_ _7\"></span>s used f<span class=\"_ _7\"></span>or this.<span class=\"_ _2\"></span> The quan<span class=\"_ _7\"></span>tity of b<span class=\"_ _7\"></span>enefits <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>coverage <span class=\"_ _2\"></span>units for its mai<span class=\"_ _2\"></span>n prod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ct li<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>es is as f<span class=\"_ _7\"></span>ollo<span class=\"_ _7\"></span>ws: For portfol<span class=\"_ _7\"></span>ios f<span class=\"_ _7\"></span>or the<span class=\"_ _6\"></span> non-lif<span class=\"_ _7\"></span>e, healt<span class=\"_ _7\"></span>h and non<span class=\"_ _7\"></span>-life r<span class=\"_ _7\"></span>einsuran<span class=\"_ _7\"></span>ce is<span class=\"_ _7\"></span>sued appro<span class=\"_ _7\"></span>ximat<span class=\"_ _7\"></span>e the ins<span class=\"_ _7\"></span>urance ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span>d with t<span class=\"_ _7\"></span>he proj<span class=\"_ _7\"></span>ected e<span class=\"_ _6\"></span>arned <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>emium.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>majorit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>thes<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>services<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _6\"></span>cov<span class=\"_ _7\"></span>erage. <span class=\"_ _6\"></span>The<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage unit <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>therefo<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the proj<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>earned premi<span class=\"_ _2\"></span>um. For <span class=\"_ _4\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _4\"> </span>of <span class=\"_ _0\"></span>life <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nnuities <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts, <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>q<span class=\"_ _6\"></span>ua<span class=\"_ _7\"></span>ntity <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>be<span class=\"_ _7\"></span>nefi<span class=\"_ _7\"></span>ts <span class=\"_ _4\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _4\"></span>both <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ance <span class=\"_ _0\"></span>coverage <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestm<span class=\"_ _7\"></span>ent <span class=\"_ _4\"></span>se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vice <span class=\"_ _0\"></span>are mathema<span class=\"_ _7\"></span>tical reser<span class=\"_ _7\"></span>ves, <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>the c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage unit is <span class=\"_ _6\"></span>also th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>mathema<span class=\"_ _7\"></span>tical reser<span class=\"_ _7\"></span>ve. For<span class=\"_ _6\"></span> term <span class=\"_ _6\"></span>life insuranc<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>without surre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der value a<span class=\"_ _6\"></span>nd riders, <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>only<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>provide <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>coverag<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>quantit<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>be<span class=\"_ _7\"></span>nefits <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>ctually agreed<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>sum <span class=\"_ _6\"></span>insur<span class=\"_ _2\"></span>ed over <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>contract.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>For <span class=\"_ _2\"></span>these <span class=\"_ _10\"></span>pro<span class=\"_ _7\"></span>ducts, <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _10\"></span>unit <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>efore <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>lso <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>contract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ally <span class=\"_ _10\"></span>agreed <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>um <span class=\"_ _2\"></span>insur<span class=\"_ _2\"></span>ed. For <span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>it- <span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>index-li<span class=\"_ _7\"></span>nked <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>qu<span class=\"_ _7\"></span>antity o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestm<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ervice i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>etermi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _7\"></span>by f<span class=\"_ _2\"></span>und <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue, <span class=\"_ _2\"></span>therefor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the f<span class=\"_ _2\"></span>und <span class=\"_ _2\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue is used <span class=\"_ _7\"></span>as co<span class=\"_ _7\"></span>verage u<span class=\"_ _7\"></span>nit.  For <span class=\"_ _2\"></span>endowme<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>witho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span>rs a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>term i<span class=\"_ _2\"></span>nsurance <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>surre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>a m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>e for <span class=\"_ _2\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>coverage<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>ri<span class=\"_ _7\"></span>sk and <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>meas<span class=\"_ _7\"></span>ure <span class=\"_ _0\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>service <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>athematic<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _0\"></span>rese<span class=\"_ _7\"></span>rve. <span class=\"_ _0\"></span>The <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>um <span class=\"_ _0\"></span>assur<span class=\"_ _2\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>used <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>coverage <span class=\"_ _1\"></span>unit, <span class=\"_ _0\"></span>since<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>it repr<span class=\"_ _2\"></span>esents <span class=\"_ _14\"> </span>both <span class=\"_ _12\"> </span>compon<span class=\"_ _7\"></span>ents: <span class=\"_ _12\"> </span>the <span class=\"_ _14\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _14\"> </span>com<span class=\"_ _7\"></span>ponent<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>par<span class=\"_ _6\"></span>t <span class=\"_ _14\"> </span>(sum <span class=\"_ _12\"> </span>at <span class=\"_ _14\"> </span>r<span class=\"_ _6\"></span>isk<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _14\"> </span>and <span class=\"_ _12\"> </span>the <span class=\"_ _14\"> </span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _14\"> </span>compo<span class=\"_ _2\"></span>nent <span class=\"_ _14\"> </span>part (mathem<span class=\"_ _7\"></span>atical r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>erve or fu<span class=\"_ _7\"></span>nd val<span class=\"_ _7\"></span>ue). I<span class=\"_ _7\"></span>n this cas<span class=\"_ _7\"></span>e no f<span class=\"_ _7\"></span>urther <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>eig<span class=\"_ _7\"></span>hting is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ecessa<span class=\"_ _7\"></span>ry<span class=\"_ _10\"></span>. For <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>held, <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>number <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _6\"></span>uni<span class=\"_ _7\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>group <span class=\"_ _6\"></span>ref<span class=\"_ _7\"></span>lects <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>expected <span class=\"_ _6\"></span>patt<span class=\"_ _7\"></span>ern<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>under<span class=\"_ _7\"></span>writing of the und<span class=\"_ _7\"></span>erlying co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>because th<span class=\"_ _7\"></span>e level o<span class=\"_ _7\"></span>f service <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed depends o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>numb<span class=\"_ _7\"></span>er of unde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>lyi<span class=\"_ _7\"></span>ng cont<span class=\"_ _7\"></span>racts in for<span class=\"_ _2\"></span>ce.<span class=\"_ _3d5\"> </span>The total cov<span class=\"_ _7\"></span>erage units o<span class=\"_ _7\"></span>f each gro<span class=\"_ _2\"></span>up of (re-) insu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts i<span class=\"_ _7\"></span>s reassess<span class=\"_ _7\"></span>ed at t<span class=\"_ _7\"></span>he end of each re<span class=\"_ _2\"></span>por<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng period. T<span class=\"_ _7\"></span>his adjusts <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>red<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ction <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>remaining <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>over<span class=\"_ _7\"></span>age <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>laims<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>paid, <span class=\"_ _10\"></span>expe<span class=\"_ _6\"></span>cte<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>lapses <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>cancellatio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ontracts <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>period. LIABILIT<span class=\"_ _7\"></span>Y FOR R<span class=\"_ _7\"></span>EMAININ<span class=\"_ _7\"></span>G COVERAG<span class=\"_ _2\"></span>E (LRC) The <span class=\"_ _0\"></span>cal<span class=\"_ _7\"></span>culatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>LRC <span class=\"_ _1\"></span>involves <span class=\"_ _6\"></span>many <span class=\"_ _0\"></span>disc<span class=\"_ _7\"></span>retio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>fig<span class=\"_ _7\"></span>ures, <span class=\"_ _6\"></span>inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>uding <span class=\"_ _1\"></span>discou<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>rates, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>cash <span class=\"_ _1\"></span>flows <span class=\"_ _1\"></span>assumed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on costs <span class=\"_ _7\"></span>and fulfi<span class=\"_ _7\"></span>lment c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sh flows f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>contracts.<span class=\"_ _2\"></span><span class=\"ff4f\"> </span>Insura<span class=\"_ _7\"></span>nce acq<span class=\"_ _7\"></span>uisition costs <span class=\"_ _2\"></span> Insurance<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>acquisi<span class=\"_ _7\"></span>tion c<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>ts are all<span class=\"_ _7\"></span>ocated to r<span class=\"_ _7\"></span>elated gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps o<span class=\"_ _7\"></span>f insurance contr<span class=\"_ _7\"></span>acts re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the consol<span class=\"_ _7\"></span>idat<span class=\"_ _7\"></span>ed balance sheet <span class=\"_ _7\"></span>(incl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ding <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>e g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _7\"></span>tha<span class=\"_ _7\"></span>t wil<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>include <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ntracts ex<span class=\"_ _2\"></span>pected <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>aris<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>rom <span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>wals). <span class=\"_ _2\"></span>An <span class=\"_ _7\"></span>asset <span class=\"_ _2\"></span>for ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>costs <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>acquisi<span class=\"_ _7\"></span>tion <span class=\"_ _0\"></span>costs <span class=\"_ _0\"></span>incurr<span class=\"_ _2\"></span>ed <span class=\"_ _4\"></span>befo<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>rel<span class=\"_ _7\"></span>ated <span class=\"_ _0\"></span>grou<span class=\"_ _7\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>insuranc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>has <span class=\"_ _0\"></span>been recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised. <span class=\"_ _7\"></span> Groups of<span class=\"_ _7\"></span> onero<span class=\"_ _7\"></span>us insura<span class=\"_ _7\"></span>nce contr<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cts <span class=\"_ _7\"></span> For <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>co<span class=\"_ _7\"></span>ntracts, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>rem<span class=\"_ _7\"></span>aining coverage <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>det<span class=\"_ _7\"></span>ermined<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>the fu<span class=\"_ _6\"></span>lfi<span class=\"_ _7\"></span>lment <span class=\"_ _6\"></span>cash<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>flows. <span class=\"_ _6\"></span>Any <span class=\"_ _6\"></span>loss-<span class=\"_ _3d5\"> </span>reco<span class=\"_ _7\"></span>very <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"></span>determi<span class=\"_ _7\"></span>ned <span class=\"_ _4\"></span>wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>efer<span class=\"_ _7\"></span>ence <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>oss <span class=\"_ _0\"></span>component <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>unde<span class=\"_ _7\"></span>rlying <span class=\"_ _0\"></span>contracts <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>the reco<span class=\"_ _7\"></span>very exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cted o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>uch claims f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>einsur<span class=\"_ _7\"></span>ance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trac<span class=\"_ _2\"></span>ts he<span class=\"_ _6\"></span>ld. <span class=\"_ _2\"></span> Time<span class=\"_ _7\"></span> value<span class=\"_ _7\"></span> of money<span class=\"_ _7\"></span>  Fo<span class=\"_ _2\"></span>r al<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>od<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>t li<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>, the<span class=\"_ _2\"></span> boo<span class=\"_ _2\"></span>k val<span class=\"_ _2\"></span>ue o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> li<span class=\"_ _2\"></span>abi<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>ty f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r r<span class=\"_ _7\"></span>em<span class=\"_ _2\"></span>ain<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng c<span class=\"_ _2\"></span>ove<span class=\"_ _2\"></span>rag<span class=\"_ _2\"></span>e is <span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>cou<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> to r<span class=\"_ _2\"></span>efl<span class=\"_ _2\"></span>ec<span class=\"_ _7\"></span>t th<span class=\"_ _7\"></span>e ti<span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>e v<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>ney<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>ef<span class=\"_ _10\"></span>fe<span class=\"_ _2\"></span>ct <span class=\"_ _6\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ia<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>sk.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>Ex<span class=\"_ _7\"></span>cl<span class=\"_ _7\"></span>ud<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>tho<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>ea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>und<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>P<span class=\"_ _10\"></span>A<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>tha<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e not<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>on<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>. <span class=\"_ _6\"></span>Fo<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>int<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>s <span class=\"_ _6\"></span>ap<span class=\"_ _7\"></span>pli<span class=\"_ _2\"></span>ed, di<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>re<span class=\"_ _2\"></span>fle<span class=\"_ _2\"></span>ct <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>cha<span class=\"_ _2\"></span>rac<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>ri<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>cs <span class=\"_ _10\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>cas<span class=\"_ _2\"></span>h f<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ws o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>gro<span class=\"_ _2\"></span>up<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>s <span class=\"_ _10\"></span>at <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>it<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>ec<span class=\"_ _2\"></span>og<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>used<span class=\"_ _2\"></span>.  The applied <span class=\"_ _2\"></span>discount ra<span class=\"_ _7\"></span>tes ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> be see<span class=\"_ _7\"></span>n i<span class=\"_ _7\"></span>n Note <span class=\"_ _2\"></span>1.2. Assumptions <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed s<span class=\"_ _7\"></span>tarting o<span class=\"_ _7\"></span>n page 63.<span class=\"_ _2\"></span> Discretion<span class=\"_ _7\"></span>ar<span class=\"_ _6\"></span>y cas<span class=\"_ _2\"></span>h flows for indirect<span class=\"_ _7\"></span> profi<span class=\"_ _7\"></span>t participati<span class=\"_ _7\"></span>ng contr<span class=\"_ _7\"></span>acts T<span class=\"_ _e\"></span>o determin<span class=\"_ _7\"></span>e how to ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tify changes i<span class=\"_ _7\"></span>n discr<span class=\"_ _7\"></span>etio<span class=\"_ _7\"></span>nary cas<span class=\"_ _7\"></span>h flows fo<span class=\"_ _7\"></span>r insurance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>with discr<span class=\"_ _7\"></span>etio<span class=\"_ _7\"></span>nary feat<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>which do <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>meet <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>defi<span class=\"_ _7\"></span>nition <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>profit <span class=\"_ _6\"></span>parti<span class=\"_ _7\"></span>cipatio<span class=\"_ _7\"></span>n, <span class=\"_ _6\"></span>local <span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>ities <span class=\"_ _6\"></span>sp<span class=\"_ _7\"></span>ecify <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>asis <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>which <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>ey <span class=\"_ _6\"></span>expect <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>determi<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span> their commi<span class=\"_ _7\"></span>tment und<span class=\"_ _7\"></span>er the contrac<span class=\"_ _7\"></span>t. <span class=\"_ _6\"></span>Ho<span class=\"_ _7\"></span>wever<span class=\"_ _10\"></span>, the<span class=\"_ _7\"></span> e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fects <span class=\"_ _7\"></span>of market variabl<span class=\"_ _7\"></span>es (e.g. investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t r<span class=\"_ _7\"></span>eturns) on <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> cash flows should s<span class=\"_ _7\"></span>till <span class=\"_ _7\"></span>flow thro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>h P&amp;L or be o<span class=\"_ _2\"></span>ptionally r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> OCI a<span class=\"_ _7\"></span>nd sho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld <span class=\"_ _7\"></span>not lead to <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> adjus<span class=\"_ _2\"></span>tment of t<span class=\"_ _7\"></span>he CSM.<span class=\"_ _2\"></span> ASSETS FO<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> INSURAN<span class=\"_ _2\"></span>CE <span class=\"_ _7\"></span>ACQUISITION<span class=\"_ _2\"></span> COSTS VIG <span class=\"_ _2\"></span>appli<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>discr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>tionar<span class=\"_ _7\"></span>y <span class=\"_ _10\"></span>decision <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>determi<span class=\"_ _7\"></span>ning <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>puts <span class=\"_ _10\"></span>used <span class=\"_ _2\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thodolo<span class=\"_ _7\"></span>gy <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>systematic<span class=\"_ _2\"></span>ally <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>ration<span class=\"_ _7\"></span>ally <span class=\"_ _10\"></span>allocate acquisiti<span class=\"_ _7\"></span>on cos<span class=\"_ _7\"></span>ts to gro<span class=\"_ _2\"></span>ups of ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts to d<span class=\"_ _7\"></span>eter<span class=\"_ _7\"></span>mine:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>whether ins<span class=\"_ _2\"></span>urance cont<span class=\"_ _7\"></span>racts a<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>expecte<span class=\"_ _7\"></span>d to aris<span class=\"_ _7\"></span>e as a r<span class=\"_ _2\"></span>esult of<span class=\"_ _7\"></span> renew<span class=\"_ _7\"></span>als of<span class=\"_ _7\"></span> existing i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>if appli<span class=\"_ _7\"></span>cable, wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> resp<span class=\"_ _7\"></span>ect to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt to b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> alloca<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed to g<span class=\"_ _2\"></span>roups, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uding fut<span class=\"_ _7\"></span>ure r<span class=\"_ _2\"></span>enewals<span class=\"_ _7\"></span>,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>as well <span class=\"_ _7\"></span>as with r<span class=\"_ _7\"></span>espe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t to th<span class=\"_ _7\"></span>e vol<span class=\"_ _7\"></span>ume of ex<span class=\"_ _7\"></span>pecte<span class=\"_ _7\"></span>d re<span class=\"_ _7\"></span>newals<span class=\"_ _7\"></span> fr<span class=\"_ _7\"></span>om new <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts iss<span class=\"_ _7\"></span>ued in t<span class=\"_ _7\"></span>he pe<span class=\"_ _7\"></span>riod.<span class=\"_ _3d5\"> </span>At <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>each <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>eporting<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>period, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ssum<span class=\"_ _7\"></span>ptions<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>made <span class=\"_ _10\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>adju<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>allocate <span class=\"_ _e\"></span>ac<span class=\"_ _6\"></span>quisi<span class=\"_ _7\"></span>tion <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>cont<span class=\"_ _7\"></span>ract <span class=\"_ _10\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps. Wher<span class=\"_ _7\"></span>e necess<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _7\"></span>the amo<span class=\"_ _7\"></span>unts of <span class=\"_ _7\"></span>assets a<span class=\"_ _2\"></span>re r<span class=\"_ _7\"></span>evised f<span class=\"_ _7\"></span>or i<span class=\"_ _7\"></span>nsurance a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quisi<span class=\"_ _7\"></span>tion costs <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ngly<span class=\"_ _e\"></span>.  LIABILIT<span class=\"_ _7\"></span>Y FOR INCU<span class=\"_ _7\"></span>RRED<span class=\"_ _7\"></span> CLAIMS <span class=\"_ _7\"></span>(LIC) For the <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-li<span class=\"_ _7\"></span>fe busi<span class=\"_ _7\"></span>ness, the LI<span class=\"_ _7\"></span>C is <span class=\"_ _7\"></span>a major <span class=\"_ _7\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of t<span class=\"_ _7\"></span>he recog<span class=\"_ _2\"></span>nition of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce con<span class=\"_ _7\"></span>tracts.<span class=\"_ _7\"></span> Here, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>ultim<span class=\"_ _7\"></span>ate <span class=\"_ _f\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>outstandi<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>claims <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>estimated <span class=\"_ _f\"> </span>by <span class=\"_ _f\"> </span>using <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>range <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>standard <span class=\"_ _f\"> </span>actu<span class=\"_ _7\"></span>arial <span class=\"_ _f\"> </span>claim<span class=\"_ _7\"></span>s <span class=\"_ _f\"> </span>proj<span class=\"_ _7\"></span>ection techniqu<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>ain <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>nderlying<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>thes<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>techniq<span class=\"_ _7\"></span>ues <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>use <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>pa<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>claims <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>elopme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>experi<span class=\"_ _2\"></span>ences <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>proj<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>t future <span class=\"_ _0\"></span>claims<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>de<span class=\"_ _7\"></span>velopm<span class=\"_ _7\"></span>ent <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>ence <span class=\"_ _0\"></span>ultimat<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>claims<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>cos<span class=\"_ _2\"></span>ts. <span class=\"_ _0\"></span>Th<span class=\"_ _6\"></span>es<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>met<span class=\"_ _7\"></span>hods <span class=\"_ _0\"></span>extrapolate <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>paid <span class=\"_ _0\"></span>and incurr<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>losses, <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>verage<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>costs <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>claim <span class=\"_ _0\"></span>(includi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>cl<span class=\"_ _2\"></span>aims <span class=\"_ _0\"></span>handling <span class=\"_ _0\"></span>costs), <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>claim <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>umbe<span class=\"_ _7\"></span>rs <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>ased <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>obs<span class=\"_ _2\"></span>erve<span class=\"_ _7\"></span>d<span class=\"_ _6\"></span> developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>of earlier y<span class=\"_ _6\"></span>ears and <span class=\"_ _1\"></span>expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted <span class=\"_ _6\"></span>loss <span class=\"_ _6\"></span>ratios<span class=\"_ _7\"></span>. <span class=\"_ _6\"></span>Historical <span class=\"_ _6\"></span>claims developm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>mainly <span class=\"_ _6\"></span>analyse<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>claims years, but <span class=\"_ _7\"></span>can<span class=\"_ _7\"></span> al<span class=\"_ _7\"></span>so<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>be <span class=\"_ _2\"></span>further <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nalys<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>by g<span class=\"_ _7\"></span>eog<span class=\"_ _7\"></span>raphi<span class=\"_ _7\"></span>cal <span class=\"_ _2\"></span>area, <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>well <span class=\"_ _2\"></span>as b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>ig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ificant <span class=\"_ _2\"></span>busi<span class=\"_ _7\"></span>ness l<span class=\"_ _7\"></span>ines <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>claim <span class=\"_ _7\"></span>typ<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>Large <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>aims are <span class=\"_ _4\"> </span>usually <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>eparately <span class=\"_ _4\"> </span>addresse<span class=\"_ _2\"></span>d, <span class=\"_ _f\"> </span>eithe<span class=\"_ _7\"></span>r <span class=\"_ _f\"> </span>b<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>bei<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>eserved <span class=\"_ _4\"> </span>at <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>f<span class=\"_ _2\"></span>ace <span class=\"_ _f\"> </span>valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>ss <span class=\"_ _f\"> </span>adj<span class=\"_ _7\"></span>uster <span class=\"_ _4\"> </span>estimates <span class=\"_ _4\"> </span>or <span class=\"_ _f\"> </span>sep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rat<span class=\"_ _7\"></span>ely proj<span class=\"_ _7\"></span>ected i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r to r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flec<span class=\"_ _7\"></span>t their f<span class=\"_ _7\"></span>utur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> dev<span class=\"_ _7\"></span>elopme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t.  Additional qualitati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>discr<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>ion<span class=\"_ _7\"></span>ary <span class=\"_ _6\"></span>decision<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>assess<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>exte<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>past <span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>ends <span class=\"_ _6\"></span>may<span class=\"_ _7\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>apply <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fut<span class=\"_ _7\"></span>ure and <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>arri<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ltima<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>cost o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>claims<span class=\"_ _2\"></span> that <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>ent th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>obabili<span class=\"_ _7\"></span>ty <span class=\"_ _2\"></span>weighted<span class=\"_ _7\"></span> exp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ted<span class=\"_ _2\"></span> valu<span class=\"_ _7\"></span>e o<span class=\"_ _2\"></span>utc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>me fro<span class=\"_ _7\"></span>m the r<span class=\"_ _7\"></span>ange of po<span class=\"_ _7\"></span>ssibl<span class=\"_ _7\"></span>e outcom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, ta<span class=\"_ _7\"></span>king <span class=\"_ _7\"></span>account of al<span class=\"_ _7\"></span>l t<span class=\"_ _7\"></span>he uncert<span class=\"_ _7\"></span>ainties i<span class=\"_ _7\"></span>nvolv<span class=\"_ _7\"></span>ed.  Such tr<span class=\"_ _2\"></span>ends could be, fo<span class=\"_ _2\"></span>r example, on<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>-of<span class=\"_ _7\"></span>f occ<span class=\"_ _7\"></span>urre<span class=\"_ _7\"></span>nces, c<span class=\"_ _7\"></span>hang<span class=\"_ _7\"></span>es in exte<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nal or ma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ket fac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ors s<span class=\"_ _7\"></span>uch as p<span class=\"_ _7\"></span>ublic attit<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>des to claiming, economi<span class=\"_ _7\"></span>c <span class=\"_ _1\"></span>conditi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns, <span class=\"_ _1\"></span>levels of <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>laims inflation, <span class=\"_ _6\"></span>judi<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>dec<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>legislatio<span class=\"_ _7\"></span>n, <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>well <span class=\"_ _6\"></span>as <span class=\"_ _1\"></span>inte<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>factors <span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>ch as portf<span class=\"_ _7\"></span>olio<span class=\"_ _7\"></span> mix,<span class=\"_ _7\"></span> policy featur<span class=\"_ _7\"></span>es a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d cl<span class=\"_ _7\"></span>aims handli<span class=\"_ _2\"></span>ng pro<span class=\"_ _7\"></span>cedures.<span class=\"_ _2\"></span> The e<span class=\"_ _7\"></span>nfor<span class=\"_ _2\"></span>ce<span class=\"_ _6\"></span>abil<span class=\"_ _7\"></span>ity a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d col<span class=\"_ _7\"></span>lectabil<span class=\"_ _7\"></span>ity o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>salvage r<span class=\"_ _2\"></span>ecoveries <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>subrog<span class=\"_ _7\"></span>ation r<span class=\"_ _2\"></span>eimb<span class=\"_ _7\"></span>urseme<span class=\"_ _7\"></span>nts ar<span class=\"_ _2\"></span>e co<span class=\"_ _7\"></span>nsider<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d as <span class=\"_ _10\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>allow<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce in the me<span class=\"_ _7\"></span>asur<span class=\"_ _7\"></span>eme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t of ultima<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span> cl<span class=\"_ _7\"></span>aims costs<span class=\"_ _7\"></span>. Other key cir<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ums<span class=\"_ _7\"></span>tances aff<span class=\"_ _7\"></span>ecting<span class=\"_ _7\"></span> the reliabil<span class=\"_ _7\"></span>ity of assumpti<span class=\"_ _2\"></span>ons <span class=\"_ _6\"></span>include v<span class=\"_ _7\"></span>ariatio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>in inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st rates, dela<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>s in settlem<span class=\"_ _7\"></span>ent and changes i<span class=\"_ _7\"></span>n for<span class=\"_ _2\"></span>eign curr<span class=\"_ _2\"></span>ency<span class=\"_ _6\"></span> exc<span class=\"_ _2\"></span>hange rates.<span class=\"_ _2\"></span> 24.2.<span class=\"ff4a\"> </span>Impairm<span class=\"_ _7\"></span>ent losses <span class=\"_ _7\"></span>on financial ass<span class=\"_ _7\"></span>ets The <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t losses acc. to IFRS 9 acr<span class=\"_ _2\"></span>oss rele<span class=\"_ _7\"></span>vant <span class=\"_ _6\"></span>fin<span class=\"_ _7\"></span>ancial assets r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>es discr<span class=\"_ _2\"></span>etionary decisio<span class=\"_ _7\"></span>ns, in particul<span class=\"_ _7\"></span>ar <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>estimati<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>amount <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>timing <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>future <span class=\"_ _1\"></span>cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>flows <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>determini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>impai<span class=\"_ _7\"></span>rment <span class=\"_ _6\"></span>losses <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>the<span class=\"_ _7\"></span> assessme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of a significa<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ncreas<span class=\"_ _7\"></span>e in<span class=\"_ _6\"></span> cre<span class=\"_ _7\"></span>dit r<span class=\"_ _6\"></span>isk. T<span class=\"_ _7\"></span>hese est<span class=\"_ _7\"></span>imates are drive<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> by <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>utcome of modell<span class=\"_ _7\"></span>ed ECL scenari<span class=\"_ _7\"></span>os and t<span class=\"_ _7\"></span>he rele<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ant inpu<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s used <span class=\"_ _2\"></span>as describ<span class=\"_ _7\"></span>ed in c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>apter Imp<span class=\"_ _2\"></span>airment of<span class=\"_ _7\"></span> fina<span class=\"_ _7\"></span>ncial assets s<span class=\"_ _7\"></span>tar<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>n page 167.<span class=\"_ _3d5\"> </span>24.3.<span class=\"ff54\"> </span>F<span class=\"_ _7\"></span>inancial instru<span class=\"_ _7\"></span>ments recognis<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d at fair value<span class=\"_ _7\"></span> (Level 3) The <span class=\"_ _4\"> </span>fair<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>fi<span class=\"_ _2\"></span>nancial <span class=\"_ _4\"> </span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _4\"> </span>not <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>raded <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>an <span class=\"_ _4\"> </span>a<span class=\"_ _7\"></span>ctive <span class=\"_ _4\"> </span>mark<span class=\"_ _7\"></span>et <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>de<span class=\"_ _7\"></span>termin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>by <span class=\"_ _4\"> </span>a<span class=\"_ _7\"></span>pplyi<span class=\"_ _7\"></span>ng <span class=\"_ _4\"> </span>appro<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>ia<span class=\"_ _7\"></span>te <span class=\"_ _4\"> </span>valu<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>on techniqu<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>The<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>assump<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>used <span class=\"_ _10\"></span>here<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>on <span class=\"_ _10\"></span>market<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>da<span class=\"_ _6\"></span>ta <span class=\"_ _e\"></span>available <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>repor<span class=\"_ _7\"></span>ting<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>date, <span class=\"_ _10\"></span>if <span class=\"_ _2\"></span>available.<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>VIG<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Insura<span class=\"_ _7\"></span>nce Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p uses<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>esent val<span class=\"_ _7\"></span>ue met<span class=\"_ _7\"></span>hods w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ilst ta<span class=\"_ _7\"></span>king i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to <span class=\"_ _7\"></span>considerati<span class=\"_ _7\"></span>on suit<span class=\"_ _2\"></span>able inter<span class=\"_ _7\"></span>est r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te m<span class=\"_ _7\"></span>odels to<span class=\"_ _2\"></span> determin<span class=\"_ _7\"></span>e the f<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ir <span class=\"_ _7\"></span>value of <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>umero<span class=\"_ _2\"></span>us fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>not activ<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ly t<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>aded <span class=\"_ _2\"></span>on m<span class=\"_ _7\"></span>arke<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>Further <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nformati<span class=\"_ _7\"></span>on a<span class=\"_ _2\"></span>b<span class=\"_ _6\"></span>out <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>aluatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pr<span class=\"_ _7\"></span>oc<span class=\"_ _7\"></span>ess <span class=\"_ _7\"></span>can be found i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Not<span class=\"_ _7\"></span>e 16. Calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>19. Th<span class=\"_ _7\"></span>e impairm<span class=\"_ _2\"></span>ent of fina<span class=\"_ _7\"></span>ncial assets i<span class=\"_ _7\"></span>s ex<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>lain<span class=\"_ _7\"></span>ed in 24<span class=\"_ _7\"></span>.2. Impairm<span class=\"_ _7\"></span>ent los<span class=\"_ _7\"></span>ses on fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssets.<span class=\"_ _3d5\"> </span>24.4.<span class=\"ff54\"> </span>Impairm<span class=\"_ _7\"></span>ent of go<span class=\"_ _7\"></span>odwill In <span class=\"_ _4\"> </span>accor<span class=\"_ _7\"></span>dance <span class=\"_ _4\"> </span>wit<span class=\"_ _7\"></span>h <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>methods <span class=\"_ _4\"> </span>expl<span class=\"_ _7\"></span>ained <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>chapt<span class=\"_ _7\"></span>er <span class=\"_ _4\"> </span>25.5. <span class=\"_ _4\"> </span>Goodwill<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>starting <span class=\"_ _4\"> </span>on <span class=\"_ _4\"> </span>page 171, <span class=\"_ _4\"> </span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>least <span class=\"_ _4\"> </span>once <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>year <span class=\"_ _4\"> </span>it <span class=\"_ _4\"> </span>is determin<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>whether <span class=\"_ _0\"></span>an <span class=\"_ _4\"> </span>im<span class=\"_ _7\"></span>pairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>of <span class=\"_ _4\"> </span>goo<span class=\"_ _7\"></span>dwil<span class=\"_ _7\"></span>l <span class=\"_ _0\"></span>e<span class=\"_ _6\"></span>xists.<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>Es<span class=\"_ _7\"></span>timates<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>this <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>a <span class=\"_ _0\"></span>concern <span class=\"_ _0\"></span>above <span class=\"_ _0\"></span>all <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lati<span class=\"_ _7\"></span>ons <span class=\"_ _4\"> </span>for<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>the underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>planned <span class=\"_ _0\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lts <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>respec<span class=\"_ _7\"></span>tive <span class=\"_ _0\"></span>CGUs <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>specific <span class=\"_ _1\"></span>pa<span class=\"_ _6\"></span>rame<span class=\"_ _7\"></span>ters, <span class=\"_ _0\"></span>especi<span class=\"_ _7\"></span>ally <span class=\"_ _0\"></span>grow<span class=\"_ _7\"></span>th <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>discou<span class=\"_ _7\"></span>nt <span class=\"_ _4\"> </span>ra<span class=\"_ _7\"></span>tes. <span class=\"_ _0\"></span>Any sensitiviti<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s associ<span class=\"_ _2\"></span>ated with t<span class=\"_ _7\"></span>hese p<span class=\"_ _7\"></span>arameters <span class=\"_ _2\"></span>are pr<span class=\"_ _7\"></span>ese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted<span class=\"_ _7\"></span> in Note <span class=\"_ _7\"></span>3. Good<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill <span class=\"_ _7\"></span>starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 10<span class=\"_ _7\"></span>0.<span class=\"_ _7\"></span> 24.5.<span class=\"ff54\"> </span>V<span class=\"_ _2\"></span>alue of de<span class=\"_ _6\"></span>ferr<span class=\"_ _7\"></span>ed tax assets<span class=\"_ _2\"></span> Income <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ax<span class=\"_ _7\"></span>es m<span class=\"_ _7\"></span>ust be <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>timated <span class=\"_ _2\"></span>for ea<span class=\"_ _7\"></span>ch t<span class=\"_ _7\"></span>ax j<span class=\"_ _7\"></span>urisdicti<span class=\"_ _7\"></span>on i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>hich <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>oper<span class=\"_ _7\"></span>ates. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>curr<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>incom<span class=\"_ _7\"></span>e tax <span class=\"_ _2\"></span>expected <span class=\"_ _2\"></span>for e<span class=\"_ _7\"></span>ach taxable e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tity must <span class=\"_ _2\"></span>b<span class=\"_ _6\"></span>e calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated a<span class=\"_ _7\"></span>nd the tempo<span class=\"_ _2\"></span>rary dif<span class=\"_ _2\"></span>feren<span class=\"_ _7\"></span>ces due to dif<span class=\"_ _2\"></span>fer<span class=\"_ _7\"></span>ences b<span class=\"_ _7\"></span>etween <span class=\"_ _7\"></span>the tax <span class=\"_ _7\"></span>and IFRS t<span class=\"_ _7\"></span>rea<span class=\"_ _7\"></span>tment <span class=\"_ _7\"></span>of certai<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>ba<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ance <span class=\"_ _0\"></span>sheet <span class=\"_ _0\"></span>it<span class=\"_ _7\"></span>ems <span class=\"_ _0\"></span>mus<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>be <span class=\"_ _0\"></span>assess<span class=\"_ _7\"></span>ed. <span class=\"_ _0\"></span>If <span class=\"_ _0\"></span>tempor<span class=\"_ _7\"></span>ary <span class=\"_ _0\"></span>dif<span class=\"_ _7\"></span>fer<span class=\"_ _2\"></span>ences <span class=\"_ _0\"></span>exist, <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>rule, <span class=\"_ _0\"></span>they <span class=\"_ _0\"></span>lead <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition <span class=\"_ _1\"></span>of deferred<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tax <span class=\"_ _0\"></span>assets<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>liabi<span class=\"_ _7\"></span>lities <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _0\"></span>stat<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>based <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>tax <span class=\"_ _0\"></span>rate <span class=\"_ _1\"></span>for <span class=\"_ _0\"></span>each <span class=\"_ _1\"></span>count<span class=\"_ _7\"></span>ry<span class=\"_ _10\"></span>. <span class=\"_ _0\"></span>The <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>unt <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>the expecte<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>deferr<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>tax <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>or <span class=\"_ _4\"> </span>ass<span class=\"_ _2\"></span>et <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>eflects <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>best <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>taking <span class=\"_ _0\"></span>into <span class=\"_ _1\"></span>accou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>tax <span class=\"_ _0\"></span>uncertai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ties <span class=\"_ _0\"></span>and, conseq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ently<span class=\"_ _10\"></span>, t<span class=\"_ _7\"></span>he appl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n of IFRIC 23<span class=\"_ _7\"></span>. The <span class=\"_ _0\"></span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _1\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>must <span class=\"_ _1\"></span>make <span class=\"_ _1\"></span>assessm<span class=\"_ _7\"></span>ents <span class=\"_ _1\"></span>and, <span class=\"_ _1\"></span>ta<span class=\"_ _6\"></span>ki<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>acc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>unt <span class=\"_ _1\"></span>tax <span class=\"_ _1\"></span>uncertainties,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>jud<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ements <span class=\"_ _1\"></span>when <span class=\"_ _1\"></span>calc<span class=\"_ _7\"></span>ulating curre<span class=\"_ _7\"></span>nt and <span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>atent taxes. Defe<span class=\"_ _7\"></span>rred tax ass<span class=\"_ _7\"></span>ets ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nly <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ecognised to the exten<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>it is proba<span class=\"_ _2\"></span>ble <span class=\"_ _6\"></span>they can be utilised. T<span class=\"_ _7\"></span>he utilisation of<span class=\"_ _2\"></span> deferr<span class=\"_ _2\"></span>ed tax <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>depe<span class=\"_ _7\"></span>nds o<span class=\"_ _7\"></span>n the li<span class=\"_ _7\"></span>kelihoo<span class=\"_ _2\"></span>d of ac<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ieving s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>ficient <span class=\"_ _7\"></span>taxable<span class=\"_ _2\"></span> inc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>me of <span class=\"_ _2\"></span>a particul<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r tax <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ype f<span class=\"_ _2\"></span>or a <span class=\"_ _4\"> </span>pa<span class=\"_ _7\"></span>rticular <span class=\"_ _0\"></span>ta<span class=\"_ _6\"></span>x <span class=\"_ _0\"></span>jurisdictio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _4\"> </span>w<span class=\"_ _7\"></span>hile <span class=\"_ _4\"> </span>ta<span class=\"_ _7\"></span>king <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nto <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y <span class=\"_ _4\"> </span>s<span class=\"_ _7\"></span>tatutory <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>estrictions <span class=\"_ _0\"></span>conce<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>ing <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span>aximum <span class=\"_ _4\"> </span>l<span class=\"_ _7\"></span>oss <span class=\"_ _0\"></span>carryfo<span class=\"_ _7\"></span>rwar<span class=\"_ _2\"></span>d periods. <span class=\"_ _7\"></span> The fo<span class=\"_ _7\"></span>llowing<span class=\"_ _2\"></span> facto<span class=\"_ _7\"></span>rs a<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>when ass<span class=\"_ _7\"></span>essi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>bability <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>being <span class=\"_ _2\"></span>able to <span class=\"_ _10\"></span>ut<span class=\"_ _6\"></span>ili<span class=\"_ _7\"></span>se d<span class=\"_ _2\"></span>eferred <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>assets i<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>utur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>: \u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>past r<span class=\"_ _7\"></span>esults of op<span class=\"_ _2\"></span>eratio<span class=\"_ _7\"></span>n,  \u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>operating <span class=\"_ _7\"></span>plans, <span class=\"_ _2\"></span> \u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>loss car<span class=\"_ _7\"></span>ry<span class=\"_ _6\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ward p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>iods, <span class=\"_ _2\"></span> \u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>tax plan<span class=\"_ _7\"></span>ning stra<span class=\"_ _7\"></span>tegies <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> \u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>existing d<span class=\"_ _7\"></span>eferr<span class=\"_ _7\"></span>ed tax l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties. T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>on<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>tax<span class=\"_ _2\"></span> g<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>ou<span class=\"_ _2\"></span>p <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nsis<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Au<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tri<span class=\"_ _2\"></span>an <span class=\"_ _10\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>me <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>fo<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>ig<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ani<span class=\"_ _2\"></span>es.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Refe<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>nce<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ega<span class=\"_ _2\"></span>rd<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>pa<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>e 1<span class=\"_ _2\"></span>80.  If actu<span class=\"_ _7\"></span>al eve<span class=\"_ _7\"></span>nts div<span class=\"_ _2\"></span>erg<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fr<span class=\"_ _7\"></span>om the esti<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s or <span class=\"_ _6\"></span>the esti<span class=\"_ _2\"></span>mat<span class=\"_ _7\"></span>es m<span class=\"_ _7\"></span>ust <span class=\"_ _6\"></span>be adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>fu<span class=\"_ _2\"></span>tur<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>pe<span class=\"_ _7\"></span>rio<span class=\"_ _2\"></span>ds, this<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>uld hav<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> an <span class=\"_ _6\"></span>ad<span class=\"_ _7\"></span>vers<span class=\"_ _7\"></span>e ef<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span> on n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>ets<span class=\"_ _7\"></span>, fi<span class=\"_ _2\"></span>nan<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>si<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>n an<span class=\"_ _7\"></span>d r<span class=\"_ _2\"></span>esul<span class=\"_ _2\"></span>ts of<span class=\"_ _7\"></span> op<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns.<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>If t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> of t<span class=\"_ _2\"></span>he r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>abil<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>ty of<span class=\"_ _7\"></span> def<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed tax<span class=\"_ _2\"></span> ass<span class=\"_ _2\"></span>ets ch<span class=\"_ _7\"></span>ang<span class=\"_ _2\"></span>es,<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> b<span class=\"_ _6\"></span>oo<span class=\"_ _2\"></span>k valu<span class=\"_ _7\"></span>e must be<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span>uced<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or inc<span class=\"_ _2\"></span>rea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ed and th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> chan<span class=\"_ _2\"></span>ge re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nis<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n the <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>om<span class=\"_ _7\"></span>e st<span class=\"_ _7\"></span>ate<span class=\"_ _7\"></span>men<span class=\"_ _2\"></span>t <span class=\"_ _6\"></span>or ch<span class=\"_ _7\"></span>arg<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>or cr<span class=\"_ _7\"></span>edi<span class=\"_ _2\"></span>ted <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>eq<span class=\"_ _7\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>pendi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _e\"></span>tr<span class=\"_ _2\"></span>eatme<span class=\"_ _2\"></span>nt <span class=\"_ _10\"></span>used <span class=\"_ _e\"></span>when<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _e\"></span>def<span class=\"_ _7\"></span>err<span class=\"_ _2\"></span>ed <span class=\"_ _10\"></span>tax <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>et <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>origi<span class=\"_ _2\"></span>nal<span class=\"_ _2\"></span>ly <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>sed<span class=\"_ _2\"></span>. <span class=\"_ _10\"></span>Furth<span class=\"_ _7\"></span>er <span class=\"_ _10\"></span>i<span class=\"_ _7\"></span>nfor<span class=\"_ _2\"></span>mati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> b<span class=\"_ _2\"></span>e fo<span class=\"_ _2\"></span>und i<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>hapt<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span> A<span class=\"_ _7\"></span>cco<span class=\"_ _2\"></span>unti<span class=\"_ _2\"></span>ng po<span class=\"_ _2\"></span>li<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>es i<span class=\"_ _2\"></span>n 25<span class=\"_ _7\"></span>.1<span class=\"_ _7\"></span>3.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>T<span class=\"_ _5\"></span>axes<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>tarti<span class=\"_ _2\"></span>ng o<span class=\"_ _2\"></span>n p<span class=\"_ _7\"></span>age<span class=\"_ _2\"></span> 179 <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>Not<span class=\"_ _7\"></span>e 1<span class=\"_ _7\"></span>1.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>ax<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 1<span class=\"_ _2\"></span>12.<span class=\"_ _3d5\"> </span>24.6.<span class=\"ff4a\"> </span>Method <span class=\"_ _2\"></span>o<span class=\"_ _6\"></span>f consolidation Discr<span class=\"_ _7\"></span>etionar<span class=\"_ _7\"></span>y decisi<span class=\"_ _7\"></span>ons by the Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g Boar<span class=\"_ _7\"></span>d prima<span class=\"_ _7\"></span>rily co<span class=\"_ _7\"></span>ncern d<span class=\"_ _6\"></span>ete<span class=\"_ _7\"></span>rmini<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e scope of consol<span class=\"_ _7\"></span>idati<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> consolid<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ted subsidia<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies. <span class=\"_ _7\"></span> Subsidia<span class=\"_ _7\"></span>ries <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>material <span class=\"_ _10\"></span>importa<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>tim<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>first <span class=\"_ _2\"></span>consolida<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>generall<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>contin<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>to <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>included <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>scope of <span class=\"_ _1\"></span>consolida<span class=\"_ _7\"></span>tion.<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>Circ<span class=\"_ _7\"></span>umstances<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>could <span class=\"_ _6\"></span>arise, h<span class=\"_ _6\"></span>owever<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>that lead<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>Managi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>discr<span class=\"_ _2\"></span>etion <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>perform<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a reass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ssme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>entire<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>scope<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsolidatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>This <span class=\"_ _6\"></span>cou<span class=\"_ _2\"></span>ld <span class=\"_ _1\"></span>res<span class=\"_ _7\"></span>ult <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>non-mate<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n the <span class=\"_ _4\"></span>past<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>being <span class=\"_ _0\"></span>remo<span class=\"_ _7\"></span>ved <span class=\"_ _4\"></span>fr<span class=\"_ _2\"></span>om <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>scop<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsolidation <span class=\"_ _0\"></span>again. <span class=\"_ _4\"></span>Co<span class=\"_ _2\"></span>mpanies <span class=\"_ _0\"></span>that, <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>their <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>activiti<span class=\"_ _7\"></span>es, <span class=\"_ _0\"></span>have reve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ues that are primaril<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>gen<span class=\"_ _7\"></span>erated and <span class=\"_ _6\"></span>ch<span class=\"_ _7\"></span>arged withi<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the Gro<span class=\"_ _7\"></span>up and <span class=\"_ _6\"></span>do not generate any significa<span class=\"_ _7\"></span>nt profits<span class=\"_ _7\"></span> or<span class=\"_ _6\"></span> losses<span class=\"_ _7\"></span>, are <span class=\"_ _7\"></span>not i<span class=\"_ _7\"></span>ncluded i<span class=\"_ _7\"></span>n the scop<span class=\"_ _2\"></span>e of consol<span class=\"_ _7\"></span>idation <span class=\"_ _7\"></span>unless t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _7\"></span>have cros<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>-bord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r ope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>ns. Thres<span class=\"_ _7\"></span>holds<span class=\"_ _7\"></span> cal<span class=\"_ _7\"></span>culated b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pr<span class=\"_ _7\"></span>evious<span class=\"_ _2\"></span> quarterly<span class=\"_ _7\"></span> fina<span class=\"_ _7\"></span>ncial <span class=\"_ _2\"></span>stat<span class=\"_ _6\"></span>em<span class=\"_ _7\"></span>ents <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>the la<span class=\"_ _7\"></span>test a<span class=\"_ _2\"></span>nnual fin<span class=\"_ _7\"></span>ancial s<span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e th<span class=\"_ _7\"></span>e curr<span class=\"_ _7\"></span>ent s<span class=\"_ _7\"></span>cope of <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>onsoli<span class=\"_ _7\"></span>dation.<span class=\"_ _2\"></span> 24.7.<span class=\"ff4a\"> </span>Materiality of<span class=\"_ _7\"></span> Notes and the<span class=\"_ _7\"></span> associated account<span class=\"_ _7\"></span>ing poli<span class=\"_ _7\"></span>cies Accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IAS 1.31, <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly <span class=\"_ _f\"> </span>mate<span class=\"_ _7\"></span>rial <span class=\"_ _f\"> </span>informati<span class=\"_ _7\"></span>on <span class=\"_ _f\"> </span>should <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>disclo<span class=\"_ _7\"></span>sed <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>st<span class=\"_ _7\"></span>ateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>even <span class=\"_ _f\"> </span>when <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>Stand<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span> presc<span class=\"_ _7\"></span>ribes certai<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>requir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents or <span class=\"_ _6\"></span>minimum req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>irem<span class=\"_ _2\"></span>ents. Th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>goal of th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>IASB in <span class=\"_ _6\"></span>this paragrap<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in c<span class=\"_ _6\"></span>ombin<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>with a<span class=\"_ _6\"></span>n of<span class=\"_ _2\"></span>ficially <span class=\"_ _7\"></span>published <span class=\"_ _10\"></span>Practice <span class=\"_ _7\"></span>S<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _2\"></span>subject <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>create <span class=\"_ _10\"></span>a cl<span class=\"_ _7\"></span>ear <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pre<span class=\"_ _7\"></span>hensible<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>basi<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>for <span class=\"_ _2\"></span>financial <span class=\"_ _10\"></span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g utilisi<span class=\"_ _7\"></span>ng the most i<span class=\"_ _7\"></span>mpo<span class=\"_ _7\"></span>rtant i<span class=\"_ _7\"></span>nformatio<span class=\"_ _2\"></span>n. The decisi<span class=\"_ _7\"></span>on as <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>whether a<span class=\"_ _7\"></span>ny giv<span class=\"_ _7\"></span>en discl<span class=\"_ _7\"></span>osur<span class=\"_ _7\"></span>e constit<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tes m<span class=\"_ _7\"></span>ate<span class=\"_ _7\"></span>rial or imm<span class=\"_ _7\"></span>ate<span class=\"_ _7\"></span>rial informatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>is open <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>disc<span class=\"_ _7\"></span>retio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ary <span class=\"_ _6\"></span>judgem<span class=\"_ _2\"></span>ent. The <span class=\"_ _6\"></span>Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>of V<span class=\"_ _6\"></span>IG <span class=\"_ _6\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g h<span class=\"_ _6\"></span>as introd<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ced a <span class=\"_ _6\"></span>thr<span class=\"_ _7\"></span>eshold value for assessing<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>he m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teriali<span class=\"_ _7\"></span>ty <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>disclo<span class=\"_ _7\"></span>sur<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>and t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>rel<span class=\"_ _7\"></span>ated <span class=\"_ _2\"></span>accounting<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>policies.<span class=\"_ _7\"></span> If<span class=\"_ _2\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _7\"></span>invol<span class=\"_ _2\"></span>ve<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>less <span class=\"_ _2\"></span>than <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>thres<span class=\"_ _7\"></span>hold value, the informa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion is only publis<span class=\"_ _7\"></span>hed in the Annual Repor<span class=\"_ _2\"></span>t if it <span class=\"_ _6\"></span>has been deemed to be mate<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ial for users of the fina<span class=\"_ _7\"></span>ncial stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts o<span class=\"_ _7\"></span>n the basis<span class=\"_ _7\"></span> of qu<span class=\"_ _7\"></span>alitati<span class=\"_ _7\"></span>ve criteria d<span class=\"_ _2\"></span>uring the r<span class=\"_ _7\"></span>elease pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>cess.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-3": {
   "value": "Account<span class=\"_ _7\"></span>ing pol<span class=\"_ _7\"></span>icies The <span class=\"_ _6\"></span>signifi<span class=\"_ _7\"></span>cant accounti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g policies u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the pre<span class=\"_ _2\"></span>paration of t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>consoli<span class=\"_ _7\"></span>dated financial<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e prese<span class=\"_ _7\"></span>nted in <span class=\"_ _6\"></span>Note<span class=\"_ _7\"></span> 25. Accou<span class=\"_ _7\"></span>nting pol<span class=\"_ _7\"></span>icies starti<span class=\"_ _7\"></span>ng on page 147<span class=\"_ _7\"></span>. Unless ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>wise stated u<span class=\"_ _7\"></span>nder ch<span class=\"_ _7\"></span>apter \u201cInitial ap<span class=\"_ _2\"></span>plication of sta<span class=\"_ _7\"></span>ndards\u201d, <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e polici<span class=\"_ _7\"></span>es describe<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> wer<span class=\"_ _7\"></span>e appli<span class=\"_ _7\"></span>ed co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>siste<span class=\"_ _7\"></span>ntly d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ring t<span class=\"_ _7\"></span>he repo<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>periods<span class=\"_ _7\"></span> pres<span class=\"_ _2\"></span>ented in th<span class=\"_ _7\"></span>ese fin<span class=\"_ _7\"></span>ancial sta<span class=\"_ _7\"></span>tem<span class=\"_ _7\"></span>ents.<span class=\"_ _3d5\"> </span>Balance s<span class=\"_ _6\"></span>heet item<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _42\"> </span><span class=\"fsf\">Mea<span class=\"_ _6\"></span>surement princi<span class=\"_ _6\"></span>ple </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> Premium A<span class=\"_ _6\"></span>llocation App<span class=\"_ _6\"></span>roach (PA<span class=\"_ _6\"></span>A),<span class=\"_ _6\"></span> Variable Fee A<span class=\"_ _6\"></span>pproach <span class=\"_ _6\"></span>(VFA), General Measu<span class=\"_ _6\"></span>rement Mod<span class=\"_ _6\"></span>el (GM<span class=\"_ _6\"></span>M)<span class=\"_ _6\"></span> Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tra<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> Premium A<span class=\"_ _6\"></span>llocation App<span class=\"_ _6\"></span>roach (PA<span class=\"_ _6\"></span>A),<span class=\"_ _6\"></span> General Measu<span class=\"_ _6\"></span>rement Mod<span class=\"_ _6\"></span>el (GM<span class=\"_ _6\"></span>M)<span class=\"_ _6\"></span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> Measured at A<span class=\"_ _6\"></span>C Measured at FVt<span class=\"_ _6\"></span>OCI (with and<span class=\"_ _6\"></span> with<span class=\"_ _6\"></span>out re<span class=\"_ _6\"></span>cycling)<span class=\"_ _6\"></span> Measured at FVtPL<span class=\"_ _6\"></span> Go<span class=\"_ _6\"></span>odwi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _da\"> </span>Amortised<span class=\"_ _6\"></span> cost less a<span class=\"_ _6\"></span>ccumulated imp<span class=\"_ _6\"></span>airmen<span class=\"_ _6\"></span>t losses<span class=\"_ _6\"></span> Int<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _db\"> </span>Amortised<span class=\"_ _6\"></span> cost and produ<span class=\"_ _6\"></span>ction <span class=\"_ _6\"></span>cost In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ates<span class=\"_ _6\"></span> <span class=\"_ _85\"> </span>Net p<span class=\"_ _6\"></span>resent value of the in<span class=\"_ _6\"></span>vestm<span class=\"_ _6\"></span>ent's eq<span class=\"_ _6\"></span>uity or the l<span class=\"_ _6\"></span>ower re<span class=\"_ _6\"></span>coverable amou<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _dc\"> </span>Amortised<span class=\"_ _6\"></span> cost and produ<span class=\"_ _6\"></span>ction <span class=\"_ _6\"></span>cost Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>equ<span class=\"_ _1\"></span>ipm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> <span class=\"_ _dd\"> </span>Amortised<span class=\"_ _6\"></span> cost and produ<span class=\"_ _6\"></span>ction <span class=\"_ _6\"></span>cost Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>vab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _de\"> </span>At amortised<span class=\"_ _6\"></span> cost Ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> <span class=\"_ _df\"> </span>  In<span class=\"_ _6\"></span>come<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> In the am<span class=\"_ _6\"></span>ount in <span class=\"_ _6\"></span>which a receivable from<span class=\"_ _6\"></span>/liabilit<span class=\"_ _6\"></span>y to the t<span class=\"_ _6\"></span>ax au<span class=\"_ _6\"></span>thorities is e<span class=\"_ _6\"></span>xpected<span class=\"_ _6\"></span>, based on<span class=\"_ _6\"></span> the tax rates applicabl<span class=\"_ _6\"></span>e on the rep<span class=\"_ _6\"></span>orting date <span class=\"_ _6\"></span>or in th<span class=\"_ _6\"></span>e near futu<span class=\"_ _6\"></span>re Ta<span class=\"_ _6\"></span>x ad<span class=\"_ _1\"></span>viso<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y f<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _e0\"> </span>Und<span class=\"_ _6\"></span>iscounted in<span class=\"_ _6\"></span>come taxes reco<span class=\"_ _6\"></span>verable in <span class=\"_ _6\"></span>future periods<span class=\"_ _6\"></span> based on<span class=\"_ _6\"></span> tax rates at <span class=\"_ _6\"></span>the s<span class=\"_ _6\"></span>ett<span class=\"_ _6\"></span>lement d<span class=\"_ _6\"></span>ate Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>  Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e1\"> </span>Actuarial valu<span class=\"_ _6\"></span>ation usin<span class=\"_ _6\"></span>g the p<span class=\"_ _6\"></span>rojected un<span class=\"_ _6\"></span>it credit method<span class=\"_ _6\"></span> Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>mpl<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>e b<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _33\"> </span>Actuarial valuation us<span class=\"_ _6\"></span>ing th<span class=\"_ _6\"></span>e projected u<span class=\"_ _6\"></span>nit credit method<span class=\"_ _1\"></span> Mis<span class=\"_ _6\"></span>cel<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ane<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _e2\"> </span>Present value of the f<span class=\"_ _6\"></span>uture s<span class=\"_ _6\"></span>ettlemen<span class=\"_ _6\"></span>t amoun<span class=\"_ _6\"></span>t Leas<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _e3\"> </span>At amortised<span class=\"_ _6\"></span> cost Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>liab<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>lit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e4\"> </span>At amortised<span class=\"_ _6\"></span> cost For <span class=\"_ _6\"></span>info<span class=\"_ _7\"></span>rmation on the accounti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>eatme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of (re-<span class=\"_ _7\"></span>) <span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>uran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>cts, please refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>partic<span class=\"_ _7\"></span>ularly to the <span class=\"_ _6\"></span>expl<span class=\"_ _7\"></span>anato<span class=\"_ _7\"></span>ry<span class=\"_ _6\"></span> notes in the fol<span class=\"_ _7\"></span>lowing <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>hapter <span class=\"_ _7\"></span>\u201cInitial<span class=\"_ _7\"></span> applic<span class=\"_ _7\"></span>ation of st<span class=\"_ _2\"></span>andards\u201d.<span class=\"_ _2\"></span> Initial appl<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>cation<span class=\"_ _7\"></span> of stan<span class=\"_ _7\"></span>dards<span class=\"_ _7\"></span> Unless <span class=\"_ _2\"></span>otherwise <span class=\"_ _7\"></span>stated, <span class=\"_ _2\"></span>the sta<span class=\"_ _7\"></span>ndards <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>be a<span class=\"_ _2\"></span>pplied <span class=\"_ _2\"></span>for the f<span class=\"_ _7\"></span>irst <span class=\"_ _7\"></span>time, <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>relevant, h<span class=\"_ _7\"></span>ave <span class=\"_ _7\"></span>no or <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>material <span class=\"_ _2\"></span>impact <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span> the pres<span class=\"_ _2\"></span>ent consoli<span class=\"_ _7\"></span>dated fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial statem<span class=\"_ _2\"></span>ents. Standards<span class=\"_ _6\"></span> applicable<span class=\"_ _6\"></span> that a<span class=\"_ _6\"></span>re u<span class=\"_ _6\"></span>sed for t<span class=\"_ _6\"></span>he first time in the G<span class=\"_ _6\"></span>roup<span class=\"_ _6\"></span> Annual<span class=\"_ _6\"></span> Repo<span class=\"_ _6\"></span>rt IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>Financial instrumen<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>P<span class=\"_ _6\"></span>repayment features w<span class=\"_ _6\"></span>ith n<span class=\"_ _6\"></span>egati<span class=\"_ _6\"></span>ve compensati<span class=\"_ _6\"></span>on IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _e6\"> </span>Insurance cont<span class=\"_ _6\"></span>racts Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>17<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>Initial App<span class=\"_ _6\"></span>lication of IFR<span class=\"_ _6\"></span>S 9 and<span class=\"_ _6\"></span> IFRS 1<span class=\"_ _6\"></span>7 \u2013 Comp<span class=\"_ _6\"></span>arative Inform<span class=\"_ _6\"></span>ation<span class=\"_ _6\"></span> Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> 2<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Definition of m<span class=\"_ _6\"></span>ateriality in <span class=\"_ _6\"></span>connection w<span class=\"_ _6\"></span>ith a<span class=\"_ _6\"></span>ccounting p<span class=\"_ _6\"></span>olicies<span class=\"_ _6\"></span> Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 8<span class=\"_ _6\"></span> <span class=\"_ _e9\"> </span>Definition of ac<span class=\"_ _6\"></span>counting<span class=\"_ _6\"></span> estimates and<span class=\"_ _6\"></span> distin<span class=\"_ _6\"></span>guish<span class=\"_ _6\"></span>ing th<span class=\"_ _6\"></span>em from chang<span class=\"_ _6\"></span>es in ac<span class=\"_ _6\"></span>counting p<span class=\"_ _6\"></span>olicies Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Deferred taxes relat<span class=\"_ _6\"></span>ed to assets an<span class=\"_ _6\"></span>d liabilit<span class=\"_ _6\"></span>ies arising <span class=\"_ _6\"></span>from <span class=\"_ _6\"></span>a single trans<span class=\"_ _6\"></span>action<span class=\"_ _6\"></span> Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Temporary exception fr<span class=\"_ _6\"></span>om th<span class=\"_ _6\"></span>e recognition<span class=\"_ _6\"></span> and d<span class=\"_ _6\"></span>isclosure of d<span class=\"_ _6\"></span>eferred<span class=\"_ _6\"></span> taxes arisin<span class=\"_ _6\"></span>g fro<span class=\"_ _6\"></span>m glob<span class=\"_ _6\"></span>al minimu<span class=\"_ _6\"></span>m taxation AMENDM<span class=\"_ _7\"></span>ENTS<span class=\"_ _7\"></span> TO<span class=\"_ _7\"></span> IAS 1<span class=\"_ _2\"></span> AND IFRS<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>PRAC<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>ICE ST<span class=\"_ _10\"></span>A<span class=\"_ _2\"></span>TEMEN<span class=\"_ _7\"></span>T 2 With regar<span class=\"_ _7\"></span>d to th<span class=\"_ _7\"></span>e applic<span class=\"_ _7\"></span>ation of t<span class=\"_ _7\"></span>hese cha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ges, ple<span class=\"_ _7\"></span>ase r<span class=\"_ _7\"></span>efer to th<span class=\"_ _7\"></span>e notes in t<span class=\"_ _7\"></span>he chapt<span class=\"_ _7\"></span>er 24.<span class=\"_ _7\"></span>7. Material<span class=\"_ _7\"></span>ity of Notes a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d the associat<span class=\"_ _7\"></span>ed acco<span class=\"_ _7\"></span>unti<span class=\"_ _7\"></span>ng policies <span class=\"_ _7\"></span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 147. AMENDM<span class=\"_ _7\"></span>ENTS<span class=\"_ _7\"></span> TO<span class=\"_ _7\"></span> IAS 12<span class=\"_ _2\"></span> EU <span class=\"_ _6\"></span>member <span class=\"_ _6\"></span>states h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>Europe<span class=\"_ _7\"></span>-wide <span class=\"_ _6\"></span>imple<span class=\"_ _7\"></span>mentatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>Global <span class=\"_ _6\"></span>Anti-Base Erosion <span class=\"_ _6\"></span>(GloB<span class=\"_ _7\"></span>E) <span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>les (<span class=\"_ _6\"></span>Pill<span class=\"_ _7\"></span>ar T<span class=\"_ _e\"></span>wo) in the international tax r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>forms s<span class=\"_ _7\"></span>et <span class=\"_ _6\"></span>out<span class=\"_ _7\"></span> by <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e OECD. The EU direc<span class=\"_ _7\"></span>tive pro<span class=\"_ _7\"></span>vides tha<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>ofits from m<span class=\"_ _7\"></span>ultination<span class=\"_ _7\"></span>al gro<span class=\"_ _7\"></span>ups  of compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> large do<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>estic g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps wit<span class=\"_ _7\"></span>h co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>solidate<span class=\"_ _7\"></span>d s<span class=\"_ _7\"></span>ales of at l<span class=\"_ _2\"></span>east EU<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> 750 m<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ion will i<span class=\"_ _7\"></span>n futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> be s<span class=\"_ _2\"></span>ubject to <span class=\"_ _7\"></span>a tax rate <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>lea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>15%. <span class=\"_ _1\"></span>Th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>directiv<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>mu<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>incorpor<span class=\"_ _7\"></span>ated <span class=\"_ _6\"></span>into <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>memb<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>st<span class=\"_ _7\"></span>ates\u2019 <span class=\"_ _6\"></span>national<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>legislation <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>late<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>than <span class=\"_ _6\"></span>the end <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>2023. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>effe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>global <span class=\"_ _6\"></span>mi<span class=\"_ _7\"></span>nimum t<span class=\"_ _6\"></span>axatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>2024 <span class=\"_ _6\"></span>and thereaft<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cannot <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>ojected with <span class=\"_ _6\"></span>any certai<span class=\"_ _7\"></span>nty <span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>esent.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>The <span class=\"_ _10\"></span>VIG <span class=\"_ _2\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>curr<span class=\"_ _7\"></span>entl<span class=\"_ _7\"></span>y <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rking <span class=\"_ _2\"></span>on <span class=\"_ _10\"></span>an <span class=\"_ _2\"></span>implem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>ject <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>global <span class=\"_ _10\"></span>minim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _2\"></span>taxa<span class=\"_ _7\"></span>tion. In <span class=\"_ _6\"></span>ord<span class=\"_ _7\"></span>er to <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt Pillar T<span class=\"_ _e\"></span>wo <span class=\"_ _6\"></span>of the tax <span class=\"_ _6\"></span>reform i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the IFRS<span class=\"_ _7\"></span> financial statemen<span class=\"_ _7\"></span>ts, t<span class=\"_ _6\"></span>ech<span class=\"_ _7\"></span>nical guidance on the amendm<span class=\"_ _7\"></span>ents to IAS 12 w<span class=\"_ _6\"></span>as published <span class=\"_ _6\"></span>by the <span class=\"_ _6\"></span>IASB on <span class=\"_ _6\"></span>23 May 2023. Ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>this, an <span class=\"_ _6\"></span>exemptio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the recognitio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of de<span class=\"_ _6\"></span>ferr<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>tax assets <span class=\"_ _7\"></span>and li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>in ac<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nce <span class=\"_ _7\"></span>with t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>ements of <span class=\"_ _2\"></span>global minimum <span class=\"_ _2\"></span>taxation s<span class=\"_ _7\"></span>hall<span class=\"_ _7\"></span> be r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ulated <span class=\"_ _7\"></span>until furth<span class=\"_ _7\"></span>er noti<span class=\"_ _2\"></span>ce. In <span class=\"_ _0\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>direc<span class=\"_ _7\"></span>tive, <span class=\"_ _1\"></span>poten<span class=\"_ _7\"></span>tial <span class=\"_ _1\"></span>eff<span class=\"_ _7\"></span>ects <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>defe<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>tax<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>con<span class=\"_ _7\"></span>nection <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>global <span class=\"_ _6\"></span>minim<span class=\"_ _7\"></span>um <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>axatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>not taken i<span class=\"_ _7\"></span>nto acco<span class=\"_ _7\"></span>unt withi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. Due <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>global <span class=\"_ _10\"></span>minim<span class=\"_ _7\"></span>um <span class=\"_ _2\"></span>taxati<span class=\"_ _7\"></span>on <span class=\"_ _10\"></span>provisio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>full<span class=\"_ _7\"></span>y <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>onso<span class=\"_ _7\"></span>lidated <span class=\"_ _10\"></span>companies<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>VIG <span class=\"_ _10\"></span>Group <span class=\"_ _10\"></span>would <span class=\"_ _10\"></span>incur <span class=\"_ _10\"></span>an <span class=\"_ _2\"></span>immat<span class=\"_ _7\"></span>erial amount of a<span class=\"_ _2\"></span>dditional tax<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s on <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>asis of<span class=\"_ _7\"></span> the res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lts fo<span class=\"_ _7\"></span>r the<span class=\"_ _2\"></span> y<span class=\"_ _6\"></span>ear 2023<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> Beginni<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>1 <span class=\"_ _2\"></span>January <span class=\"_ _10\"></span>2023, <span class=\"_ _2\"></span>it <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>mandatory <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nise <span class=\"_ _2\"></span>deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>taxes <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>transa<span class=\"_ _7\"></span>ctions <span class=\"_ _2\"></span>from <span class=\"_ _10\"></span>which <span class=\"_ _2\"></span>tempora<span class=\"_ _7\"></span>ry <span class=\"_ _2\"></span>deductibl<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ferences <span class=\"_ _7\"></span>to be t<span class=\"_ _2\"></span>axed in <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>ame amo<span class=\"_ _2\"></span>unt arise <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>pon i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itial<span class=\"_ _2\"></span> recogniti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n. The <span class=\"_ _7\"></span>VIG I<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> Gr<span class=\"_ _2\"></span>oup exer<span class=\"_ _2\"></span>cised th<span class=\"_ _7\"></span>e op<span class=\"_ _7\"></span>tion o<span class=\"_ _7\"></span>f earlier a<span class=\"_ _7\"></span>pplicatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> in 2019. <span class=\"_ _2\"></span> IFRS 9 FIN<span class=\"_ _7\"></span>ANCIA<span class=\"_ _7\"></span>L INST<span class=\"_ _7\"></span>R<span class=\"_ _6\"></span>UMEN<span class=\"_ _7\"></span>TS <span class=\"_ _7\"></span>AND I<span class=\"_ _7\"></span>FRS 17 IN<span class=\"_ _2\"></span>SURANCE CONT<span class=\"_ _7\"></span>RAC<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>S VIG Insu<span class=\"_ _7\"></span>rance G<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p appl<span class=\"_ _7\"></span>ied IFR<span class=\"_ _7\"></span>S 9 a<span class=\"_ _7\"></span>nd IFRS 1<span class=\"_ _7\"></span>7 for t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e firs<span class=\"_ _7\"></span>t time fr<span class=\"_ _7\"></span>om 1 Ja<span class=\"_ _2\"></span>nuary 2023<span class=\"_ _7\"></span>. The f<span class=\"_ _7\"></span>irst-tim<span class=\"_ _7\"></span>e appli<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n leads <span class=\"_ _2\"></span>to signif<span class=\"_ _7\"></span>icant cha<span class=\"_ _7\"></span>nges and <span class=\"_ _7\"></span>ther<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e h<span class=\"_ _7\"></span>as a m<span class=\"_ _7\"></span>aterial im<span class=\"_ _7\"></span>pact o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>consolida<span class=\"_ _7\"></span>ted fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts.  The shor<span class=\"_ _7\"></span>thand p<span class=\"_ _2\"></span>hra<span class=\"_ _6\"></span>ses <span class=\"_ _7\"></span>used fo<span class=\"_ _7\"></span>r the tex<span class=\"_ _2\"></span>t and the ta<span class=\"_ _7\"></span>bles in <span class=\"_ _2\"></span>connection <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h IFRS 9 <span class=\"_ _7\"></span>are s<span class=\"_ _7\"></span>et out b<span class=\"_ _7\"></span>elow:<span class=\"_ _7\"></span> Short de<span class=\"_ _6\"></span>scription<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span><span class=\"fsf\">Long descri<span class=\"_ _6\"></span>ption </span>Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _eb\"> </span>Measured at A<span class=\"_ _6\"></span>mortised Cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _ec\"> </span>Measured at Fair <span class=\"_ _6\"></span>Value throu<span class=\"_ _6\"></span>gh Othe<span class=\"_ _6\"></span>r Comp<span class=\"_ _6\"></span>rehensiv<span class=\"_ _6\"></span>e Income<span class=\"_ _6\"></span> Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L <span class=\"_ _ed\"> </span>Measured at Fair <span class=\"_ _6\"></span>Value throu<span class=\"_ _6\"></span>gh Profit <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> Loss Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _ee\"> </span>Designated<span class=\"_ _6\"></span> measured<span class=\"_ _6\"></span> at Fair Value th<span class=\"_ _6\"></span>rough Oth<span class=\"_ _6\"></span>er Comp<span class=\"_ _6\"></span>rehensiv<span class=\"_ _6\"></span>e Income<span class=\"_ _6\"></span> Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _ef\"> </span>Designated<span class=\"_ _6\"></span> measured<span class=\"_ _6\"></span> at Fair Value th<span class=\"_ _6\"></span>rough P<span class=\"_ _6\"></span>rofit an<span class=\"_ _6\"></span>d Loss EC<span class=\"_ _6\"></span>L <span class=\"_ _f0\"> </span>Expected Credit <span class=\"_ _6\"></span>Loss<span class=\"_ _6\"></span> FV <span class=\"_ _f1\"> </span>Fair Value<span class=\"_ _6\"></span> SPP<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _db\"> </span>Solely Payments <span class=\"_ _6\"></span>of Principa<span class=\"_ _6\"></span>l and Interest<span class=\"_ _6\"></span> Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _f2\"> </span>Mandatorily measu<span class=\"_ _6\"></span>red at <span class=\"_ _6\"></span>Fair Value th<span class=\"_ _6\"></span>rough<span class=\"_ _6\"></span> Other Com<span class=\"_ _6\"></span>prehensive <span class=\"_ _6\"></span>Income<span class=\"_ _6\"></span> Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _f3\"> </span>Mandatorily measu<span class=\"_ _6\"></span>red at <span class=\"_ _6\"></span>Fair Value th<span class=\"_ _6\"></span>rough<span class=\"_ _6\"></span> Profit and Loss<span class=\"_ _6\"></span> The shor<span class=\"_ _7\"></span>thand p<span class=\"_ _2\"></span>hra<span class=\"_ _6\"></span>ses i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> con<span class=\"_ _7\"></span>nection <span class=\"_ _7\"></span>with I<span class=\"_ _7\"></span>FRS 17 <span class=\"_ _7\"></span>have be<span class=\"_ _7\"></span>en used as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows for t<span class=\"_ _7\"></span>he tex<span class=\"_ _7\"></span>t and th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> tables:<span class=\"_ _2\"></span> Short de<span class=\"_ _6\"></span>scription<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span><span class=\"fsf\">Long descri<span class=\"_ _6\"></span>ption </span>AIC<span class=\"_ _6\"></span> <span class=\"_ _f4\"> </span>Assets <span class=\"_ _6\"></span>for Incurred Claim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> ARC<span class=\"_ _6\"></span> <span class=\"_ _94\"> </span>Assets for Remainin<span class=\"_ _6\"></span>g Coverage<span class=\"_ _6\"></span> CSM<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>Contractual S<span class=\"_ _6\"></span>ervice Ma<span class=\"_ _6\"></span>rgin FCF<span class=\"_ _6\"></span> <span class=\"_ _f0\"> </span>Fulfilm<span class=\"_ _6\"></span>ent Cash Flow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> FRA<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>Full Retrospecti<span class=\"_ _6\"></span>ve App<span class=\"_ _6\"></span>roach FVA<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>Fair Value A<span class=\"_ _6\"></span>pproach<span class=\"_ _6\"></span> GMM<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>General Measu<span class=\"_ _6\"></span>rement Mod<span class=\"_ _6\"></span>el LIC<span class=\"_ _6\"></span> <span class=\"_ _f8\"> </span>Liability for Incurr<span class=\"_ _6\"></span>ed Claims<span class=\"_ _6\"></span> LoR<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>Co <span class=\"_ _dc\"> </span>Loss<span class=\"_ _6\"></span> Recovery C<span class=\"_ _6\"></span>ompon<span class=\"_ _6\"></span>ent LRC<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>Liability for Remain<span class=\"_ _6\"></span>ing Cover<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> PAA<span class=\"_ _6\"></span> <span class=\"_ _94\"> </span>Premium<span class=\"_ _6\"></span> Allocation Ap<span class=\"_ _6\"></span>proa<span class=\"_ _6\"></span>ch PVF<span class=\"_ _6\"></span>CF<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>Present Value of <span class=\"_ _6\"></span>Futu<span class=\"_ _6\"></span>re Cash Flows<span class=\"_ _6\"></span> RA <span class=\"_ _fa\"> </span>Risk Ad<span class=\"_ _6\"></span>justmen<span class=\"_ _6\"></span>t VFA<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>Variable Fee A<span class=\"_ _6\"></span>pproach<span class=\"_ _6\"></span> Compariso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of consoli<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ated <span class=\"_ _7\"></span>opening <span class=\"_ _7\"></span>balance s<span class=\"_ _7\"></span>heets<span class=\"_ _2\"></span> Assets<span class=\"_ _6\"></span> <span class=\"_ _6f\"> </span><span class=\"fsf\"> </span>Type of adju<span class=\"_ _6\"></span>stments / re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>sificat<span class=\"_ _6\"></span>ions <span class=\"_ _30\"> </span>   <span class=\"_ _54\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2021<span class=\"_ _3d5\"> </span></span>IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Other*<span class=\"_ _3d5\"> </span>01/01/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fb\"> </span>2,456,33<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>271,074<span class=\"_ _3d5\"> </span>2,727,40<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fc\"> </span>40,207,6<span class=\"_ _6\"></span>20<span class=\"_ _3d5\"> </span>-1,557<span class=\"_ _6\"></span>,445<span class=\"_ _3d5\"> </span>1,679,25<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>67,592<span class=\"_ _3d5\"> </span>40,397,0<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>31,682,<span class=\"_ _6\"></span>289<span class=\"_ _3d5\"> </span>-1,557,44<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-30,032,8<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>-92,021<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 9<span class=\"_ _6\"></span> <span class=\"_ _fd\"> </span> 8,346,27<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>31,712,0<span class=\"_ _6\"></span>75<span class=\"_ _3d5\"> </span>338,666<span class=\"_ _3d5\"> </span>40,397,0<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>uni<span class=\"_ _6\"></span>t-<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>-lin<span class=\"_ _1\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _20\"> </span>8,525,331<span class=\"_ _3d5\"> </span>-8,346,27<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-179,053<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fe\"> </span>2,067,18<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-1,378<span class=\"_ _6\"></span>,020<span class=\"_ _3d5\"> </span>-3,194<span class=\"_ _3d5\"> </span>-336,0<span class=\"_ _6\"></span>42<span class=\"_ _3d5\"> </span>349,932<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _ff\"> </span>1,377,53<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,377,53<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rwr<span class=\"_ _6\"></span>itin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _60\"> </span>689,657<span class=\"_ _3d5\"> </span>-489<span class=\"_ _3d5\"> </span>-336,042<span class=\"_ _3d5\"> </span>353,126<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _100\"> </span> -3,194<span class=\"_ _3d5\"> </span>-3,194<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _101\"> </span>135,053<span class=\"_ _3d5\"> </span>135,053<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ates<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>276,913<span class=\"_ _3d5\"> </span>276,913<span class=\"_ _3d5\"> </span>Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>ntr<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s <span class=\"_ _103\"> </span>1,564,60<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>201,804<span class=\"_ _3d5\"> </span>1,766,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>' <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>erw<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ing <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 4<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>1,564,605<span class=\"_ _3d5\"> </span>-1,564,60<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>  <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _104\"> </span> 114,156<span class=\"_ _3d5\"> </span>114,156<span class=\"_ _3d5\"> </span>Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tra<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span> 1,652,25<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,652,25<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>2,378,28<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-878<span class=\"_ _3d5\"> </span>2,377,40<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>equ<span class=\"_ _1\"></span>ipm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> <span class=\"_ _107\"> </span>472,303<span class=\"_ _3d5\"> </span>114,433<span class=\"_ _3d5\"> </span>586,736<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _108\"> </span>390,893<span class=\"_ _3d5\"> </span>-176,654<span class=\"_ _3d5\"> </span>-113,934<span class=\"_ _3d5\"> </span>100,305<span class=\"_ _3d5\"> </span>Go<span class=\"_ _6\"></span>odwi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _109\"> </span>1,260,22<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>1,260,22<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span>483,943<span class=\"_ _3d5\"> </span>-14,607<span class=\"_ _3d5\"> </span>-48<span class=\"_ _3d5\"> </span>469,288<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span> <span class=\"_ _10b\"> </span>311,447<span class=\"_ _3d5\"> </span>274,416<span class=\"_ _3d5\"> </span>585,863<span class=\"_ _3d5\"> </span>Righ<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>-of<span class=\"_ _6\"></span>-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _90\"> </span>173,348<span class=\"_ _3d5\"> </span>173,348<span class=\"_ _3d5\"> </span>Total<span class=\"_ _6\"></span> assets <span class=\"_ _10c\"> </span>52,178,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>-2,924<span class=\"_ _6\"></span>,922<span class=\"_ _3d5\"> </span>1,675,18<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>277,491<span class=\"_ _3d5\"> </span>51,205,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span>*The main<span class=\"_ _7\"></span> adjustments are discus<span class=\"_ _7\"></span>sed in the chapter \u201cChan<span class=\"_ _7\"></span>ges in accounting policies\u201d starting <span class=\"_ _7\"></span>on page <span class=\"_ _6\"></span>51 of these consolidated <span class=\"_ _7\"></span>financi<span class=\"_ _7\"></span>al state<span class=\"_ _6\"></span>ments.<span class=\"_ _3d5\"> </span>Liabilities<span class=\"_ _6\"></span> and consol<span class=\"_ _6\"></span>idate<span class=\"_ _6\"></span>d share<span class=\"_ _6\"></span>holder<span class=\"_ _6\"></span>s' equity<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span><span class=\"fsf\"> </span>Type of adju<span class=\"_ _6\"></span>stments / re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>sificat<span class=\"_ _6\"></span>ions <span class=\"_ _e1\"> </span>   <span class=\"_ _54\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2021<span class=\"_ _3d5\"> </span></span>IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Other*<span class=\"_ _3d5\"> </span>01/01/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>e<span class=\"_ _1\"></span>s an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>yab<span class=\"_ _6\"></span>le<span class=\"_ _1\"></span>s <span class=\"_ _10e\"> </span>1,738,51<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,002<span class=\"_ _6\"></span>,395<span class=\"_ _3d5\"> </span>3,075<span class=\"_ _3d5\"> </span>739,193<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _ff\"> </span>1,166,27<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-1,166,27<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rwr<span class=\"_ _6\"></span>itin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _60\"> </span>572,243<span class=\"_ _3d5\"> </span>163,875<span class=\"_ _3d5\"> </span>3,075<span class=\"_ _3d5\"> </span>739,193<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _8c\"> </span>243,3<span class=\"_ _6\"></span>82<span class=\"_ _3d5\"> </span>243,382<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _51\"> </span>2,623<span class=\"_ _6\"></span>,053<span class=\"_ _3d5\"> </span>747<span class=\"_ _3d5\"> </span>643<span class=\"_ _3d5\"> </span>2,624,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _10f\"> </span>131,168<span class=\"_ _3d5\"> </span>-70,852<span class=\"_ _3d5\"> </span>60,316<span class=\"_ _3d5\"> </span>Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>ntr<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s <span class=\"_ _110\"> </span>40,735,0<span class=\"_ _6\"></span>20<span class=\"_ _3d5\"> </span>279,867<span class=\"_ _3d5\"> </span>41,014,8<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>isio<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>4<span class=\"_ _6\"></span> <span class=\"_ _111\"> </span>32,546,2<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span>-32,546,2<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>isio<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it-<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>ind<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x-li<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>4<span class=\"_ _6\"></span> <span class=\"_ _112\"> </span>8,188,79<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-8,188,79<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>ssu<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>17<span class=\"_ _6\"></span> <span class=\"_ _113\"> </span> 40,950,3<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>40,950,3<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tra<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>ilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>17<span class=\"_ _6\"></span> <span class=\"_ _eb\"> </span> 64,585<span class=\"_ _3d5\"> </span>64,585<span class=\"_ _3d5\"> </span>Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _114\"> </span>890,189<span class=\"_ _3d5\"> </span>-32,307<span class=\"_ _3d5\"> </span>857,882<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>lit<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _115\"> </span>218,884<span class=\"_ _3d5\"> </span>138,614<span class=\"_ _3d5\"> </span>357,498<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs'<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>5,597,94<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-2,099,98<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>1,674,53<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>135,802<span class=\"_ _3d5\"> </span>5,308,30<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Total<span class=\"_ _6\"></span> assets <span class=\"_ _10c\"> </span>52,178,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>-2,924<span class=\"_ _6\"></span>,922<span class=\"_ _3d5\"> </span>1,675,18<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>277,491<span class=\"_ _3d5\"> </span>51,205,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span>*The main<span class=\"_ _7\"></span> adjustments are discus<span class=\"_ _7\"></span>sed in the chapter \u201cChan<span class=\"_ _7\"></span>ges in accounting policies\u201d starting <span class=\"_ _7\"></span>on page <span class=\"_ _6\"></span>51 of these consolidated <span class=\"_ _7\"></span>financi<span class=\"_ _7\"></span>al state<span class=\"_ _6\"></span>ments. Compariso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of consoli<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ated c<span class=\"_ _7\"></span>ash flow<span class=\"_ _7\"></span> statements<span class=\"_ _2\"></span>   <span class=\"_ _117\"> </span><span class=\"fsf\">2022 </span>  <span class=\"_ _118\"> </span><span class=\"fsf\">Adjusted<span class=\"_ _3d5\"> </span></span>1<span class=\"_ _3d5\"> </span>As published <span class=\"_ _6\"></span>within the Group Report<span class=\"_ _3d5\"> </span>Ame<span class=\"_ _6\"></span>ndment due to erro<span class=\"_ _6\"></span>r identi<span class=\"_ _6\"></span>ficatio<span class=\"_ _6\"></span>n<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _119\"> </span>464,003<span class=\"_ _3d5\"> </span>464,291<span class=\"_ _3d5\"> </span>464,291<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cti<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _11a\"> </span>-403,996<span class=\"_ _3d5\"> </span>624,982<span class=\"_ _3d5\"> </span>304,759<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>inv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>tiv<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>22,407<span class=\"_ _3d5\"> </span>-1,001,35<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-681,133<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ing <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ivi<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _11b\"> </span>-32,469<span class=\"_ _3d5\"> </span>-24,050<span class=\"_ _3d5\"> </span>-24,050<span class=\"_ _3d5\"> </span>Change in ca<span class=\"_ _6\"></span>sh and ca<span class=\"_ _6\"></span>sh equival<span class=\"_ _6\"></span>ents<span class=\"_ _6\"></span> <span class=\"_ _11c\"> </span>-414,0<span class=\"_ _6\"></span>58<span class=\"_ _3d5\"> </span>-400,4<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span>-400,4<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>For ad<span class=\"_ _7\"></span>ditional information <span class=\"_ _7\"></span>o<span class=\"_ _6\"></span>n the <span class=\"_ _7\"></span>initial application of IFRS 9 an<span class=\"_ _7\"></span>d IFRS 17, please refer to th<span class=\"_ _7\"></span>e<span class=\"_ _6\"></span> chapter <span class=\"_ _7\"></span>\u201cC<span class=\"_ _6\"></span>hanges in<span class=\"_ _7\"></span> accounting policies\u201d startin<span class=\"_ _7\"></span>g o<span class=\"_ _6\"></span>n page 51. 2 <span class=\"_ _3\"> </span>Information <span class=\"_ _7\"></span>about error iden<span class=\"_ _7\"></span>tification can be found fr<span class=\"_ _7\"></span>om<span class=\"_ _6\"></span> page 52 onward<span class=\"_ _7\"></span>s. Cash an<span class=\"_ _7\"></span>d cash eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ivalents<span class=\"_ _2\"></span> Cash <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>cash <span class=\"_ _1\"></span>equiva<span class=\"_ _6\"></span>le<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>amoun<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>EUR 2,456,333,00<span class=\"_ _7\"></span>0 <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>December<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>2021 <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>re <span class=\"_ _6\"></span>reported <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p Annual <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>eport <span class=\"_ _1\"></span>2022. <span class=\"_ _6\"></span>Due <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>modified <span class=\"_ _6\"></span>definit<span class=\"_ _6\"></span>ion, <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>holding <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>djusted <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>1 <span class=\"_ _6\"></span>Jan<span class=\"_ _6\"></span>uary <span class=\"_ _1\"></span>2022 <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ow <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>mounts <span class=\"_ _6\"></span>to EUR 2,727,<span class=\"_ _7\"></span>407,000. The reason for the<span class=\"_ _6\"></span> modified defi<span class=\"_ _7\"></span>nit<span class=\"_ _6\"></span>ion is presented on<span class=\"_ _6\"></span> page 51.   Compariso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of ear<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ings pe<span class=\"_ _7\"></span>r share<span class=\"_ _7\"></span>   <span class=\"_ _11d\"> </span><span class=\"fsf\">  <span class=\"_ _11e\"> </span>2022 </span>  <span class=\"_ _11d\"> </span><span class=\"fsf\">  <span class=\"_ _ed\"> </span>Adjus<span class=\"_ _7\"></span>ted<span class=\"_ _3d5\"> </span></span>1<span class=\"_ _3d5\"> </span>As published <span class=\"_ _6\"></span>within the Group Report<span class=\"_ _3d5\"> </span>Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _11a\"> </span>EUR '00<span class=\"_ _6\"></span>0 <span class=\"_ _e7\"> </span>4<span class=\"_ _6\"></span>64,003<span class=\"_ _3d5\"> </span>464,291<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>roll<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>eres<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in<span class=\"_ _1\"></span> ne<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span>EU<span class=\"_ _6\"></span>R '00<span class=\"_ _6\"></span>0 <span class=\"_ _37\"> </span>8,334<span class=\"_ _3d5\"> </span>1,650<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d le<span class=\"_ _1\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>no<span class=\"_ _6\"></span>n-co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>rol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng i<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _11f\"> </span>EUR '000<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>472,337<span class=\"_ _3d5\"> </span>465,941<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or th<span class=\"_ _1\"></span>e h<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>br<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>cap<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>EUR<span class=\"_ _6\"></span> '000 <span class=\"_ _37\"> </span>7,4<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span>7,469<span class=\"_ _3d5\"> </span>Att<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>but<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _11b\"> </span>EUR '000 <span class=\"_ _e7\"> </span>464<span class=\"_ _6\"></span>,868<span class=\"_ _3d5\"> </span>458,472<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _1\"></span>er o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>sh<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _121\"> </span>units <span class=\"_ _43\"> </span>128,000,000<span class=\"_ _3d5\"> </span>128,000,<span class=\"_ _6\"></span>000<span class=\"_ _3d5\"> </span>Earnings per s<span class=\"_ _6\"></span>hare<span class=\"_ _3d5\"> </span>2 <span class=\"_ _122\"> </span>EUR <span class=\"_ _123\"> </span>3.63<span class=\"_ _3d5\"> </span>3.58<span class=\"_ _3d5\"> </span>1 For add<span class=\"_ _7\"></span>itional information <span class=\"_ _7\"></span>o<span class=\"_ _6\"></span>n the <span class=\"_ _7\"></span>initial<span class=\"_ _6\"></span> appli<span class=\"_ _7\"></span>cation of IFRS 9 and IFR<span class=\"_ _7\"></span>S 17, please refer to the chapter \u201cChanges in <span class=\"_ _7\"></span>accounting policies\u201d startin<span class=\"_ _7\"></span>g o<span class=\"_ _6\"></span>n page 51. 2 <span class=\"_ _3\"> </span>The u<span class=\"_ _7\"></span>ndiluted earnings p<span class=\"_ _7\"></span>er share equals the diluted earnings per<span class=\"_ _7\"></span> share (in EUR).<span class=\"_ _3d5\"> </span>IFRS 9 FIN<span class=\"_ _7\"></span>ANCIA<span class=\"_ _7\"></span>L INST<span class=\"_ _7\"></span>R<span class=\"_ _6\"></span>UMEN<span class=\"_ _7\"></span>TS General infor<span class=\"_ _2\"></span>m<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n As <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>art <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>itial <span class=\"_ _10\"></span>applicatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tation <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>financ<span class=\"_ _7\"></span>ial <span class=\"_ _10\"></span>instruments <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>unit-linked <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>index-li<span class=\"_ _7\"></span>nked <span class=\"_ _2\"></span>life <span class=\"_ _10\"></span>insurance was <span class=\"_ _0\"></span>harmo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _1\"></span>with <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>balance <span class=\"_ _1\"></span>sheet <span class=\"_ _0\"></span>stru<span class=\"_ _7\"></span>cture<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>underwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ties. <span class=\"_ _0\"></span>Fina<span class=\"_ _7\"></span>ncial <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>unit-l<span class=\"_ _7\"></span>inked <span class=\"_ _0\"></span>and<span class=\"_ _7\"></span> index-li<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ked <span class=\"_ _7\"></span>lif<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>cov<span class=\"_ _7\"></span>er <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>it-link<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>ndex-link<span class=\"_ _7\"></span>ed l<span class=\"_ _7\"></span>ife <span class=\"_ _2\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>technical<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>ovisions.<span class=\"_ _2\"></span> Th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>endowme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t and <span class=\"_ _1\"></span>surr<span class=\"_ _7\"></span>ende<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>paym<span class=\"_ _2\"></span>ents <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>thes<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>poli<span class=\"_ _7\"></span>cies <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>linked <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>performa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>associa<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _6\"></span>assets. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> fro<span class=\"_ _7\"></span>m <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>ese <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>also<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>credi<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>full<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>the <span class=\"_ _0\"></span>polic<span class=\"_ _7\"></span>yholders.<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>As<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sult,<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>pol<span class=\"_ _7\"></span>icyhold<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs <span class=\"_ _0\"></span>bear <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _0\"></span>associa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>-<span class=\"_ _3d5\"> </span>forma<span class=\"_ _7\"></span>nce of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese i<span class=\"_ _7\"></span>nvestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. A<span class=\"_ _7\"></span>ccor<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span> to I<span class=\"_ _7\"></span>FRS 17, <span class=\"_ _7\"></span>thes<span class=\"_ _7\"></span>e l<span class=\"_ _7\"></span>ife insu<span class=\"_ _7\"></span>rance p<span class=\"_ _7\"></span>rod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cts wil<span class=\"_ _7\"></span>l no lo<span class=\"_ _2\"></span>nger be s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>own s<span class=\"_ _2\"></span>eparately o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties <span class=\"_ _4\"></span>si<span class=\"_ _7\"></span>de, <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hich <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hy <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>esent<span class=\"_ _7\"></span>ation <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>oach <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>also <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>siste<span class=\"_ _7\"></span>ntly <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>mpleme<span class=\"_ _7\"></span>nted <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ssets <span class=\"_ _0\"></span>side <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet.<span class=\"_ _7\"></span> This <span class=\"_ _2\"></span>means that <span class=\"_ _2\"></span>the co<span class=\"_ _7\"></span>rres<span class=\"_ _7\"></span>pondi<span class=\"_ _7\"></span>ng fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>instruments <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>shown <span class=\"_ _7\"></span>in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>solidat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>balan<span class=\"_ _7\"></span>ce sh<span class=\"_ _7\"></span>eet <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>part <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e ass<span class=\"_ _2\"></span>ets meas<span class=\"_ _7\"></span>ured <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>AC <span class=\"_ _2\"></span>or <span class=\"_ _10\"></span>FVtPL. <span class=\"_ _2\"></span>In <span class=\"_ _10\"></span>addition <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>that, <span class=\"_ _10\"></span>receiv<span class=\"_ _7\"></span>ables <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>these <span class=\"_ _7\"></span>typ<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cts <span class=\"_ _10\"></span>were <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>up<span class=\"_ _6\"></span>ed to existing positio<span class=\"_ _7\"></span>ns (e.g. <span class=\"_ _6\"></span>oth<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r receiv<span class=\"_ _7\"></span>ables, oth<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>liabi<span class=\"_ _7\"></span>liti<span class=\"_ _7\"></span>es, rece<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ables fro<span class=\"_ _7\"></span>m other fees). The classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of the unit- and index-li<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ked <span class=\"_ _7\"></span>lif<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>nsurance\u2019<span class=\"_ _5\"></span>s fi<span class=\"_ _7\"></span>nancial ass<span class=\"_ _2\"></span>ets i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>basically <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>FVtPL, <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xcept <span class=\"_ _2\"></span>for c<span class=\"_ _7\"></span>ash <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>qui<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alents <span class=\"_ _2\"></span>and t<span class=\"_ _7\"></span>erm deposits. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l assets <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured <span class=\"_ _2\"></span>at AC. Primarily<span class=\"_ _e\"></span>, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>FVtOCI o<span class=\"_ _2\"></span>ption <span class=\"_ _7\"></span>used f<span class=\"_ _7\"></span>or IF<span class=\"_ _7\"></span>RS 17 li<span class=\"_ _7\"></span>abi<span class=\"_ _7\"></span>lities, <span class=\"_ _7\"></span>other d<span class=\"_ _2\"></span>ebt assets<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e m<span class=\"_ _7\"></span>easu<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> at <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _7\"></span>CI. By taking th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> FVt<span class=\"_ _7\"></span>OCI optio<span class=\"_ _7\"></span>n, VIG endea<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ours to ke<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>p the co<span class=\"_ _7\"></span>nsequen<span class=\"_ _7\"></span>ces of a<span class=\"_ _7\"></span>n asset-liabi<span class=\"_ _7\"></span>lity mis<span class=\"_ _7\"></span>match to <span class=\"_ _7\"></span>a minimum. T<span class=\"_ _2\"></span>he foll<span class=\"_ _7\"></span>owing criteria <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e als<span class=\"_ _7\"></span>o consid<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>ed<span class=\"ff4e\">:<span class=\"_ _3d5\"> </span></span>\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ls t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t compatibl<span class=\"_ _7\"></span>e wi<span class=\"_ _7\"></span>th t<span class=\"_ _7\"></span>he FVtOCI c<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ego<span class=\"_ _7\"></span>ry:  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>An <span class=\"_ _6\"></span>example would <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sent the <span class=\"_ _1\"></span>loa<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>portfol<span class=\"_ _7\"></span>io, <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>due <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>its <span class=\"_ _6\"></span>illi<span class=\"_ _7\"></span>quidity <span class=\"_ _1\"></span>held <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>ma<span class=\"_ _7\"></span>turity<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>This <span class=\"_ _6\"></span>portfo<span class=\"_ _7\"></span>lio fu<span class=\"_ _6\"></span>lfi<span class=\"_ _7\"></span>ls <span class=\"_ _6\"></span>both the <span class=\"_ _4\"></span>SP<span class=\"_ _7\"></span>PI <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>riterion <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>well <span class=\"_ _4\"></span>as <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>d<span class=\"_ _6\"></span>efinitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>\u201c<span class=\"_ _6\"></span>Held <span class=\"_ _4\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Coll<span class=\"_ _7\"></span>ect\u201d <span class=\"_ _4\"> </span>busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>el <span class=\"_ _4\"></span>(<span class=\"_ _7\"></span>hold <span class=\"_ _4\"></span>st<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ategy<span class=\"_ _7\"></span>) <span class=\"_ _4\"></span>and <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e classif<span class=\"_ _7\"></span>ied as me<span class=\"_ _7\"></span>asur<span class=\"_ _7\"></span>ed at AC.<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments <span class=\"_ _7\"></span>that <span class=\"_ _7\"></span>are cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>ed based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> local <span class=\"_ _2\"></span>GAAP as \u201cHeld <span class=\"_ _7\"></span>to M<span class=\"_ _7\"></span>aturity\u201d <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>umed to f<span class=\"_ _7\"></span>ulfil <span class=\"_ _7\"></span>both the SP<span class=\"_ _7\"></span>PI criterion <span class=\"_ _7\"></span>as well<span class=\"_ _7\"></span> as t<span class=\"_ _7\"></span>he IFRS 9 <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>old str<span class=\"_ _7\"></span>ategy <span class=\"_ _7\"></span>and ar<span class=\"_ _2\"></span>e therefo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> classif<span class=\"_ _7\"></span>ied as m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at AC. <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments fo<span class=\"_ _2\"></span>r which the <span class=\"_ _7\"></span>test on <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>actual cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows (So<span class=\"_ _7\"></span>lel<span class=\"_ _7\"></span>y Payme<span class=\"_ _7\"></span>nts of P<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>incipal <span class=\"_ _7\"></span>and I<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st T<span class=\"_ _5\"></span>est (SPPI test)) s<span class=\"_ _7\"></span>hows th<span class=\"_ _7\"></span>at the SP<span class=\"_ _7\"></span>PI crite<span class=\"_ _7\"></span>rion is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot me<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>at FVtPL. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is i<span class=\"_ _7\"></span>ncludes <span class=\"_ _7\"></span>mutual<span class=\"_ _7\"></span> funds, fo<span class=\"_ _7\"></span>r exampl<span class=\"_ _2\"></span>e. The <span class=\"_ _1\"></span>appro<span class=\"_ _2\"></span>ach <span class=\"_ _6\"></span>set<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>out <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bo<span class=\"_ _7\"></span>ve <span class=\"_ _1\"></span>may <span class=\"_ _6\"></span>diff<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>if <span class=\"_ _6\"></span>manageme<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>comes t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>jus<span class=\"_ _7\"></span>tified <span class=\"_ _6\"></span>conclusio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>accord<span class=\"_ _2\"></span>ance<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>ith <span class=\"_ _1\"></span>IF<span class=\"_ _7\"></span>RS <span class=\"_ _7\"></span>9 another <span class=\"_ _7\"></span>classif<span class=\"_ _7\"></span>ication ap<span class=\"_ _2\"></span>proach is m<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e approp<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iate f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e underlyi<span class=\"_ _7\"></span>ng tra<span class=\"_ _7\"></span>nsaction.<span class=\"_ _7\"></span> The <span class=\"_ _1\"></span>decisi<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>instrum<span class=\"_ _7\"></span>ents, <span class=\"_ _6\"></span>includi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>participations, <span class=\"_ _6\"></span>co<span class=\"_ _7\"></span>nsiders <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>pectati<span class=\"_ _7\"></span>ons <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bo<span class=\"_ _7\"></span>ut <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>future<span class=\"_ _2\"></span> price <span class=\"_ _0\"></span>returns, <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>pos<span class=\"_ _7\"></span>sible<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>impa<span class=\"_ _7\"></span>cts <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ncome<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>statem<span class=\"_ _7\"></span>ent, <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>bu<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ness <span class=\"_ _0\"></span>model. <span class=\"_ _0\"></span>Meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>F<span class=\"_ _7\"></span>VtOCI <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>not applicabl<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>or <span class=\"_ _2\"></span>tradi<span class=\"_ _7\"></span>ng po<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>os. <span class=\"_ _2\"></span>The cl<span class=\"_ _2\"></span>assification <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>equity <span class=\"_ _2\"></span>instrume<span class=\"_ _7\"></span>nts <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>done o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>instr<span class=\"_ _7\"></span>ument-b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>-instr<span class=\"_ _7\"></span>ument <span class=\"_ _2\"></span>basis<span class=\"_ _7\"></span>. The classi<span class=\"_ _7\"></span>ficatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> is i<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>evoc<span class=\"_ _7\"></span>able, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d th<span class=\"_ _7\"></span>e decis<span class=\"_ _7\"></span>ion i<span class=\"_ _7\"></span>s tak<span class=\"_ _7\"></span>en b<span class=\"_ _7\"></span>y ea<span class=\"_ _7\"></span>ch Gr<span class=\"_ _7\"></span>oup co<span class=\"_ _2\"></span>mpany its<span class=\"_ _7\"></span>elf. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e class<span class=\"_ _7\"></span>ifi<span class=\"_ _7\"></span>cation is<span class=\"_ _7\"></span> base<span class=\"_ _2\"></span>d on the<span class=\"_ _7\"></span> investme<span class=\"_ _7\"></span>nt str<span class=\"_ _7\"></span>ategy <span class=\"_ _7\"></span>which cor<span class=\"_ _7\"></span>relat<span class=\"_ _7\"></span>es to t<span class=\"_ _7\"></span>he res<span class=\"_ _2\"></span>pective i<span class=\"_ _7\"></span>nsurance po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>o risk.<span class=\"_ _2\"></span> The dif<span class=\"_ _7\"></span>fer<span class=\"_ _2\"></span>ences res<span class=\"_ _2\"></span>ulting from <span class=\"_ _7\"></span>the ap<span class=\"_ _2\"></span>plication of I<span class=\"_ _7\"></span>FRS 9 com<span class=\"_ _2\"></span>pared to IA<span class=\"_ _7\"></span>S 39 <span class=\"_ _2\"></span>have bee<span class=\"_ _7\"></span>n re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed in r<span class=\"_ _7\"></span>etain<span class=\"_ _7\"></span>ed ea<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nings.<span class=\"_ _2\"></span> Changes<span class=\"_ _7\"></span> to cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>cation and m<span class=\"_ _7\"></span>easureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t  T<span class=\"_ _e\"></span>o <span class=\"_ _6\"></span>dete<span class=\"_ _7\"></span>rmine th<span class=\"_ _7\"></span>e classifi<span class=\"_ _7\"></span>cation and measu<span class=\"_ _2\"></span>rement cat<span class=\"_ _7\"></span>egory<span class=\"_ _10\"></span>, IFRS 9<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ires al<span class=\"_ _7\"></span>l financial<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> be a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>esse<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>based<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span> combin<span class=\"_ _7\"></span>ation of the entity\u2019<span class=\"_ _e\"></span>s<span class=\"_ _7\"></span> business mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>l for managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the assets a<span class=\"_ _7\"></span>nd the <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sp<span class=\"_ _7\"></span>ective instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ment\u2019<span class=\"_ _e\"></span>s cont<span class=\"_ _7\"></span>ractual cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _2\"></span>ow characteristi<span class=\"_ _7\"></span>cs.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>In contr<span class=\"_ _7\"></span>ast to that, the class<span class=\"_ _7\"></span>ification<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>fina<span class=\"_ _7\"></span>ncial liabili<span class=\"_ _7\"></span>ties does not follo<span class=\"_ _7\"></span>w th<span class=\"_ _6\"></span>is app<span class=\"_ _2\"></span>roach and<span class=\"_ _7\"></span> does n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>fer signif<span class=\"_ _7\"></span>icantly fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>hat und<span class=\"_ _7\"></span>er IAS 39<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> When IF<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>S 9 is<span class=\"_ _7\"></span> applie<span class=\"_ _7\"></span>d, the p<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>vious <span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n for \u201cFina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial ins<span class=\"_ _7\"></span>trum<span class=\"_ _7\"></span>ents a<span class=\"_ _7\"></span>vailable fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> sale<span class=\"_ _7\"></span>\u201d is no lo<span class=\"_ _2\"></span>nger allow<span class=\"_ _7\"></span>ed. In t<span class=\"_ _7\"></span>his categor<span class=\"_ _7\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>changes <span class=\"_ _e\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _2\"></span>directl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>compr<span class=\"_ _7\"></span>ehe<span class=\"_ _7\"></span>nsive <span class=\"_ _2\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>(rese<span class=\"_ _7\"></span>rves <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>unreali<span class=\"_ _7\"></span>sed <span class=\"_ _2\"></span>gai<span class=\"_ _7\"></span>ns and <span class=\"_ _1\"></span>losses).<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>In <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>case <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>disposals, <span class=\"_ _6\"></span>unre<span class=\"_ _7\"></span>alised <span class=\"_ _1\"></span>g<span class=\"_ _7\"></span>ains <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>losses <span class=\"_ _1\"></span>were<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>eclassif<span class=\"_ _7\"></span>ied <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ofit <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>loss <span class=\"_ _6\"></span>(Recycling<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>. <span class=\"_ _1\"></span>IFRS <span class=\"_ _2\"></span>9<span class=\"_ _6\"></span> makes <span class=\"_ _2\"></span>a dis<span class=\"_ _7\"></span>tinctio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>betw<span class=\"_ _7\"></span>een <span class=\"_ _2\"></span>equity <span class=\"_ _2\"></span>and d<span class=\"_ _7\"></span>ebt <span class=\"_ _2\"></span>instrume<span class=\"_ _7\"></span>nts i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>fair <span class=\"_ _2\"></span>value m<span class=\"_ _2\"></span>easur<span class=\"_ _7\"></span>ement. <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>nstr<span class=\"_ _7\"></span>uments <span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>ld <span class=\"_ _2\"></span>for <span class=\"_ _7\"></span>tradi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g are<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied throug<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt at <span class=\"_ _6\"></span>FVtPL. F<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>equit<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nstr<span class=\"_ _7\"></span>uments<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>are not h<span class=\"_ _6\"></span>eld for <span class=\"_ _6\"></span>trading, the <span class=\"_ _6\"></span>irrevo<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>able FVtOCI option <span class=\"_ _2\"></span>(design<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _10\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>FVtOCI) <span class=\"_ _2\"></span>ca<span class=\"_ _7\"></span>n b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>used <span class=\"_ _2\"></span>upon i<span class=\"_ _2\"></span>nitial <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n. <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _10\"></span>these <span class=\"_ _7\"></span>fina<span class=\"_ _7\"></span>ncial <span class=\"_ _2\"></span>instrume<span class=\"_ _7\"></span>nts, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>unrealis<span class=\"_ _2\"></span>ed gains <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>losses <span class=\"_ _6\"></span>recognise<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>nder <span class=\"_ _0\"></span>other <span class=\"_ _1\"></span>compr<span class=\"_ _2\"></span>ehensive <span class=\"_ _0\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>(OCI) <span class=\"_ _0\"></span>will <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>long<span class=\"_ _7\"></span>er <span class=\"_ _0\"></span>be <span class=\"_ _0\"></span>transfe<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the period, <span class=\"_ _6\"></span>but <span class=\"_ _6\"></span>must <span class=\"_ _6\"></span>instead be <span class=\"_ _1\"></span>transfe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>tained earn<span class=\"_ _6\"></span>ings as <span class=\"_ _1\"></span>part <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>eholders\u2019 equity <span class=\"_ _6\"></span>(no <span class=\"_ _6\"></span>recycl<span class=\"_ _7\"></span>ing <span class=\"_ _6\"></span>allowed<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>In the case<span class=\"_ _2\"></span> of debt i<span class=\"_ _2\"></span>nstrume<span class=\"_ _7\"></span>nts suc<span class=\"_ _7\"></span>h as <span class=\"_ _2\"></span>bonds or<span class=\"_ _7\"></span> loa<span class=\"_ _7\"></span>ns, simi<span class=\"_ _7\"></span>lar pr<span class=\"_ _2\"></span>ovisio<span class=\"_ _7\"></span>ns suc<span class=\"_ _7\"></span>h as t<span class=\"_ _7\"></span>hose <span class=\"_ _2\"></span>under IAS 39<span class=\"_ _2\"></span> \u201cFinancial<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>trum<span class=\"_ _7\"></span>ents available f<span class=\"_ _7\"></span>or s<span class=\"_ _7\"></span>ale\u201d apply<span class=\"_ _e\"></span>.  VIG <span class=\"_ _7\"></span>uses <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>centr<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _7\"></span>subl<span class=\"_ _7\"></span>edger <span class=\"_ _2\"></span>(tool) f<span class=\"_ _7\"></span>or <span class=\"_ _2\"></span>the m<span class=\"_ _2\"></span>easur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ment<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n of<span class=\"_ _7\"></span> f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets b<span class=\"_ _2\"></span>ased on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e SP<span class=\"_ _7\"></span>PI <span class=\"_ _2\"></span>cr<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>eria <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as b<span class=\"_ _2\"></span>een almo<span class=\"_ _7\"></span>st <span class=\"_ _2\"></span>entirely <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>utomat<span class=\"_ _7\"></span>ed. M<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>st <span class=\"_ _7\"></span>investme<span class=\"_ _7\"></span>nts r<span class=\"_ _2\"></span>elevant <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>IF<span class=\"_ _7\"></span>RS 9 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> c<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ently m<span class=\"_ _2\"></span>anaged <span class=\"_ _2\"></span>in t<span class=\"_ _7\"></span>his tool. T<span class=\"_ _7\"></span>his ma<span class=\"_ _7\"></span>kes it <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>ossi<span class=\"_ _7\"></span>ble <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up-wide<span class=\"_ _7\"></span> to <span class=\"_ _7\"></span>consist<span class=\"_ _7\"></span>ently appl<span class=\"_ _2\"></span>y IFRS 9, i<span class=\"_ _7\"></span>ncludi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g th<span class=\"_ _7\"></span>e calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lation <span class=\"_ _7\"></span>of EC<span class=\"_ _7\"></span>L. T<span class=\"_ _7\"></span>he impl<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n of <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 9 <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>governed <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Group Gu<span class=\"_ _6\"></span>id<span class=\"_ _7\"></span>elines, which<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>re used <span class=\"_ _1\"></span>for <span class=\"_ _6\"></span>uniform <span class=\"_ _6\"></span>impleme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tation <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>IFRS 9. <span class=\"_ _6\"></span>Unde<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>IFRS <span class=\"_ _7\"></span>9, financial <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>ets t<span class=\"_ _6\"></span>hat h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>bee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>ide<span class=\"_ _7\"></span>ntified a<span class=\"_ _6\"></span>s \u201cSPPI <span class=\"_ _1\"></span>fail\u201d (SPPI criterion n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>met<span class=\"_ _7\"></span>) <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ust <span class=\"_ _1\"></span>be classifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>meas<span class=\"_ _7\"></span>ured at <span class=\"_ _6\"></span>FVtPL. Illi<span class=\"_ _7\"></span>quid <span class=\"_ _0\"></span>portfoli<span class=\"_ _7\"></span>os <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>old <span class=\"_ _1\"></span>strategy <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>used <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>normall<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>AC. <span class=\"_ _0\"></span>This <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>loans <span class=\"_ _1\"></span>in particul<span class=\"_ _7\"></span>ar<span class=\"_ _10\"></span>. F<span class=\"_ _6\"></span>ina<span class=\"_ _7\"></span>ncial <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _6\"></span>that bot<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>satisfy the <span class=\"_ _6\"></span>SPPI criterio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(SPPI pass) and are <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ubject to <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>\u201chold to c<span class=\"_ _6\"></span>ollec<span class=\"_ _7\"></span>t and <span class=\"_ _6\"></span>sell<span class=\"_ _7\"></span>\u201d<span class=\"_ _6\"></span> business m<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>el ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> to b<span class=\"_ _7\"></span>e catego<span class=\"_ _7\"></span>rised <span class=\"_ _7\"></span>as me<span class=\"_ _7\"></span>asured<span class=\"_ _2\"></span> at<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>FVtO<span class=\"_ _2\"></span>CI. F<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>that ar<span class=\"_ _7\"></span>e not <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompli<span class=\"_ _7\"></span>ant <span class=\"_ _7\"></span>with SPP<span class=\"_ _7\"></span>I (SPP<span class=\"_ _7\"></span>I f<span class=\"_ _7\"></span>ail) or do <span class=\"_ _7\"></span>not meet <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e abo<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e-me<span class=\"_ _7\"></span>ntioned b<span class=\"_ _7\"></span>usi<span class=\"_ _7\"></span>ness mod<span class=\"_ _7\"></span>els are r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>as measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>at F<span class=\"_ _7\"></span>VtPL.<span class=\"_ _7\"></span> The r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>ning fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial ass<span class=\"_ _7\"></span>ets (e.g. <span class=\"_ _7\"></span>debt i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts) <span class=\"_ _7\"></span>are m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>inly cat<span class=\"_ _7\"></span>egoris<span class=\"_ _7\"></span>ed to m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asure<span class=\"_ _2\"></span>d at<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>FVtOCI <span class=\"_ _2\"></span>under IFRS 9.<span class=\"_ _7\"></span> Changes<span class=\"_ _7\"></span> to the im<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>airment c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulation The <span class=\"_ _6\"></span>adoptio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of I<span class=\"_ _6\"></span>FRS 9 has <span class=\"_ _6\"></span>fundame<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tall<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>changed the accounti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>for impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>loss<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>for debt<span class=\"_ _6\"></span> instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts measur<span class=\"_ _2\"></span>ed at FVtOCI o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> at A<span class=\"_ _7\"></span>C b<span class=\"_ _7\"></span>y repl<span class=\"_ _7\"></span>acing IAS 3<span class=\"_ _7\"></span>9\u2019<span class=\"_ _e\"></span>s i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>curr<span class=\"_ _7\"></span>ed lo<span class=\"_ _7\"></span>ss wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> a fo<span class=\"_ _7\"></span>rward<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>looki<span class=\"_ _7\"></span>ng expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted lo<span class=\"_ _7\"></span>ss app<span class=\"_ _7\"></span>roac<span class=\"_ _7\"></span>h. An expect<span class=\"_ _7\"></span>ed credi<span class=\"_ _7\"></span>t loss <span class=\"_ _7\"></span>allowanc<span class=\"_ _7\"></span>e has to be r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised for <span class=\"_ _2\"></span>all debt instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts that <span class=\"_ _7\"></span>are not me<span class=\"_ _2\"></span>asured at F<span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>tPL. Fo<span class=\"_ _7\"></span>r debt instrume<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>without <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>significa<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>incr<span class=\"_ _7\"></span>ease <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>credit <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _1\"></span>since <span class=\"_ _0\"></span>acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>n, <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>ECL <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>based <span class=\"_ _1\"></span>on <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>portio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>lifetime ECLs that would r<span class=\"_ _7\"></span>esult from<span class=\"_ _7\"></span> default e<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ents on a <span class=\"_ _6\"></span>fin<span class=\"_ _7\"></span>ancial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t that are possibl<span class=\"_ _7\"></span>e within<span class=\"_ _7\"></span> 12 <span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>nths after the re<span class=\"_ _7\"></span>porting date. <span class=\"_ _0\"></span>Howeve<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>, <span class=\"_ _0\"></span>when <span class=\"_ _0\"></span>ther<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>ha<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>si<span class=\"_ _7\"></span>gnificant <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>cr<span class=\"_ _7\"></span>ease<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>redit <span class=\"_ _0\"></span>risk <span class=\"_ _0\"></span>sinc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>issuance <span class=\"_ _0\"></span>or <span class=\"_ _0\"></span>purc<span class=\"_ _7\"></span>hase <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts, <span class=\"_ _0\"></span>the allowa<span class=\"_ _7\"></span>nce is base<span class=\"_ _2\"></span>d on<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the full l<span class=\"_ _7\"></span>ifetime EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>. The d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>bt i<span class=\"_ _2\"></span>nstruments<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at <span class=\"_ _2\"></span>FVtOCI <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r at <span class=\"_ _7\"></span>AC <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>rim<span class=\"_ _7\"></span>arily ma<span class=\"_ _2\"></span>de <span class=\"_ _7\"></span>up of <span class=\"_ _2\"></span>investm<span class=\"_ _7\"></span>ent-grad<span class=\"_ _7\"></span>e bo<span class=\"_ _2\"></span>nds, so<span class=\"_ _7\"></span> h<span class=\"_ _7\"></span>ave <span class=\"_ _7\"></span>a l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>w cr<span class=\"_ _2\"></span>edit risk. Und<span class=\"_ _7\"></span>er IFRS 9<span class=\"_ _7\"></span>, s<span class=\"_ _7\"></span>uch instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>can b<span class=\"_ _7\"></span>e measu<span class=\"_ _7\"></span>red o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span> 12-month <span class=\"_ _7\"></span>ECL basis.<span class=\"_ _2\"></span> VIG\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>definition<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>default <span class=\"_ _6\"></span>cove<span class=\"_ _7\"></span>rs a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>l<span class=\"_ _7\"></span>east <span class=\"_ _6\"></span>two <span class=\"_ _6\"></span>dime<span class=\"_ _7\"></span>nsions,<span class=\"_ _7\"></span> namely <span class=\"_ _6\"></span>one r<span class=\"_ _6\"></span>ating-<span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _6\"></span>dim<span class=\"_ _2\"></span>en<span class=\"_ _6\"></span>sio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>(C, D) <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>well <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>one <span class=\"_ _6\"></span>days past due <span class=\"_ _7\"></span>(90 d<span class=\"_ _7\"></span>ays past d<span class=\"_ _7\"></span>ue) b<span class=\"_ _7\"></span>ased c<span class=\"_ _7\"></span>riterion. Ho<span class=\"_ _2\"></span>wever<span class=\"_ _e\"></span>, in ce<span class=\"_ _7\"></span>rtain cases, f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial asse<span class=\"_ _7\"></span>ts c<span class=\"_ _7\"></span>an be consi<span class=\"_ _7\"></span>der<span class=\"_ _7\"></span>ed to b<span class=\"_ _2\"></span>e in defa<span class=\"_ _7\"></span>ult when <span class=\"_ _6\"></span>one <span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>mor<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>events <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>have <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>detriment<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>impact <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>tur<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>cash <span class=\"_ _6\"></span>flows <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>that<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>financial<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sset <span class=\"_ _6\"></span>have occurr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. <span class=\"_ _7\"></span>Suc<span class=\"_ _7\"></span>h e<span class=\"_ _7\"></span>vents ar<span class=\"_ _2\"></span>e esp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ially <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>war <span class=\"_ _7\"></span>in U<span class=\"_ _7\"></span>krain<span class=\"_ _7\"></span>e and <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ulting sa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ctio<span class=\"_ _7\"></span>ns i<span class=\"_ _7\"></span>mposed <span class=\"_ _2\"></span>on n<span class=\"_ _7\"></span>umer<span class=\"_ _7\"></span>ous <span class=\"_ _2\"></span>Ru<span class=\"_ _6\"></span>ssia<span class=\"_ _7\"></span>n i<span class=\"_ _7\"></span>ssue<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s in the fin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ncial y<span class=\"_ _7\"></span>ears 202<span class=\"_ _7\"></span>2 a<span class=\"_ _7\"></span>nd 2023.<span class=\"_ _7\"></span> The a<span class=\"_ _7\"></span>doptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the EC<span class=\"_ _7\"></span>L r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ements <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>asso<span class=\"_ _7\"></span>ciated <span class=\"_ _2\"></span>new sys<span class=\"_ _7\"></span>tem r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ulted <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>an <span class=\"_ _7\"></span>incr<span class=\"_ _7\"></span>ease <span class=\"_ _2\"></span>in the <span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span> al<span class=\"_ _7\"></span>lowanc<span class=\"_ _7\"></span>es relat<span class=\"_ _7\"></span>ed to <span class=\"_ _7\"></span>debt<span class=\"_ _7\"></span> inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts. With t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e initi<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>applic<span class=\"_ _7\"></span>ation of<span class=\"_ _7\"></span> IFR<span class=\"_ _7\"></span>S 9, these<span class=\"_ _2\"></span> effec<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>were r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>r shar<span class=\"_ _2\"></span>eholders\u2019 e<span class=\"_ _2\"></span>quity in ret<span class=\"_ _7\"></span>ained <span class=\"_ _7\"></span>earnings, t<span class=\"_ _7\"></span>aking i<span class=\"_ _7\"></span>nto consid<span class=\"_ _2\"></span>eration the asso<span class=\"_ _2\"></span>ciate<span class=\"_ _7\"></span>d deferr<span class=\"_ _7\"></span>ed tax<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s.<span class=\"_ _7\"></span> The <span class=\"_ _6\"></span>simpli<span class=\"_ _7\"></span>fied appro<span class=\"_ _2\"></span>ach <span class=\"_ _6\"></span>is used for trade re<span class=\"_ _7\"></span>ceivables a<span class=\"_ _7\"></span>nd <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>eceiv<span class=\"_ _7\"></span>ables from leases i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>acco<span class=\"_ _7\"></span>rda<span class=\"_ _7\"></span>nce with IFRS 9.5.5<span class=\"_ _7\"></span>.15. As<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a result, country-sp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cific <span class=\"_ _6\"></span>loss r<span class=\"_ _6\"></span>ates <span class=\"_ _6\"></span>have <span class=\"_ _1\"></span>been <span class=\"_ _6\"></span>calc<span class=\"_ _7\"></span>ulated <span class=\"_ _6\"></span>based <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>istoric<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>proba<span class=\"_ _7\"></span>biliti<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>fault <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>futur<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>par<span class=\"_ _7\"></span>amete<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s for <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ning <span class=\"_ _6\"></span>the corr<span class=\"_ _7\"></span>esponding<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>risk <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>ns. <span class=\"_ _6\"></span>Further<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ore, <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ceiv<span class=\"_ _7\"></span>ables whose <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ractually<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>agree<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>payme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e 90<span class=\"_ _6\"></span> days past <span class=\"_ _2\"></span>due are cl<span class=\"_ _2\"></span>assified as b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ing in <span class=\"_ _7\"></span>default.<span class=\"_ _2\"></span> Changes<span class=\"_ _7\"></span> to disc<span class=\"_ _7\"></span>los<span class=\"_ _7\"></span>ure<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> requir<span class=\"_ _7\"></span>ed unde<span class=\"_ _7\"></span>r IFRS<span class=\"_ _7\"></span> 7 T<span class=\"_ _e\"></span>o <span class=\"_ _6\"></span>refl<span class=\"_ _7\"></span>ect the <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferences bet<span class=\"_ _7\"></span>ween IFRS 9 and IAS 39, IFRS <span class=\"_ _7\"></span>7 F<span class=\"_ _6\"></span>inan<span class=\"_ _7\"></span>cial Instrum<span class=\"_ _7\"></span>ents: Disclos<span class=\"_ _7\"></span>ures has also been amende<span class=\"_ _2\"></span>d. VIG <span class=\"_ _4\"> </span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>amen<span class=\"_ _7\"></span>ded <span class=\"_ _4\"></span>discl<span class=\"_ _7\"></span>osur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>r<span class=\"_ _7\"></span>equirem<span class=\"_ _2\"></span>ents, <span class=\"_ _4\"> </span>toget<span class=\"_ _2\"></span>her <span class=\"_ _4\"> </span>with <span class=\"_ _4\"> </span>IFRS 9, <span class=\"_ _4\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>yea<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>beginning <span class=\"_ _4\"></span>1<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>Janua<span class=\"_ _7\"></span>ry <span class=\"_ _4\"> </span>2023. <span class=\"_ _4\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e changes i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>e transiti<span class=\"_ _7\"></span>on di<span class=\"_ _7\"></span>sclosur<span class=\"_ _2\"></span>es as sho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>n in t<span class=\"_ _7\"></span>he T<span class=\"_ _e\"></span>rans<span class=\"_ _7\"></span>ition secti<span class=\"_ _7\"></span>on belo<span class=\"_ _7\"></span>w<span class=\"_ _2\"></span>.  Reconci<span class=\"_ _7\"></span>liations <span class=\"_ _2\"></span>for t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>CL <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>adjustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>IAS<span class=\"_ _7\"></span> 39 <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>losi<span class=\"_ _7\"></span>ng bala<span class=\"_ _2\"></span>nce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 9 <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>pening <span class=\"_ _2\"></span>balance <span class=\"_ _2\"></span>sheet <span class=\"_ _2\"></span>are prese<span class=\"_ _7\"></span>nted i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the No<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>es st<span class=\"_ _7\"></span>arting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 44<span class=\"_ _7\"></span>.  <span class=\"_ _7\"></span> T<span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>ansiti<span class=\"_ _7\"></span>on<span class=\"_ _7\"></span> VIG <span class=\"_ _1\"></span>ha<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>applied <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Classifi<span class=\"_ _7\"></span>cation <span class=\"_ _1\"></span>Overla<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>Approac<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>cla<span class=\"_ _2\"></span>ssifying <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>instr<span class=\"_ _7\"></span>uments, <span class=\"_ _6\"></span>and <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>ublishes <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>compar<span class=\"_ _7\"></span>ative informatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>as if<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>IFRS 9<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>gul<span class=\"_ _7\"></span>ations <span class=\"_ _2\"></span>had <span class=\"_ _2\"></span>alread<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> b<span class=\"_ _2\"></span>een <span class=\"_ _7\"></span>app<span class=\"_ _2\"></span>lied i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>the fi<span class=\"_ _7\"></span>rst <span class=\"_ _2\"></span>compa<span class=\"_ _7\"></span>rative <span class=\"_ _2\"></span>period <span class=\"_ _2\"></span>2022.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>her<span class=\"_ _2\"></span>e is <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>obli<span class=\"_ _7\"></span>gati<span class=\"_ _7\"></span>on to appl<span class=\"_ _7\"></span>y the imp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>irment <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isi<span class=\"_ _7\"></span>ons when <span class=\"_ _7\"></span>taki<span class=\"_ _7\"></span>ng this app<span class=\"_ _2\"></span>roac<span class=\"_ _7\"></span>h, how<span class=\"_ _7\"></span>ever VI<span class=\"_ _7\"></span>G has d<span class=\"_ _7\"></span>ecided to <span class=\"_ _2\"></span>apply this<span class=\"_ _7\"></span> appr<span class=\"_ _7\"></span>oach <span class=\"_ _7\"></span>alre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dy in the <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pariso<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>period <span class=\"_ _7\"></span>2022, <span class=\"_ _10\"></span>too. <span class=\"_ _7\"></span>An<span class=\"_ _7\"></span>y di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>nce <span class=\"_ _7\"></span>betwee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the pr<span class=\"_ _2\"></span>evious <span class=\"_ _2\"></span>carrying<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt of<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> fi<span class=\"_ _7\"></span>nancial <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _7\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unt resulti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he applic<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ion of t<span class=\"_ _2\"></span>he appro<span class=\"_ _7\"></span>ach h<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ve b<span class=\"_ _7\"></span>een re<span class=\"_ _2\"></span>cognised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> equit<span class=\"_ _7\"></span>y under <span class=\"_ _7\"></span>retai<span class=\"_ _7\"></span>ned <span class=\"_ _7\"></span>earnings. As <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>rule, <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ncial <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>I<span class=\"_ _7\"></span>FRS 9 <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>sub-di<span class=\"_ _7\"></span>vided <span class=\"_ _1\"></span>into <span class=\"_ _1\"></span>debt <span class=\"_ _0\"></span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>and <span class=\"_ _1\"></span>eq<span class=\"_ _7\"></span>uity <span class=\"_ _0\"></span>instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments. <span class=\"_ _1\"></span>The<span class=\"_ _7\"></span> foll<span class=\"_ _7\"></span>owing ta<span class=\"_ _6\"></span>ble shows the classifica<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion of <span class=\"_ _6\"></span>debt instr<span class=\"_ _7\"></span>uments accor<span class=\"_ _7\"></span>ding to both IAS 39 and <span class=\"_ _6\"></span>IFRS 9<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>s of <span class=\"_ _6\"></span>the transitio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>da<span class=\"_ _7\"></span>te 1 Janu<span class=\"_ _7\"></span>ary 2022:<span class=\"_ _2\"></span> Debt instr<span class=\"_ _6\"></span>uments<span class=\"_ _6\"></span> IAS 39 <span class=\"_ _124\"> </span><span class=\"fsf\">IFRS <span class=\"_ _6\"></span>9 </span>SPPI-pass <span class=\"_ _125\"> </span>SPPI-fail<span class=\"_ _6\"></span>  <span class=\"_ _cb\"> </span>Business <span class=\"_ _6\"></span>model <span class=\"_ _126\"> </span>  <span class=\"_ _127\"> </span>Hold t<span class=\"_ _6\"></span>o coll<span class=\"_ _6\"></span>ect* <span class=\"_ _128\"> </span>Hold t<span class=\"_ _6\"></span>o coll<span class=\"_ _6\"></span>ect and sell* <span class=\"_ _af\"> </span>Neither <span class=\"_ _3e\"> </span> Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>ot<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _129\"> </span>measured at A<span class=\"_ _6\"></span>C <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12b\"> </span>measured at FVtPL<span class=\"_ _6\"></span> Held<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to m<span class=\"_ _1\"></span>at<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y (<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl.<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ifi<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>m<span class=\"_ _6\"></span>easured at A<span class=\"_ _6\"></span>C <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12b\"> </span>measured at FVtPL<span class=\"_ _6\"></span> Ava<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>le f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _12c\"> </span>measured at A<span class=\"_ _6\"></span>C <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12b\"> </span>measured at FVtPL<span class=\"_ _6\"></span> Re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>r va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>h p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>measured at AC <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured<span class=\"_ _6\"></span> at FVtPL <span class=\"_ _12b\"> </span>measured<span class=\"_ _6\"></span> at FVtPL *Expected credit l<span class=\"_ _7\"></span>oss (ECL) must be <span class=\"_ _7\"></span>calculated for SPP<span class=\"_ _6\"></span>I-pass debt in<span class=\"_ _7\"></span>struments.<span class=\"_ _3d5\"> </span>VI<span class=\"_ _2\"></span>G h<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>hos<span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>to<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>rr<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ca<span class=\"_ _2\"></span>bly <span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>as<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>tra<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>gic<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y h<span class=\"_ _7\"></span>el<span class=\"_ _2\"></span>d e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty i<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>tru<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ea<span class=\"_ _2\"></span>sur<span class=\"_ _10\"></span>ed <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>FVt<span class=\"_ _2\"></span>OC<span class=\"_ _7\"></span>I.<span class=\"_ _2\"></span> An<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>tr<span class=\"_ _7\"></span>um<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>ed f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>non<span class=\"_ _2\"></span>-s<span class=\"_ _7\"></span>tr<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>c p<span class=\"_ _2\"></span>urp<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>es <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>asu<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>at<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>FVt<span class=\"_ _2\"></span>PL.<span class=\"_ _7\"></span> Equity instr<span class=\"_ _6\"></span>umen<span class=\"_ _6\"></span>sts IAS 39 <span class=\"_ _124\"> </span><span class=\"fsf\">I<span class=\"_ _6\"></span>FRS 9<span class=\"_ _6\"></span> </span> <span class=\"_ _b4\"> </span>Held f<span class=\"_ _6\"></span>or t<span class=\"_ _6\"></span>rading <span class=\"_ _12d\"> </span>FVtOCI-Optio<span class=\"_ _6\"></span>n Ava<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>le f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _12e\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12f\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> Re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>r va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>h p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _12d\"> </span>meas<span class=\"_ _6\"></span>ured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12f\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nit<span class=\"_ _2\"></span>ial <span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>IF<span class=\"_ _7\"></span>RS<span class=\"_ _2\"></span> 9 r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> in <span class=\"_ _7\"></span>cha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s to I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span> 7 \u2013 F<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> in<span class=\"_ _7\"></span>st<span class=\"_ _2\"></span>rum<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>: Di<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>clo<span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>s,<span class=\"_ _7\"></span> as<span class=\"_ _7\"></span> a r<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span>ult of<span class=\"_ _2\"></span> wh<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ch VI<span class=\"_ _2\"></span>G has ad<span class=\"_ _2\"></span>ju<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ati<span class=\"_ _2\"></span>ve b<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>anc<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>of 1<span class=\"_ _7\"></span> J<span class=\"_ _2\"></span>anu<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>2. With<span class=\"_ _6\"></span> rega<span class=\"_ _2\"></span>rd to additio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al adjustme<span class=\"_ _2\"></span>nts, please r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fer to the ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pter \u201cChanges i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies\u201d s<span class=\"_ _2\"></span>tarting o<span class=\"_ _7\"></span>n page 51.<span class=\"_ _2\"></span> Categories a<span class=\"_ _6\"></span>nd reco<span class=\"_ _6\"></span>ncilia<span class=\"_ _6\"></span>tion boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>21<span class=\"_ _3d5\"> </span></span>Adjustments<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>01/01/2022  <span class=\"_ _131\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok </span>value<span class=\"_ _3d5\"> </span>Reclassifi-<span class=\"_ _3d5\"> </span>catio<span class=\"_ _6\"></span>n IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span>Reclassifi-<span class=\"_ _3d5\"> </span>catio<span class=\"_ _6\"></span>n<span class=\"_ _3d5\"> </span>Valuati<span class=\"_ _6\"></span>on<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span>in<span class=\"_ _3d5\"> </span>EUR<span class=\"_ _3d5\"> </span>'000 Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Am<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span> <span class=\"_ _132\"> </span>8,605,67<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-105,5<span class=\"_ _6\"></span>07<span class=\"_ _3d5\"> </span>-3,027<span class=\"_ _6\"></span>,957<span class=\"_ _3d5\"> </span>-25,70<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>5,446,50<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ad<span class=\"_ _6\"></span>ditio<span class=\"_ _1\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _133\"> </span> From<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ll a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o mat<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y - <span class=\"_ _6\"></span>IF<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>9:<span class=\"_ _6\"></span> Ri<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ovis<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>ogn<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span> -25,704<span class=\"_ _3d5\"> </span>-25,704<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>vale<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> \u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _1\"></span> 3<span class=\"_ _6\"></span>9: <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>- and <span class=\"_ _6\"></span>ind<span class=\"_ _1\"></span>ex-<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e 271,074<span class=\"_ _3d5\"> </span>271,074<span class=\"_ _3d5\"> </span>Dis<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>s <span class=\"_ _134\"> </span> To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l as<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o m<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _135\"> </span> -1,762,41<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-1,762,41<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r in<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _136\"> </span> -1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>To <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>s m<span class=\"_ _6\"></span>and<span class=\"_ _1\"></span>at<span class=\"_ _6\"></span>ori<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> \u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>oan<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> -3,500<span class=\"_ _3d5\"> </span>-3,500<span class=\"_ _3d5\"> </span>To p<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>cy <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>s u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 17<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>\u2013 <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r in<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _93\"> </span> -17,027<span class=\"_ _3d5\"> </span>-17,027<span class=\"_ _3d5\"> </span>To d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>7 <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9: <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>oan<span class=\"_ _6\"></span>s and <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>the<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> -88,480<span class=\"_ _3d5\"> </span>-88,480<span class=\"_ _3d5\"> </span>Wit<span class=\"_ _6\"></span>hin<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _5d\"> </span> -68,734<span class=\"_ _3d5\"> </span>-68,734<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _137\"> </span>25,849,0<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,248<span class=\"_ _6\"></span>,763<span class=\"_ _3d5\"> </span>56,466<span class=\"_ _3d5\"> </span>24,656,7<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>25,078,1<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-720,3<span class=\"_ _6\"></span>26<span class=\"_ _3d5\"> </span>49,666<span class=\"_ _3d5\"> </span>24,407,4<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> h<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o m<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _13a\"> </span> 1,762,41<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>49,666<span class=\"_ _3d5\"> </span>1,812,07<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _13b\"> </span> 1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>ug<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span>*<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span> 40,804<span class=\"_ _3d5\"> </span>40,804<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _13d\"> </span> To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sign<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 39<span class=\"_ _6\"></span>:<span class=\"_ _6\"></span> Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span> -294,032<span class=\"_ _3d5\"> </span>-294,032<span class=\"_ _3d5\"> </span>To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>man<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L \u2013<span class=\"_ _1\"></span> IA<span class=\"_ _6\"></span>S 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> -920,971<span class=\"_ _3d5\"> </span>-920,971<span class=\"_ _3d5\"> </span>To <span class=\"_ _6\"></span>fund<span class=\"_ _1\"></span>s m<span class=\"_ _6\"></span>and<span class=\"_ _1\"></span>at<span class=\"_ _6\"></span>ori<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL <span class=\"_ _6\"></span>\u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>:<span class=\"_ _6\"></span> Fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span> -2,772,92<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,772,92<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _13e\"> </span>770,933<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-528,4<span class=\"_ _6\"></span>37<span class=\"_ _3d5\"> </span>6,800<span class=\"_ _3d5\"> </span>249,296<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>ug<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span>*<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span> 388<span class=\"_ _3d5\"> </span>102<span class=\"_ _3d5\"> </span>490<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _13d\"> </span> To <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> ma<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>L \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span> -455,448<span class=\"_ _3d5\"> </span>-455,448<span class=\"_ _3d5\"> </span>To <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>cip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>pan<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>man<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>tor<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L \u2013<span class=\"_ _6\"></span> IAS <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>vai<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le -45,299<span class=\"_ _3d5\"> </span>-45,299<span class=\"_ _3d5\"> </span>Categories a<span class=\"_ _6\"></span>nd reco<span class=\"_ _6\"></span>ncilia<span class=\"_ _6\"></span>tion boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>21<span class=\"_ _3d5\"> </span></span>Adjustments<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>0<span class=\"_ _6\"></span>1/01/2022  <span class=\"_ _131\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok </span>value<span class=\"_ _3d5\"> </span>Reclassifi-<span class=\"_ _3d5\"> </span>catio<span class=\"_ _6\"></span>n IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span>Reclassifi-<span class=\"_ _3d5\"> </span>catio<span class=\"_ _6\"></span>n<span class=\"_ _3d5\"> </span>Valuati<span class=\"_ _6\"></span>on<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span>in EU<span class=\"_ _1\"></span>R '<span class=\"_ _6\"></span>00<span class=\"_ _6\"></span>0 <span class=\"_ _6\"></span> To <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iat<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s m<span class=\"_ _6\"></span>and<span class=\"_ _1\"></span>ato<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L <span class=\"_ _6\"></span>\u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ilab<span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> -28,078<span class=\"_ _3d5\"> </span>6,698<span class=\"_ _3d5\"> </span>-21,380<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _115\"> </span>8,772,<span class=\"_ _6\"></span>540<span class=\"_ _3d5\"> </span>-10,58<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>4,300,39<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>216,330<span class=\"_ _3d5\"> </span>13,278,6<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>8,64<span class=\"_ _6\"></span>5,446<span class=\"_ _3d5\"> </span>-10,58<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>4,006,36<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>164,093<span class=\"_ _3d5\"> </span>12,805,3<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> From<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _13b\"> </span> 3,500<span class=\"_ _3d5\"> </span>251<span class=\"_ _3d5\"> </span>3,751<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span> 920,971<span class=\"_ _3d5\"> </span>163,617<span class=\"_ _3d5\"> </span>1,084,58<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span> 455,448<span class=\"_ _3d5\"> </span>455,448<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>icip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _141\"> </span> 45,299<span class=\"_ _3d5\"> </span>91<span class=\"_ _3d5\"> </span>45,390<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>fili<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pan<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or s<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _3c\"> </span> 28,078<span class=\"_ _3d5\"> </span>1,211<span class=\"_ _3d5\"> </span>29,289<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>ds <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span> 2,772,92<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-3,192<span class=\"_ _3d5\"> </span>2,769,73<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>og<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>h p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>s*<span class=\"_ _6\"></span> <span class=\"_ _142\"> </span> 2,115<span class=\"_ _3d5\"> </span>2,115<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _13d\"> </span> To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l as<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>gni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at fair<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>hr<span class=\"_ _6\"></span>ough<span class=\"_ _1\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>fit<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>s*<span class=\"_ _6\"></span> -40,804<span class=\"_ _3d5\"> </span>-40,804<span class=\"_ _3d5\"> </span>To <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>-l<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>fe i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _143\"> </span> -179,053<span class=\"_ _3d5\"> </span>-179,053<span class=\"_ _3d5\"> </span>To d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>7 <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9: Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>uni<span class=\"_ _6\"></span>t-<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>-lin<span class=\"_ _1\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> -10,589<span class=\"_ _3d5\"> </span>-10,589<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>1<span class=\"_ _6\"></span>27,094<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>294,032<span class=\"_ _3d5\"> </span>52,237<span class=\"_ _3d5\"> </span>473,363<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span> 294,032<span class=\"_ _3d5\"> </span>52,237<span class=\"_ _3d5\"> </span>346,269<span class=\"_ _3d5\"> </span>Total<span class=\"_ _6\"></span> financia<span class=\"_ _6\"></span>l assets acc. t<span class=\"_ _6\"></span>o IF<span class=\"_ _6\"></span>RS 9 <span class=\"_ _144\"> </span>43,227,2<span class=\"_ _6\"></span>81<span class=\"_ _3d5\"> </span>-116,0<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>23,675<span class=\"_ _3d5\"> </span>247,092<span class=\"_ _3d5\"> </span>43,381,9<span class=\"_ _6\"></span>52<span class=\"_ _3d5\"> </span>*Inclu<span class=\"_ _7\"></span>ding held for tradin<span class=\"_ _7\"></span>g<span class=\"_ _6\"></span> Categories a<span class=\"_ _6\"></span>nd reco<span class=\"_ _6\"></span>ncilia<span class=\"_ _6\"></span>tion boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>21<span class=\"_ _3d5\"> </span></span>Adjustments<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>0<span class=\"_ _6\"></span>1/01/2022  <span class=\"_ _131\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok </span>value<span class=\"_ _3d5\"> </span>Re-<span class=\"_ _3d5\"> </span>classificat<span class=\"_ _6\"></span>ion IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span>Re-<span class=\"_ _3d5\"> </span>classificat<span class=\"_ _6\"></span>ion<span class=\"_ _3d5\"> </span>Valuati<span class=\"_ _6\"></span>on<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> fa<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> <span class=\"_ _145\"> </span>2,705<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>643<span class=\"_ _3d5\"> </span>524<span class=\"_ _3d5\"> </span>3,872<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ily <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _ed\"> </span>2,705<span class=\"_ _3d5\"> </span>524<span class=\"_ _3d5\"> </span>3,229<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sign<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _146\"> </span> 643<span class=\"_ _3d5\"> </span>643<span class=\"_ _3d5\"> </span>At <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d co<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span> <span class=\"_ _51\"> </span>2,939,987<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>219,046<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,159,03<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _147\"> </span>2,620,34<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>222<span class=\"_ _3d5\"> </span>2,620,56<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _148\"> </span>319,640<span class=\"_ _3d5\"> </span>218,824<span class=\"_ _3d5\"> </span>538,464<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,942,69<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>219,689<span class=\"_ _3d5\"> </span>524<span class=\"_ _3d5\"> </span>3,162,90<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>The fo<span class=\"_ _7\"></span>llowi<span class=\"_ _2\"></span>ng t<span class=\"_ _7\"></span>able s<span class=\"_ _2\"></span>hows <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>econcili<span class=\"_ _7\"></span>ation o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idat<span class=\"_ _2\"></span>ed op<span class=\"_ _7\"></span>ening <span class=\"_ _2\"></span>loan <span class=\"_ _7\"></span>loss <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>ovision<span class=\"_ _2\"></span> allowa<span class=\"_ _7\"></span>nces <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>IAS 39 <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the ECL allo<span class=\"_ _7\"></span>wances <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>r IFRS 9.<span class=\"_ _7\"></span> Reconciliation<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>mpairment<span class=\"_ _6\"></span> provis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _fe\"> </span><span class=\"fsf\">IAS 3<span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k </span>value as of<span class=\"_ _6\"></span> 31/12/2021<span class=\"_ _3d5\"> </span>Adjustments<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value as of 01<span class=\"_ _6\"></span>/01/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span> <span class=\"_ _14a\"> </span>12,968<span class=\"_ _3d5\"> </span>48,164<span class=\"_ _3d5\"> </span>61,132<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at f<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue t<span class=\"_ _1\"></span>hr<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>gh<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>rof<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>* <span class=\"_ _fa\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o c<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>teg<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _14b\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>vai<span class=\"_ _6\"></span>la<span class=\"_ _1\"></span>ble<span class=\"_ _6\"></span> fo<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _14c\"> </span>12,968<span class=\"_ _3d5\"> </span>48,162<span class=\"_ _3d5\"> </span>61,130<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o c<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>teg<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>12,968<span class=\"_ _3d5\"> </span>48,162<span class=\"_ _3d5\"> </span>61,130<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>(loa<span class=\"_ _1\"></span>ns<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>s,<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>hel<span class=\"_ _6\"></span>d to<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>atu<span class=\"_ _6\"></span>rit<span class=\"_ _1\"></span>y, A<span class=\"_ _1\"></span>C)<span class=\"_ _6\"></span> <span class=\"_ _14d\"> </span>15,508<span class=\"_ _3d5\"> </span>10,196<span class=\"_ _3d5\"> </span>25,704<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o c<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>teg<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C <span class=\"_ _14e\"> </span>15,508<span class=\"_ _3d5\"> </span>10,196<span class=\"_ _3d5\"> </span>25,704<span class=\"_ _3d5\"> </span>*Inclu<span class=\"_ _7\"></span>ding held for tradin<span class=\"_ _7\"></span>g<span class=\"_ _6\"></span> The <span class=\"_ _2\"></span>following <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>res <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>cat<span class=\"_ _7\"></span>egories <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>financial <span class=\"_ _2\"></span>instrumen<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>IAS 39 <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>IFRS 9 <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>sis <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>carrying amounts: <span class=\"_ _0\"></span>The <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ated <span class=\"_ _0\"></span>b<span class=\"_ _6\"></span>oo<span class=\"_ _2\"></span>k <span class=\"_ _4\"> </span>values <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>catego<span class=\"_ _7\"></span>ry <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>financial <span class=\"_ _0\"></span>instrumen<span class=\"_ _7\"></span>ts <span class=\"_ _4\"></span>me<span class=\"_ _2\"></span>asured <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>AC <span class=\"_ _0\"></span>diff<span class=\"_ _7\"></span>er <span class=\"_ _4\"></span>ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>two valuatio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>standards<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>becaus<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>provisi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>mu<span class=\"_ _6\"></span>st <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>consi<span class=\"_ _7\"></span>der<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>book <span class=\"_ _10\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _2\"></span>accor<span class=\"_ _7\"></span>ding <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>IFRS 9. <span class=\"_ _10\"></span>It <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hould <span class=\"_ _10\"></span>also <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>noted that <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>Grou<span class=\"_ _2\"></span>p <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>switc<span class=\"_ _7\"></span>hed <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>\u201cdirty <span class=\"_ _6\"></span>value\u201d <span class=\"_ _1\"></span>acco<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>ing under <span class=\"_ _1\"></span>IF<span class=\"_ _7\"></span>RS 9. <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>those <span class=\"_ _6\"></span>categories <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>financial <span class=\"_ _6\"></span>instrum<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts are<span class=\"_ _7\"></span> measur<span class=\"_ _7\"></span>ed at fair value, th<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ference in the book<span class=\"_ _7\"></span> values<span class=\"_ _7\"></span> is <span class=\"_ _6\"></span>likewise<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>attribut<span class=\"_ _7\"></span>able to dirty val<span class=\"_ _7\"></span>ue accou<span class=\"_ _7\"></span>nting. F<span class=\"_ _7\"></span>ur<span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>er infor<span class=\"_ _10\"></span>-<span class=\"_ _3d5\"> </span>mation o<span class=\"_ _7\"></span>n the c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ange<span class=\"_ _7\"></span>d acco<span class=\"_ _7\"></span>unting m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thod c<span class=\"_ _7\"></span>an be fo<span class=\"_ _2\"></span>und starti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _7\"></span>e 51.  <span class=\"_ _2\"></span> Categories a<span class=\"_ _6\"></span>nd boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _14f\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-catego<span class=\"_ _6\"></span>ry <span class=\"_ _150\"> </span>IFRS <span class=\"_ _6\"></span>9-cat<span class=\"_ _6\"></span>egory <span class=\"_ _151\"> </span>IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok value<span class=\"_ _6\"></span> as of </span>31/12/2021<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value a<span class=\"_ _6\"></span>s of 01/01/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _153\"> </span>2,635,38<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,727,40<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Cash and<span class=\"_ _6\"></span> cash equivalents<span class=\"_ _6\"></span> <span class=\"_ _154\"> </span>Cash and<span class=\"_ _6\"></span> cash equivalents<span class=\"_ _6\"></span> <span class=\"_ _155\"> </span>2,456,33<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,558,99<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Financial instrumen<span class=\"_ _6\"></span>ts for unit- an<span class=\"_ _6\"></span>d index-linked life insurance<span class=\"_ _6\"></span> Cash and<span class=\"_ _6\"></span> cash equivalents<span class=\"_ _6\"></span> 179,053<span class=\"_ _3d5\"> </span>168,413<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _45\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>40,017,9<span class=\"_ _6\"></span>77<span class=\"_ _3d5\"> </span>40,397,0<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _153\"> </span>2,156,06<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>691,930<span class=\"_ _3d5\"> </span>Loans <span class=\"_ _130\"> </span>M<span class=\"_ _6\"></span>easured at A<span class=\"_ _6\"></span>C <span class=\"_ _157\"> </span>2,152,56<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>688,179<span class=\"_ _3d5\"> </span>Loans <span class=\"_ _130\"> </span>M<span class=\"_ _6\"></span>easured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _158\"> </span>3,500<span class=\"_ _3d5\"> </span>3,751<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>25,926,034<span class=\"_ _3d5\"> </span>28,260,8<span class=\"_ _6\"></span>37<span class=\"_ _3d5\"> </span>Financial assets he<span class=\"_ _6\"></span>ld to maturity<span class=\"_ _6\"></span> Measured at A<span class=\"_ _6\"></span>C 529,794<span class=\"_ _3d5\"> </span>1,063,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Financial assets he<span class=\"_ _6\"></span>ld to maturity<span class=\"_ _6\"></span> Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 2,027,92<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,137,44<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 21,090,2<span class=\"_ _6\"></span>10<span class=\"_ _3d5\"> </span>22,229,2<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVtPL<span class=\"_ _6\"></span> 1,215,00<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,449,64<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Financial instrumen<span class=\"_ _6\"></span>ts for unit- an<span class=\"_ _6\"></span>d index-linked life insurance<span class=\"_ _6\"></span> Measured at FVtPL<span class=\"_ _6\"></span> 929,771<span class=\"_ _3d5\"> </span>1,247,37<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 40,804<span class=\"_ _3d5\"> </span>40,804<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVtPL<span class=\"_ _6\"></span> 92,526<span class=\"_ _3d5\"> </span>92,526<span class=\"_ _3d5\"> </span>Categories a<span class=\"_ _6\"></span>nd boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _14f\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-catego<span class=\"_ _6\"></span>ry <span class=\"_ _150\"> </span>IFRS <span class=\"_ _6\"></span>9-cat<span class=\"_ _6\"></span>egory <span class=\"_ _151\"> </span>IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok value<span class=\"_ _6\"></span> as of </span>31/12/2021<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value a<span class=\"_ _6\"></span>s of 01/01/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ae\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _2f\"> </span>872,227<span class=\"_ _3d5\"> </span>709,568<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>10,255,045<span class=\"_ _3d5\"> </span>9,831,02<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVtPL<span class=\"_ _6\"></span> 2,772,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,769,73<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Financial instrumen<span class=\"_ _6\"></span>ts for unit- an<span class=\"_ _6\"></span>d index-linked life insurance<span class=\"_ _6\"></span> Measured at FVtPL<span class=\"_ _6\"></span> 7,404,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>6,984,15<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVtPL<span class=\"_ _6\"></span> 77,144<span class=\"_ _3d5\"> </span>77,144<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVtPL<span class=\"_ _6\"></span> 30,066<span class=\"_ _3d5\"> </span>32,181<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _15b\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _15c\"> </span>778,541<span class=\"_ _3d5\"> </span>871,475<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _15c\"> </span>499,025<span class=\"_ _3d5\"> </span>583,857<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 35,968<span class=\"_ _3d5\"> </span>35,968<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVtPL<span class=\"_ _6\"></span> 455,449<span class=\"_ _3d5\"> </span>541,221<span class=\"_ _3d5\"> </span>Financial instrumen<span class=\"_ _6\"></span>ts for unit- an<span class=\"_ _6\"></span>d index-linked life insurance<span class=\"_ _6\"></span> Measured at FVtPL<span class=\"_ _6\"></span> 940<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 388<span class=\"_ _3d5\"> </span>388<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVtPL<span class=\"_ _6\"></span> 6,280<span class=\"_ _3d5\"> </span>6,280<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _15d\"> </span>96,163<span class=\"_ _3d5\"> </span>96,356<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 50,864<span class=\"_ _3d5\"> </span>50,966<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVtPL<span class=\"_ _6\"></span> 45,299<span class=\"_ _3d5\"> </span>45,390<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _15c\"> </span>183,353<span class=\"_ _3d5\"> </span>191,262<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 155,275<span class=\"_ _3d5\"> </span>161,973<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVtPL<span class=\"_ _6\"></span> 28,078<span class=\"_ _3d5\"> </span>29,289<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> Loans, receivables <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d measured at A<span class=\"_ _6\"></span>C Measured at A<span class=\"_ _6\"></span>C 574,276<span class=\"_ _3d5\"> </span>257,526<span class=\"_ _3d5\"> </span>Total<span class=\"_ _6\"></span> financia<span class=\"_ _6\"></span>l assets acc. t<span class=\"_ _6\"></span>o IF<span class=\"_ _6\"></span>RS 9 <span class=\"_ _15e\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>43,227,639<span class=\"_ _3d5\"> </span>43,381,9<span class=\"_ _6\"></span>52<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _141\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _153\"> </span>2,939,98<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>3,159,03<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>Measured<span class=\"_ _6\"></span> at AC <span class=\"_ _15a\"> </span>Measu<span class=\"_ _6\"></span>red at AC <span class=\"_ _157\"> </span>1,46<span class=\"_ _6\"></span>1,286<span class=\"_ _3d5\"> </span>1,493,59<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _ad\"> </span>M<span class=\"_ _6\"></span>easured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _2f\"> </span>351,087<span class=\"_ _3d5\"> </span>351,087<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured<span class=\"_ _6\"></span> at AC <span class=\"_ _2f\"> </span>594,614<span class=\"_ _3d5\"> </span>594,836<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _157\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured <span class=\"_ _6\"></span>at AC <span class=\"_ _2f\"> </span>181,048<span class=\"_ _3d5\"> </span>181,048<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Measu<span class=\"_ _6\"></span>red at AC <span class=\"_ _15a\"> </span>Measu<span class=\"_ _6\"></span>red at AC <span class=\"_ _2f\"> </span>351,95<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>538,463<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _152\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _160\"> </span>2,705<span class=\"_ _3d5\"> </span>3,872<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _161\"> </span>Measured at f<span class=\"_ _6\"></span>air value<span class=\"_ _6\"></span> <span class=\"_ _162\"> </span>Measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _158\"> </span>2,705<span class=\"_ _3d5\"> </span>3,229<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _128\"> </span>M<span class=\"_ _6\"></span>easured at fair v<span class=\"_ _6\"></span>alue<span class=\"_ _6\"></span> <span class=\"_ _162\"> </span>Measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _163\"> </span> 643<span class=\"_ _3d5\"> </span>Total<span class=\"_ _6\"></span> financia<span class=\"_ _6\"></span>l lia<span class=\"_ _6\"></span>bilities acc. t<span class=\"_ _6\"></span>o IFRS 9 <span class=\"_ _a6\"> </span>  <span class=\"_ _13c\"> </span>  <span class=\"_ _153\"> </span>2,9<span class=\"_ _6\"></span>42,692<span class=\"_ _3d5\"> </span>3,162,90<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>*Inclu<span class=\"_ _7\"></span>ding held for tradin<span class=\"_ _7\"></span>g<span class=\"_ _6\"></span> In the cas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of de<span class=\"_ _7\"></span>bt ins<span class=\"_ _7\"></span>trum<span class=\"_ _7\"></span>ents t<span class=\"_ _7\"></span>hat have t<span class=\"_ _2\"></span>hus far been <span class=\"_ _7\"></span>desi<span class=\"_ _7\"></span>gnated <span class=\"_ _7\"></span>as me<span class=\"_ _7\"></span>asured <span class=\"_ _2\"></span>at fair valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> thro<span class=\"_ _2\"></span>ugh prof<span class=\"_ _7\"></span>it a<span class=\"_ _7\"></span>nd loss <span class=\"_ _2\"></span>under IAS 39 (IAS 3<span class=\"_ _7\"></span>9 categor<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>: financial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts meas<span class=\"_ _7\"></span>ured at fair value th<span class=\"_ _7\"></span>roug<span class=\"_ _7\"></span>h profi<span class=\"_ _7\"></span>t and loss), a che<span class=\"_ _7\"></span>ck <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ust be perform<span class=\"_ _7\"></span>ed<span class=\"_ _3d5\"> </span>as <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>whether <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>criterio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>or r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition as <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed at <span class=\"_ _2\"></span>AC <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>at <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtOC<span class=\"_ _7\"></span>I h<span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>been m<span class=\"_ _2\"></span>et. If <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _7\"></span>bee<span class=\"_ _7\"></span>n me<span class=\"_ _2\"></span>t and, <span class=\"_ _10\"></span>du<span class=\"_ _6\"></span>e to <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _f\"> </span>mo<span class=\"_ _7\"></span>del,<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>these <span class=\"_ _4\"> </span>instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts <span class=\"_ _4\"> </span>were <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>anaged<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>on <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>fai<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>v<span class=\"_ _6\"></span>alue <span class=\"_ _f\"> </span>b<span class=\"_ _2\"></span>asis, <span class=\"_ _f\"> </span>they <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>re <span class=\"_ _f\"> </span>cat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gorise<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>as <span class=\"_ _4\"> </span>FVtPL <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>a mandato<span class=\"_ _7\"></span>ry basis.<span class=\"_ _2\"></span> Reconciliation<span class=\"_ _6\"></span> Designate<span class=\"_ _6\"></span>d measu<span class=\"_ _6\"></span>red at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> Mandatori<span class=\"_ _6\"></span>ly measured at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _3d5\"> </span>Designat<span class=\"_ _6\"></span>ed measured at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _3d5\"> </span>Mandatori<span class=\"_ _6\"></span>ly measured at F<span class=\"_ _6\"></span>VtPL<span class=\"_ _3d5\"> </span>Designat<span class=\"_ _6\"></span>ed measured at F<span class=\"_ _6\"></span>VtPL<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span>40,804<span class=\"_ _3d5\"> </span>388<span class=\"_ _3d5\"> </span>206,017<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _a4\"> </span>40,804<span class=\"_ _3d5\"> </span>92,526<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _164\"> </span> 77,144<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span> 30,066<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span> 388<span class=\"_ _3d5\"> </span>6,281<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _51\"> </span> 3,229<span class=\"_ _3d5\"> </span>643<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _167\"> </span> 3,229<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _168\"> </span> 643<span class=\"_ _3d5\"> </span>Material esti<span class=\"_ _7\"></span>mates a<span class=\"_ _7\"></span>nd discretio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ary decisions<span class=\"_ _2\"></span> T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ma<span class=\"_ _2\"></span>ter<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>es<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>ma<span class=\"_ _7\"></span>tes<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _e\"></span>dis<span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>eti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ry <span class=\"_ _e\"></span>de<span class=\"_ _7\"></span>ci<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>ns <span class=\"_ _e\"></span>ma<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _e\"></span>co<span class=\"_ _7\"></span>nnec<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _e\"></span>wit<span class=\"_ _2\"></span>h <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ia<span class=\"_ _7\"></span>l <span class=\"_ _10\"></span>i<span class=\"_ _7\"></span>nst<span class=\"_ _2\"></span>rum<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _10\"></span>pr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _e\"></span>Not<span class=\"_ _7\"></span>e <span class=\"_ _e\"></span>24.2<span class=\"_ _2\"></span>. Impairm<span class=\"_ _7\"></span>ent los<span class=\"_ _7\"></span>ses on fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssets st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>45.<span class=\"_ _2\"></span> IFRS 17 INS<span class=\"_ _2\"></span>UR<span class=\"_ _6\"></span>AN<span class=\"_ _7\"></span>CE CONT<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>ACTS<span class=\"_ _7\"></span> General infor<span class=\"_ _2\"></span>m<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n The <span class=\"_ _f\"> </span>IASB <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ssued <span class=\"_ _f\"> </span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>accou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ting <span class=\"_ _f\"> </span>st<span class=\"_ _7\"></span>andar<span class=\"_ _2\"></span>d <span class=\"_ _3\"> </span>for <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _f\"> </span>cont<span class=\"_ _7\"></span>racts<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>(IFRS 17<span class=\"_ _7\"></span>) <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>25 <span class=\"_ _f\"> </span>J<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ne <span class=\"_ _f\"> </span>2020. <span class=\"_ _4\"> </span>As <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>res<span class=\"_ _7\"></span>ult, <span class=\"_ _f\"> </span>IFRS <span class=\"_ _2\"></span>17<span class=\"_ _6\"></span> supersedes <span class=\"_ _7\"></span>the previo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s standar<span class=\"_ _2\"></span>d, <span class=\"_ _6\"></span>IFRS 4, in <span class=\"_ _6\"></span>the EU <span class=\"_ _6\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> annual periods begi<span class=\"_ _7\"></span>nning on <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>after<span class=\"_ _7\"></span> 1 <span class=\"_ _6\"></span>January<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>2023.<span class=\"_ _7\"></span> IFRS 4 did not <span class=\"_ _0\"></span>prescrib<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>measur<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>inst<span class=\"_ _7\"></span>ead <span class=\"_ _0\"></span>allowed <span class=\"_ _0\"></span>compa<span class=\"_ _7\"></span>nies <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>la<span class=\"_ _7\"></span>rgely <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>loc<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting<span class=\"_ _7\"></span> req<span class=\"_ _7\"></span>uirem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt of<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts. <span class=\"_ _7\"></span>VIG appl<span class=\"_ _7\"></span>ied <span class=\"_ _7\"></span>that <span class=\"_ _7\"></span>accounti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g choic<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. The IAS<span class=\"_ _2\"></span>B impos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s unif<span class=\"_ _7\"></span>orm accounti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g poli<span class=\"_ _7\"></span>cies for ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts fo<span class=\"_ _7\"></span>r the f<span class=\"_ _7\"></span>irst time i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> IFRS 17.<span class=\"_ _7\"></span>  VIG <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>rest<span class=\"_ _7\"></span>ated <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>arati<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>informa<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>appl<span class=\"_ _7\"></span>ying <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>tra<span class=\"_ _7\"></span>nsitional<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>visions <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>Appe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dix <span class=\"_ _10\"></span>C <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>IF<span class=\"_ _7\"></span>RS 17. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>natur<span class=\"_ _7\"></span>e of the ch<span class=\"_ _7\"></span>anges in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting poli<span class=\"_ _7\"></span>cies <span class=\"_ _7\"></span>can b<span class=\"_ _7\"></span>e summ<span class=\"_ _7\"></span>arised, a<span class=\"_ _2\"></span>s follo<span class=\"_ _7\"></span>ws:  Changes<span class=\"_ _7\"></span> to cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>cation and m<span class=\"_ _7\"></span>easureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t  The <span class=\"_ _10\"></span>adoptio<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>IF<span class=\"_ _6\"></span>RS 17 <span class=\"_ _10\"></span>did <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>change <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>prin<span class=\"_ _7\"></span>cipal <span class=\"_ _10\"></span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>insurance <span class=\"_ _10\"></span>contra<span class=\"_ _7\"></span>cts. <span class=\"_ _10\"></span>This <span class=\"_ _10\"></span>standar<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>establis<span class=\"_ _7\"></span>hes <span class=\"_ _10\"></span>specif<span class=\"_ _7\"></span>ic principles <span class=\"_ _7\"></span>for th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> and m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ement of ins<span class=\"_ _2\"></span>urance <span class=\"_ _7\"></span>contracts is<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ued and r<span class=\"_ _7\"></span>eins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s. The steps f<span class=\"_ _7\"></span>or det<span class=\"_ _7\"></span>ermi<span class=\"_ _7\"></span>ning w<span class=\"_ _7\"></span>hether a co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>ct qualifi<span class=\"_ _7\"></span>es as <span class=\"_ _7\"></span>an IFRS 1<span class=\"_ _7\"></span>7 ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Identificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of w<span class=\"_ _7\"></span>hether <span class=\"_ _7\"></span>the co<span class=\"_ _7\"></span>ntract i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cludes <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> signif<span class=\"_ _7\"></span>icant in<span class=\"_ _7\"></span>surance ris<span class=\"_ _7\"></span>k of a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>other pa<span class=\"_ _7\"></span>rty (po<span class=\"_ _7\"></span>licyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>). F<span class=\"_ _7\"></span>urthermo<span class=\"_ _7\"></span>re, <span class=\"_ _2\"></span>a check is p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rfo<span class=\"_ _7\"></span>rmed as to <span class=\"_ _2\"></span>whether an obl<span class=\"_ _7\"></span>igatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> to <span class=\"_ _7\"></span>compens<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>e th<span class=\"_ _7\"></span>e policy<span class=\"_ _7\"></span>holder is <span class=\"_ _7\"></span>includ<span class=\"_ _7\"></span>ed if a d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed, u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>certain, future i<span class=\"_ _2\"></span>nsured <span class=\"_ _7\"></span>event disa<span class=\"_ _2\"></span>dvantages t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e polic<span class=\"_ _2\"></span>yholder;<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Specified <span class=\"_ _7\"></span>embedde<span class=\"_ _2\"></span>d derivatives,<span class=\"_ _7\"></span> distin<span class=\"_ _7\"></span>ct i<span class=\"_ _7\"></span>nvestmen<span class=\"_ _7\"></span>t compo<span class=\"_ _7\"></span>nents <span class=\"_ _7\"></span>and distin<span class=\"_ _7\"></span>ct goods o<span class=\"_ _2\"></span>r services <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>eed to <span class=\"_ _2\"></span>be separated fro<span class=\"_ _7\"></span>m insura<span class=\"_ _7\"></span>nce co<span class=\"_ _7\"></span>ntracts. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese s<span class=\"_ _7\"></span>pecif<span class=\"_ _7\"></span>ied compo<span class=\"_ _2\"></span>nents ha<span class=\"_ _7\"></span>ve to be <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nted i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance <span class=\"_ _7\"></span>with other st<span class=\"_ _2\"></span>andards, such as <span class=\"_ _7\"></span>IFRS 9 or <span class=\"_ _2\"></span>IFRS 15.<span class=\"_ _7\"></span> The <span class=\"_ _4\"> </span>default <span class=\"_ _4\"></span>meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ement <span class=\"_ _4\"> </span>appro<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>h <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>scope <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>IFRS 17 <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>general <span class=\"_ _4\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement <span class=\"_ _4\"> </span>mod<span class=\"_ _7\"></span>el <span class=\"_ _4\"> </span>(GMM). <span class=\"_ _4\"></span>T<span class=\"_ _e\"></span>o meas<span class=\"_ _7\"></span>ure a gr<span class=\"_ _2\"></span>oup of ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts wit<span class=\"_ _7\"></span>h this a<span class=\"_ _2\"></span>pproac<span class=\"_ _7\"></span>h, the foll<span class=\"_ _7\"></span>owi<span class=\"_ _7\"></span>ng principles <span class=\"_ _7\"></span>sho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld b<span class=\"_ _7\"></span>e obse<span class=\"_ _7\"></span>rved:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>A risk-adj<span class=\"_ _7\"></span>usted pr<span class=\"_ _2\"></span>esent v<span class=\"_ _7\"></span>alue of th<span class=\"_ _7\"></span>e futur<span class=\"_ _2\"></span>e fulfilmen<span class=\"_ _7\"></span>t cash flo<span class=\"_ _2\"></span>ws will be r<span class=\"_ _2\"></span>ecognised. <span class=\"_ _2\"></span>Futur<span class=\"_ _7\"></span>e cash flo<span class=\"_ _7\"></span>ws tak<span class=\"_ _7\"></span>e into <span class=\"_ _7\"></span>acco<span class=\"_ _7\"></span>unt all availa<span class=\"_ _7\"></span>ble inform<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> that is co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sist<span class=\"_ _7\"></span>ent wit<span class=\"_ _7\"></span>h obser<span class=\"_ _7\"></span>vable m<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ket i<span class=\"_ _7\"></span>nformatio<span class=\"_ _2\"></span>n.<span class=\"_ _3d5\"> </span>\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Additionally<span class=\"_ _e\"></span>, an <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt re<span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nting t<span class=\"_ _7\"></span>he un<span class=\"_ _7\"></span>earned pr<span class=\"_ _7\"></span>ofit at i<span class=\"_ _2\"></span>nception (Co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al Ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ice Margi<span class=\"_ _2\"></span>n (<span class=\"_ _6\"></span>CSM<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>) in t<span class=\"_ _7\"></span>he gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts is r<span class=\"_ _2\"></span>ecog<span class=\"_ _7\"></span>nised. \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The pro<span class=\"_ _7\"></span>fit fr<span class=\"_ _2\"></span>om a gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts is<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>cognis<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d f<span class=\"_ _7\"></span>or the p<span class=\"_ _7\"></span>eriod of tim<span class=\"_ _7\"></span>e for <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce se<span class=\"_ _7\"></span>rvices ar<span class=\"_ _2\"></span>e made. If <span class=\"_ _7\"></span>a gro<span class=\"_ _2\"></span>up of cont<span class=\"_ _7\"></span>racts is exp<span class=\"_ _2\"></span>ected to be o<span class=\"_ _2\"></span>nerous fo<span class=\"_ _2\"></span>r the r<span class=\"_ _7\"></span>emaini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g co<span class=\"_ _7\"></span>verage pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e loss <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> be re<span class=\"_ _7\"></span>cognise<span class=\"_ _7\"></span>d immedi<span class=\"_ _7\"></span>ately as <span class=\"_ _7\"></span>an exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nse.<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>If insuranc<span class=\"_ _7\"></span>e acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n costs ar<span class=\"_ _2\"></span>e paid or i<span class=\"_ _7\"></span>ncurr<span class=\"_ _2\"></span>ed befor<span class=\"_ _7\"></span>e the<span class=\"_ _2\"></span> u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>rlying co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as bee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> alloc<span class=\"_ _7\"></span>ated to a g<span class=\"_ _2\"></span>roup of<span class=\"_ _7\"></span> insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts, a<span class=\"_ _7\"></span>n asset is <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised i<span class=\"_ _7\"></span>n the bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet. Aft<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract has b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>en assig<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>to a gro<span class=\"_ _2\"></span>up, the insuranc<span class=\"_ _7\"></span>e acq<span class=\"_ _7\"></span>uisition costs <span class=\"_ _2\"></span>are i<span class=\"_ _7\"></span>ncluded i<span class=\"_ _7\"></span>n the co<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>spo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ation a<span class=\"_ _7\"></span>nd the di<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ctly at<span class=\"_ _7\"></span>tributabl<span class=\"_ _7\"></span>e asset t<span class=\"_ _2\"></span>hat was originally r<span class=\"_ _2\"></span>ecognised is<span class=\"_ _7\"></span> d<span class=\"_ _7\"></span>erecog<span class=\"_ _2\"></span>nised.  For all <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts i<span class=\"_ _7\"></span>n th<span class=\"_ _7\"></span>e l<span class=\"_ _7\"></span>ife <span class=\"_ _7\"></span>business <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>at ar<span class=\"_ _2\"></span>e elig<span class=\"_ _7\"></span>ible <span class=\"_ _2\"></span>for dir<span class=\"_ _7\"></span>ect <span class=\"_ _2\"></span>profit <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>rticipatio<span class=\"_ _7\"></span>n, t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>Va<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iable <span class=\"_ _2\"></span>Fee Appr<span class=\"_ _2\"></span>oach <span class=\"_ _7\"></span>(VF<span class=\"_ _2\"></span>A) <span class=\"_ _7\"></span>me<span class=\"_ _7\"></span>asur<span class=\"_ _2\"></span>e-<span class=\"_ _3d5\"> </span>ment mo<span class=\"_ _7\"></span>del <span class=\"_ _7\"></span>is applied.<span class=\"_ _2\"></span> Initial r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition tak<span class=\"_ _7\"></span>es pla<span class=\"_ _7\"></span>ce in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e GMM. <span class=\"_ _7\"></span>In s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bseq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ent m<span class=\"_ _7\"></span>easu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt, <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>owever<span class=\"_ _e\"></span>, the VF<span class=\"_ _2\"></span>A dif<span class=\"_ _2\"></span>fers from<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e GMM i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> that t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>be adju<span class=\"_ _7\"></span>sted by t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pr<span class=\"_ _7\"></span>ofit pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ticip<span class=\"_ _7\"></span>ation. <span class=\"_ _2\"></span> Compar<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>MM, t<span class=\"_ _2\"></span>he Pr<span class=\"_ _7\"></span>emium<span class=\"_ _7\"></span> All<span class=\"_ _7\"></span>ocatio<span class=\"_ _7\"></span>n Appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach (P<span class=\"_ _e\"></span>AA) sim<span class=\"_ _7\"></span>plif<span class=\"_ _7\"></span>ies the c<span class=\"_ _7\"></span>alculatio<span class=\"_ _2\"></span>n of th<span class=\"_ _7\"></span>e m<span class=\"_ _7\"></span>athemati<span class=\"_ _7\"></span>cal r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>erve (<span class=\"_ _7\"></span>Liability<span class=\"_ _7\"></span> for Re<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>aining Co<span class=\"_ _7\"></span>verage (LRC)). This model can be u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>for<span class=\"_ _7\"></span> sh<span class=\"_ _6\"></span>ort-t<span class=\"_ _7\"></span>erm <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance con<span class=\"_ _7\"></span>tracts and insura<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts with simi<span class=\"_ _7\"></span>lar mea<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>ent results compar<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>to the G<span class=\"_ _6\"></span>MM. In <span class=\"_ _6\"></span>its primary n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-lif<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>business, VIG applies the P<span class=\"_ _10\"></span>AA <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>all contrac<span class=\"_ _7\"></span>ts with a <span class=\"_ _6\"></span>coverage perio<span class=\"_ _7\"></span>d of <span class=\"_ _6\"></span>12 month<span class=\"_ _6\"></span>s or less. Furthermor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, if the <span class=\"_ _6\"></span>rel<span class=\"_ _7\"></span>evant eligibil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>criteria in accord<span class=\"_ _7\"></span>ance with IFRS 17 are fulfil<span class=\"_ _7\"></span>led, the P<span class=\"_ _10\"></span>AA is also<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>applied for m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lti-<span class=\"_ _7\"></span>year co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts.<span class=\"_ _7\"></span>  The <span class=\"_ _6\"></span>P<span class=\"_ _10\"></span>AA <span class=\"_ _6\"></span>meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>prin<span class=\"_ _7\"></span>ciples <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>fer <span class=\"_ _6\"></span>from <span class=\"_ _6\"></span>the unearned premium<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>appro<span class=\"_ _2\"></span>ach <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>accor<span class=\"_ _2\"></span>dance w<span class=\"_ _6\"></span>ith <span class=\"_ _6\"></span>IFRS<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>4 <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>followi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g key ar<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The LRC co<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>res<span class=\"_ _2\"></span>ponds to t<span class=\"_ _7\"></span>he premi<span class=\"_ _2\"></span>ums r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ceive<span class=\"_ _7\"></span>d less def<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>n costs l<span class=\"_ _7\"></span>ess a<span class=\"_ _7\"></span>ny<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unts alre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dy r<span class=\"_ _2\"></span>ecognised as incom<span class=\"_ _7\"></span>e in th<span class=\"_ _7\"></span>e insur<span class=\"_ _7\"></span>ance ser<span class=\"_ _7\"></span>vice r<span class=\"_ _7\"></span>esult.<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Measurem<span class=\"_ _2\"></span>ent of t<span class=\"_ _7\"></span>he LIC i<span class=\"_ _7\"></span>ncludes <span class=\"_ _7\"></span>an adj<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>stment fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> the tim<span class=\"_ _2\"></span>e value of <span class=\"_ _7\"></span>mo<span class=\"_ _7\"></span>ney<span class=\"_ _10\"></span>. It also <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flects t<span class=\"_ _7\"></span>he ef<span class=\"_ _7\"></span>fect o<span class=\"_ _7\"></span>f fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>risk wher<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> the p<span class=\"_ _7\"></span>remi<span class=\"_ _2\"></span>um due dat<span class=\"_ _7\"></span>e and t<span class=\"_ _7\"></span>he rela<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod of<span class=\"_ _7\"></span> servi<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>es ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> mor<span class=\"_ _2\"></span>e than 12 m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nths apa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>t.  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>T<span class=\"_ _e\"></span>o calculate <span class=\"_ _2\"></span>a loss compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent, <span class=\"_ _7\"></span>when me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>suring <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>LRC fo<span class=\"_ _7\"></span>r onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s co<span class=\"_ _7\"></span>ntracts a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> expl<span class=\"_ _7\"></span>icit e<span class=\"_ _7\"></span>valuatio<span class=\"_ _7\"></span>n of risk a<span class=\"_ _2\"></span>dju<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent is i<span class=\"_ _7\"></span>ncluded for <span class=\"_ _7\"></span>non-fin<span class=\"_ _7\"></span>ancial risks.<span class=\"_ _7\"></span> A p<span class=\"_ _7\"></span>rovisi<span class=\"_ _7\"></span>on fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> expec<span class=\"_ _7\"></span>ted l<span class=\"_ _7\"></span>osses wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld ha<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e been r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>under the s<span class=\"_ _7\"></span>ame conditio<span class=\"_ _7\"></span>ns in ac<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>ance with I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 4. <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Measurem<span class=\"_ _2\"></span>ent of t<span class=\"_ _7\"></span>he liability fo<span class=\"_ _2\"></span>r incurre<span class=\"_ _7\"></span>d claims<span class=\"_ _7\"></span> (LIC<span class=\"_ _7\"></span>) is de<span class=\"_ _7\"></span>term<span class=\"_ _7\"></span>ined on a <span class=\"_ _2\"></span>discounted <span class=\"_ _7\"></span>prob<span class=\"_ _2\"></span>ability-weig<span class=\"_ _7\"></span>hted ex<span class=\"_ _7\"></span>pected <span class=\"_ _7\"></span>value basis a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d includ<span class=\"_ _7\"></span>es a ris<span class=\"_ _7\"></span>k adj<span class=\"_ _7\"></span>ustment f<span class=\"_ _7\"></span>or non<span class=\"_ _7\"></span>-finan<span class=\"_ _7\"></span>cial risk. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> liabil<span class=\"_ _7\"></span>ity th<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>efor<span class=\"_ _7\"></span>e inclu<span class=\"_ _7\"></span>des the o<span class=\"_ _2\"></span>b<span class=\"_ _6\"></span>lig<span class=\"_ _7\"></span>ation to pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> othe<span class=\"_ _7\"></span>r incurr<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>nsurance se<span class=\"_ _2\"></span>rvice expe<span class=\"_ _7\"></span>nses (a<span class=\"_ _7\"></span>cc. to I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 4 i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>curr<span class=\"_ _7\"></span>ed bu<span class=\"_ _7\"></span>t not r<span class=\"_ _7\"></span>eport<span class=\"_ _7\"></span>ed clai<span class=\"_ _7\"></span>ms (IBNR<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>), outs<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>andi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g claims <span class=\"_ _7\"></span>and claims ha<span class=\"_ _7\"></span>ndli<span class=\"_ _7\"></span>ng costs.<span class=\"_ _7\"></span> VI<span class=\"_ _2\"></span>G <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>loc<span class=\"_ _2\"></span>ate<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>acq<span class=\"_ _2\"></span>uis<span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>ts <span class=\"_ _10\"></span>to<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>oup<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>anc<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>ntr<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>ued<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>or <span class=\"_ _10\"></span>exp<span class=\"_ _2\"></span>ect<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _10\"></span>sys<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ati<span class=\"_ _2\"></span>c <span class=\"_ _2\"></span>and<span class=\"_ _7\"></span> ra<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>l bas<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>. <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>suranc<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _1\"></span>costs <span class=\"_ _6\"></span>inclu<span class=\"_ _7\"></span>de <span class=\"_ _1\"></span>thos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>direc<span class=\"_ _7\"></span>tly <span class=\"_ _6\"></span>attributable to <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>and t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>futur<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>ups <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>at are <span class=\"_ _2\"></span>expect<span class=\"_ _7\"></span>ed to<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>rise f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ene<span class=\"_ _7\"></span>wals o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up. <span class=\"_ _2\"></span>Where<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>h ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce a<span class=\"_ _2\"></span>cquisition <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> p<span class=\"_ _2\"></span>aid o<span class=\"_ _2\"></span>r a <span class=\"_ _7\"></span>lia<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty has <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>cognised <span class=\"_ _10\"></span>before <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>gro<span class=\"_ _2\"></span>up <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>contracts <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>recog<span class=\"_ _7\"></span>nised, <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _10\"></span>acquisition <span class=\"_ _2\"></span>cos<span class=\"_ _7\"></span>ts is <span class=\"_ _1\"></span>accounted <span class=\"_ _6\"></span>for<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>meas<span class=\"_ _7\"></span>ured, <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>attribut<span class=\"_ _7\"></span>able <span class=\"_ _1\"></span>portio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>this <span class=\"_ _1\"></span>asset <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>derecog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>and subsumed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>into <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>initi<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>related<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>gro<span class=\"_ _7\"></span>up\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>LRC. <span class=\"_ _6\"></span>The acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>costs recognise<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the LRC ar<span class=\"_ _2\"></span>e subject to r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>gular im<span class=\"_ _7\"></span>pai<span class=\"_ _7\"></span>rment testi<span class=\"_ _2\"></span>ng.<span class=\"_ _3d5\"> </span>Changes<span class=\"_ _7\"></span> to prese<span class=\"_ _7\"></span>ntation an<span class=\"_ _7\"></span>d disc<span class=\"_ _7\"></span>los<span class=\"_ _7\"></span>ure  With <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>egar<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sentati<span class=\"_ _7\"></span>on <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated <span class=\"_ _4\"></span>balance <span class=\"_ _4\"></span>sheet, <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"> </span>summa<span class=\"_ _7\"></span>rises <span class=\"_ _f\"> </span>(<span class=\"_ _2\"></span>re-) <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"> </span>contracts <span class=\"_ _4\"> </span>issued <span class=\"_ _4\"> </span>and reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts held as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of (r<span class=\"_ _7\"></span>e-) ins<span class=\"_ _7\"></span>urance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts iss<span class=\"_ _7\"></span>ued tha<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e ass<span class=\"_ _7\"></span>ets,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at are <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of (r<span class=\"_ _7\"></span>e-) ins<span class=\"_ _7\"></span>urance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts iss<span class=\"_ _7\"></span>ued tha<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e liabil<span class=\"_ _7\"></span>ities, and <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at are li<span class=\"_ _7\"></span>abi<span class=\"_ _7\"></span>lities.<span class=\"_ _7\"></span>  Portfoli<span class=\"_ _7\"></span>os <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>insurance contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>rei<span class=\"_ _7\"></span>nsurance contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>asset <span class=\"_ _6\"></span>positi<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sen<span class=\"_ _7\"></span>ted <span class=\"_ _6\"></span>separ<span class=\"_ _7\"></span>ately <span class=\"_ _6\"></span>from those <span class=\"_ _6\"></span>in a liabil<span class=\"_ _7\"></span>ity positio<span class=\"_ _7\"></span>n. Netting is<span class=\"_ _7\"></span> not permitt<span class=\"_ _7\"></span>ed in acco<span class=\"_ _2\"></span>rdance wit<span class=\"_ _7\"></span>h IF<span class=\"_ _7\"></span>RS 17, this is<span class=\"_ _7\"></span> a key dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>n pres<span class=\"_ _7\"></span>entati<span class=\"_ _7\"></span>on in the bala<span class=\"_ _2\"></span>nce sheet com<span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IFRS 4, <span class=\"_ _2\"></span>where n<span class=\"_ _7\"></span>etting <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as possi<span class=\"_ _7\"></span>ble.<span class=\"_ _7\"></span> As <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>new <span class=\"_ _1\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>balanc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet, <span class=\"_ _1\"></span>ther<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>also <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nge <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>items<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t. <span class=\"_ _1\"></span>These <span class=\"_ _6\"></span>dif<span class=\"_ _7\"></span>fer <span class=\"_ _6\"></span>from <span class=\"_ _6\"></span>those <span class=\"_ _6\"></span>show<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>under <span class=\"_ _6\"></span>IFRS <span class=\"_ _1\"></span>4 <span class=\"_ _6\"></span>with <span class=\"_ _1\"></span>reg<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rd <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>both <span class=\"_ _1\"></span>their n<span class=\"_ _6\"></span>ame <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>their <span class=\"_ _1\"></span>conten<span class=\"_ _7\"></span>t. <span class=\"_ _6\"></span>The <span class=\"_ _1\"></span>items <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e now pres<span class=\"_ _2\"></span>ented as fo<span class=\"_ _7\"></span>llows <span class=\"_ _2\"></span>under IFRS 17: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e re<span class=\"_ _7\"></span>venue <span class=\"ff4e fs14\">\u2013</span> i<span class=\"_ _7\"></span>ssued b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sin<span class=\"_ _7\"></span>ess, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e expens<span class=\"_ _7\"></span>es <span class=\"ff4e fs14\">\u2013 </span>iss<span class=\"_ _7\"></span>ued b<span class=\"_ _7\"></span>usiness,<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance fi<span class=\"_ _2\"></span>nancial r<span class=\"_ _7\"></span>esult a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e res<span class=\"_ _7\"></span>ult <span class=\"ff4e fs14\">\u2013</span> r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance h<span class=\"_ _7\"></span>eld.<span class=\"_ _7\"></span> Discount rate<span class=\"_ _7\"></span> The inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>rate <span class=\"_ _7\"></span>applied for <span class=\"_ _7\"></span>disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting of <span class=\"_ _7\"></span>cash flo<span class=\"_ _2\"></span>ws is as fo<span class=\"_ _7\"></span>llows f<span class=\"_ _7\"></span>or the first-<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ime a<span class=\"_ _7\"></span>pplicatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>: Spot rates*<span class=\"_ _6\"></span> <span class=\"_ _85\"> </span><span class=\"fsf\">1 year<span class=\"_ _3d5\"> </span></span>3 years<span class=\"_ _3d5\"> </span>5 years<span class=\"_ _3d5\"> </span>10 years<span class=\"_ _3d5\"> </span>20 years<span class=\"_ _3d5\"> </span>30 years<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>ALL<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>-0.58<span class=\"_ _3d5\"> </span>-0.25<span class=\"_ _3d5\"> </span>-0.08<span class=\"_ _3d5\"> </span>0.21<span class=\"_ _3d5\"> </span>0.46<span class=\"_ _3d5\"> </span>1.05<span class=\"_ _3d5\"> </span>BAM<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>-0.64<span class=\"_ _3d5\"> </span>-0.30<span class=\"_ _3d5\"> </span>-0.13<span class=\"_ _3d5\"> </span>0.15<span class=\"_ _3d5\"> </span>0.40<span class=\"_ _3d5\"> </span>1.01<span class=\"_ _3d5\"> </span>BGN<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>-0.<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>-0.30<span class=\"_ _3d5\"> </span>-0.13<span class=\"_ _3d5\"> </span>0.15<span class=\"_ _3d5\"> </span>0.40<span class=\"_ _3d5\"> </span>1.01<span class=\"_ _3d5\"> </span>CHF<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>-0.80<span class=\"_ _3d5\"> </span>-0.48<span class=\"_ _3d5\"> </span>-0.33<span class=\"_ _3d5\"> </span>-0.01<span class=\"_ _3d5\"> </span>-0.01<span class=\"_ _3d5\"> </span>0.32<span class=\"_ _3d5\"> </span>CZK<span class=\"_ _6\"></span> <span class=\"_ _f0\"> </span>4.63<span class=\"_ _3d5\"> </span>4.13<span class=\"_ _3d5\"> </span>3.71<span class=\"_ _3d5\"> </span>3.09<span class=\"_ _3d5\"> </span>2.96<span class=\"_ _3d5\"> </span>3.06<span class=\"_ _3d5\"> </span>EUR<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>-0.58<span class=\"_ _3d5\"> </span>-0.25<span class=\"_ _3d5\"> </span>-0.08<span class=\"_ _3d5\"> </span>0.21<span class=\"_ _3d5\"> </span>0.46<span class=\"_ _3d5\"> </span>1.05<span class=\"_ _3d5\"> </span>GBP<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>0.78<span class=\"_ _3d5\"> </span>1.20<span class=\"_ _3d5\"> </span>1.20<span class=\"_ _3d5\"> </span>1.11<span class=\"_ _3d5\"> </span>1.05<span class=\"_ _3d5\"> </span>1.00<span class=\"_ _3d5\"> </span>GEL<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>7.78<span class=\"_ _3d5\"> </span>8.13<span class=\"_ _3d5\"> </span>8.13<span class=\"_ _3d5\"> </span>8.07<span class=\"_ _3d5\"> </span>7.87<span class=\"_ _3d5\"> </span>7.34<span class=\"_ _3d5\"> </span>HRK<span class=\"_ _6\"></span> <span class=\"_ _16b\"> </span>-0.18<span class=\"_ _3d5\"> </span>0.01<span class=\"_ _3d5\"> </span>0.19<span class=\"_ _3d5\"> </span>0.82<span class=\"_ _3d5\"> </span>1.72<span class=\"_ _3d5\"> </span>2.21<span class=\"_ _3d5\"> </span>HUF<span class=\"_ _6\"></span> <span class=\"_ _16c\"> </span>3.49<span class=\"_ _3d5\"> </span>4.13<span class=\"_ _3d5\"> </span>4.29<span class=\"_ _3d5\"> </span>4.43<span class=\"_ _3d5\"> </span>4.66<span class=\"_ _3d5\"> </span>4.69<span class=\"_ _3d5\"> </span>MDL<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>-0.58<span class=\"_ _3d5\"> </span>-0.25<span class=\"_ _3d5\"> </span>-0.08<span class=\"_ _3d5\"> </span>0.21<span class=\"_ _3d5\"> </span>0.46<span class=\"_ _3d5\"> </span>1.05<span class=\"_ _3d5\"> </span>MKD<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>-0.58<span class=\"_ _3d5\"> </span>-0.25<span class=\"_ _3d5\"> </span>-0.08<span class=\"_ _3d5\"> </span>0.21<span class=\"_ _3d5\"> </span>0.46<span class=\"_ _3d5\"> </span>1.05<span class=\"_ _3d5\"> </span>PLN<span class=\"_ _6\"></span> <span class=\"_ _16c\"> </span>2.66<span class=\"_ _3d5\"> </span>3.60<span class=\"_ _3d5\"> </span>3.73<span class=\"_ _3d5\"> </span>3.57<span class=\"_ _3d5\"> </span>3.49<span class=\"_ _3d5\"> </span>3.47<span class=\"_ _3d5\"> </span>RON<span class=\"_ _6\"></span> <span class=\"_ _13e\"> </span>3<span class=\"_ _6\"></span>.93<span class=\"_ _3d5\"> </span>4.52<span class=\"_ _3d5\"> </span>4.68<span class=\"_ _3d5\"> </span>5.07<span class=\"_ _3d5\"> </span>5.01<span class=\"_ _3d5\"> </span>4.68<span class=\"_ _3d5\"> </span>RSD<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>2.21<span class=\"_ _3d5\"> </span>2.76<span class=\"_ _3d5\"> </span>3.29<span class=\"_ _3d5\"> </span>4.01<span class=\"_ _3d5\"> </span>4.17<span class=\"_ _3d5\"> </span>4.06<span class=\"_ _3d5\"> </span>TRY<span class=\"_ _1\"></span> <span class=\"_ _116\"> </span>2<span class=\"_ _6\"></span>1.64<span class=\"_ _3d5\"> </span>24.35<span class=\"_ _3d5\"> </span>25.35<span class=\"_ _3d5\"> </span>24.27<span class=\"_ _3d5\"> </span>20.71<span class=\"_ _3d5\"> </span>16.92<span class=\"_ _3d5\"> </span>UAH<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>11.43<span class=\"_ _3d5\"> </span>12.73<span class=\"_ _3d5\"> </span>12.68<span class=\"_ _3d5\"> </span>10.14<span class=\"_ _3d5\"> </span>7.58<span class=\"_ _3d5\"> </span>6.82<span class=\"_ _3d5\"> </span>USD<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>0.44<span class=\"_ _3d5\"> </span>1.08<span class=\"_ _3d5\"> </span>1.28<span class=\"_ _3d5\"> </span>1.50<span class=\"_ _3d5\"> </span>1.67<span class=\"_ _3d5\"> </span>1.64<span class=\"_ _3d5\"> </span>*Without il<span class=\"_ _7\"></span>liquidity adjustment Illiquidity<span class=\"_ _6\"></span> adjustme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _16e\"> </span><span class=\"fsf\">31/12/2021<span class=\"_ _3d5\"> </span></span>in basis p<span class=\"_ _6\"></span>oints<span class=\"_ _3d5\"> </span>Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _16f\"> </span>100<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _170\"> </span>45<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _171\"> </span>15<span class=\"_ _3d5\"> </span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> (HR<span class=\"_ _1\"></span>K) <span class=\"_ _172\"> </span>9<span class=\"_ _3d5\"> </span>Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _173\"> </span>15<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _174\"> </span>15<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _175\"> </span>63<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _176\"> </span>200<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _175\"> </span>8<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _177\"> </span>29<span class=\"_ _3d5\"> </span>T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _178\"> </span>26<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _170\"> </span>19<span class=\"_ _3d5\"> </span>T<span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>ansiti<span class=\"_ _7\"></span>on  T<span class=\"_ _e\"></span>o apply I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 17, <span class=\"_ _7\"></span>at th<span class=\"_ _7\"></span>e transi<span class=\"_ _7\"></span>tion date, 1 <span class=\"_ _2\"></span>January 2022,<span class=\"_ _7\"></span> VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> has:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identified, <span class=\"_ _7\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ise<span class=\"_ _7\"></span>d and m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asure<span class=\"_ _2\"></span>d each gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> as if IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ad alw<span class=\"_ _7\"></span>ays be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n applie<span class=\"_ _2\"></span>d (unless impractica<span class=\"_ _2\"></span>ble)<span class=\"_ _6\"></span>; <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identified, <span class=\"_ _7\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ise<span class=\"_ _7\"></span>d and m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asure<span class=\"_ _2\"></span>d assets fo<span class=\"_ _7\"></span>r insu<span class=\"_ _7\"></span>rance a<span class=\"_ _7\"></span>cquisi<span class=\"_ _7\"></span>tion cos<span class=\"_ _7\"></span>ts as if <span class=\"_ _7\"></span>IFRS 17 <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ad alw<span class=\"_ _2\"></span>ays bee<span class=\"_ _7\"></span>n appli<span class=\"_ _7\"></span>ed. Howeve<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>, no r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rabili<span class=\"_ _7\"></span>ty assess<span class=\"_ _7\"></span>ment <span class=\"_ _7\"></span>was pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>forme<span class=\"_ _7\"></span>d befo<span class=\"_ _7\"></span>re t<span class=\"_ _7\"></span>he transitio<span class=\"_ _2\"></span>n date. At tr<span class=\"_ _7\"></span>ansitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> date, <span class=\"_ _7\"></span>a re<span class=\"_ _7\"></span>cove<span class=\"_ _7\"></span>rability assessme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t was <span class=\"_ _7\"></span>perfo<span class=\"_ _7\"></span>rmed, a<span class=\"_ _7\"></span>nd no im<span class=\"_ _7\"></span>pai<span class=\"_ _7\"></span>rment loss<span class=\"_ _7\"></span> was i<span class=\"_ _7\"></span>dentified;<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>derecog<span class=\"_ _2\"></span>nised any existi<span class=\"_ _2\"></span>ng balances t<span class=\"_ _2\"></span>hat would <span class=\"_ _7\"></span>not exi<span class=\"_ _7\"></span>st if IF<span class=\"_ _7\"></span>RS 17 had <span class=\"_ _2\"></span>always bee<span class=\"_ _7\"></span>n appli<span class=\"_ _7\"></span>ed; an<span class=\"_ _7\"></span>d \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>recog<span class=\"_ _7\"></span>nised an<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>esulting <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>et di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nce in equit<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>. The dis<span class=\"_ _7\"></span>count r<span class=\"_ _7\"></span>ates us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d for g<span class=\"_ _2\"></span>roups of<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>were d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termin<span class=\"_ _7\"></span>ed at t<span class=\"_ _2\"></span>he transitio<span class=\"_ _7\"></span>n dat<span class=\"_ _7\"></span>e. T<span class=\"_ _7\"></span>herefor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>the lock<span class=\"_ _2\"></span>ed-in discou<span class=\"_ _7\"></span>nt rates, f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e measur<span class=\"_ _2\"></span>ement of f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows <span class=\"_ _2\"></span>of a group of<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nsurance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts at t<span class=\"_ _7\"></span>he date o<span class=\"_ _7\"></span>f transitio<span class=\"_ _2\"></span>n, are the weighted<span class=\"_ _7\"></span> average rates appl<span class=\"_ _7\"></span>icabl<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>at the date of <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nitial r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of the u<span class=\"_ _7\"></span>nderlying cont<span class=\"_ _7\"></span>racts. The disco<span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>t rate used for the a<span class=\"_ _7\"></span>ccr<span class=\"_ _7\"></span>etio<span class=\"_ _7\"></span>n of inter<span class=\"_ _7\"></span>est o<span class=\"_ _7\"></span>n the CS<span class=\"_ _7\"></span>M <span class=\"_ _7\"></span>was determi<span class=\"_ _7\"></span>ned <span class=\"_ _7\"></span>usi<span class=\"_ _7\"></span>ng the bo<span class=\"_ _7\"></span>ttom-up <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>oach at i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ceptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>.  Full retros<span class=\"_ _7\"></span>pectiv<span class=\"_ _7\"></span>e appro<span class=\"_ _7\"></span>ach (<span class=\"_ _7\"></span>FRA) VIG <span class=\"_ _2\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>IFRS 17<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>retr<span class=\"_ _7\"></span>ospe<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>vely <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>alternative <span class=\"_ _10\"></span>trans<span class=\"_ _7\"></span>ition <span class=\"_ _2\"></span>methods <span class=\"_ _10\"></span>only <span class=\"_ _10\"></span>where <span class=\"_ _e\"></span>the <span class=\"_ _2\"></span>FRA <span class=\"_ _2\"></span>was <span class=\"_ _10\"></span>impracti<span class=\"_ _7\"></span>cable <span class=\"_ _10\"></span>or <span class=\"_ _2\"></span>woul<span class=\"_ _7\"></span>d have involv<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>disp<span class=\"_ _2\"></span>roportio<span class=\"_ _7\"></span>nate costs<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _7\"></span> e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fort. This appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach was used<span class=\"_ _7\"></span> primarily for no<span class=\"_ _7\"></span>n-life insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>or reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts iss<span class=\"_ _7\"></span>ued and <span class=\"_ _7\"></span>held th<span class=\"_ _7\"></span>at i<span class=\"_ _7\"></span>n pr<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ciple f<span class=\"_ _7\"></span>all u<span class=\"_ _7\"></span>nder th<span class=\"_ _7\"></span>e appli<span class=\"_ _7\"></span>cation of<span class=\"_ _7\"></span> the P<span class=\"_ _10\"></span>AA.<span class=\"_ _2\"></span> The <span class=\"_ _0\"></span>appro<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ch <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quir<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>historic<span class=\"_ _2\"></span>al <span class=\"_ _0\"></span>da<span class=\"_ _6\"></span>ta <span class=\"_ _0\"></span>sinc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>initial <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cogniti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>insurance <span class=\"_ _1\"></span>contract <span class=\"_ _0\"></span>to <span class=\"_ _1\"></span>b<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>obtain<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>all <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _1\"></span>of<span class=\"_ _6\"></span> contracts.<span class=\"_ _2\"></span> VIG<span class=\"_ _2\"></span> has <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>all r<span class=\"_ _2\"></span>easonable<span class=\"_ _2\"></span> and<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>suppor<span class=\"_ _7\"></span>tabl<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>nfor<span class=\"_ _2\"></span>mat<span class=\"_ _6\"></span>ion<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>its<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>existing<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>eporting s<span class=\"_ _2\"></span>ystems <span class=\"_ _10\"></span>to ob<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ai<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>los<span class=\"_ _2\"></span>est outcome <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>full <span class=\"_ _6\"></span>retros<span class=\"_ _2\"></span>pective <span class=\"_ _6\"></span>appro<span class=\"_ _7\"></span>ach. <span class=\"_ _6\"></span>However<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>insuf<span class=\"_ _2\"></span>ficient <span class=\"_ _1\"></span>avail<span class=\"_ _7\"></span>ability <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>istorical <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ain <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>ason <span class=\"_ _6\"></span>why <span class=\"_ _1\"></span>the FRA is imp<span class=\"_ _2\"></span>racticable fo<span class=\"_ _7\"></span>r VI<span class=\"_ _7\"></span>G\u2019<span class=\"_ _e\"></span>s long-te<span class=\"_ _7\"></span>rm busi<span class=\"_ _7\"></span>ness, pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ticula<span class=\"_ _7\"></span>rl<span class=\"_ _7\"></span>y for: \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>most of<span class=\"_ _7\"></span> its li<span class=\"_ _7\"></span>fe portfoli<span class=\"_ _7\"></span>o as well as i<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>health simi<span class=\"_ _7\"></span>la<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>-to-l<span class=\"_ _7\"></span>ife por<span class=\"_ _7\"></span>tfoli<span class=\"_ _7\"></span>os and  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>non-life i<span class=\"_ _7\"></span>nsurance po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>os that <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured i<span class=\"_ _7\"></span>n ac<span class=\"_ _7\"></span>cord<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>e with the <span class=\"_ _7\"></span>GMM. For each gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of contr<span class=\"_ _7\"></span>acts for w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich the full<span class=\"_ _7\"></span> retro<span class=\"_ _7\"></span>spec<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ive appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach was i<span class=\"_ _7\"></span>mpractic<span class=\"_ _7\"></span>able, the fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> value appr<span class=\"_ _2\"></span>oach has be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n applied. <span class=\"_ _2\"></span> Fair v<span class=\"_ _7\"></span>a<span class=\"_ _7\"></span>lue appr<span class=\"_ _7\"></span>oach (<span class=\"_ _7\"></span>FV<span class=\"_ _2\"></span>A) The <span class=\"_ _1\"></span>fair v<span class=\"_ _6\"></span>alue <span class=\"_ _6\"></span>approa<span class=\"_ _2\"></span>ch <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>simpli<span class=\"_ _7\"></span>fied <span class=\"_ _1\"></span>method <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>determini<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>CSM <span class=\"_ _6\"></span>and/or <span class=\"_ _1\"></span>loss c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>insurance contracts <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _10\"></span>date. <span class=\"_ _10\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>CSM <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>ompon<span class=\"_ _7\"></span>ent <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>LRC <span class=\"_ _10\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transitio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>date <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>determin<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>dif<span class=\"_ _7\"></span>ference<span class=\"_ _2\"></span> between <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _3\"> </span>co<span class=\"_ _7\"></span>ntrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>fulfilm<span class=\"_ _7\"></span>ent <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>flows <span class=\"_ _f\"> </span>measu<span class=\"_ _2\"></span>red <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>date. <span class=\"_ _f\"> </span>In determini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the f<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ir <span class=\"_ _7\"></span>value, the <span class=\"_ _7\"></span>req<span class=\"_ _7\"></span>uir<span class=\"_ _7\"></span>ements of<span class=\"_ _7\"></span> IFRS 13 <span class=\"_ _2\"></span>Fair V<span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue Meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rem<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>wer<span class=\"_ _7\"></span>e appli<span class=\"_ _7\"></span>ed; exce<span class=\"_ _7\"></span>pt for <span class=\"_ _7\"></span>the appl<span class=\"_ _7\"></span>icatio<span class=\"_ _2\"></span>n of IFRS 13.4<span class=\"_ _7\"></span>7 reg<span class=\"_ _2\"></span>ardi<span class=\"_ _7\"></span>ng the ch<span class=\"_ _7\"></span>aracte<span class=\"_ _7\"></span>ristic of <span class=\"_ _7\"></span>short-<span class=\"_ _7\"></span>term r<span class=\"_ _7\"></span>etrie<span class=\"_ _7\"></span>vabili<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>. When <span class=\"_ _7\"></span>applying <span class=\"_ _2\"></span>the fair v<span class=\"_ _7\"></span>alue a<span class=\"_ _7\"></span>ppro<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ch a<span class=\"_ _7\"></span>t the <span class=\"_ _7\"></span>transi<span class=\"_ _7\"></span>tion dat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>it is pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>miss<span class=\"_ _7\"></span>ible to agg<span class=\"_ _2\"></span>reg<span class=\"_ _7\"></span>ate co<span class=\"_ _7\"></span>ntracts i<span class=\"_ _7\"></span>ssued mo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>an o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e year apa<span class=\"_ _7\"></span>rt. Reason<span class=\"_ _7\"></span>able an<span class=\"_ _7\"></span>d suppor<span class=\"_ _7\"></span>tabl<span class=\"_ _7\"></span>e inform<span class=\"_ _7\"></span>ation t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at was <span class=\"_ _7\"></span>available <span class=\"_ _2\"></span>at<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>transitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> date <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as use<span class=\"_ _7\"></span>d for t<span class=\"_ _7\"></span>he follo<span class=\"_ _7\"></span>wing: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identify gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ups of ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>determine <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>het<span class=\"_ _7\"></span>her any co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts a<span class=\"_ _2\"></span>re dir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ct pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ticip<span class=\"_ _7\"></span>ating i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identify a<span class=\"_ _7\"></span>ny discr<span class=\"_ _2\"></span>etionary c<span class=\"_ _7\"></span>ash fl<span class=\"_ _7\"></span>ows for ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ithout <span class=\"_ _7\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t parti<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ipatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> featur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>determine <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>het<span class=\"_ _7\"></span>her an inv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stme<span class=\"_ _7\"></span>nt co<span class=\"_ _7\"></span>ntract me<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts the <span class=\"_ _7\"></span>definiti<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span> of a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> inves<span class=\"_ _7\"></span>tment co<span class=\"_ _7\"></span>ntract <span class=\"_ _7\"></span>with dis<span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>etionar<span class=\"_ _7\"></span>y participatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> fea<span class=\"_ _7\"></span>tures <span class=\"_ _2\"></span>as defined i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> IFRS 17.<span class=\"_ _2\"></span> VIG divides insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce finance effe<span class=\"_ _2\"></span>ct<span class=\"_ _6\"></span>s into amou<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised thro<span class=\"_ _2\"></span>ugh <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it and loss and a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>s recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ise<span class=\"_ _7\"></span>d directly<span class=\"_ _2\"></span> in<span class=\"_ _6\"></span> equity<span class=\"_ _e\"></span>. The <span class=\"_ _4\"></span>cos<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>capit<span class=\"_ _7\"></span>al <span class=\"_ _4\"></span>appro<span class=\"_ _2\"></span>ach <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>determin<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>fair <span class=\"_ _0\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _0\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>alculat<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>insu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ance <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _0\"></span>liabilities <span class=\"_ _0\"></span>at <span class=\"_ _4\"> </span>the transition <span class=\"_ _7\"></span>date. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is was <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>alcula<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows: \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> eco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>omic<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lly c<span class=\"_ _7\"></span>alculat<span class=\"_ _7\"></span>ed best-<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>e liabil<span class=\"_ _7\"></span>ity witho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t ta<span class=\"_ _7\"></span>king into <span class=\"_ _7\"></span>account <span class=\"_ _7\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng re<span class=\"_ _7\"></span>quir<span class=\"_ _7\"></span>ements; <span class=\"_ _2\"></span>plus \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>a profi<span class=\"_ _7\"></span>t margi<span class=\"_ _7\"></span>n in li<span class=\"_ _7\"></span>ne wit<span class=\"_ _7\"></span>h the mark<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t. 25.<span class=\"ff4a\"> </span>ACCOUNTING P<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>LICIES 25.1.<span class=\"ff4a\"> </span>Currenc<span class=\"_ _2\"></span>y <span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>anslation T<span class=\"_ _10\"></span>ransactions<span class=\"_ _7\"></span> in forei<span class=\"_ _7\"></span>gn curr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ncies<span class=\"_ _7\"></span>  The <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ndividual financial<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>stateme<span class=\"_ _2\"></span>nts <span class=\"_ _6\"></span>for each subsidiar<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>are pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>par<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the curr<span class=\"_ _7\"></span>ency that <span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>evails in <span class=\"_ _6\"></span>the enviro<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ment of <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> ordi<span class=\"_ _7\"></span>nary <span class=\"_ _6\"></span>course <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>busin<span class=\"_ _7\"></span>ess <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>compan<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>(function<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>curren<span class=\"_ _7\"></span>cy). <span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>ithin VIG <span class=\"_ _1\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p, the <span class=\"_ _1\"></span>functio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>curre<span class=\"_ _2\"></span>ncy<span class=\"_ _6\"></span> is usually the <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ain <span class=\"_ _6\"></span>local curre<span class=\"_ _2\"></span>ncy<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>T<span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>ans<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ctio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>whic<span class=\"_ _7\"></span>h h<span class=\"_ _6\"></span>ave been conclud<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>in a <span class=\"_ _6\"></span>curr<span class=\"_ _2\"></span>ency <span class=\"_ _6\"></span>that is not <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>unctional curr<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>cy will be <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d using the mea<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>rate of exchange o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the day of <span class=\"_ _6\"></span>the resp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ve transactio<span class=\"_ _7\"></span>n. <span class=\"_ _6\"></span>Mo<span class=\"_ _7\"></span>netary assets a<span class=\"_ _7\"></span>nd <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties in <span class=\"_ _0\"></span>foreig<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>curr<span class=\"_ _2\"></span>ency <span class=\"_ _0\"></span>existing <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>balance <span class=\"_ _0\"></span>sh<span class=\"_ _7\"></span>eet <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>tr<span class=\"_ _6\"></span>anslat<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>euro<span class=\"_ _7\"></span>s <span class=\"_ _1\"></span>using <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>mean <span class=\"_ _1\"></span>rate <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>exc<span class=\"_ _7\"></span>hange <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>the repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting dat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. A<span class=\"_ _7\"></span>ny res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lting for<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> cu<span class=\"_ _7\"></span>rren<span class=\"_ _7\"></span>cy gains <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd lo<span class=\"_ _7\"></span>sses ar<span class=\"_ _2\"></span>e recognis<span class=\"_ _2\"></span>ed in the in<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ome st<span class=\"_ _7\"></span>ateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t.  Conversion<span class=\"_ _2\"></span> of individua<span class=\"_ _7\"></span>l financia<span class=\"_ _7\"></span>l statem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts d<span class=\"_ _7\"></span>enominat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d in for<span class=\"_ _2\"></span>ei<span class=\"_ _6\"></span>gn <span class=\"_ _7\"></span>currenc<span class=\"_ _7\"></span>ies  Assets, <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ities and <span class=\"_ _6\"></span>income<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>expe<span class=\"_ _7\"></span>nses <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>prese<span class=\"_ _7\"></span>nted<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>os, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>porti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>curr<span class=\"_ _7\"></span>ency <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _2\"></span>ng. <span class=\"_ _1\"></span>All assets and liabil<span class=\"_ _7\"></span>ities <span class=\"_ _1\"></span>reported <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>individ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al <span class=\"_ _0\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _0\"></span>stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>tr<span class=\"_ _6\"></span>anslat<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>eur<span class=\"_ _7\"></span>os <span class=\"_ _1\"></span>using <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>ean <span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>exch<span class=\"_ _7\"></span>ange <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>the repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting <span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>te. <span class=\"_ _1\"></span>The <span class=\"_ _0\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>stat<span class=\"_ _7\"></span>ement <span class=\"_ _0\"></span>item<span class=\"_ _7\"></span>s <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nverted <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sing<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>average<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>ean <span class=\"_ _1\"></span>rate <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>exch<span class=\"_ _7\"></span>ange <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>end <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he month. In <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>consoli<span class=\"_ _7\"></span>dated cas<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>flow state<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent, the <span class=\"_ _6\"></span>mean rate of <span class=\"_ _6\"></span>exchange on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>porting date is u<span class=\"_ _6\"></span>sed <span class=\"_ _6\"></span>for changes<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> balanc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet <span class=\"_ _4\"></span>it<span class=\"_ _2\"></span>ems, <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erage <span class=\"_ _0\"></span>mea<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _0\"></span>exch<span class=\"_ _7\"></span>ange<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>at<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>period <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>used <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>changes<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ncome stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>ite<span class=\"_ _7\"></span>ms. <span class=\"_ _1\"></span>Curr<span class=\"_ _2\"></span>ency <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nslation <span class=\"_ _6\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nces, <span class=\"_ _1\"></span>includi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>hose <span class=\"_ _6\"></span>resulting <span class=\"_ _1\"></span>fro<span class=\"_ _2\"></span>m <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>equity <span class=\"_ _1\"></span>method <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>accounti<span class=\"_ _7\"></span>ng, are r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tly i<span class=\"_ _7\"></span>n equity<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> In accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h the <span class=\"_ _7\"></span>hyperi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>flation<span class=\"_ _7\"></span> acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting<span class=\"_ _7\"></span> rules, <span class=\"_ _2\"></span>the mea<span class=\"_ _7\"></span>n exc<span class=\"_ _7\"></span>hange r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> bal<span class=\"_ _7\"></span>ance s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>ed f<span class=\"_ _7\"></span>or all i<span class=\"_ _7\"></span>tems of the fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e T<span class=\"_ _5\"></span>u<span class=\"_ _6\"></span>rkish ins<span class=\"_ _2\"></span>urance <span class=\"_ _7\"></span>companies.<span class=\"_ _2\"></span> Currency<span class=\"_ _6\"></span> <span class=\"_ _f1\"> </span><span class=\"fsf\">  <span class=\"_ _1e5\"> </span>End-of-<span class=\"_ _6\"></span>period e<span class=\"_ _6\"></span>xchange rat<span class=\"_ _6\"></span>e <span class=\"_ _385\"> </span>A<span class=\"_ _6\"></span>verage e<span class=\"_ _6\"></span>xchange rate </span>  <span class=\"_ _202\"> </span><span class=\"fsf\">  <span class=\"_ _f2\"> </span>31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022<span class=\"_ _3d5\"> </span>1 EU<span class=\"_ _6\"></span>R \u2259<span class=\"_ _3d5\"> </span>Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> <span class=\"_ _148\"> </span>A<span class=\"_ _6\"></span>LL <span class=\"_ _61\"> </span>1<span class=\"_ _6\"></span>03.8800<span class=\"_ _3d5\"> </span>114.2300<span class=\"_ _3d5\"> </span>108.7483<span class=\"_ _3d5\"> </span>118.9211<span class=\"_ _3d5\"> </span>Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rtib<span class=\"_ _1\"></span>le m<span class=\"_ _1\"></span>ark<span class=\"_ _6\"></span> <span class=\"_ _3a1\"> </span>BAM <span class=\"_ _135\"> </span>1.955<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span>BGN <span class=\"_ _72\"> </span>1<span class=\"_ _6\"></span>.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span> <span class=\"_ _21c\"> </span>GEL <span class=\"_ _ac\"> </span>2.9960<span class=\"_ _3d5\"> </span>2.8844<span class=\"_ _3d5\"> </span>2.8432<span class=\"_ _3d5\"> </span>3.0686<span class=\"_ _3d5\"> </span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>kun<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _3a2\"> </span>HRK/EU<span class=\"_ _6\"></span>R <span class=\"_ _23\"> </span>1.0000<span class=\"_ _3d5\"> </span>7.5365<span class=\"_ _3d5\"> </span>1.0000<span class=\"_ _3d5\"> </span>7.5349<span class=\"_ _3d5\"> </span>Ma<span class=\"_ _6\"></span>cedo<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>den<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>MKD <span class=\"_ _7d\"> </span>61.4950<span class=\"_ _3d5\"> </span>61.4932<span class=\"_ _3d5\"> </span>61.5572<span class=\"_ _3d5\"> </span>61.6219<span class=\"_ _3d5\"> </span>Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>MDL <span class=\"_ _7d\"> </span>19.<span class=\"_ _6\"></span>3574<span class=\"_ _3d5\"> </span>20.3792<span class=\"_ _3d5\"> </span>19.6431<span class=\"_ _3d5\"> </span>19.8982<span class=\"_ _3d5\"> </span>New <span class=\"_ _6\"></span>Tu<span class=\"_ _1\"></span>rki<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _146\"> </span>TRY <span class=\"_ _14f\"> </span>32.653<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>19.9649<span class=\"_ _3d5\"> </span>25.7597<span class=\"_ _3d5\"> </span>17.4088<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lish<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _366\"> </span>PLN <span class=\"_ _5e\"> </span>4.3395<span class=\"_ _3d5\"> </span>4.6808<span class=\"_ _3d5\"> </span>4.5420<span class=\"_ _3d5\"> </span>4.6861<span class=\"_ _3d5\"> </span>Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>eu<span class=\"_ _6\"></span> <span class=\"_ _a2\"> </span>RON <span class=\"_ _72\"> </span>4.9756<span class=\"_ _3d5\"> </span>4.9495<span class=\"_ _3d5\"> </span>4.9467<span class=\"_ _3d5\"> </span>4.9313<span class=\"_ _3d5\"> </span>Swis<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _91\"> </span>CHF<span class=\"_ _6\"></span> <span class=\"_ _5e\"> </span>0.9260<span class=\"_ _3d5\"> </span>0.9847<span class=\"_ _3d5\"> </span>0.9718<span class=\"_ _3d5\"> </span>1.0047<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> di<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _396\"> </span>RSD <span class=\"_ _1b\"> </span>117.1<span class=\"_ _6\"></span>737<span class=\"_ _3d5\"> </span>117.3224<span class=\"_ _3d5\"> </span>117.2530<span class=\"_ _3d5\"> </span>117.4641<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>una<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>CZK <span class=\"_ _14f\"> </span>24.7240<span class=\"_ _3d5\"> </span>24.1160<span class=\"_ _3d5\"> </span>24.0043<span class=\"_ _3d5\"> </span>24.5659<span class=\"_ _3d5\"> </span>Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e h<span class=\"_ _1\"></span>ry<span class=\"_ _6\"></span>vni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _b3\"> </span>UAH <span class=\"_ _3f\"> </span>42,2079<span class=\"_ _3d5\"> </span>38.9510<span class=\"_ _3d5\"> </span>39.5619<span class=\"_ _3d5\"> </span>33.9954<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span> <span class=\"_ _3a3\"> </span>HUF <span class=\"_ _3a\"> </span>382.80<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>400.8700<span class=\"_ _3d5\"> </span>381.8527<span class=\"_ _3d5\"> </span>391.2865<span class=\"_ _3d5\"> </span>US D<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>USD<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>1.1050<span class=\"_ _3d5\"> </span>1.0666<span class=\"_ _3d5\"> </span>1.0813<span class=\"_ _3d5\"> </span>1.0531<span class=\"_ _3d5\"> </span>25.2.<span class=\"ff4a\"> </span>Busin<span class=\"_ _7\"></span>ess combinations<span class=\"_ _7\"></span> Establishing<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> scop<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> conso<span class=\"_ _7\"></span>lidation The mat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rialit<span class=\"_ _7\"></span>y or im<span class=\"_ _7\"></span>materiali<span class=\"_ _7\"></span>ty of<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ubsidia<span class=\"_ _7\"></span>ries, asso<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>iated <span class=\"_ _2\"></span>compa<span class=\"_ _7\"></span>nies and<span class=\"_ _7\"></span> joi<span class=\"_ _7\"></span>nt arra<span class=\"_ _7\"></span>ngeme<span class=\"_ _7\"></span>nts fo<span class=\"_ _7\"></span>r the co<span class=\"_ _2\"></span>nsolidated f<span class=\"_ _7\"></span>ina<span class=\"_ _2\"></span>ncial<span class=\"_ _6\"></span> stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts is <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>hecked<span class=\"_ _2\"></span> u<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>a variet<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> of t<span class=\"_ _7\"></span>hr<span class=\"_ _7\"></span>eshol<span class=\"_ _7\"></span>ds d<span class=\"_ _7\"></span>efined <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t th<span class=\"_ _7\"></span>e VIG<span class=\"_ _7\"></span> Holdi<span class=\"_ _7\"></span>ng l<span class=\"_ _7\"></span>evel. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese als<span class=\"_ _7\"></span>o i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clude<span class=\"_ _7\"></span> quali<span class=\"_ _7\"></span>tative ass<span class=\"_ _7\"></span>ess<span class=\"_ _7\"></span>-<span class=\"_ _3d5\"> </span>ment crit<span class=\"_ _7\"></span>eria. Fo<span class=\"_ _7\"></span>r this pu<span class=\"_ _7\"></span>rpos<span class=\"_ _7\"></span>e, the abso<span class=\"_ _7\"></span>lute r<span class=\"_ _7\"></span>esult b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e ta<span class=\"_ _2\"></span>xes or the total ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _7\"></span>heck<span class=\"_ _7\"></span>ed, for <span class=\"_ _7\"></span>exampl<span class=\"_ _7\"></span>e. If a com<span class=\"_ _2\"></span>pany does <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>fulfi<span class=\"_ _7\"></span>l <span class=\"_ _0\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>size <span class=\"_ _0\"></span>criteria, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>seco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>step <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>performe<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>heck <span class=\"_ _1\"></span>whether <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>compa<span class=\"_ _7\"></span>nies <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>are <span class=\"_ _1\"></span>not <span class=\"_ _0\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uded <span class=\"_ _1\"></span>are material w<span class=\"_ _2\"></span>hen<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>taken as a <span class=\"_ _2\"></span>whole. If t<span class=\"_ _7\"></span>his is no<span class=\"_ _2\"></span>t the case, <span class=\"_ _7\"></span>these <span class=\"_ _7\"></span>companies <span class=\"_ _2\"></span>will not be i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ed in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e scope of<span class=\"_ _7\"></span> consol<span class=\"_ _7\"></span>ida<span class=\"_ _7\"></span>tion. Compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _4\"> </span>have <span class=\"_ _f\"> </span>no <span class=\"_ _4\"> </span>mat<span class=\"_ _7\"></span>erial <span class=\"_ _4\"> </span>effect <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _e\"></span>s <span class=\"_ _4\"> </span>net <span class=\"_ _f\"> </span>ass<span class=\"_ _7\"></span>ets, <span class=\"_ _f\"> </span>fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial <span class=\"_ _f\"> </span>posi<span class=\"_ _7\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>nd <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ults <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>op<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>w<span class=\"_ _2\"></span>hen consid<span class=\"_ _7\"></span>ered i<span class=\"_ _7\"></span>ndividu<span class=\"_ _7\"></span>ally and i<span class=\"_ _2\"></span>n the aggr<span class=\"_ _7\"></span>egat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ar<span class=\"_ _7\"></span>e ess<span class=\"_ _7\"></span>entially <span class=\"_ _2\"></span>measure<span class=\"_ _7\"></span>d at fai<span class=\"_ _7\"></span>r value.<span class=\"_ _2\"></span> Fully co<span class=\"_ _7\"></span>ntroll<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>nvestmen<span class=\"_ _7\"></span>t funds <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>\u201cspecial f<span class=\"_ _2\"></span>unds\u201d) w<span class=\"_ _7\"></span>ere f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lly <span class=\"_ _7\"></span>consolida<span class=\"_ _7\"></span>ted i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance with t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>ements of I<span class=\"_ _2\"></span>FRS 10. These <span class=\"_ _6\"></span>consolida<span class=\"_ _7\"></span>ted <span class=\"_ _1\"></span>special<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>funds <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>indep<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>units u<span class=\"_ _6\"></span>nder <span class=\"_ _1\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y <span class=\"_ _1\"></span>law <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>ther<span class=\"_ _7\"></span>efor<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>conside<span class=\"_ _7\"></span>red <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>be structur<span class=\"_ _2\"></span>ed compa<span class=\"_ _7\"></span>nies as <span class=\"_ _7\"></span>defi<span class=\"_ _7\"></span>ned in<span class=\"_ _7\"></span> IFRS<span class=\"_ _7\"></span> 12. T<span class=\"_ _7\"></span>his <span class=\"_ _7\"></span>concerns i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt fu<span class=\"_ _7\"></span>nds w<span class=\"_ _7\"></span>hich <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>not desig<span class=\"_ _2\"></span>ned for <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>ublic <span class=\"_ _7\"></span>capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l markets. <span class=\"_ _6\"></span>Due <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lack <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ing <span class=\"_ _6\"></span>influence, <span class=\"_ _6\"></span>public <span class=\"_ _6\"></span>investm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>funds, <span class=\"_ _6\"></span>despite h<span class=\"_ _6\"></span>olding <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>majorit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>oting r<span class=\"_ _6\"></span>ights<span class=\"_ _7\"></span>, are not <span class=\"_ _6\"></span>co<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed. <span class=\"_ _6\"></span>Comp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny law and <span class=\"_ _6\"></span>reg<span class=\"_ _7\"></span>ulator<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>requir<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>ents can <span class=\"_ _6\"></span>res<span class=\"_ _7\"></span>trict the <span class=\"_ _6\"></span>ability of su<span class=\"_ _6\"></span>bsidi<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ies to <span class=\"_ _6\"></span>transfe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> financial means (i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the form o<span class=\"_ _7\"></span>f di<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>idends<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> to the <span class=\"_ _7\"></span>par<span class=\"_ _7\"></span>ent com<span class=\"_ _2\"></span>pany<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span>Account<span class=\"_ _7\"></span>ing for b<span class=\"_ _7\"></span>usiness<span class=\"_ _7\"></span> combina<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions<span class=\"_ _2\"></span> Business <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>ombin<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>using <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>purc<span class=\"_ _7\"></span>hase <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>ethod. <span class=\"_ _10\"></span>Goodwil<span class=\"_ _7\"></span>l <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>recognis<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _2\"></span>consid<span class=\"_ _7\"></span>erati<span class=\"_ _7\"></span>on transferr<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>n a business<span class=\"_ _7\"></span> combi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n and all no<span class=\"_ _7\"></span>n-c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntro<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>ng i<span class=\"_ _7\"></span>nte<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sts in t<span class=\"_ _7\"></span>he acquir<span class=\"_ _7\"></span>ed com<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>y less the ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tifiable ass<span class=\"_ _2\"></span>ets acquire<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>liabil<span class=\"_ _7\"></span>ities <span class=\"_ _1\"></span>assumed. <span class=\"_ _1\"></span>In <span class=\"_ _0\"></span>an<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>busi<span class=\"_ _7\"></span>ness <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>ombi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _2\"></span>ion, <span class=\"_ _0\"></span>prese<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>non-control<span class=\"_ _7\"></span>ling<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sts <span class=\"_ _1\"></span>that <span class=\"_ _0\"></span>entitle<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>hold<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a propor<span class=\"_ _2\"></span>tionate shar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e entity\u2019<span class=\"_ _5\"></span>s net <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>ets in the eve<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of <span class=\"_ _7\"></span>a <span class=\"_ _6\"></span>liquid<span class=\"_ _7\"></span>ation ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>be meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d either at fair valu<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r as <span class=\"_ _6\"></span>par<span class=\"_ _7\"></span>t of the <span class=\"_ _1\"></span>ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tifiable ne<span class=\"_ _6\"></span>t a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts. <span class=\"_ _6\"></span>Unless <span class=\"_ _6\"></span>another IFRS <span class=\"_ _1\"></span>pr<span class=\"_ _7\"></span>ovid<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ement <span class=\"_ _1\"></span>met<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>od, a<span class=\"_ _6\"></span>ll oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>compon<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-<span class=\"_ _3d5\"> </span>contro<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>ng inter<span class=\"_ _2\"></span>ests are<span class=\"_ _2\"></span> measur<span class=\"_ _7\"></span>ed at <span class=\"_ _2\"></span>the corr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>spo<span class=\"_ _7\"></span>nding s<span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tifiable <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>et ass<span class=\"_ _2\"></span>ets. If t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e consid<span class=\"_ _2\"></span>eration is<span class=\"_ _7\"></span> less t<span class=\"_ _2\"></span>han the assets a<span class=\"_ _7\"></span>nd <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties of the acquir<span class=\"_ _7\"></span>ed s<span class=\"_ _7\"></span>ubsidiary<span class=\"_ _7\"></span> measur<span class=\"_ _7\"></span>ed at fair value, the dif<span class=\"_ _2\"></span>ference is chec<span class=\"_ _7\"></span>ked agai<span class=\"_ _7\"></span>n and <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised directl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e in<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ome <span class=\"_ _7\"></span>statem<span class=\"_ _2\"></span>ent. As<span class=\"_ _7\"></span> a <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ule, t<span class=\"_ _2\"></span>he fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ues c<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span>culated <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>ac<span class=\"_ _6\"></span>cor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>IFRS <span class=\"_ _7\"></span>13 <span class=\"_ _2\"></span>of all<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>(incl. <span class=\"_ _2\"></span>goodwill and ot<span class=\"_ _7\"></span>her intangibl<span class=\"_ _2\"></span>e assets) <span class=\"_ _7\"></span>and li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>allocated to <span class=\"_ _2\"></span>the countr<span class=\"_ _7\"></span>y to w<span class=\"_ _7\"></span>hich t<span class=\"_ _7\"></span>he pur<span class=\"_ _7\"></span>chased <span class=\"_ _7\"></span>comp<span class=\"_ _7\"></span>any is assi<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>ned. Deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d tax assets acquir<span class=\"_ _2\"></span>ed during a <span class=\"_ _6\"></span>busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess combin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>and aris<span class=\"_ _7\"></span>ing under IAS 12.66 <span class=\"_ _7\"></span>et <span class=\"_ _6\"></span>seqq. o<span class=\"_ _7\"></span>n the acquisitio<span class=\"_ _7\"></span>n date are t<span class=\"_ _7\"></span>ested fo<span class=\"_ _7\"></span>r imp<span class=\"_ _7\"></span>airment i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _7\"></span>h IAS 1<span class=\"_ _7\"></span>2.37.<span class=\"_ _2\"></span> The G<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p <span class=\"_ _7\"></span>considers <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>goodwill <span class=\"_ _2\"></span>to ref<span class=\"_ _7\"></span>lect t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the abili<span class=\"_ _7\"></span>ty to <span class=\"_ _2\"></span>make <span class=\"_ _7\"></span>use of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce-spe<span class=\"_ _7\"></span>cific <span class=\"_ _2\"></span>expertis<span class=\"_ _7\"></span>e<span class=\"_ _6\"></span> of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>mploy<span class=\"_ _7\"></span>ees o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>acq<span class=\"_ _7\"></span>uired <span class=\"_ _2\"></span>companies. <span class=\"_ _2\"></span>Wh<span class=\"_ _7\"></span>en <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>ark<span class=\"_ _7\"></span>et <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>enter<span class=\"_ _7\"></span>ed, i<span class=\"_ _7\"></span>t <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>epr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sents <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>ability <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>produ<span class=\"_ _7\"></span>cts in a<span class=\"_ _6\"></span> countr<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>take ad<span class=\"_ _7\"></span>vantage of the opport<span class=\"_ _7\"></span>unities that exi<span class=\"_ _7\"></span>st t<span class=\"_ _6\"></span>here. In<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>untries wher<span class=\"_ _7\"></span>e the Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>is alr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ady rep<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d by one o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> more <span class=\"_ _2\"></span>compani<span class=\"_ _7\"></span>es, t<span class=\"_ _7\"></span>he goodwil<span class=\"_ _7\"></span>l also<span class=\"_ _7\"></span> repr<span class=\"_ _2\"></span>esents th<span class=\"_ _7\"></span>e po<span class=\"_ _7\"></span>ssibil<span class=\"_ _7\"></span>ity of m<span class=\"_ _7\"></span>aking use of <span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>tential sy<span class=\"_ _7\"></span>nergies.<span class=\"_ _2\"></span> When <span class=\"_ _6\"></span>real <span class=\"_ _6\"></span>estate h<span class=\"_ _6\"></span>olding <span class=\"_ _6\"></span>comp<span class=\"_ _7\"></span>anies <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>acquir<span class=\"_ _2\"></span>ed, <span class=\"_ _1\"></span>they <span class=\"_ _6\"></span>are<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ch<span class=\"_ _6\"></span>ecked to <span class=\"_ _1\"></span>see <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>they <span class=\"_ _6\"></span>inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ude <span class=\"_ _6\"></span>bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _6\"></span>operatio<span class=\"_ _7\"></span>ns. <span class=\"_ _6\"></span>If they <span class=\"_ _4\"> </span>do <span class=\"_ _4\"></span>not, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>pur<span class=\"_ _7\"></span>chas<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>method <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>not <span class=\"_ _4\"> </span>used. <span class=\"_ _4\"></span>In <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _4\"> </span>cases, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>acquis<span class=\"_ _7\"></span>ition <span class=\"_ _4\"> </span>cos<span class=\"_ _7\"></span>ts, <span class=\"_ _4\"> </span>including <span class=\"_ _4\"></span>tr<span class=\"_ _7\"></span>ansactio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>costs, <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> distributed<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>cquir<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>asse<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>med <span class=\"_ _0\"></span>li<span class=\"_ _7\"></span>abilit<span class=\"_ _2\"></span>ies <span class=\"_ _0\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>No <span class=\"_ _1\"></span>deferr<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>ax<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>are<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> such cases <span class=\"_ _2\"></span>(initial r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nition exemp<span class=\"_ _2\"></span>tion). Good<span class=\"_ _7\"></span>will ca<span class=\"_ _2\"></span>nnot arise in this<span class=\"_ _7\"></span> cont<span class=\"_ _7\"></span>ext. All <span class=\"_ _4\"></span>compan<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>ns <span class=\"_ _4\"> </span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>carried <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>ut <span class=\"_ _f\"> </span>usi<span class=\"_ _2\"></span>ng <span class=\"_ _f\"> </span>c<span class=\"_ _2\"></span>ash<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>cash <span class=\"_ _4\"></span>equiv<span class=\"_ _7\"></span>alents. <span class=\"_ _4\"></span>A <span class=\"_ _4\"></span>lis<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>fully <span class=\"_ _4\"> </span>an<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>t <span class=\"_ _4\"></span>eq<span class=\"_ _7\"></span>uity <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d companies <span class=\"_ _2\"></span>can be fo<span class=\"_ _7\"></span>und star<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>n page 133<span class=\"_ _7\"></span> in No<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>e 22. A<span class=\"_ _2\"></span>ffi<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>iated compa<span class=\"_ _7\"></span>nies and <span class=\"_ _7\"></span>participa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions.<span class=\"_ _2\"></span> 25.3.<span class=\"ff4a\"> </span>(Re-) insuranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> contract<span class=\"_ _7\"></span>s Classificat<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>on Insurance <span class=\"_ _6\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>defined <span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>under <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>one<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>party <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>insur<span class=\"_ _2\"></span>er) <span class=\"_ _0\"></span>acc<span class=\"_ _7\"></span>epts <span class=\"_ _0\"></span>sig<span class=\"_ _2\"></span>nificant <span class=\"_ _1\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _1\"></span>risk <span class=\"_ _1\"></span>fro<span class=\"_ _7\"></span>m another <span class=\"_ _1\"></span>party <span class=\"_ _0\"></span>(the <span class=\"_ _0\"></span>poli<span class=\"_ _7\"></span>cyholde<span class=\"_ _7\"></span>r), <span class=\"_ _0\"></span>by <span class=\"_ _0\"></span>agr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ei<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>provid<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>mpensatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>if <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>specifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>unc<span class=\"_ _6\"></span>ert<span class=\"_ _7\"></span>ain <span class=\"_ _0\"></span>futu<span class=\"_ _7\"></span>re event <span class=\"_ _0\"></span>(the <span class=\"_ _1\"></span>insured <span class=\"_ _1\"></span>event) <span class=\"_ _1\"></span>ne<span class=\"_ _6\"></span>gati<span class=\"_ _7\"></span>vely <span class=\"_ _0\"></span>aff<span class=\"_ _7\"></span>ects <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>policyhol<span class=\"_ _7\"></span>der<span class=\"_ _e\"></span>. <span class=\"_ _0\"></span>F<span class=\"_ _6\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _0\"></span>risk <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>risk <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>possible <span class=\"_ _0\"></span>f<span class=\"_ _7\"></span>uture <span class=\"_ _1\"></span>change <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>e<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span>g. specific <span class=\"_ _10\"></span>interes<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>tes, <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>prices, <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>ri<span class=\"_ _7\"></span>ce <span class=\"_ _7\"></span>indi<span class=\"_ _7\"></span>ces, <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>rat<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>indices, <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>redit <span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>atings <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit <span class=\"_ _2\"></span>indi<span class=\"_ _7\"></span>ces. <span class=\"_ _2\"></span>It <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ust <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>noted that i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _7\"></span>ase o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>a no<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _7\"></span>variabl<span class=\"_ _7\"></span>e, th<span class=\"_ _7\"></span>e v<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>riable <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>not <span class=\"_ _2\"></span>spec<span class=\"_ _6\"></span>ifi<span class=\"_ _7\"></span>c to <span class=\"_ _2\"></span>one<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>cou<span class=\"_ _7\"></span>nterpar<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>any c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ses, <span class=\"_ _2\"></span>particul<span class=\"_ _7\"></span>arly in <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> lif<span class=\"_ _7\"></span>e insurance ar<span class=\"_ _2\"></span>ea, insu<span class=\"_ _7\"></span>rance poli<span class=\"_ _7\"></span>cies as <span class=\"_ _7\"></span>defin<span class=\"_ _7\"></span>ed in IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _7\"></span>also tra<span class=\"_ _7\"></span>nsfer fi<span class=\"_ _7\"></span>nancial ris<span class=\"_ _7\"></span>k. <span class=\"_ _7\"></span> Some <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>have <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>legal <span class=\"_ _1\"></span>form <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _1\"></span>cont<span class=\"_ _7\"></span>racts<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>but <span class=\"_ _0\"></span>do <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>transfer <span class=\"_ _0\"></span>sig<span class=\"_ _7\"></span>nific<span class=\"_ _7\"></span>ant <span class=\"_ _0\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _1\"></span>risk. <span class=\"_ _0\"></span>S<span class=\"_ _7\"></span>uch <span class=\"_ _0\"></span>fina<span class=\"_ _7\"></span>ncial insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>policies <span class=\"_ _6\"></span>exist <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>mino<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>tent <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>perso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _1\"></span>are<span class=\"_ _7\"></span>a. <span class=\"_ _1\"></span>These <span class=\"_ _1\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>financ<span class=\"_ _2\"></span>ial<span class=\"_ _6\"></span> liabil<span class=\"_ _7\"></span>ities <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>fin<span class=\"_ _7\"></span>ed as <span class=\"_ _10\"></span>\u201cinvestme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts\u201d. <span class=\"_ _2\"></span>Investm<span class=\"_ _7\"></span>ent co<span class=\"_ _2\"></span>ntracts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e g<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>erally <span class=\"_ _7\"></span>out <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e I<span class=\"_ _2\"></span>FRS 17 <span class=\"_ _7\"></span>scop<span class=\"_ _7\"></span>e. H<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>wever<span class=\"_ _e\"></span>, if i<span class=\"_ _7\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ave di<span class=\"_ _7\"></span>scre<span class=\"_ _7\"></span>tionar<span class=\"_ _7\"></span>y particip<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n featur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, t<span class=\"_ _7\"></span>hese co<span class=\"_ _7\"></span>ntracts ar<span class=\"_ _2\"></span>e nevert<span class=\"_ _7\"></span>heless <span class=\"_ _7\"></span>within I<span class=\"_ _7\"></span>FRS 17-s<span class=\"_ _2\"></span>cope.<span class=\"_ _3d5\"> </span>The <span class=\"_ _6\"></span>maj<span class=\"_ _7\"></span>ority <span class=\"_ _6\"></span>of the VIG<span class=\"_ _6\"></span> life insura<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> contracts ar<span class=\"_ _7\"></span>e eligibl<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>to be<span class=\"_ _6\"></span> measur<span class=\"_ _7\"></span>ed using <span class=\"_ _6\"></span>the VF<span class=\"_ _2\"></span>A. These <span class=\"_ _6\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts for wh<span class=\"_ _6\"></span>ic<span class=\"_ _7\"></span>h, at incep<span class=\"_ _7\"></span>tion: \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> co<span class=\"_ _2\"></span>ntractual te<span class=\"_ _7\"></span>rms sp<span class=\"_ _7\"></span>ecify th<span class=\"_ _7\"></span>at the po<span class=\"_ _7\"></span>licyhol<span class=\"_ _7\"></span>der p<span class=\"_ _7\"></span>articipat<span class=\"_ _7\"></span>es in a s<span class=\"_ _7\"></span>hare of<span class=\"_ _7\"></span> a <span class=\"_ _7\"></span>clearly id<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntifi<span class=\"_ _7\"></span>ed pool o<span class=\"_ _7\"></span>f und<span class=\"_ _7\"></span>erlying items<span class=\"_ _7\"></span>;  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is expec<span class=\"_ _7\"></span>ted to pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> to <span class=\"_ _7\"></span>the policy<span class=\"_ _7\"></span>hold<span class=\"_ _7\"></span>er an amo<span class=\"_ _2\"></span>unt equal to <span class=\"_ _2\"></span>a substa<span class=\"_ _7\"></span>ntial shar<span class=\"_ _2\"></span>e of the fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> valu<span class=\"_ _7\"></span>e re<span class=\"_ _7\"></span>turns on t<span class=\"_ _7\"></span>he underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g items; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is expec<span class=\"_ _7\"></span>ted that a s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bs<span class=\"_ _7\"></span>tantial p<span class=\"_ _2\"></span>roportio<span class=\"_ _7\"></span>n of an<span class=\"_ _7\"></span>y chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in the <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unts to b<span class=\"_ _7\"></span>e paid <span class=\"_ _7\"></span>to the <span class=\"_ _7\"></span>policy<span class=\"_ _7\"></span>holder will<span class=\"_ _7\"></span> var<span class=\"_ _7\"></span>y with th<span class=\"_ _7\"></span>e change in f<span class=\"_ _2\"></span>air value of <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>underlyi<span class=\"_ _7\"></span>ng items.<span class=\"_ _2\"></span> This <span class=\"_ _6\"></span>primarily<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>conce<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>VIG\u2019<span class=\"_ _5\"></span>s <span class=\"_ _6\"></span>Austrian and <span class=\"_ _6\"></span>Germa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>polici<span class=\"_ _7\"></span>es in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>life <span class=\"_ _6\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _6\"></span>bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>sheet unit. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>life bu<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ness of virtually <span class=\"_ _10\"></span>all <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>countries <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>participatio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>sole <span class=\"_ _2\"></span>disc<span class=\"_ _7\"></span>retio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>company <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ncerned. <span class=\"_ _2\"></span>Thes<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>prod<span class=\"_ _7\"></span>ucts are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed with GMM<span class=\"_ _7\"></span>. In <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>prima<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y <span class=\"_ _4\"></span>P&amp;C <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>P<span class=\"_ _10\"></span>AA<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>appl<span class=\"_ _7\"></span>ied <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>me<span class=\"_ _7\"></span>as<span class=\"_ _7\"></span>ure <span class=\"_ _4\"></span>sho<span class=\"_ _7\"></span>rt <span class=\"_ _4\"></span>duratio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>and <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _7\"></span>refe<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>ed meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach. T<span class=\"_ _7\"></span>his is al<span class=\"_ _7\"></span>so the cas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> for long<span class=\"_ _2\"></span>-duratio<span class=\"_ _7\"></span>n P&amp;C ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce cont<span class=\"_ _7\"></span>racts if<span class=\"_ _7\"></span> the meas<span class=\"_ _7\"></span>urem<span class=\"_ _7\"></span>ent u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der P<span class=\"_ _10\"></span>AA <span class=\"_ _7\"></span>is not s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bs<span class=\"_ _7\"></span>tantially<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>dif<span class=\"_ _2\"></span>ferent <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ement <span class=\"_ _10\"></span>under <span class=\"_ _2\"></span>GMM. <span class=\"_ _2\"></span>Long-du<span class=\"_ _7\"></span>ration <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>prim<span class=\"_ _7\"></span>ary <span class=\"_ _2\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>without direct <span class=\"_ _0\"></span>participation <span class=\"_ _4\"></span>fe<span class=\"_ _7\"></span>atures <span class=\"_ _0\"></span>are <span class=\"_ _4\"> </span>generall<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>measur<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>GMM. <span class=\"_ _4\"></span>Neit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er <span class=\"_ _4\"> </span>held <span class=\"_ _4\"></span>nor <span class=\"_ _4\"></span>issu<span class=\"_ _7\"></span>ed <span class=\"_ _4\"> </span>rei<span class=\"_ _7\"></span>nsurance <span class=\"_ _4\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _4\"></span>ca<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>be classif<span class=\"_ _7\"></span>ied <span class=\"_ _4\"> </span>as <span class=\"_ _4\"> </span>dir<span class=\"_ _7\"></span>ect <span class=\"_ _4\"></span>prof<span class=\"_ _7\"></span>it <span class=\"_ _4\"></span>parti<span class=\"_ _7\"></span>cipati<span class=\"_ _7\"></span>on <span class=\"_ _4\"></span>contr<span class=\"_ _7\"></span>acts, <span class=\"_ _4\"></span>whic<span class=\"_ _7\"></span>h <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>why <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>ese <span class=\"_ _4\"></span>can<span class=\"_ _7\"></span>not <span class=\"_ _4\"></span>be <span class=\"_ _4\"></span>assesse<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>using <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>VF<span class=\"_ _2\"></span>A. <span class=\"_ _4\"></span>R<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>nce contracts <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her<span class=\"_ _2\"></span>efore ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>d eithe<span class=\"_ _7\"></span>r with th<span class=\"_ _7\"></span>e P<span class=\"_ _10\"></span>AA or th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> GMM<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> Account<span class=\"_ _7\"></span>ing trea<span class=\"_ _7\"></span>tment<span class=\"_ _7\"></span> SEP<span class=\"_ _2\"></span>ARA<span class=\"_ _2\"></span>TING COMPO<span class=\"_ _7\"></span>NENTS<span class=\"_ _2\"></span> Befor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>IG accounts for <span class=\"_ _6\"></span>an insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>or reinsura<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract based on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>guida<span class=\"_ _7\"></span>nce in <span class=\"_ _6\"></span>IFRS 17, it <span class=\"_ _6\"></span>analys<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>wheth<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>the contract<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tains<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>compo<span class=\"_ _7\"></span>nents <span class=\"_ _4\"> </span>that <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>hould <span class=\"_ _f\"> </span>b<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>sepa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ated.<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>Mea<span class=\"_ _7\"></span>ning, <span class=\"_ _4\"> </span>thos<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>com<span class=\"_ _2\"></span>ponents <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>ust <span class=\"_ _f\"> </span>b<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>ac<span class=\"_ _7\"></span>counted <span class=\"_ _4\"> </span>for <span class=\"_ _4\"></span>under<span class=\"_ _7\"></span> another <span class=\"_ _3\"> </span>IFRS <span class=\"_ _3\"> </span>rather <span class=\"_ _3\"> </span>than <span class=\"_ _d\"> </span>IF<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>S 17 <span class=\"_ _3\"> </span>(disti<span class=\"_ _7\"></span>nct <span class=\"_ _d\"> </span>non-i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _3\"> </span>compone<span class=\"_ _7\"></span>nts).  Af<span class=\"_ _2\"></span>ter  s<span class=\"_ _7\"></span>eparating <span class=\"_ _f\"> </span>any <span class=\"_ _3\"> </span>distinct <span class=\"_ _3\"> </span>n<span class=\"_ _6\"></span>on-i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents, I<span class=\"_ _7\"></span>FRS 17 i<span class=\"_ _7\"></span>s applied <span class=\"_ _2\"></span>to all rem<span class=\"_ _2\"></span>ain<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent<span class=\"_ _2\"></span>s of the insu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntract. <span class=\"_ _2\"></span> Investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>compone<span class=\"_ _7\"></span>nts <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>define<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>as <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>amo<span class=\"_ _7\"></span>unts <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>an <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>es <span class=\"_ _10\"></span>an <span class=\"_ _2\"></span>insur<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>rep<span class=\"_ _7\"></span>ay <span class=\"_ _2\"></span>to <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>oli<span class=\"_ _7\"></span>cyhold<span class=\"_ _7\"></span>er in a<span class=\"_ _6\"></span>ll circ<span class=\"_ _7\"></span>umstan<span class=\"_ _7\"></span>ces, rega<span class=\"_ _7\"></span>rdless<span class=\"_ _7\"></span> of <span class=\"_ _6\"></span>whet<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er an <span class=\"_ _6\"></span>insur<span class=\"_ _2\"></span>ed event has <span class=\"_ _6\"></span>occ<span class=\"_ _7\"></span>urred or not. Investm<span class=\"_ _7\"></span>ent c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>ponents (e.g. surr<span class=\"_ _7\"></span>end<span class=\"_ _7\"></span>er options in life insu<span class=\"_ _7\"></span>rance contr<span class=\"_ _7\"></span>acts) whic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e hig<span class=\"_ _7\"></span>hly <span class=\"_ _6\"></span>interr<span class=\"_ _2\"></span>elated with the ins<span class=\"_ _7\"></span>urance cont<span class=\"_ _7\"></span>ract, of which they<span class=\"_ _7\"></span> form a part, ar<span class=\"_ _7\"></span>e consid<span class=\"_ _7\"></span>ered <span class=\"_ _3\"> </span>non-distin<span class=\"_ _7\"></span>ct  a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  ar<span class=\"_ _2\"></span>e  not  s<span class=\"_ _2\"></span>eparatel<span class=\"_ _7\"></span>y  ac<span class=\"_ _7\"></span>counte<span class=\"_ _7\"></span>d  for<span class=\"_ _e\"></span>.  Ho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ever<span class=\"_ _e\"></span>,  r<span class=\"_ _2\"></span>eceipts <span class=\"_ _3\"> </span>a<span class=\"_ _6\"></span>nd  p<span class=\"_ _2\"></span>ayments  of<span class=\"_ _2\"></span>  the  i<span class=\"_ _2\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents <span class=\"_ _0\"></span>are <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>xcluded<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>from<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>service <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en<span class=\"_ _7\"></span>ue <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>servide <span class=\"_ _0\"></span>expens<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s. <span class=\"_ _0\"></span>Some <span class=\"_ _0\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts req<span class=\"_ _7\"></span>uire to r<span class=\"_ _7\"></span>epay an amou<span class=\"_ _7\"></span>nt but not in all c<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>ms<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ances <span class=\"_ _7\"></span>and not as a res<span class=\"_ _7\"></span>ult of an in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed event. These amo<span class=\"_ _7\"></span>unts re<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>res<span class=\"_ _2\"></span>ent premium<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>refunds <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>red<span class=\"_ _2\"></span>uce <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>urance <span class=\"_ _0\"></span>servi<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>enue <span class=\"_ _0\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>insurance <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ervice <span class=\"_ _1\"></span>expenses. <span class=\"_ _1\"></span>The <span class=\"_ _0\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>pres<span class=\"_ _2\"></span>ents <span class=\"_ _0\"></span>premi<span class=\"_ _7\"></span>um refu<span class=\"_ _7\"></span>nds as de<span class=\"_ _2\"></span>ductions wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>in the pr<span class=\"_ _2\"></span>emiums <span class=\"_ _2\"></span>received.<span class=\"_ _2\"></span> S<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>rei<span class=\"_ _2\"></span>ns<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>ntr<span class=\"_ _7\"></span>ac<span class=\"_ _2\"></span>ts<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>d c<span class=\"_ _2\"></span>ont<span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span>n c<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>mm<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>rang<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> A<span class=\"_ _2\"></span>cc<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ding<span class=\"_ _2\"></span> to<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>hei<span class=\"_ _2\"></span>r n<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>e,<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>om<span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>si<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>ma<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>be:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>deducted fr<span class=\"_ _7\"></span>om <span class=\"_ _2\"></span>premi<span class=\"_ _7\"></span>ums re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eived, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>included wi<span class=\"_ _7\"></span>thin <span class=\"_ _7\"></span>claims o<span class=\"_ _7\"></span>r  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>treated <span class=\"_ _7\"></span>as an i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t compo<span class=\"_ _2\"></span>nent. LEVEL OF<span class=\"_ _2\"></span> AG<span class=\"_ _7\"></span>GREGA<span class=\"_ _2\"></span>TION After <span class=\"_ _3\"> </span>identifyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _3\"> </span>which <span class=\"_ _3\"> </span>insu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ance <span class=\"_ _f\"> </span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _3\"> </span>are <span class=\"_ _f\"> </span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>hin <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>scope <span class=\"_ _3\"> </span>of <span class=\"_ _3\"> </span>IFRS 17, <span class=\"_ _f\"> </span>taking <span class=\"_ _3\"> </span>into<span class=\"_ _7\"></span> <span class=\"_ _d\"> </span>acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>ef<span class=\"_ _7\"></span>fects <span class=\"_ _d\"> </span>of<span class=\"_ _2\"></span>  t<span class=\"_ _7\"></span>he combin<span class=\"_ _7\"></span>ation <span class=\"_ _4\"> </span>of <span class=\"_ _f\"> </span>ins<span class=\"_ _2\"></span>urance <span class=\"_ _4\"> </span>contracts,<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>sep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>dis<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>nct <span class=\"_ _4\"> </span>non-insu<span class=\"_ _7\"></span>rance <span class=\"_ _4\"> </span>compo<span class=\"_ _7\"></span>nents, <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>separatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ltip<span class=\"_ _2\"></span>le<span class=\"_ _6\"></span> insuranc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>contracts <span class=\"_ _10\"></span>contained <span class=\"_ _2\"></span>withi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>single <span class=\"_ _10\"></span>legal <span class=\"_ _2\"></span>policy <span class=\"_ _2\"></span>documen<span class=\"_ _7\"></span>t, <span class=\"_ _2\"></span>IFRS 17 <span class=\"_ _2\"></span>necess<span class=\"_ _7\"></span>itates <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>efine <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>level <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>aggrega<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion for appl<span class=\"_ _7\"></span>ying its r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents.  The <span class=\"_ _6\"></span>lev<span class=\"_ _7\"></span>el of a<span class=\"_ _6\"></span>ggr<span class=\"_ _7\"></span>egatio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>is de<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed firstly by dividing<span class=\"_ _7\"></span> the bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> writte<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>into portfol<span class=\"_ _7\"></span>ios. Portfoli<span class=\"_ _7\"></span>os comprise gro<span class=\"_ _7\"></span>ups of contracts<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>with<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>similar <span class=\"_ _6\"></span>risks <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>hich<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>ma<span class=\"_ _7\"></span>naged <span class=\"_ _6\"></span>together<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>Based <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>thei<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>expecte<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>profitabili<span class=\"_ _7\"></span>ty <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>ince<span class=\"_ _7\"></span>ption, <span class=\"_ _6\"></span>portfoli<span class=\"_ _7\"></span>os <span class=\"_ _1\"></span>are afterwar<span class=\"_ _7\"></span>ds spli<span class=\"_ _7\"></span>t into <span class=\"_ _7\"></span>thre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> cat<span class=\"_ _7\"></span>egories: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>onerous <span class=\"_ _2\"></span>contracts, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>contracts <span class=\"_ _7\"></span>with no sig<span class=\"_ _2\"></span>nificant risk of<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>ecomi<span class=\"_ _7\"></span>ng onero<span class=\"_ _2\"></span>us; and  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ainder<span class=\"_ _e\"></span>. For <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>MM <span class=\"_ _2\"></span>and P<span class=\"_ _10\"></span>AA, <span class=\"_ _2\"></span>IFRS 17 <span class=\"_ _2\"></span>also <span class=\"_ _7\"></span>notes <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>no g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p f<span class=\"_ _7\"></span>or l<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>el <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>aggregatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rposes <span class=\"_ _2\"></span>may <span class=\"_ _7\"></span>cont<span class=\"_ _7\"></span>ain co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _2\"></span>issued <span class=\"_ _2\"></span>mor<span class=\"_ _7\"></span>e than one <span class=\"_ _7\"></span>year apart. Fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> its V<span class=\"_ _7\"></span>F<span class=\"_ _2\"></span>A bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess, VIG <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pplies t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e opti<span class=\"_ _7\"></span>onal exempti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n from f<span class=\"_ _7\"></span>orming gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ups based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> und<span class=\"_ _7\"></span>erwriting year <span class=\"_ _1\"></span>(annual <span class=\"_ _6\"></span>cohorts) <span class=\"_ _6\"></span>that <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>applicabl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>Euro<span class=\"_ _2\"></span>pean <span class=\"_ _1\"></span>Uni<span class=\"_ _7\"></span>on. <span class=\"_ _1\"></span>This <span class=\"_ _1\"></span>option <span class=\"_ _6\"></span>provides a<span class=\"_ _6\"></span>n <span class=\"_ _1\"></span>exemptio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>matio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>of annual <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>horts <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>or <span class=\"_ _4\"> </span>intergener<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>nally <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tual<span class=\"_ _7\"></span>ised <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _f\"> </span>flo<span class=\"_ _7\"></span>w <span class=\"_ _f\"> </span>m<span class=\"_ _7\"></span>atched <span class=\"_ _4\"> </span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts. <span class=\"_ _4\"> </span>This <span class=\"_ _4\"> </span>is <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>allow <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>an appro<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>iate cost-be<span class=\"_ _7\"></span>nefit ratio <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>time the <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>ctual service margin is recognised. T<span class=\"_ _7\"></span>his e<span class=\"_ _6\"></span>xemp<span class=\"_ _7\"></span>tion pr<span class=\"_ _6\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rily c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ncerns long-term l<span class=\"_ _7\"></span>ife ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>with pro<span class=\"_ _7\"></span>fit p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rticipatio<span class=\"_ _2\"></span>n and lo<span class=\"_ _7\"></span>ng-term <span class=\"_ _7\"></span>health i<span class=\"_ _7\"></span>nsurance.<span class=\"_ _2\"></span> Once <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>f <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _0\"></span>de<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>mined, <span class=\"_ _0\"></span>th<span class=\"_ _6\"></span>ey <span class=\"_ _4\"></span>becom<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>unit <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>acco<span class=\"_ _2\"></span>unt <span class=\"_ _f\"> </span>to <span class=\"_ _0\"></span>which <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>solidat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>com<span class=\"_ _7\"></span>panies apply <span class=\"_ _6\"></span>requir<span class=\"_ _2\"></span>ements <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>IFRS 17<span class=\"_ _7\"></span>. <span class=\"_ _6\"></span>This means <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>IFRS 17 <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>etrics <span class=\"_ _6\"></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>fulfi<span class=\"_ _7\"></span>lment <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>flows, the Contra<span class=\"_ _7\"></span>ctual <span class=\"_ _7\"></span>Servic<span class=\"_ _7\"></span>e M<span class=\"_ _7\"></span>argin <span class=\"_ _7\"></span>(\u201cCSM<span class=\"_ _7\"></span>\u201d) a<span class=\"_ _7\"></span>nd lo<span class=\"_ _7\"></span>ss <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hould b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>available <span class=\"_ _2\"></span>at this <span class=\"_ _2\"></span>granula<span class=\"_ _7\"></span>rity<span class=\"_ _10\"></span>. <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>has <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>efin<span class=\"_ _7\"></span>ed por<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>os of insurance <span class=\"_ _6\"></span>and reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _6\"></span>issued based on the <span class=\"_ _6\"></span>Solvenc<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>II <span class=\"_ _6\"></span>struct<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re for <span class=\"_ _6\"></span>life, health and <span class=\"_ _6\"></span>P&amp;C insuranc<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>due<span class=\"_ _7\"></span> to the fac<span class=\"_ _7\"></span>t tha<span class=\"_ _7\"></span>t the pr<span class=\"_ _2\"></span>oducts are s<span class=\"_ _2\"></span>ubject to<span class=\"_ _7\"></span> simi<span class=\"_ _7\"></span>lar risks a<span class=\"_ _7\"></span>nd man<span class=\"_ _7\"></span>aged toget<span class=\"_ _2\"></span>her<span class=\"_ _10\"></span>.  In determi<span class=\"_ _2\"></span>ning gr<span class=\"_ _7\"></span>oups o<span class=\"_ _7\"></span>f co<span class=\"_ _7\"></span>ntracts, <span class=\"_ _2\"></span>VIG has d<span class=\"_ _7\"></span>ecided <span class=\"_ _2\"></span>to gro<span class=\"_ _2\"></span>up togeth<span class=\"_ _7\"></span>er t<span class=\"_ _7\"></span>hose con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>that wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld fall<span class=\"_ _7\"></span> into<span class=\"_ _7\"></span> dif<span class=\"_ _2\"></span>ferent g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps only <span class=\"_ _4\"></span>beca<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se <span class=\"_ _4\"></span>law<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>specificall<span class=\"_ _2\"></span>y <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>rains <span class=\"_ _4\"></span>its <span class=\"_ _0\"></span>practical <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>bili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>set <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"></span>price <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>lev<span class=\"_ _7\"></span>el <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>benef<span class=\"_ _7\"></span>its <span class=\"_ _4\"></span>for policy<span class=\"_ _7\"></span>holders wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> dif<span class=\"_ _2\"></span>ferent <span class=\"_ _7\"></span>characte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>istics. <span class=\"_ _2\"></span> The <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _6\"></span>of c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _6\"></span>for which <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach <span class=\"_ _6\"></span>has <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>adopted <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>transition <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nclude <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _6\"></span>iss<span class=\"_ _7\"></span>ued <span class=\"_ _6\"></span>mor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> than one <span class=\"_ _7\"></span>yea<span class=\"_ _7\"></span>r apart. Pl<span class=\"_ _7\"></span>ease r<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>er to the t<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ansitio<span class=\"_ _7\"></span>n app<span class=\"_ _7\"></span>roac<span class=\"_ _7\"></span>h applied b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>VIG in ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pter T<span class=\"_ _e\"></span>ra<span class=\"_ _7\"></span>nsition st<span class=\"_ _7\"></span>arting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 49<span class=\"_ _7\"></span>. In <span class=\"_ _6\"></span>most cases, the <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>ofitabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>of grou<span class=\"_ _7\"></span>ps of c<span class=\"_ _6\"></span>ontracts ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>essed by <span class=\"_ _6\"></span>act<span class=\"_ _7\"></span>uarial ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>flow models and <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it<span class=\"_ _7\"></span>ability metri<span class=\"_ _7\"></span>cs that ta<span class=\"_ _2\"></span>ke<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nto co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>ration <span class=\"_ _7\"></span>existi<span class=\"_ _2\"></span>ng a<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>new <span class=\"_ _7\"></span>busin<span class=\"_ _7\"></span>ess. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or i<span class=\"_ _2\"></span>nsurance <span class=\"_ _2\"></span>contracts <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed a<span class=\"_ _7\"></span>pplyi<span class=\"_ _7\"></span>ng P<span class=\"_ _e\"></span>AA, i<span class=\"_ _7\"></span>t i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssum<span class=\"_ _7\"></span>ed t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at no <span class=\"_ _f\"> </span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>he <span class=\"_ _f\"> </span>po<span class=\"_ _7\"></span>rtfolio <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>initi<span class=\"_ _2\"></span>al <span class=\"_ _f\"> </span>re<span class=\"_ _2\"></span>cognition <span class=\"_ _4\"></span>un<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss <span class=\"_ _4\"> </span>facts <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>irc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ms<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ances <span class=\"_ _4\"> </span>indicat<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>ot<span class=\"_ _7\"></span>herwis<span class=\"_ _7\"></span>e. <span class=\"_ _4\"> </span>For contracts <span class=\"_ _10\"></span>that <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>onero<span class=\"_ _2\"></span>us, <span class=\"_ _2\"></span>it <span class=\"_ _7\"></span>has <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>be <span class=\"_ _2\"></span>assessed, <span class=\"_ _10\"></span>at <span class=\"_ _2\"></span>initial<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>signifi<span class=\"_ _7\"></span>cant <span class=\"_ _2\"></span>possibil<span class=\"_ _7\"></span>ity <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>becomi<span class=\"_ _7\"></span>ng onero<span class=\"_ _7\"></span>us <span class=\"_ _2\"></span>subse<span class=\"_ _7\"></span>quently <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>ass<span class=\"_ _7\"></span>essing <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>likeli<span class=\"_ _7\"></span>hood <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>changes<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pplica<span class=\"_ _7\"></span>ble <span class=\"_ _2\"></span>facts <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>irc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mst<span class=\"_ _7\"></span>ances.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Please <span class=\"_ _2\"></span>refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>chapter Onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s co<span class=\"_ _7\"></span>ntracts st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n pa<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 152 fo<span class=\"_ _7\"></span>r furth<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r info<span class=\"_ _7\"></span>rmation on o<span class=\"_ _2\"></span>nero<span class=\"_ _7\"></span>us cont<span class=\"_ _7\"></span>racts.<span class=\"_ _7\"></span> Portfoli<span class=\"_ _7\"></span>os of<span class=\"_ _7\"></span> reinsura<span class=\"_ _7\"></span>nce co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld ar<span class=\"_ _7\"></span>e divid<span class=\"_ _7\"></span>ed applyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> the same p<span class=\"_ _7\"></span>rinciples <span class=\"_ _7\"></span>set o<span class=\"_ _7\"></span>ut above, ex<span class=\"_ _2\"></span>ce<span class=\"_ _6\"></span>pt t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at the r<span class=\"_ _7\"></span>efer<span class=\"_ _2\"></span>ences to <span class=\"_ _0\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>refer <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>which <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span>re <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>net <span class=\"_ _0\"></span>gain <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>initial <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nition. <span class=\"_ _0\"></span>It <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>possibl<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>grou<span class=\"_ _7\"></span>p <span class=\"_ _1\"></span>of<span class=\"_ _6\"></span> reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts held com<span class=\"_ _2\"></span>prises <span class=\"_ _7\"></span>a single <span class=\"_ _7\"></span>contract. <span class=\"_ _2\"></span> For the <span class=\"_ _6\"></span>consol<span class=\"_ _7\"></span>idated i<span class=\"_ _7\"></span>nsurance compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies, the dir<span class=\"_ _7\"></span>ect insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce and <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ptional rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce were gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ped i<span class=\"_ _7\"></span>nto <span class=\"_ _6\"></span>the foll<span class=\"_ _7\"></span>owing IFRS 17 po<span class=\"_ _7\"></span>rtfol<span class=\"_ _7\"></span>ios <span class=\"_ _7\"></span>for P&amp;C, <span class=\"_ _7\"></span>life and <span class=\"_ _7\"></span>healt<span class=\"_ _7\"></span>h insurance. <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Life insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce:  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>With profi<span class=\"_ _7\"></span>t par<span class=\"_ _7\"></span>ticipa<span class=\"_ _7\"></span>tion  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Unit- a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>ndex-link<span class=\"_ _7\"></span>ed  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Ot<span class=\"_ _7\"></span>her  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Issue<span class=\"_ _7\"></span>d and <span class=\"_ _7\"></span>held T<span class=\"_ _e\"></span>reat<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Facult<span class=\"_ _7\"></span>ative is<span class=\"_ _7\"></span>sued r<span class=\"_ _2\"></span>einsura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Facult<span class=\"_ _7\"></span>ative <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld r<span class=\"_ _7\"></span>eins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Health ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e:  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Long<span class=\"_ _7\"></span>-term <span class=\"_ _7\"></span>healt<span class=\"_ _7\"></span>h insurance <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>simi<span class=\"_ _7\"></span>lar to lif<span class=\"_ _7\"></span>e)  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Issue<span class=\"_ _7\"></span>d and <span class=\"_ _7\"></span>held T<span class=\"_ _e\"></span>reat<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty and c<span class=\"_ _7\"></span>asualt<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Medi<span class=\"_ _7\"></span>cal expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>se i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Incom<span class=\"_ _7\"></span>e pro<span class=\"_ _2\"></span>tection i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>W<span class=\"_ _2\"></span>orkers\u2018 comp<span class=\"_ _7\"></span>ensatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ins<span class=\"_ _7\"></span>urance  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Mo<span class=\"_ _7\"></span>tor vehicle l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ty insu<span class=\"_ _7\"></span>rance <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Ot<span class=\"_ _7\"></span>her moto<span class=\"_ _7\"></span>r insur<span class=\"_ _7\"></span>ance  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Marin<span class=\"_ _7\"></span>e, aviatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> and <span class=\"_ _7\"></span>trans<span class=\"_ _7\"></span>port ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Fir<span class=\"_ _7\"></span>e and o<span class=\"_ _7\"></span>the<span class=\"_ _7\"></span>r damage <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o pro<span class=\"_ _7\"></span>per<span class=\"_ _7\"></span>ty ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Gene<span class=\"_ _7\"></span>ral liabil<span class=\"_ _7\"></span>ity i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>and sur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>tys<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ip ins<span class=\"_ _7\"></span>urance  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Leg<span class=\"_ _7\"></span>al exp<span class=\"_ _7\"></span>enses ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>As<span class=\"_ _7\"></span>sistance <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Mi<span class=\"_ _7\"></span>scellaneous f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nancial loss<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Issue<span class=\"_ _7\"></span>d and <span class=\"_ _7\"></span>held T<span class=\"_ _e\"></span>reat<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Facult<span class=\"_ _7\"></span>ative is<span class=\"_ _7\"></span>sued r<span class=\"_ _2\"></span>einsura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span> \u2013 <span class=\"_ _1\"></span><span class=\"ff47\">Facultative <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance<span class=\"_ _2\"></span><span class=\"ff4a\"> </span></span>ONEROUS <span class=\"_ _7\"></span>CONTRA<span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>TS<span class=\"ff4a\"> </span>Some <span class=\"_ _f\"> </span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _3\"> </span>iss<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ed <span class=\"_ _f\"> </span>befor<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _f\"> </span>period<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>starts <span class=\"_ _3\"> </span>and<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>the <span class=\"_ _f\"> </span>initial<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>mium <span class=\"_ _f\"> </span>becom<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>due. <span class=\"_ _f\"> </span>Therefor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _f\"> </span>the consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>anies <span class=\"_ _0\"></span>determi<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>begi<span class=\"_ _7\"></span>nning <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>over<span class=\"_ _7\"></span>age <span class=\"_ _1\"></span>p<span class=\"_ _6\"></span>erio<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>or <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>time<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>rst payme<span class=\"_ _7\"></span>nt fr<span class=\"_ _2\"></span>om the <span class=\"_ _2\"></span>policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>n the <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>due, d<span class=\"_ _7\"></span>ependi<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>on which <span class=\"_ _7\"></span>occ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rs e<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rlier<span class=\"_ _e\"></span>, wh<span class=\"_ _7\"></span>ether <span class=\"_ _2\"></span>issued co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>constit<span class=\"_ _7\"></span>ute a g<span class=\"_ _7\"></span>roup <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>o i<span class=\"_ _7\"></span>dentify <span class=\"_ _7\"></span>whe<span class=\"_ _7\"></span>ther <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>grou<span class=\"_ _7\"></span>p <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontracts <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>onero<span class=\"_ _7\"></span>us, f<span class=\"_ _7\"></span>acts <span class=\"_ _2\"></span>and cir<span class=\"_ _2\"></span>cumsta<span class=\"_ _7\"></span>nces <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> consi<span class=\"_ _7\"></span>der<span class=\"_ _2\"></span>ed based on: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>pricing i<span class=\"_ _7\"></span>nformation, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>results of <span class=\"_ _7\"></span>simi<span class=\"_ _7\"></span>lar con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>the gro<span class=\"_ _2\"></span>up has r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>enviro<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ment<span class=\"_ _7\"></span>al facto<span class=\"_ _7\"></span>rs, like c<span class=\"_ _7\"></span>hang<span class=\"_ _7\"></span>es in ma<span class=\"_ _7\"></span>rket or <span class=\"_ _7\"></span>reg<span class=\"_ _7\"></span>ulatio<span class=\"_ _7\"></span>ns.  Further d<span class=\"_ _7\"></span>etail<span class=\"_ _7\"></span>s are dis<span class=\"_ _7\"></span>cuss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d in <span class=\"_ _7\"></span>chapter <span class=\"_ _7\"></span>Pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> starti<span class=\"_ _2\"></span>ng on page 160<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> RECOGNI<span class=\"_ _7\"></span>TION<span class=\"_ _7\"></span> Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps of i<span class=\"_ _7\"></span>nsura<span class=\"_ _7\"></span>nce co<span class=\"_ _7\"></span>ntracts is<span class=\"_ _7\"></span>sued ha<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e to be r<span class=\"_ _2\"></span>ecognis<span class=\"_ _7\"></span>ed fr<span class=\"_ _2\"></span>om the earliest o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he fol<span class=\"_ _7\"></span>lowing: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The begin<span class=\"_ _7\"></span>ning of<span class=\"_ _7\"></span> the co<span class=\"_ _7\"></span>verage p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod of <span class=\"_ _7\"></span>the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p of con<span class=\"_ _7\"></span>tra<span class=\"_ _7\"></span>cts; <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The date w<span class=\"_ _7\"></span>hen th<span class=\"_ _7\"></span>e initial p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>yme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t from<span class=\"_ _7\"></span> a po<span class=\"_ _7\"></span>licyhol<span class=\"_ _7\"></span>der in <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>group of<span class=\"_ _7\"></span> cont<span class=\"_ _7\"></span>racts is <span class=\"_ _7\"></span>due, o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> when <span class=\"_ _7\"></span>the fi<span class=\"_ _7\"></span>rst pa<span class=\"_ _7\"></span>yment is rec<span class=\"_ _7\"></span>eived if<span class=\"_ _7\"></span> there is<span class=\"_ _7\"></span> no d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e dat<span class=\"_ _7\"></span>e; or <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>For a gro<span class=\"_ _2\"></span>up of onero<span class=\"_ _2\"></span>us contra<span class=\"_ _7\"></span>cts, <span class=\"_ _7\"></span>as soon <span class=\"_ _7\"></span>as facts <span class=\"_ _7\"></span>and cir<span class=\"_ _2\"></span>cumstan<span class=\"_ _7\"></span>ces i<span class=\"_ _7\"></span>ndicate th<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p is o<span class=\"_ _7\"></span>nero<span class=\"_ _2\"></span>us.  Propo<span class=\"_ _7\"></span>rtio<span class=\"_ _7\"></span>nal <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>non-pro<span class=\"_ _2\"></span>portional <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps <span class=\"_ _2\"></span>of r<span class=\"_ _2\"></span>einsurance<span class=\"_ _2\"></span> co<span class=\"_ _7\"></span>ntracts <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>eld <span class=\"_ _2\"></span>have <span class=\"_ _2\"></span>to b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>the l<span class=\"_ _7\"></span>atest<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>the fo<span class=\"_ _7\"></span>llo<span class=\"_ _7\"></span>win<span class=\"_ _7\"></span>g:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The begin<span class=\"_ _7\"></span>ning of<span class=\"_ _7\"></span> the co<span class=\"_ _7\"></span>verage p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod of <span class=\"_ _7\"></span>the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>insu<span class=\"_ _2\"></span>rance contr<span class=\"_ _7\"></span>acts h<span class=\"_ _7\"></span>eld or<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The date t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e consoli<span class=\"_ _7\"></span>dated i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance com<span class=\"_ _7\"></span>panies <span class=\"_ _2\"></span>recognise <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>nerous g<span class=\"_ _2\"></span>roup o<span class=\"_ _7\"></span>f und<span class=\"_ _7\"></span>erlying ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts if<span class=\"_ _7\"></span> the consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>nies en<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>nto the r<span class=\"_ _7\"></span>elated r<span class=\"_ _2\"></span>einsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>act hel<span class=\"_ _7\"></span>d in th<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of r<span class=\"_ _7\"></span>ei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce contracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld at o<span class=\"_ _2\"></span>r be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e that da<span class=\"_ _7\"></span>te. Additionally<span class=\"_ _e\"></span>, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>re<span class=\"_ _2\"></span>cognition <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>propo<span class=\"_ _2\"></span>rtional <span class=\"_ _4\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>f <span class=\"_ _4\"></span>rei<span class=\"_ _2\"></span>nsurance <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _4\"></span>held <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>d<span class=\"_ _2\"></span>elayed <span class=\"_ _4\"></span>until <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>date <span class=\"_ _4\"></span>w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>en <span class=\"_ _4\"> </span>any underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>insurance <span class=\"_ _6\"></span>contract <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>itiall<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised, <span class=\"_ _1\"></span>if <span class=\"_ _1\"></span>that <span class=\"_ _6\"></span>date <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>later <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>han <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>beginni<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>coverage <span class=\"_ _6\"></span>period <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the gro<span class=\"_ _7\"></span>up of r<span class=\"_ _2\"></span>ein<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> held.<span class=\"_ _2\"></span> New <span class=\"_ _0\"></span>contra<span class=\"_ _6\"></span>cts <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>added <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>group <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>reporting <span class=\"_ _0\"></span>period <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>contract <span class=\"_ _0\"></span>meets <span class=\"_ _0\"></span>one <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>criter<span class=\"_ _6\"></span>ia <span class=\"_ _0\"></span>set <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>ut above. CONTRAC<span class=\"_ _7\"></span>T BOUND<span class=\"_ _7\"></span>ARY<span class=\"_ _7\"></span> The measur<span class=\"_ _2\"></span>ement of a gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance co<span class=\"_ _7\"></span>ntracts incl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>des all futur<span class=\"_ _7\"></span>e cash flows within<span class=\"_ _7\"></span> the bounda<span class=\"_ _7\"></span>ry of <span class=\"_ _6\"></span>eac<span class=\"_ _7\"></span>h contract <span class=\"_ _7\"></span>in the gro<span class=\"_ _2\"></span>up. Cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>lows <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>within <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>boun<span class=\"_ _7\"></span>dary o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>an ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract <span class=\"_ _2\"></span>if <span class=\"_ _7\"></span>they<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ise <span class=\"_ _7\"></span>fro<span class=\"_ _7\"></span>m <span class=\"_ _7\"></span>substa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tive <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ights <span class=\"_ _2\"></span>and o<span class=\"_ _7\"></span>bligatio<span class=\"_ _7\"></span>ns that <span class=\"_ _4\"></span>exis<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>d<span class=\"_ _7\"></span>uring <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>eporting <span class=\"_ _0\"></span>period <span class=\"_ _0\"></span>in <span class=\"_ _4\"> </span>which <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>pol<span class=\"_ _7\"></span>icyh<span class=\"_ _7\"></span>older <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>an <span class=\"_ _0\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>com<span class=\"_ _2\"></span>pelled <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>pay <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>p<span class=\"_ _7\"></span>remiu<span class=\"_ _7\"></span>ms, <span class=\"_ _0\"></span>or <span class=\"_ _4\"></span>in <span class=\"_ _0\"></span>which <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span> substanti<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>oblig<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>exists <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>policyholde<span class=\"_ _7\"></span>r <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>ervices. <span class=\"_ _10\"></span>A <span class=\"_ _2\"></span>subst<span class=\"_ _7\"></span>antive <span class=\"_ _10\"></span>obliga<span class=\"_ _7\"></span>tion <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>provi<span class=\"_ _2\"></span>de insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices en<span class=\"_ _7\"></span>ds wh<span class=\"_ _7\"></span>en:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ctical po<span class=\"_ _7\"></span>ssibi<span class=\"_ _7\"></span>lity exists <span class=\"_ _2\"></span>to re<span class=\"_ _7\"></span>assess t<span class=\"_ _7\"></span>he risks o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he pa<span class=\"_ _7\"></span>rticular pol<span class=\"_ _7\"></span>icyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> and, <span class=\"_ _7\"></span>as a r<span class=\"_ _2\"></span>esult, a p<span class=\"_ _7\"></span>rice or le<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>el of benefits c<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> be se<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> tha<span class=\"_ _7\"></span>t fully r<span class=\"_ _2\"></span>eflects thos<span class=\"_ _7\"></span>e risks; o<span class=\"_ _2\"></span>r both of t<span class=\"_ _7\"></span>he follo<span class=\"_ _7\"></span>wing crit<span class=\"_ _7\"></span>eria ar<span class=\"_ _2\"></span>e satisfied: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>the pr<span class=\"_ _7\"></span>actical abil<span class=\"_ _7\"></span>ity exi<span class=\"_ _2\"></span>sts to reass<span class=\"_ _7\"></span>ess t<span class=\"_ _7\"></span>he r<span class=\"_ _6\"></span>isks o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he portfoli<span class=\"_ _7\"></span>o of<span class=\"_ _7\"></span> insurance con<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>racts t<span class=\"_ _7\"></span>hat cont<span class=\"_ _7\"></span>ain the con<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ract <span class=\"_ _7\"></span>and, as<span class=\"_ _7\"></span> a res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt, a pric<span class=\"_ _2\"></span>e or<span class=\"_ _6\"></span> le<span class=\"_ _7\"></span>vel o<span class=\"_ _7\"></span>f benefits<span class=\"_ _7\"></span> can <span class=\"_ _7\"></span>be set t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at fully r<span class=\"_ _2\"></span>eflects th<span class=\"_ _7\"></span>e risk of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at por<span class=\"_ _7\"></span>tfoli<span class=\"_ _7\"></span>o; as well as<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>the <span class=\"_ _1\"></span>prici<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>of t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>pr<span class=\"_ _7\"></span>emi<span class=\"_ _7\"></span>ums <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>date <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>risks <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>assessed <span class=\"_ _6\"></span>does <span class=\"_ _6\"></span>not <span class=\"_ _0\"></span>take<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>into <span class=\"_ _1\"></span>acco<span class=\"_ _7\"></span>unt <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>risks <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>hat<span class=\"_ _7\"></span> relat<span class=\"_ _7\"></span>e to p<span class=\"_ _7\"></span>eriods <span class=\"_ _7\"></span>after t<span class=\"_ _7\"></span>he reass<span class=\"_ _2\"></span>essment d<span class=\"_ _7\"></span>ate. <span class=\"_ _2\"></span> A <span class=\"_ _f\"> </span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _f\"> </span>or <span class=\"_ _3\"> </span>ass<span class=\"_ _7\"></span>et <span class=\"_ _f\"> </span>relating <span class=\"_ _4\"> </span>to <span class=\"_ _f\"> </span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ected <span class=\"_ _f\"> </span>pr<span class=\"_ _7\"></span>emi<span class=\"_ _7\"></span>ums <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>claims<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>outside <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>bou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dary <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _f\"> </span>co<span class=\"_ _7\"></span>ntract <span class=\"_ _f\"> </span>ar<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>not<span class=\"_ _7\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>as thes<span class=\"_ _7\"></span>e amo<span class=\"_ _7\"></span>unts r<span class=\"_ _2\"></span>elate<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>to futu<span class=\"_ _7\"></span>re ins<span class=\"_ _2\"></span>urance cont<span class=\"_ _7\"></span>racts. <span class=\"_ _2\"></span> For <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _6\"></span>with <span class=\"_ _6\"></span>ren<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>wal <span class=\"_ _6\"></span>periods<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>it <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>assess<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>whether<span class=\"_ _7\"></span> premiums<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>rela<span class=\"_ _7\"></span>ted <span class=\"_ _6\"></span>cash flows <span class=\"_ _6\"></span>that ar<span class=\"_ _6\"></span>ise <span class=\"_ _6\"></span>fro<span class=\"_ _2\"></span>m <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>newed contract <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>wit<span class=\"_ _7\"></span>hin <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>ct <span class=\"_ _4\"></span>bo<span class=\"_ _7\"></span>undary<span class=\"_ _e\"></span>. <span class=\"_ _4\"></span>The <span class=\"_ _0\"></span>pr<span class=\"_ _6\"></span>ici<span class=\"_ _7\"></span>ng <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>enewals <span class=\"_ _0\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hich <span class=\"_ _4\"></span>IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>applied, <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>establis<span class=\"_ _7\"></span>hed <span class=\"_ _4\"></span>by<span class=\"_ _7\"></span> consid<span class=\"_ _7\"></span>ering all the r<span class=\"_ _6\"></span>isks cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d for the policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> that would be consid<span class=\"_ _2\"></span>ered whe<span class=\"_ _7\"></span>n underwriting eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ivale<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t contracts<span class=\"_ _7\"></span> on the re<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ew<span class=\"_ _7\"></span>al dates f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e rem<span class=\"_ _7\"></span>aini<span class=\"_ _7\"></span>ng servi<span class=\"_ _7\"></span>ce. The <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntract bo<span class=\"_ _7\"></span>undary <span class=\"_ _7\"></span>of ea<span class=\"_ _7\"></span>ch gro<span class=\"_ _7\"></span>up of<span class=\"_ _7\"></span> cont<span class=\"_ _7\"></span>racts is <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>assess<span class=\"_ _7\"></span>ed at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e end <span class=\"_ _2\"></span>of each r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting pe<span class=\"_ _7\"></span>riod.<span class=\"_ _3d5\"> </span>INITIAL ME<span class=\"_ _7\"></span>ASURE<span class=\"_ _7\"></span>MENT<span class=\"_ _7\"></span> Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>not m<span class=\"_ _7\"></span>easured<span class=\"_ _7\"></span> under P<span class=\"_ _10\"></span>AA The GMM m<span class=\"_ _7\"></span>eas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>res <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> gro<span class=\"_ _2\"></span>up of ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>as th<span class=\"_ _7\"></span>e total <span class=\"_ _7\"></span>of:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>ulfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows a<span class=\"_ _7\"></span>nd  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> C<span class=\"_ _7\"></span>SM, r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>ese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ting th<span class=\"_ _7\"></span>e unea<span class=\"_ _7\"></span>rned prof<span class=\"_ _7\"></span>it t<span class=\"_ _7\"></span>he consolid<span class=\"_ _2\"></span>ated i<span class=\"_ _7\"></span>nsurance com<span class=\"_ _2\"></span>panies <span class=\"_ _7\"></span>will r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cognis<span class=\"_ _7\"></span>e as th<span class=\"_ _7\"></span>ey pr<span class=\"_ _7\"></span>ovide insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>in the gro<span class=\"_ _2\"></span>up.<span class=\"_ _7\"></span> The fulf<span class=\"_ _7\"></span>ilment cas<span class=\"_ _2\"></span>h flows co<span class=\"_ _7\"></span>nsist of:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>unbiased a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d pr<span class=\"_ _7\"></span>oba<span class=\"_ _7\"></span>bility-<span class=\"_ _7\"></span>weighted esti<span class=\"_ _7\"></span>ma<span class=\"_ _7\"></span>tes of fu<span class=\"_ _7\"></span>ture <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h fl<span class=\"_ _7\"></span>ows,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>a disco<span class=\"_ _7\"></span>unt to pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sent <span class=\"_ _7\"></span>value <span class=\"_ _7\"></span>to refl<span class=\"_ _7\"></span>ect t<span class=\"_ _7\"></span>he time <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of<span class=\"_ _7\"></span> mone<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> and fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial risks, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus a risk <span class=\"_ _7\"></span>adjustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t fo<span class=\"_ _7\"></span>r non-f<span class=\"_ _7\"></span>inanci<span class=\"_ _7\"></span>al risks. <span class=\"_ _2\"></span> The objectiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in estim<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ting futu<span class=\"_ _7\"></span>re c<span class=\"_ _7\"></span>ash flows is<span class=\"_ _7\"></span> to determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e the expec<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e or the pr<span class=\"_ _7\"></span>ob<span class=\"_ _7\"></span>ability-weig<span class=\"_ _2\"></span>hted mean <span class=\"_ _7\"></span>value o<span class=\"_ _7\"></span>f the full range o<span class=\"_ _7\"></span>f poss<span class=\"_ _7\"></span>ible outcom<span class=\"_ _7\"></span>es, consid<span class=\"_ _7\"></span>ering all<span class=\"_ _7\"></span> reaso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>able an<span class=\"_ _7\"></span>d support<span class=\"_ _7\"></span>able inform<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n available at the r<span class=\"_ _2\"></span>eporting d<span class=\"_ _7\"></span>ate without <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ndue <span class=\"_ _1\"></span>cost <span class=\"_ _0\"></span>or <span class=\"_ _1\"></span>eff<span class=\"_ _7\"></span>ort. <span class=\"_ _1\"></span>Future <span class=\"_ _1\"></span>cash <span class=\"_ _0\"></span>flows<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>onsid<span class=\"_ _7\"></span>ering <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>range<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>sce<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>arios <span class=\"_ _1\"></span>which <span class=\"_ _1\"></span>have <span class=\"_ _1\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nomical<span class=\"_ _7\"></span> substance <span class=\"_ _0\"></span>and <span class=\"_ _4\"> </span>give <span class=\"_ _4\"> </span>a <span class=\"_ _f\"> </span>g<span class=\"_ _7\"></span>ood<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _7\"></span>pres<span class=\"_ _7\"></span>entatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>possible <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>utcomes. <span class=\"_ _4\"> </span>The <span class=\"_ _4\"></span>cas<span class=\"_ _7\"></span>h <span class=\"_ _4\"> </span>flows <span class=\"_ _4\"> </span>from<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>each <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>cenario <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>babilit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>-<span class=\"_ _3d5\"> </span>weighte<span class=\"_ _7\"></span>d and disco<span class=\"_ _2\"></span>unted usi<span class=\"_ _7\"></span>ng curr<span class=\"_ _2\"></span>ent ass<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>ns.  When <span class=\"_ _7\"></span>estimati<span class=\"_ _7\"></span>ng futur<span class=\"_ _2\"></span>e cash fl<span class=\"_ _7\"></span>ows, all cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows <span class=\"_ _2\"></span>with<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n the cont<span class=\"_ _7\"></span>ract <span class=\"_ _7\"></span>boundar<span class=\"_ _7\"></span>y are <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d for ex<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mple:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>premiums <span class=\"_ _2\"></span>and any a<span class=\"_ _7\"></span>ddition<span class=\"_ _7\"></span>al rel<span class=\"_ _7\"></span>ated <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>claims and b<span class=\"_ _2\"></span>enefits, incl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ding r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rted cl<span class=\"_ _7\"></span>aims not <span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>et paid, i<span class=\"_ _2\"></span>ncurred <span class=\"_ _7\"></span>claims<span class=\"_ _7\"></span> not y<span class=\"_ _7\"></span>et r<span class=\"_ _7\"></span>eported <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>claims including: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>paym<span class=\"_ _7\"></span>ents to pol<span class=\"_ _7\"></span>icy<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>olde<span class=\"_ _7\"></span>rs that v<span class=\"_ _7\"></span>ary depe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding on <span class=\"_ _2\"></span>returns of unde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>lyi<span class=\"_ _7\"></span>ng items a<span class=\"_ _7\"></span>nd  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>all<span class=\"_ _7\"></span>ocation of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n costs at<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ribut<span class=\"_ _7\"></span>able to <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>ortfolio<span class=\"_ _7\"></span> to which <span class=\"_ _7\"></span>the cont<span class=\"_ _7\"></span>ract b<span class=\"_ _7\"></span>elongs.<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>claims han<span class=\"_ _7\"></span>dling costs<span class=\"_ _7\"></span>,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>policy adm<span class=\"_ _7\"></span>inistratio<span class=\"_ _2\"></span>n and maint<span class=\"_ _7\"></span>enanc<span class=\"_ _7\"></span>e costs, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uding r<span class=\"_ _7\"></span>ecurring <span class=\"_ _7\"></span>commi<span class=\"_ _7\"></span>ssions t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at ar<span class=\"_ _2\"></span>e e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>pecte<span class=\"_ _7\"></span>d to b<span class=\"_ _7\"></span>e paid to intermedi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ries, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>allocation of f<span class=\"_ _7\"></span>ixed <span class=\"_ _7\"></span>and vari<span class=\"_ _2\"></span>ab<span class=\"_ _6\"></span>le o<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erhea<span class=\"_ _7\"></span>ds dir<span class=\"_ _7\"></span>ectly <span class=\"_ _7\"></span>attrib<span class=\"_ _7\"></span>utable to fulf<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ing insura<span class=\"_ _7\"></span>nce cont<span class=\"_ _7\"></span>racts, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>transactio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-based <span class=\"_ _7\"></span>taxes.<span class=\"_ _2\"></span> The meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> of f<span class=\"_ _7\"></span>ulfilm<span class=\"_ _7\"></span>ent cas<span class=\"_ _2\"></span>h flows i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cludes<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quis<span class=\"_ _7\"></span>ition <span class=\"_ _7\"></span>costs t<span class=\"_ _7\"></span>hat <span class=\"_ _7\"></span>are<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised as <span class=\"_ _7\"></span>an <span class=\"_ _7\"></span>expens<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>ver the coverage <span class=\"_ _e\"></span>period <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _10\"></span>contrac<span class=\"_ _7\"></span>ts. <span class=\"_ _2\"></span>At <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>same <span class=\"_ _10\"></span>time <span class=\"_ _2\"></span>an<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>equal <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>recor<span class=\"_ _2\"></span>ded <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>re<span class=\"_ _7\"></span>venue <span class=\"_ _10\"></span>repr<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>enting a portio<span class=\"_ _7\"></span>n of pr<span class=\"_ _2\"></span>emium that r<span class=\"_ _2\"></span>elates to r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>cove<span class=\"_ _7\"></span>ring insu<span class=\"_ _7\"></span>rance a<span class=\"_ _7\"></span>cquisi<span class=\"_ _7\"></span>tion <span class=\"_ _7\"></span>costs. <span class=\"_ _7\"></span> Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>red u<span class=\"_ _7\"></span>nder P<span class=\"_ _7\"></span>AA VIG applies <span class=\"_ _2\"></span>the pr<span class=\"_ _7\"></span>emium <span class=\"_ _7\"></span>allocatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> appr<span class=\"_ _7\"></span>oa<span class=\"_ _7\"></span>ch (P<span class=\"_ _10\"></span>AA) at l<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>st to<span class=\"_ _7\"></span> all short<span class=\"_ _7\"></span>-term P&amp;C<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts th<span class=\"_ _7\"></span>at it issu<span class=\"_ _7\"></span>es, as: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> co<span class=\"_ _2\"></span>verage perio<span class=\"_ _7\"></span>d of ea<span class=\"_ _7\"></span>ch co<span class=\"_ _7\"></span>ntract in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up is one <span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ear o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> less, i<span class=\"_ _7\"></span>ncludi<span class=\"_ _7\"></span>ng insur<span class=\"_ _7\"></span>ance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vices a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ising fr<span class=\"_ _2\"></span>om all pr<span class=\"_ _7\"></span>emiums <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>hin the co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract bo<span class=\"_ _2\"></span>undary (r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fer to c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>apte<span class=\"_ _7\"></span>r Cont<span class=\"_ _7\"></span>ract bo<span class=\"_ _7\"></span>undar<span class=\"_ _7\"></span>y starti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _2\"></span>e 153), or \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>for contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s longe<span class=\"_ _7\"></span>r than o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e ye<span class=\"_ _7\"></span>ar<span class=\"_ _10\"></span>, VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> has model<span class=\"_ _7\"></span>led <span class=\"_ _7\"></span>possib<span class=\"_ _2\"></span>le future s<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>enario<span class=\"_ _7\"></span>s and <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssum<span class=\"_ _7\"></span>es that <span class=\"_ _7\"></span>the me<span class=\"_ _7\"></span>asurem<span class=\"_ _2\"></span>ent of the liabi<span class=\"_ _7\"></span>lity for r<span class=\"_ _2\"></span>emaining co<span class=\"_ _2\"></span>ver<span class=\"_ _6\"></span>ag<span class=\"_ _7\"></span>e for th<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>up<span class=\"_ _6\"></span> co<span class=\"_ _7\"></span>ntaini<span class=\"_ _7\"></span>ng those <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts und<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r the P<span class=\"_ _e\"></span>AA does <span class=\"_ _7\"></span>not dif<span class=\"_ _2\"></span>fer materi<span class=\"_ _7\"></span>ally fro<span class=\"_ _7\"></span>m the meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement <span class=\"_ _7\"></span>that <span class=\"_ _7\"></span>would r<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>ult from<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>applic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n of the <span class=\"_ _7\"></span>GMM. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> assess<span class=\"_ _7\"></span>ing ma<span class=\"_ _7\"></span>teriali<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>, VIG <span class=\"_ _7\"></span>has also<span class=\"_ _7\"></span> consid<span class=\"_ _7\"></span>ered q<span class=\"_ _2\"></span>ua<span class=\"_ _6\"></span>litati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e facto<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s suc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> as th<span class=\"_ _7\"></span>e nature o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the risk <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd types <span class=\"_ _7\"></span>of its <span class=\"_ _7\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce por<span class=\"_ _7\"></span>tfoli<span class=\"_ _7\"></span>os.  The <span class=\"_ _0\"></span>P<span class=\"_ _10\"></span>AA <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>applied <span class=\"_ _1\"></span>if, <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>initial <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>nition <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>signif<span class=\"_ _7\"></span>icant <span class=\"_ _1\"></span>variabil<span class=\"_ _7\"></span>ity <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>fulfil<span class=\"_ _7\"></span>ment <span class=\"_ _1\"></span>cash flows <span class=\"_ _1\"></span>is <span class=\"_ _0\"></span>expected <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>hat <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>ould <span class=\"_ _1\"></span>affect<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>emai<span class=\"_ _7\"></span>ning <span class=\"_ _0\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _0\"></span>(LRC<span class=\"_ _7\"></span>) <span class=\"_ _0\"></span>during <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>peri<span class=\"_ _7\"></span>od before <span class=\"_ _2\"></span>a claim is i<span class=\"_ _7\"></span>ncurre<span class=\"_ _2\"></span>d. V<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ability in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he fulfi<span class=\"_ _7\"></span>lment c<span class=\"_ _2\"></span>ash<span class=\"_ _6\"></span> flo<span class=\"_ _2\"></span>ws incre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ses <span class=\"_ _7\"></span>with, fo<span class=\"_ _7\"></span>r exampl<span class=\"_ _7\"></span>e:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ext<span class=\"_ _2\"></span>ent of futur<span class=\"_ _2\"></span>e cash flows <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o a<span class=\"_ _7\"></span>ny<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>derivati<span class=\"_ _7\"></span>ves em<span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>dded i<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he contracts <span class=\"_ _2\"></span>and  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> l<span class=\"_ _7\"></span>ength of t<span class=\"_ _2\"></span>he coverag<span class=\"_ _7\"></span>e period o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of <span class=\"_ _7\"></span>contr<span class=\"_ _7\"></span>acts.  For a gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of co<span class=\"_ _7\"></span>ntracts t<span class=\"_ _7\"></span>hat is not o<span class=\"_ _2\"></span>nero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s at i<span class=\"_ _7\"></span>nitial re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ogni<span class=\"_ _7\"></span>tion, t<span class=\"_ _7\"></span>he liability fo<span class=\"_ _2\"></span>r remai<span class=\"_ _7\"></span>ning co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e is meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed as: <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>emiums, i<span class=\"_ _7\"></span>f a<span class=\"_ _7\"></span>ny<span class=\"_ _10\"></span>, r<span class=\"_ _7\"></span>eceived at i<span class=\"_ _2\"></span>nitial re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus any ins<span class=\"_ _2\"></span>urance acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on cash flo<span class=\"_ _2\"></span>ws at that d<span class=\"_ _7\"></span>ate,<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus or mi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>us a<span class=\"_ _7\"></span>ny amoun<span class=\"_ _7\"></span>t aris<span class=\"_ _7\"></span>ing fro<span class=\"_ _7\"></span>m t<span class=\"_ _7\"></span>he der<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nition at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at da<span class=\"_ _7\"></span>te of As a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ass<span class=\"_ _7\"></span>et r<span class=\"_ _7\"></span>ecognised i<span class=\"_ _2\"></span>nsurance <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cquisi<span class=\"_ _7\"></span>tion costs<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>any other ass<span class=\"_ _2\"></span>ets or li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>pre<span class=\"_ _7\"></span>viously r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised f<span class=\"_ _7\"></span>or cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows prio<span class=\"_ _7\"></span>r to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _7\"></span>n of t<span class=\"_ _7\"></span>he gr<span class=\"_ _7\"></span>oup of<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance contracts. <span class=\"_ _2\"></span> Wher<span class=\"_ _7\"></span>e  facts <span class=\"_ _d\"> </span>and  cir<span class=\"_ _7\"></span>cumst<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nces  in<span class=\"_ _7\"></span>dicate  t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at  con<span class=\"_ _7\"></span>tracts <span class=\"_ _d\"> </span>are  o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ero<span class=\"_ _7\"></span>us  at  initi<span class=\"_ _7\"></span>al  r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _7\"></span>n,  additi<span class=\"_ _7\"></span>onal  an<span class=\"_ _7\"></span>alysis  h<span class=\"_ _7\"></span>elps determini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>if <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>et <span class=\"_ _0\"></span>out<span class=\"_ _6\"></span>flo<span class=\"_ _2\"></span>w <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>expected <span class=\"_ _0\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>contract. <span class=\"_ _1\"></span>Su<span class=\"_ _6\"></span>ch <span class=\"_ _0\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>separately <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>uped <span class=\"_ _0\"></span>from <span class=\"_ _1\"></span>other contracts <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>loss <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pr<span class=\"_ _7\"></span>ofit <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>outflow<span class=\"_ _2\"></span>, <span class=\"_ _6\"></span>resulting<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>book <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>being equal to th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fulfilm<span class=\"_ _7\"></span>ent ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>flows. A loss component <span class=\"_ _6\"></span>is esta<span class=\"_ _6\"></span>blis<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>d for <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>for remaining cov<span class=\"_ _7\"></span>erage for such <span class=\"_ _1\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>group <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>picti<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>losses <span class=\"_ _6\"></span>recognise<span class=\"_ _2\"></span>d. <span class=\"_ _0\"></span>For <span class=\"_ _1\"></span>additional <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>isclo<span class=\"_ _7\"></span>sur<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>component, <span class=\"_ _1\"></span>please <span class=\"_ _1\"></span>refe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>to chapter P<span class=\"_ _2\"></span>resentatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on <span class=\"_ _7\"></span>page 16<span class=\"_ _7\"></span>0 a<span class=\"_ _7\"></span>nd for one<span class=\"_ _7\"></span>rous <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontracts to <span class=\"_ _2\"></span>chapte<span class=\"_ _7\"></span>r Oner<span class=\"_ _7\"></span>ous co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 152.<span class=\"_ _7\"></span> For <span class=\"_ _2\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _10\"></span>measur<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>using <span class=\"_ _e\"></span>the <span class=\"_ _2\"></span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _10\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>acco<span class=\"_ _7\"></span>unting <span class=\"_ _10\"></span>polic<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>does <span class=\"_ _10\"></span>not, <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>gener<span class=\"_ _7\"></span>al, <span class=\"_ _10\"></span>permit <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>liability <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>remaini<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>coverag<span class=\"_ _7\"></span>e (LRC) to be m<span class=\"_ _2\"></span>easur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d usi<span class=\"_ _7\"></span>ng dis<span class=\"_ _7\"></span>counted <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash fl<span class=\"_ _7\"></span>ows, <span class=\"_ _7\"></span>unless t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of <span class=\"_ _2\"></span>contracts is o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s.<span class=\"_ _3d5\"> </span>Reinsuran<span class=\"_ _7\"></span>ce co<span class=\"_ _7\"></span>ntracts h<span class=\"_ _7\"></span>eld Reinsura<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>contr<span class=\"_ _7\"></span>acts <span class=\"_ _0\"></span>held <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>measu<span class=\"_ _7\"></span>red <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>same <span class=\"_ _1\"></span>ba<span class=\"_ _6\"></span>sis <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>nsurance <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>ts issued. Ho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ev<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>, the<span class=\"_ _7\"></span>y are <span class=\"_ _2\"></span>adapted to <span class=\"_ _2\"></span>reflect t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e feat<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es of <span class=\"_ _2\"></span>reinsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld th<span class=\"_ _7\"></span>at dif<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> fro<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> issued, for <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xam<span class=\"_ _7\"></span>ple t<span class=\"_ _7\"></span>he gener<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n of expens<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s or r<span class=\"_ _2\"></span>eduction<span class=\"_ _7\"></span> in exp<span class=\"_ _7\"></span>enses r<span class=\"_ _7\"></span>ather t<span class=\"_ _7\"></span>han income. <span class=\"_ _2\"></span> A <span class=\"_ _6\"></span>loss <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>recog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>initial recog<span class=\"_ _7\"></span>nitio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of an <span class=\"_ _6\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>of underlying <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>when <span class=\"_ _6\"></span>furthe<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>nerous<span class=\"_ _2\"></span> underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g insurance co<span class=\"_ _7\"></span>ntracts are added to a <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. Furthermor<span class=\"_ _2\"></span>e, <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>loss<span class=\"_ _7\"></span>-r<span class=\"_ _7\"></span>ecover<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>nent <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>et <span class=\"_ _6\"></span>for remai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span> coverage i<span class=\"_ _7\"></span>s est<span class=\"_ _7\"></span>ablish<span class=\"_ _7\"></span>ed for a g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of r<span class=\"_ _7\"></span>ei<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontracts<span class=\"_ _2\"></span> h<span class=\"_ _6\"></span>eld d<span class=\"_ _7\"></span>epicting t<span class=\"_ _2\"></span>he recov<span class=\"_ _7\"></span>ery of l<span class=\"_ _7\"></span>osses. <span class=\"_ _2\"></span> The loss-r<span class=\"_ _7\"></span>ecove<span class=\"_ _6\"></span>ry component is calculated by<span class=\"_ _6\"></span> multiplying th<span class=\"_ _6\"></span>e loss r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cognised on<span class=\"_ _6\"></span> the u<span class=\"_ _6\"></span>nderlying insurance<span class=\"_ _6\"></span> contracts and the percentage <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>claims on <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>un<span class=\"_ _6\"></span>derlying <span class=\"_ _7\"></span>insurance co<span class=\"_ _7\"></span>ntr<span class=\"_ _6\"></span>acts, <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e consoli<span class=\"_ _7\"></span>dated insuranc<span class=\"_ _6\"></span>e com<span class=\"_ _7\"></span>panies <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xpect to <span class=\"_ _2\"></span>recover fro<span class=\"_ _7\"></span>m the gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of r<span class=\"_ _7\"></span>einsuran<span class=\"_ _7\"></span>ce contra<span class=\"_ _7\"></span>cts held. Whe<span class=\"_ _7\"></span>re onl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> some contr<span class=\"_ _7\"></span>acts in the o<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us underl<span class=\"_ _7\"></span>ying gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> covere<span class=\"_ _2\"></span>d by the <span class=\"_ _4\"> </span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>rei<span class=\"_ _2\"></span>nsurance <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>held, <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>syst<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ma<span class=\"_ _7\"></span>tic <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ational <span class=\"_ _0\"></span>method <span class=\"_ _4\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>used <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>determi<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>po<span class=\"_ _7\"></span>rtion <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>losses recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>nderlying<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>insurance<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>vered<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce contracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld. T<span class=\"_ _7\"></span>he lo<span class=\"_ _7\"></span>ss-re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>overy co<span class=\"_ _2\"></span>mponent a<span class=\"_ _7\"></span>djusts <span class=\"_ _7\"></span>the ca<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>rying <span class=\"_ _7\"></span>amount of t<span class=\"_ _2\"></span>he asset fo<span class=\"_ _7\"></span>r r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>ning cov<span class=\"_ _7\"></span>erage. <span class=\"_ _7\"></span> Wher<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>ent<span class=\"_ _7\"></span>ers <span class=\"_ _0\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>held <span class=\"_ _0\"></span>which <span class=\"_ _1\"></span>provid<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>coverag<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>rela<span class=\"_ _7\"></span>ting <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>eve<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>occu<span class=\"_ _7\"></span>rred <span class=\"_ _1\"></span>before <span class=\"_ _1\"></span>the purch<span class=\"_ _7\"></span>ase of t<span class=\"_ _2\"></span>he rei<span class=\"_ _7\"></span>nsurance, s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ch cos<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce is re<span class=\"_ _2\"></span>cognised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> prof<span class=\"_ _7\"></span>it or loss<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n initial r<span class=\"_ _2\"></span>ecognition.<span class=\"_ _2\"></span> SUBSEQUEN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> MEA<span class=\"_ _7\"></span>SUREM<span class=\"_ _7\"></span>ENT<span class=\"_ _7\"></span> Accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>IAS 34<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>ge<span class=\"_ _7\"></span>neral <span class=\"_ _1\"></span>frequ<span class=\"_ _7\"></span>ency <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>repo<span class=\"_ _7\"></span>rting <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ust <span class=\"_ _1\"></span>not <span class=\"_ _0\"></span>af<span class=\"_ _7\"></span>fect <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>annual <span class=\"_ _1\"></span>results. <span class=\"_ _1\"></span>IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>quir<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>chang<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> estimat<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>rel<span class=\"_ _7\"></span>ate <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>changes<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>futur<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>tual <span class=\"_ _1\"></span>ser<span class=\"_ _7\"></span>vice <span class=\"_ _1\"></span>margin <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>immedi<span class=\"_ _7\"></span>ately <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>ecognis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the income <span class=\"_ _2\"></span>stat<span class=\"_ _7\"></span>ement. <span class=\"_ _2\"></span>T<span class=\"_ _e\"></span>o <span class=\"_ _10\"></span>av<span class=\"_ _6\"></span>oid <span class=\"_ _10\"></span>af<span class=\"_ _7\"></span>fecting <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>nual <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt, <span class=\"_ _2\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rem<span class=\"_ _2\"></span>ents <span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>ur<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _2\"></span>must <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cumulativ<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>basis fro<span class=\"_ _7\"></span>m <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>begi<span class=\"_ _7\"></span>nning <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>financial <span class=\"_ _1\"></span>year <span class=\"_ _0\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>eporting<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>(yea<span class=\"_ _2\"></span>r-to<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>date <span class=\"_ _1\"></span>accounti<span class=\"_ _7\"></span>ng). <span class=\"_ _0\"></span>Und<span class=\"_ _7\"></span>er <span class=\"_ _0\"></span>year<span class=\"_ _2\"></span>-to-d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te <span class=\"_ _0\"></span>a<span class=\"_ _7\"></span>ccountin<span class=\"_ _7\"></span>g, changes <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>esti<span class=\"_ _7\"></span>mates <span class=\"_ _4\"></span>reco<span class=\"_ _2\"></span>rded <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>pe<span class=\"_ _7\"></span>riods <span class=\"_ _4\"> </span>during <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>y<span class=\"_ _7\"></span>ear<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>are <span class=\"_ _4\"></span>not <span class=\"_ _4\"> </span>taken <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nto <span class=\"_ _4\"> </span>accou<span class=\"_ _7\"></span>nt, <span class=\"_ _f\"> </span>w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ile <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>re <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cluded <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>the calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>date-<span class=\"_ _7\"></span>to-dat<span class=\"_ _7\"></span>e ac<span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>unting. <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>Ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>Gro<span class=\"_ _7\"></span>up d<span class=\"_ _7\"></span>ecided <span class=\"_ _2\"></span>to mak<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>use <span class=\"_ _2\"></span>of the <span class=\"_ _2\"></span>year<span class=\"_ _2\"></span>-to-date <span class=\"_ _2\"></span>accou<span class=\"_ _7\"></span>nting <span class=\"_ _2\"></span>option accor<span class=\"_ _7\"></span>ding <span class=\"_ _7\"></span>to IFRS 17.<span class=\"_ _2\"></span>B137. Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>not m<span class=\"_ _7\"></span>easured<span class=\"_ _7\"></span> under P<span class=\"_ _10\"></span>AA The CSM a<span class=\"_ _7\"></span>t the end of <span class=\"_ _7\"></span>the re<span class=\"_ _7\"></span>porti<span class=\"_ _7\"></span>ng period r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>ents t<span class=\"_ _7\"></span>he prof<span class=\"_ _7\"></span>it in the gr<span class=\"_ _2\"></span>oup of insu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts that <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as not y<span class=\"_ _7\"></span>et be<span class=\"_ _7\"></span>en recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> profi<span class=\"_ _7\"></span>t and lo<span class=\"_ _7\"></span>ss, b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>caus<span class=\"_ _7\"></span>e it r<span class=\"_ _2\"></span>elate<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>to futur<span class=\"_ _2\"></span>e services <span class=\"_ _2\"></span>to be pro<span class=\"_ _7\"></span>vided. <span class=\"_ _2\"></span> For a gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>surance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts, th<span class=\"_ _7\"></span>e car<span class=\"_ _7\"></span>ry<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng amo<span class=\"_ _7\"></span>unt of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM<span class=\"_ _7\"></span> of th<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p at <span class=\"_ _2\"></span>the end of t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>porting p<span class=\"_ _7\"></span>eriod eq<span class=\"_ _2\"></span>uals the carryi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g amo<span class=\"_ _2\"></span>unt at the begi<span class=\"_ _7\"></span>nning of t<span class=\"_ _2\"></span>he re<span class=\"_ _7\"></span>porting p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _7\"></span> adjusted b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of <span class=\"_ _7\"></span>any ne<span class=\"_ _7\"></span>w contra<span class=\"_ _7\"></span>cts add<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to t<span class=\"_ _7\"></span>he gr<span class=\"_ _7\"></span>oup, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>interest <span class=\"_ _2\"></span>accreted o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>book <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM <span class=\"_ _2\"></span>during the r<span class=\"_ _2\"></span>eporting p<span class=\"_ _7\"></span>eriod, m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at the disco<span class=\"_ _2\"></span>unt rates a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> initial recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>anges i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> fulfi<span class=\"_ _7\"></span>lment cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows r<span class=\"_ _2\"></span>elati<span class=\"_ _7\"></span>ng to f<span class=\"_ _7\"></span>uture s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e, exce<span class=\"_ _7\"></span>pt to t<span class=\"_ _7\"></span>he exte<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t that: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>suc<span class=\"_ _7\"></span>h incr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ases i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the f<span class=\"_ _7\"></span>ulfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows ex<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eed t<span class=\"_ _7\"></span>he carr<span class=\"_ _7\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM,<span class=\"_ _7\"></span> gi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ing ris<span class=\"_ _7\"></span>e to <span class=\"_ _7\"></span>a loss; o<span class=\"_ _7\"></span>r \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>decr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ases in the <span class=\"_ _6\"></span>fulf<span class=\"_ _7\"></span>ilment cash flows are allocated to the <span class=\"_ _6\"></span>loss compon<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>of t<span class=\"_ _6\"></span>he liabili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>mai<span class=\"_ _7\"></span>ning <span class=\"_ _6\"></span>cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rage<span class=\"_ _7\"></span> (see c<span class=\"_ _7\"></span>hapter Loss <span class=\"_ _2\"></span>compone<span class=\"_ _7\"></span>nt starting o<span class=\"_ _2\"></span>n page 161<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>,<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of <span class=\"_ _7\"></span>any cu<span class=\"_ _7\"></span>rren<span class=\"_ _7\"></span>cy exc<span class=\"_ _7\"></span>hange di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nces on <span class=\"_ _7\"></span>the CSM<span class=\"_ _2\"></span>, an<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unt re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed as i<span class=\"_ _7\"></span>nsurance s<span class=\"_ _2\"></span>ervice re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en<span class=\"_ _7\"></span>ue beca<span class=\"_ _7\"></span>use of<span class=\"_ _7\"></span> the tra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sfer of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce cont<span class=\"_ _7\"></span>ract s<span class=\"_ _7\"></span>ervices i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the period, <span class=\"_ _7\"></span>determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed by <span class=\"_ _7\"></span>the alloc<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion of t<span class=\"_ _2\"></span>he CSM r<span class=\"_ _2\"></span>emaining a<span class=\"_ _7\"></span>t the end of <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e repo<span class=\"_ _7\"></span>rting pe<span class=\"_ _7\"></span>riod (<span class=\"_ _7\"></span>befor<span class=\"_ _2\"></span>e any<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>alloca<span class=\"_ _7\"></span>tion) ov<span class=\"_ _7\"></span>er the curr<span class=\"_ _2\"></span>ent and r<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>aining co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e period (s<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span> ch<span class=\"_ _7\"></span>apter <span class=\"_ _7\"></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e re<span class=\"_ _7\"></span>venue s<span class=\"_ _7\"></span>tarting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 16<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>). The <span class=\"_ _1\"></span>subseq<span class=\"_ _7\"></span>uent <span class=\"_ _1\"></span>me<span class=\"_ _7\"></span>asurem<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mes <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>CSM <span class=\"_ _6\"></span>calcu<span class=\"_ _7\"></span>lation <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sing<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>VF<span class=\"_ _2\"></span>A <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>following<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>modif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o GMM: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Changes to <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>cial ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lting fr<span class=\"_ _7\"></span>om <span class=\"_ _2\"></span>the unde<span class=\"_ _7\"></span>rlying r<span class=\"_ _7\"></span>efer<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ce val<span class=\"_ _7\"></span>ues would l<span class=\"_ _2\"></span>ead to a<span class=\"_ _7\"></span>n adjustm<span class=\"_ _7\"></span>ent of th<span class=\"_ _7\"></span>e CSM i<span class=\"_ _7\"></span>nstead of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>ncome sta<span class=\"_ _7\"></span>temen<span class=\"_ _7\"></span>t (or optio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>lly t<span class=\"_ _7\"></span>he sta<span class=\"_ _7\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t of comp<span class=\"_ _2\"></span>rehensiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> incom<span class=\"_ _7\"></span>e). T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is i<span class=\"_ _7\"></span>ncludes:<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>es in fair val<span class=\"_ _7\"></span>ue of th<span class=\"_ _7\"></span>e underl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>assets; <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>estima<span class=\"_ _7\"></span>tes <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cash <span class=\"_ _1\"></span>fl<span class=\"_ _2\"></span>ow<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>chang<span class=\"_ _2\"></span>es <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>risks <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>insurance <span class=\"_ _6\"></span>contracts with dir<span class=\"_ _2\"></span>ect particip<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n featur<span class=\"_ _7\"></span>es, as <span class=\"_ _7\"></span>these <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>associa<span class=\"_ _7\"></span>ted wi<span class=\"_ _2\"></span>th<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>uture s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvices;<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>There i<span class=\"_ _7\"></span>s no expl<span class=\"_ _7\"></span>icit CSM<span class=\"_ _7\"></span> incr<span class=\"_ _2\"></span>ease in in<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>est. The cha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ges in f<span class=\"_ _7\"></span>ulfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows r<span class=\"_ _2\"></span>elating to f<span class=\"_ _7\"></span>utur<span class=\"_ _7\"></span>e ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ice th<span class=\"_ _7\"></span>at adjus<span class=\"_ _7\"></span>t the CSM <span class=\"_ _2\"></span>compris<span class=\"_ _7\"></span>e:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>experie<span class=\"_ _7\"></span>nce adj<span class=\"_ _7\"></span>ustments <span class=\"_ _7\"></span>that arise f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ference b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>twe<span class=\"_ _7\"></span>en the pr<span class=\"_ _2\"></span>emium r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ceipts <span class=\"_ _7\"></span>(a<span class=\"_ _7\"></span>nd any r<span class=\"_ _2\"></span>elated cash fl<span class=\"_ _7\"></span>ows s<span class=\"_ _2\"></span>uch<span class=\"_ _6\"></span> as ins<span class=\"_ _7\"></span>urance acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n costs a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>nsurance p<span class=\"_ _2\"></span>remi<span class=\"_ _7\"></span>um taxes<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> and t<span class=\"_ _7\"></span>he estima<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>at the begi<span class=\"_ _7\"></span>nni<span class=\"_ _7\"></span>ng of the p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>iod, of<span class=\"_ _7\"></span> the amounts <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xpect<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. Dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>rela<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d to<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>miums r<span class=\"_ _2\"></span>eceived (or <span class=\"_ _2\"></span>due)<span class=\"_ _6\"></span> r<span class=\"_ _2\"></span>elated to <span class=\"_ _7\"></span>curr<span class=\"_ _7\"></span>ent or <span class=\"_ _7\"></span>past ser<span class=\"_ _7\"></span>vices ar<span class=\"_ _2\"></span>e recog<span class=\"_ _2\"></span>nised immedi<span class=\"_ _7\"></span>ately in p<span class=\"_ _7\"></span>rof<span class=\"_ _7\"></span>it or los<span class=\"_ _7\"></span>s whil<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ferences r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>ated to pr<span class=\"_ _2\"></span>emi<span class=\"_ _7\"></span>ums re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eived <span class=\"_ _7\"></span>(or du<span class=\"_ _7\"></span>e) for f<span class=\"_ _7\"></span>utur<span class=\"_ _7\"></span>e servic<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e adj<span class=\"_ _7\"></span>usted against t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM;<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>changes in <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>es of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pr<span class=\"_ _7\"></span>esen<span class=\"_ _7\"></span>t valu<span class=\"_ _7\"></span>e of fut<span class=\"_ _7\"></span>ure cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flo<span class=\"_ _2\"></span>ws in the li<span class=\"_ _7\"></span>ability fo<span class=\"_ _7\"></span>r r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>ning cov<span class=\"_ _7\"></span>erage, ex<span class=\"_ _7\"></span>cept t<span class=\"_ _7\"></span>hose relati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g to t<span class=\"_ _7\"></span>he time v<span class=\"_ _7\"></span>alue of<span class=\"_ _7\"></span> mon<span class=\"_ _7\"></span>ey and c<span class=\"_ _7\"></span>hanges <span class=\"_ _7\"></span>in fin<span class=\"_ _7\"></span>ancial <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk (r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nt of prof<span class=\"_ _7\"></span>it o<span class=\"_ _7\"></span>r loss <span class=\"_ _7\"></span>and ot<span class=\"_ _7\"></span>her compre<span class=\"_ _2\"></span>hen<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>ncome r<span class=\"_ _7\"></span>ather t<span class=\"_ _7\"></span>han adjusti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g t<span class=\"_ _7\"></span>he CSM); <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>dif<span class=\"_ _7\"></span>feren<span class=\"_ _7\"></span>ces bet<span class=\"_ _7\"></span>ween a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y investm<span class=\"_ _2\"></span>ent compo<span class=\"_ _7\"></span>nent exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cted <span class=\"_ _7\"></span>to<span class=\"_ _7\"></span> become pa<span class=\"_ _2\"></span>yable in the p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>iod <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd t<span class=\"_ _7\"></span>he actu<span class=\"_ _7\"></span>al investm<span class=\"_ _2\"></span>ent compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent that b<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>omes <span class=\"_ _2\"></span>payable in t<span class=\"_ _7\"></span>he pe<span class=\"_ _7\"></span>riod. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese dif<span class=\"_ _2\"></span>ferences <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ete<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>mined b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> comp<span class=\"_ _7\"></span>aring t<span class=\"_ _7\"></span>he actu<span class=\"_ _7\"></span>al in<span class=\"_ _7\"></span>vestment compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent that b<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>omes <span class=\"_ _2\"></span>payable in t<span class=\"_ _7\"></span>he pe<span class=\"_ _7\"></span>riod <span class=\"_ _7\"></span>with the p<span class=\"_ _2\"></span>ayment i<span class=\"_ _7\"></span>n the period <span class=\"_ _2\"></span>that was <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed at t<span class=\"_ _7\"></span>he start of<span class=\"_ _7\"></span> the period pl<span class=\"_ _7\"></span>us an<span class=\"_ _7\"></span>y insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce fi<span class=\"_ _7\"></span>nance incom<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>r expe<span class=\"_ _7\"></span>nses r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>lated to t<span class=\"_ _2\"></span>hat expected <span class=\"_ _2\"></span>payment bef<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> it be<span class=\"_ _7\"></span>comes p<span class=\"_ _7\"></span>ayabl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. The same <span class=\"_ _2\"></span>applies to <span class=\"_ _7\"></span>a policyhol<span class=\"_ _7\"></span>der loa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>at becomes <span class=\"_ _2\"></span>repa<span class=\"_ _7\"></span>yable, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>changes in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he risk <span class=\"_ _2\"></span>adju<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>tment for <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-fin<span class=\"_ _2\"></span>ancial risk <span class=\"_ _7\"></span>that r<span class=\"_ _7\"></span>ela<span class=\"_ _7\"></span>te to f<span class=\"_ _7\"></span>uture s<span class=\"_ _7\"></span>ervices. <span class=\"_ _7\"></span> Except <span class=\"_ _7\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>changes<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>djus<span class=\"_ _7\"></span>tment,<span class=\"_ _7\"></span> adj<span class=\"_ _2\"></span>ustments <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>CSM<span class=\"_ _2\"></span> no<span class=\"_ _7\"></span>ted <span class=\"_ _2\"></span>above <span class=\"_ _2\"></span>are<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>eas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d a<span class=\"_ _2\"></span>t <span class=\"_ _7\"></span>discou<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>rat<span class=\"_ _7\"></span>es t<span class=\"_ _2\"></span>hat <span class=\"_ _2\"></span>reflect the <span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>aracteristics<span class=\"_ _2\"></span> of<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flows <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>the g<span class=\"_ _2\"></span>roup <span class=\"_ _2\"></span>of i<span class=\"_ _2\"></span>nsuranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ntracts <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>initial <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _2\"></span>n (s<span class=\"_ _7\"></span>ee <span class=\"_ _2\"></span>Note <span class=\"_ _2\"></span>24.1. <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>Re-<span class=\"_ _7\"></span>) i<span class=\"_ _2\"></span>nsurance contracts s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bch<span class=\"_ _7\"></span>apter Disco<span class=\"_ _2\"></span>unt rates st<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 142). Wher<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>durin<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>coverag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>period, <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>up <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>contracts <span class=\"_ _1\"></span>becom<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>nero<span class=\"_ _7\"></span>us, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>prof<span class=\"_ _7\"></span>it <span class=\"_ _6\"></span>and loss<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>net <span class=\"_ _6\"></span>outflow<span class=\"_ _2\"></span>,<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>resulting<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>boo<span class=\"_ _7\"></span>k v<span class=\"_ _6\"></span>alue <span class=\"_ _6\"></span>of the <span class=\"_ _1\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _6\"></span>being equal to <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>fulfi<span class=\"_ _7\"></span>lment <span class=\"_ _6\"></span>cash<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>flows.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>A loss<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>establishe<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>remaini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _10\"></span>coverag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>such <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>nerous <span class=\"_ _e\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _10\"></span>depicti<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _10\"></span>losses <span class=\"_ _e\"></span>recog<span class=\"_ _7\"></span>nised. For additio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>l discl<span class=\"_ _7\"></span>os<span class=\"_ _7\"></span>ures o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the loss<span class=\"_ _7\"></span> com<span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>nent, pl<span class=\"_ _7\"></span>ease r<span class=\"_ _7\"></span>efer to <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>ge 161.<span class=\"_ _2\"></span> The ca<span class=\"_ _7\"></span>rrying amo<span class=\"_ _2\"></span>unt of a gro<span class=\"_ _2\"></span>up of ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>is meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d at the e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d of <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ach r<span class=\"_ _2\"></span>ep<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rting pe<span class=\"_ _7\"></span>riod as t<span class=\"_ _7\"></span>he sum of<span class=\"_ _7\"></span>: <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> lia<span class=\"_ _2\"></span>bility for r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>maini<span class=\"_ _7\"></span>ng cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rage com<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>ising f<span class=\"_ _2\"></span>ulfilment <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>lated to <span class=\"_ _7\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>ervice al<span class=\"_ _7\"></span>located to <span class=\"_ _2\"></span>the gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p at that date <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd t<span class=\"_ _7\"></span>he CSM of <span class=\"_ _2\"></span>the gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at date; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>bili<span class=\"_ _7\"></span>ty<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>fo<span class=\"_ _7\"></span>r i<span class=\"_ _2\"></span>ncu<span class=\"_ _2\"></span>rr<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ai<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>si<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> fu<span class=\"_ _7\"></span>lfi<span class=\"_ _2\"></span>lm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>ca<span class=\"_ _7\"></span>sh<span class=\"_ _2\"></span> flo<span class=\"_ _7\"></span>ws<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d to<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>st<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>vi<span class=\"_ _2\"></span>ce<span class=\"_ _7\"></span> al<span class=\"_ _2\"></span>lo<span class=\"_ _7\"></span>ca<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> to<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> da<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span>. Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>red u<span class=\"_ _7\"></span>nder P<span class=\"_ _7\"></span>AA At <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>end <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ach <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>epo<span class=\"_ _7\"></span>rting p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod, <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e ca<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ryi<span class=\"_ _7\"></span>ng amo<span class=\"_ _2\"></span>unt of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>liabil<span class=\"_ _7\"></span>ity f<span class=\"_ _7\"></span>or r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>mai<span class=\"_ _7\"></span>ning co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>carrying <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>mount <span class=\"_ _2\"></span>at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e beginning of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e period: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>miums r<span class=\"_ _2\"></span>eceiv<span class=\"_ _7\"></span>ed in the pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus i<span class=\"_ _7\"></span>nsurance a<span class=\"_ _7\"></span>cquisi<span class=\"_ _7\"></span>tion cos<span class=\"_ _7\"></span>ts (see c<span class=\"_ _2\"></span>hapter Ins<span class=\"_ _7\"></span>urance ac<span class=\"_ _7\"></span>quisitio<span class=\"_ _7\"></span>n costs s<span class=\"_ _7\"></span>tarti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 159),<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus an<span class=\"_ _7\"></span>y amou<span class=\"_ _7\"></span>nts rel<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ting to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>amortis<span class=\"_ _7\"></span>ation of t<span class=\"_ _7\"></span>he ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>n cas<span class=\"_ _7\"></span>h flows r<span class=\"_ _7\"></span>ecognis<span class=\"_ _2\"></span>ed as a<span class=\"_ _7\"></span>n expens<span class=\"_ _7\"></span>e in th<span class=\"_ _7\"></span>e repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting period f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r the gro<span class=\"_ _2\"></span>up<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus an<span class=\"_ _7\"></span>y adjustme<span class=\"_ _7\"></span>nt to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cing compo<span class=\"_ _2\"></span>nent, w<span class=\"_ _7\"></span>here <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>icable, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus th<span class=\"_ _7\"></span>e amou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t r<span class=\"_ _7\"></span>ecognised <span class=\"_ _2\"></span>as insura<span class=\"_ _7\"></span>nce servic<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> re<span class=\"_ _2\"></span>venue for the se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vices pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vided in <span class=\"_ _2\"></span>the period, a<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus any in<span class=\"_ _2\"></span>vestment com<span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>nent paid o<span class=\"_ _2\"></span>r transferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>liabil<span class=\"_ _7\"></span>ity for incu<span class=\"_ _7\"></span>rred cl<span class=\"_ _7\"></span>aims. <span class=\"_ _2\"></span> The liabili<span class=\"_ _7\"></span>ty fo<span class=\"_ _7\"></span>r inc<span class=\"_ _7\"></span>urred <span class=\"_ _7\"></span>claims <span class=\"_ _7\"></span>is estim<span class=\"_ _7\"></span>ated <span class=\"_ _7\"></span>as t<span class=\"_ _7\"></span>he fulfi<span class=\"_ _7\"></span>lment cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows r<span class=\"_ _2\"></span>elated to i<span class=\"_ _2\"></span>ncurred<span class=\"_ _7\"></span> claims.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he fulfi<span class=\"_ _7\"></span>lment cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows<span class=\"_ _2\"></span> incorpor<span class=\"_ _7\"></span>ate, <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>unbiased <span class=\"_ _6\"></span>way<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>all <span class=\"_ _6\"></span>reason<span class=\"_ _7\"></span>able <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>suppo<span class=\"_ _7\"></span>rtable <span class=\"_ _6\"></span>info<span class=\"_ _7\"></span>rmation <span class=\"_ _6\"></span>available without <span class=\"_ _6\"></span>undue <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>or <span class=\"_ _1\"></span>effo<span class=\"_ _7\"></span>rt <span class=\"_ _1\"></span>abo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t the amo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>, timi<span class=\"_ _7\"></span>ng a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d u<span class=\"_ _7\"></span>ncertainty of<span class=\"_ _7\"></span> f<span class=\"_ _7\"></span>uture<span class=\"_ _7\"></span> cash fl<span class=\"_ _7\"></span>ows,<span class=\"_ _7\"></span> it re<span class=\"_ _2\"></span>flects curr<span class=\"_ _7\"></span>ent esti<span class=\"_ _7\"></span>mates,<span class=\"_ _7\"></span> an<span class=\"_ _7\"></span>d includ<span class=\"_ _7\"></span>e an <span class=\"_ _7\"></span>explici<span class=\"_ _7\"></span>t adjustm<span class=\"_ _2\"></span>ent fo<span class=\"_ _7\"></span>r non-finan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial risk <span class=\"_ _2\"></span>(the risk <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>djus<span class=\"_ _7\"></span>tment<span class=\"_ _7\"></span>). VIG <span class=\"_ _7\"></span>always<span class=\"_ _7\"></span> disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nts<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>LIC eve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> wh<span class=\"_ _7\"></span>en the <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to <span class=\"_ _2\"></span>be paid <span class=\"_ _2\"></span>or<span class=\"_ _6\"></span> rec<span class=\"_ _7\"></span>eived in o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e year o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> less f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e date t<span class=\"_ _7\"></span>he claims <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e inc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rred. <span class=\"_ _2\"></span> Wher<span class=\"_ _7\"></span>e, d<span class=\"_ _2\"></span>uring <span class=\"_ _2\"></span>the co<span class=\"_ _7\"></span>verage <span class=\"_ _2\"></span>period, <span class=\"_ _2\"></span>facts <span class=\"_ _2\"></span>and ci<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>cumstances<span class=\"_ _2\"></span> indicate <span class=\"_ _10\"></span>that <span class=\"_ _7\"></span>a g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>contra<span class=\"_ _7\"></span>cts i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nerous, <span class=\"_ _10\"></span>a lo<span class=\"_ _2\"></span>ss<span class=\"_ _6\"></span> in prof<span class=\"_ _7\"></span>it <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>s is <span class=\"_ _2\"></span>recog<span class=\"_ _7\"></span>nised f<span class=\"_ _7\"></span>or t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e n<span class=\"_ _7\"></span>et outflo<span class=\"_ _2\"></span>w<span class=\"_ _7\"></span>, r<span class=\"_ _2\"></span>esu<span class=\"_ _6\"></span>lti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e book<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>value of <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he li<span class=\"_ _7\"></span>ability<span class=\"_ _7\"></span> for <span class=\"_ _7\"></span>the gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up b<span class=\"_ _7\"></span>eing <span class=\"_ _7\"></span>equal <span class=\"_ _7\"></span>to t<span class=\"_ _7\"></span>he fulfil<span class=\"_ _7\"></span>ment <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"> </span>flows. <span class=\"_ _4\"> </span>A <span class=\"_ _4\"> </span>loss <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>mpo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>establis<span class=\"_ _7\"></span>hed <span class=\"_ _4\"> </span>for <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>liabi<span class=\"_ _7\"></span>lity <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>rem<span class=\"_ _7\"></span>aining <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>verage <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _4\"> </span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _4\"> </span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p depicti<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>recog<span class=\"_ _7\"></span>nised. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>add<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>disclos<span class=\"_ _7\"></span>ures <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>loss <span class=\"_ _10\"></span>component, <span class=\"_ _10\"></span>plea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>refer <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>page 15<span class=\"_ _7\"></span>2 <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>page 16<span class=\"_ _2\"></span>1.<span class=\"_ _6\"></span> For additio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>l info<span class=\"_ _2\"></span>rmat<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> on ac<span class=\"_ _7\"></span>quisition <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>osts, pl<span class=\"_ _2\"></span>ease refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> to<span class=\"_ _7\"></span> chapter I<span class=\"_ _7\"></span>nsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on costs st<span class=\"_ _7\"></span>arting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 15<span class=\"_ _7\"></span>9.<span class=\"_ _7\"></span> Reinsuran<span class=\"_ _7\"></span>ce co<span class=\"_ _7\"></span>ntracts h<span class=\"_ _7\"></span>eld The <span class=\"_ _6\"></span>subs<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>ment of reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance contr<span class=\"_ _7\"></span>acts held follows the<span class=\"_ _6\"></span> same pri<span class=\"_ _7\"></span>nciples as those for <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> issued <span class=\"_ _7\"></span>and has be<span class=\"_ _2\"></span>en adapted <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o ref<span class=\"_ _7\"></span>lect t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e specif<span class=\"_ _7\"></span>ic fe<span class=\"_ _7\"></span>atures<span class=\"_ _2\"></span> of reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contracts <span class=\"_ _7\"></span>held. <span class=\"_ _2\"></span> W<span class=\"_ _7\"></span>her<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>-r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>com<span class=\"_ _7\"></span>po<span class=\"_ _2\"></span>nent<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>be<span class=\"_ _2\"></span>en <span class=\"_ _0\"></span>es<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>blish<span class=\"_ _2\"></span>ed, <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>so<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>date<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>sub<span class=\"_ _2\"></span>seq<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>ntl<span class=\"_ _2\"></span>y <span class=\"_ _1\"></span>red<span class=\"_ _2\"></span>uce <span class=\"_ _1\"></span>the<span class=\"_ _7\"></span> loss<span class=\"_ _2\"></span>-r<span class=\"_ _2\"></span>eco<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ry <span class=\"_ _6\"></span>com<span class=\"_ _2\"></span>pone<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>to zero<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>lin<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>ns <span class=\"_ _1\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us <span class=\"_ _1\"></span>g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>up <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>und<span class=\"_ _2\"></span>erl<span class=\"_ _7\"></span>yin<span class=\"_ _7\"></span>g <span class=\"_ _1\"></span>in<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>ac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>or<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>r <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fl<span class=\"_ _2\"></span>ect <span class=\"_ _2\"></span>that<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e l<span class=\"_ _7\"></span>os<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>-r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>mp<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hall<span class=\"_ _2\"></span> no<span class=\"_ _2\"></span>t ex<span class=\"_ _2\"></span>ce<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>rtio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>oo<span class=\"_ _7\"></span>k <span class=\"_ _2\"></span>val<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> the<span class=\"_ _2\"></span> loss<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>mpo<span class=\"_ _2\"></span>nen<span class=\"_ _7\"></span>t o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e o<span class=\"_ _2\"></span>ner<span class=\"_ _10\"></span>ous gro<span class=\"_ _2\"></span>up <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> un<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ying<span class=\"_ _2\"></span> in<span class=\"_ _7\"></span>su<span class=\"_ _2\"></span>rance<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>con<span class=\"_ _2\"></span>tra<span class=\"_ _7\"></span>cts <span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e e<span class=\"_ _2\"></span>ntit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> e<span class=\"_ _2\"></span>xpe<span class=\"_ _7\"></span>ct<span class=\"_ _7\"></span>s t<span class=\"_ _7\"></span>o <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>r fr<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span> the<span class=\"_ _7\"></span> g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>up o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>eins<span class=\"_ _2\"></span>ura<span class=\"_ _2\"></span>nce <span class=\"_ _7\"></span>con<span class=\"_ _7\"></span>tr<span class=\"_ _2\"></span>acts <span class=\"_ _2\"></span>held<span class=\"_ _2\"></span>.<span class=\"_ _3d5\"> </span>MODIFICA<span class=\"_ _10\"></span>TION<span class=\"_ _7\"></span> AND<span class=\"_ _2\"></span> DERECO<span class=\"_ _7\"></span>GNITION Insurance<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>dere<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>igh<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>obligatio<span class=\"_ _7\"></span>ns <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elating <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>contract <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>tinguish<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>i.e., <span class=\"_ _6\"></span>dis-<span class=\"_ _3d5\"> </span>charged, <span class=\"_ _10\"></span>cancelled <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xpir<span class=\"_ _7\"></span>ed) <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntract <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>modif<span class=\"_ _7\"></span>ied <span class=\"_ _2\"></span>such <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>modifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lts <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>ange <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>urem<span class=\"_ _7\"></span>ent model, <span class=\"_ _2\"></span>or <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>cable <span class=\"_ _2\"></span>standar<span class=\"_ _2\"></span>d fo<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>measuring<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>a <span class=\"_ _2\"></span>compon<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>cont<span class=\"_ _7\"></span>ract. <span class=\"_ _7\"></span>In <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _2\"></span>cases,<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nitial <span class=\"_ _2\"></span>contract<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>g-<span class=\"_ _3d5\"> </span>nised an<span class=\"_ _7\"></span>d the modi<span class=\"_ _7\"></span>fied <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> is r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised as a <span class=\"_ _2\"></span>new contract.<span class=\"_ _3d5\"> </span>INSURAN<span class=\"_ _7\"></span>CE <span class=\"_ _2\"></span>ACQUISITION<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>COSTS<span class=\"_ _7\"></span> In<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n cos<span class=\"_ _2\"></span>ts a<span class=\"_ _7\"></span>ris<span class=\"_ _2\"></span>e fr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m t<span class=\"_ _7\"></span>he c<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ts of s<span class=\"_ _2\"></span>ell<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span>, und<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>wri<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>ng a<span class=\"_ _2\"></span>nd s<span class=\"_ _7\"></span>ta<span class=\"_ _7\"></span>rt<span class=\"_ _2\"></span>ing<span class=\"_ _7\"></span> a gr<span class=\"_ _2\"></span>oup<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> in<span class=\"_ _7\"></span>su<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>ntr<span class=\"_ _2\"></span>act<span class=\"_ _7\"></span>s (<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> or ex<span class=\"_ _2\"></span>pe<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be i<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>d)<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ect<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span>y a<span class=\"_ _7\"></span>ttr<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>but<span class=\"_ _7\"></span>abl<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>rtfo<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>o of<span class=\"_ _2\"></span> i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>to<span class=\"_ _7\"></span> w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h t<span class=\"_ _2\"></span>he g<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>up<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>bel<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span>gs<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span>  W<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>cqu<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n c<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> ha<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>ee<span class=\"_ _7\"></span>n p<span class=\"_ _2\"></span>ai<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r i<span class=\"_ _2\"></span>ncu<span class=\"_ _7\"></span>rr<span class=\"_ _2\"></span>ed b<span class=\"_ _7\"></span>ef<span class=\"_ _2\"></span>or<span class=\"_ _10\"></span>e th<span class=\"_ _7\"></span>e r<span class=\"_ _2\"></span>el<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ed g<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up<span class=\"_ _7\"></span> of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>s i<span class=\"_ _2\"></span>s r<span class=\"_ _2\"></span>ec<span class=\"_ _7\"></span>og<span class=\"_ _2\"></span>nis<span class=\"_ _7\"></span>ed i<span class=\"_ _2\"></span>n th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nso<span class=\"_ _2\"></span>li<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>ba<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _2\"></span> s<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>et<span class=\"_ _2\"></span>, a<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ep<span class=\"_ _2\"></span>ara<span class=\"_ _7\"></span>te <span class=\"_ _2\"></span>as<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>et <span class=\"_ _2\"></span>for<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nsu<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>acq<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>si<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>ost<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> is<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>ec<span class=\"_ _7\"></span>og<span class=\"_ _7\"></span>ni<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>fo<span class=\"_ _2\"></span>r e<span class=\"_ _2\"></span>ach <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>el<span class=\"_ _2\"></span>at<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span>  The <span class=\"_ _f\"> </span>asset <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _f\"> </span>acq<span class=\"_ _7\"></span>uisition <span class=\"_ _f\"> </span>cos<span class=\"_ _7\"></span>ts <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>dere<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _f\"> </span>fr<span class=\"_ _7\"></span>om <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _f\"> </span>bal<span class=\"_ _7\"></span>ance <span class=\"_ _f\"> </span>sheet <span class=\"_ _4\"> </span>w<span class=\"_ _6\"></span>he<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>the <span class=\"_ _3\"> </span>ins<span class=\"_ _7\"></span>uran<span class=\"_ _7\"></span>ce acquisiti<span class=\"_ _7\"></span>on cos<span class=\"_ _7\"></span>ts ar<span class=\"_ _7\"></span>e includ<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>n the initi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e rel<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ed gr<span class=\"_ _2\"></span>oup of i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts. <span class=\"_ _2\"></span> It is r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>ed to a<span class=\"_ _2\"></span>pply a system<span class=\"_ _2\"></span>atic and rati<span class=\"_ _7\"></span>onal m<span class=\"_ _7\"></span>ethod to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llo<span class=\"_ _7\"></span>cate: <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance <span class=\"_ _7\"></span>acquisiti<span class=\"_ _7\"></span>on costs<span class=\"_ _7\"></span> that ar<span class=\"_ _2\"></span>e dir<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>tl<span class=\"_ _7\"></span>y attribut<span class=\"_ _7\"></span>able to <span class=\"_ _7\"></span>a gr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>p of i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>to th<span class=\"_ _7\"></span>at gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>to groups that include insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>contracts that ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>expect<span class=\"_ _7\"></span>ed to <span class=\"_ _6\"></span>arise <span class=\"_ _6\"></span>fro<span class=\"_ _7\"></span>m the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>newals of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts in that gro<span class=\"_ _2\"></span>up.  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance <span class=\"_ _7\"></span>acquisiti<span class=\"_ _7\"></span>on costs<span class=\"_ _7\"></span> that ar<span class=\"_ _2\"></span>e not dir<span class=\"_ _2\"></span>ectly attrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>table t<span class=\"_ _2\"></span>o a group o<span class=\"_ _7\"></span>f co<span class=\"_ _7\"></span>ntracts b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t dir<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>tl<span class=\"_ _7\"></span>y attribut<span class=\"_ _7\"></span>able to <span class=\"_ _7\"></span>a portfol<span class=\"_ _7\"></span>io of i<span class=\"_ _7\"></span>nsurance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts to g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the po<span class=\"_ _7\"></span>rtfolio<span class=\"_ _7\"></span>.  The <span class=\"_ _4\"> </span>t<span class=\"_ _6\"></span>im<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>ba<span class=\"_ _7\"></span>nds <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hen <span class=\"_ _4\"> </span>VIG <span class=\"_ _4\"></span>expects <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>der<span class=\"_ _2\"></span>ecognise <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>ts <span class=\"_ _4\"> </span>ar<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>disclosed <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>Note <span class=\"_ _4\"> </span>1. <span class=\"_ _4\"> </span>Insura<span class=\"_ _7\"></span>nce contracts st<span class=\"_ _2\"></span>arting on p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ge 60.<span class=\"_ _2\"></span> At the<span class=\"_ _7\"></span> end of<span class=\"_ _2\"></span> each r<span class=\"_ _2\"></span>eporting<span class=\"_ _7\"></span> period, <span class=\"_ _2\"></span>the amo<span class=\"_ _7\"></span>unts <span class=\"_ _7\"></span>of ins<span class=\"_ _2\"></span>urance <span class=\"_ _7\"></span>acquisiti<span class=\"_ _7\"></span>on costs<span class=\"_ _2\"></span> allocated<span class=\"_ _2\"></span> to gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ups of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts not yet r<span class=\"_ _2\"></span>ecognised ar<span class=\"_ _2\"></span>e r<span class=\"_ _7\"></span>evised, to<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flect <span class=\"_ _7\"></span>changes i<span class=\"_ _2\"></span>n assump<span class=\"_ _7\"></span>tions rel<span class=\"_ _2\"></span>ated to the m<span class=\"_ _2\"></span>ethod of allo<span class=\"_ _7\"></span>cation <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed. <span class=\"_ _2\"></span> After <span class=\"_ _2\"></span>any <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>-alloca<span class=\"_ _7\"></span>tion, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>recov<span class=\"_ _7\"></span>erabili<span class=\"_ _7\"></span>ty of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sset<span class=\"_ _7\"></span> f<span class=\"_ _7\"></span>or i<span class=\"_ _2\"></span>nsurance <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>cquisi<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>essed, <span class=\"_ _2\"></span>if <span class=\"_ _2\"></span>fac<span class=\"_ _6\"></span>ts<span class=\"_ _7\"></span> a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>circumst<span class=\"_ _2\"></span>ance<span class=\"_ _7\"></span>s indicate t<span class=\"_ _7\"></span>he asse<span class=\"_ _7\"></span>t ma<span class=\"_ _7\"></span>y be im<span class=\"_ _7\"></span>paire<span class=\"_ _7\"></span>d. W<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>en ass<span class=\"_ _7\"></span>essing t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>coverabili<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>, it is r<span class=\"_ _2\"></span>equir<span class=\"_ _7\"></span>ed to <span class=\"_ _7\"></span>apply t<span class=\"_ _7\"></span>he follo<span class=\"_ _7\"></span>wing:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>an<span class=\"_ _6\"></span> imp<span class=\"_ _2\"></span>airment test <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t th<span class=\"_ _7\"></span>e level of<span class=\"_ _7\"></span> an exis<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>r futur<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>up of i<span class=\"_ _7\"></span>nsurance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts; <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>an<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>additio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al impairm<span class=\"_ _2\"></span>ent test sp<span class=\"_ _7\"></span>ecificall<span class=\"_ _7\"></span>y coveri<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g t<span class=\"_ _7\"></span>he insura<span class=\"_ _7\"></span>nce acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n costs al<span class=\"_ _7\"></span>located to <span class=\"_ _2\"></span>expected f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ture <span class=\"_ _2\"></span>contract rene<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>als. <span class=\"_ _2\"></span> If an<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>impairm<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>loss is recognis<span class=\"_ _7\"></span>ed, the <span class=\"_ _6\"></span>book value <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>set <span class=\"_ _6\"></span>is adjusted and an<span class=\"_ _6\"></span> impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>is recog<span class=\"_ _7\"></span>nised in <span class=\"_ _6\"></span>profi<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> and loss<span class=\"_ _7\"></span> in the item ins<span class=\"_ _2\"></span>urance se<span class=\"_ _7\"></span>rvice ex<span class=\"_ _7\"></span>penses <span class=\"ff4e fs14\">\u2013</span> is<span class=\"_ _7\"></span>sue<span class=\"_ _7\"></span>d. <span class=\"_ _7\"></span> A full o<span class=\"_ _7\"></span>r partly r<span class=\"_ _2\"></span>eversal of pr<span class=\"_ _2\"></span>eviousl<span class=\"_ _7\"></span>y recog<span class=\"_ _2\"></span>nized impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ments<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>re r<span class=\"_ _2\"></span>ecognised i<span class=\"_ _2\"></span>n profit o<span class=\"_ _2\"></span>r loss and i<span class=\"_ _7\"></span>ncre<span class=\"_ _7\"></span>ase th<span class=\"_ _7\"></span>e car<span class=\"_ _7\"></span>ry<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng amount of t<span class=\"_ _2\"></span>he asset, to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ext<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt t<span class=\"_ _7\"></span>hat the im<span class=\"_ _7\"></span>pairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t con<span class=\"_ _7\"></span>ditions no lo<span class=\"_ _2\"></span>nger exist o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ha<span class=\"_ _7\"></span>ve impro<span class=\"_ _2\"></span>ved. Presentatio<span class=\"_ _2\"></span>n Under <span class=\"_ _6\"></span>IFRS 17 <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>ida<span class=\"_ _7\"></span>ted <span class=\"_ _1\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _6\"></span>compani<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>separatel<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>res<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>lan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>shee<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>carryi<span class=\"_ _7\"></span>ng amount <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>portfolio<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _10\"></span>contracts <span class=\"_ _10\"></span>issued <span class=\"_ _10\"></span>that <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>sets, <span class=\"_ _2\"></span>po<span class=\"_ _7\"></span>rtfolios<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insurance <span class=\"_ _10\"></span>contracts <span class=\"_ _10\"></span>iss<span class=\"_ _7\"></span>ued <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>liabilities,<span class=\"_ _7\"></span> portfolio<span class=\"_ _7\"></span>s of <span class=\"_ _7\"></span>reins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>ts held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at ar<span class=\"_ _2\"></span>e a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts and <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>ortfoli<span class=\"_ _7\"></span>os of<span class=\"_ _7\"></span> reins<span class=\"_ _7\"></span>urance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at ar<span class=\"_ _2\"></span>e liabili<span class=\"_ _7\"></span>ties.  Assets <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>cquisi<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>comm<span class=\"_ _2\"></span>encement<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>rrespo<span class=\"_ _2\"></span>nding <span class=\"_ _7\"></span>ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trac<span class=\"_ _2\"></span>ts are i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clude<span class=\"_ _7\"></span>d in the <span class=\"_ _7\"></span>carryi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g amo<span class=\"_ _7\"></span>unt of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>elated po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>os of<span class=\"_ _7\"></span> insuranc<span class=\"_ _7\"></span>e contrac<span class=\"_ _7\"></span>ts issu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. <span class=\"_ _7\"></span> The amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>income <span class=\"_ _2\"></span>statem<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>in t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>oth<span class=\"_ _6\"></span>er <span class=\"_ _7\"></span>comp<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>hensive <span class=\"_ _2\"></span>income <span class=\"_ _2\"></span>(OCI) <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e di<span class=\"_ _7\"></span>saggr<span class=\"_ _2\"></span>egated i<span class=\"_ _7\"></span>nto <span class=\"_ _2\"></span>the insuranc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvice <span class=\"_ _0\"></span>res<span class=\"_ _7\"></span>ult, <span class=\"_ _0\"></span>compris<span class=\"_ _7\"></span>ing <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>ervice <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>evenue <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>ex<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>enses, <span class=\"_ _1\"></span>and <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _0\"></span>fina<span class=\"_ _7\"></span>nce result. <span class=\"_ _2\"></span> The change in risk adjustm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt for non-fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial risks is disag<span class=\"_ _7\"></span>gregat<span class=\"_ _7\"></span>ed betw<span class=\"_ _7\"></span>een the insura<span class=\"_ _7\"></span>nce service res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt and insurance<span class=\"_ _2\"></span> finance <span class=\"_ _7\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt. The <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>enue <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>enses <span class=\"_ _0\"></span>fro<span class=\"_ _7\"></span>m <span class=\"_ _1\"></span>reins<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>he<span class=\"_ _6\"></span>ld <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>presented<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>inc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>me <span class=\"_ _0\"></span>stat<span class=\"_ _7\"></span>ement <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>position <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> service <span class=\"_ _1\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt <span class=\"_ _1\"></span>\u2013 <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>nsurance <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>eld. <span class=\"_ _1\"></span>The<span class=\"_ _7\"></span>refor<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>servic<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>result <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>separatel<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted <span class=\"_ _1\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ses <span class=\"_ _6\"></span>or income fro<span class=\"_ _7\"></span>m i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tracts iss<span class=\"_ _2\"></span>ue<span class=\"_ _6\"></span>d.<span class=\"_ _7\"></span> INSURAN<span class=\"_ _7\"></span>CE SER<span class=\"_ _7\"></span>VICE R<span class=\"_ _7\"></span>EVENUE The <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance service r<span class=\"_ _7\"></span>evenue depicts th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of services arisi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>fro<span class=\"_ _7\"></span>m a <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of insu<span class=\"_ _7\"></span>rance contracts at an a<span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>unt that refl<span class=\"_ _7\"></span>ects t<span class=\"_ _2\"></span>he conside<span class=\"_ _7\"></span>ration to <span class=\"_ _2\"></span>which<span class=\"_ _6\"></span> it is<span class=\"_ _7\"></span> expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to b<span class=\"_ _2\"></span>e entitled i<span class=\"_ _7\"></span>n exc<span class=\"_ _7\"></span>hange f<span class=\"_ _7\"></span>or those s<span class=\"_ _2\"></span>ervices. <span class=\"_ _2\"></span> For <span class=\"_ _0\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _6\"></span>not <span class=\"_ _0\"></span>measur<span class=\"_ _2\"></span>ed <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _1\"></span>insurance <span class=\"_ _6\"></span>service <span class=\"_ _1\"></span>revenue <span class=\"_ _1\"></span>fro<span class=\"_ _7\"></span>m <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>insurance <span class=\"_ _1\"></span>contracts <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>therefor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> rele<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ant <span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rtion for <span class=\"_ _6\"></span>the period of the total con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> for <span class=\"_ _6\"></span>the contracts. Whic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>eans, the amount <span class=\"_ _6\"></span>of pr<span class=\"_ _7\"></span>emi<span class=\"_ _7\"></span>ums paid <span class=\"_ _6\"></span>to the <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _2\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>companies<span class=\"_ _2\"></span> adj<span class=\"_ _7\"></span>usted <span class=\"_ _2\"></span>for <span class=\"_ _7\"></span>fina<span class=\"_ _7\"></span>ncing<span class=\"_ _7\"></span> ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>the <span class=\"_ _2\"></span>time <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>money) <span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>excl<span class=\"_ _7\"></span>uding <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ny i<span class=\"_ _2\"></span>nvestm<span class=\"_ _7\"></span>ent compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>otal <span class=\"_ _6\"></span>conside<span class=\"_ _7\"></span>ration <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>contracts <span class=\"_ _6\"></span>covers <span class=\"_ _1\"></span>amo<span class=\"_ _7\"></span>unts <span class=\"_ _6\"></span>relate<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>serv<span class=\"_ _6\"></span>ices and <span class=\"_ _6\"></span>is comprise<span class=\"_ _7\"></span>d of:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>insurance se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vice ex<span class=\"_ _2\"></span>penses, excl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ding <span class=\"_ _7\"></span>any amo<span class=\"_ _7\"></span>unts <span class=\"_ _7\"></span>rela<span class=\"_ _7\"></span>ting <span class=\"_ _7\"></span>to the risk <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>djus<span class=\"_ _7\"></span>tment for <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-fin<span class=\"_ _7\"></span>ancial ris<span class=\"_ _7\"></span>ks <span class=\"_ _7\"></span>and an<span class=\"_ _7\"></span>y amounts <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llocat<span class=\"_ _7\"></span>ed to <span class=\"_ _7\"></span>the loss<span class=\"_ _7\"></span> compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of t<span class=\"_ _7\"></span>he li<span class=\"_ _7\"></span>ability for r<span class=\"_ _2\"></span>emaining co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e;  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>other amo<span class=\"_ _7\"></span>unts like i<span class=\"_ _2\"></span>nc<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> tax th<span class=\"_ _7\"></span>at ar<span class=\"_ _7\"></span>e specif<span class=\"_ _7\"></span>icall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> charge<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>bl<span class=\"_ _7\"></span>e to the <span class=\"_ _7\"></span>policy<span class=\"_ _7\"></span>holder; <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ris<span class=\"_ _7\"></span>k adj<span class=\"_ _7\"></span>ustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t for no<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-finan<span class=\"_ _7\"></span>cial risks, ex<span class=\"_ _2\"></span>cluding a<span class=\"_ _7\"></span>ny am<span class=\"_ _7\"></span>ounts alloca<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e loss <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pone<span class=\"_ _7\"></span>nt of t<span class=\"_ _7\"></span>he liability for remai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>coverage; <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> C<span class=\"_ _7\"></span>SM r<span class=\"_ _7\"></span>elease <span class=\"_ _2\"></span>and \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>amounts r<span class=\"_ _2\"></span>elated to i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce acquis<span class=\"_ _7\"></span>ition <span class=\"_ _7\"></span>costs. <span class=\"_ _2\"></span> For  si<span class=\"_ _7\"></span>gnifica<span class=\"_ _7\"></span>nt  dis<span class=\"_ _7\"></span>cre<span class=\"_ _7\"></span>tionar<span class=\"_ _7\"></span>y  man<span class=\"_ _7\"></span>ageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t  j<span class=\"_ _7\"></span>udgeme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts  ap<span class=\"_ _2\"></span>plied  to <span class=\"_ _3\"> </span>t<span class=\"_ _6\"></span>he <span class=\"_ _3\"> </span>amortisation<span class=\"_ _7\"></span>  of <span class=\"_ _d\"> </span>CSM, <span class=\"_ _3\"> </span>please  r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>fer  to <span class=\"_ _3\"> </span>chapt<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> \u201cAmortisa<span class=\"_ _7\"></span>tion of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Co<span class=\"_ _7\"></span>ntract<span class=\"_ _7\"></span>ual Ser<span class=\"_ _7\"></span>vice Margi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>\u201d star<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>n page 143<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> Under <span class=\"_ _4\"> </span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>insurance <span class=\"_ _4\"></span>servic<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>reven<span class=\"_ _7\"></span>ue <span class=\"_ _4\"> </span>for <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>period <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"> </span>the<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>amount <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>expected <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>emium <span class=\"_ _4\"> </span>receip<span class=\"_ _7\"></span>ts <span class=\"_ _4\"> </span>excluding <span class=\"_ _4\"></span>any investme<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>compo<span class=\"_ _7\"></span>nent <span class=\"_ _6\"></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>allocated<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>period. <span class=\"_ _1\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>expected<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>prem<span class=\"_ _7\"></span>ium <span class=\"_ _6\"></span>receip<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>allocat<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ach<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>period <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract s<span class=\"_ _7\"></span>ervices <span class=\"_ _7\"></span>mai<span class=\"_ _7\"></span>nly on a<span class=\"_ _7\"></span> basis of<span class=\"_ _7\"></span> a l<span class=\"_ _7\"></span>inear <span class=\"_ _7\"></span>rele<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>se patt<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>n on lo<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>al entit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> level. <span class=\"_ _2\"></span>But, if t<span class=\"_ _7\"></span>he expe<span class=\"_ _7\"></span>cted p<span class=\"_ _7\"></span>atte<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>n <span class=\"_ _7\"></span>of releas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of risk during the cov<span class=\"_ _7\"></span>erage perio<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span>s sig<span class=\"_ _7\"></span>nificantly from<span class=\"_ _7\"></span> the passag<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>of tim<span class=\"_ _7\"></span>e, then the allocatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> is <span class=\"_ _6\"></span>made<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>on the basis of<span class=\"_ _7\"></span> the exp<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>timing of<span class=\"_ _7\"></span> incu<span class=\"_ _7\"></span>rre<span class=\"_ _7\"></span>d insur<span class=\"_ _7\"></span>ance ser<span class=\"_ _7\"></span>vice e<span class=\"_ _7\"></span>xpenses. <span class=\"_ _2\"></span> If facts a<span class=\"_ _7\"></span>nd cir<span class=\"_ _7\"></span>cumst<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nces <span class=\"_ _7\"></span>cha<span class=\"_ _7\"></span>nge, the t<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>o met<span class=\"_ _7\"></span>hods m<span class=\"_ _7\"></span>entio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed abo<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e wil<span class=\"_ _7\"></span>l be alt<span class=\"_ _7\"></span>ernated.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> LOSS COMPO<span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>ENT Contra<span class=\"_ _7\"></span>cts <span class=\"_ _1\"></span>that <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>initial <span class=\"_ _6\"></span>recognitio<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>gro<span class=\"_ _7\"></span>upe<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>separatel<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>fr<span class=\"_ _7\"></span>om <span class=\"_ _6\"></span>contracts<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ame <span class=\"_ _6\"></span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>o <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>not onero<span class=\"_ _7\"></span>us <span class=\"_ _0\"></span>at <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nitial <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition. <span class=\"_ _0\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>were <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>initial<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>recog<span class=\"_ _7\"></span>nitio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>ma<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uently <span class=\"_ _0\"></span>become<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>on<span class=\"_ _7\"></span>ero<span class=\"_ _2\"></span>us <span class=\"_ _4\"></span>if assumpti<span class=\"_ _7\"></span>ons cha<span class=\"_ _7\"></span>nge <span class=\"_ _6\"></span>and experie<span class=\"_ _7\"></span>nce adjustm<span class=\"_ _7\"></span>ents are perfo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>med. For any <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span>ero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>loss com<span class=\"_ _7\"></span>pone<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ty for remai<span class=\"_ _2\"></span>ning cover<span class=\"_ _7\"></span>age is es<span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span>blis<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ed depic<span class=\"_ _2\"></span>tin<span class=\"_ _6\"></span>g t<span class=\"_ _7\"></span>he futur<span class=\"_ _2\"></span>e lo<span class=\"_ _7\"></span>sses r<span class=\"_ _7\"></span>ecognise<span class=\"_ _2\"></span>d.  A loss compon<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt repr<span class=\"_ _2\"></span>esents<span class=\"_ _7\"></span> a <span class=\"_ _6\"></span>notio<span class=\"_ _7\"></span>nal recor<span class=\"_ _2\"></span>d of <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> losses<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>ttrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>table to each<span class=\"_ _7\"></span> gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s insuranc<span class=\"_ _7\"></span>e contrac<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or contracts<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>profi<span class=\"_ _7\"></span>table <span class=\"_ _4\"></span>at <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ceptio<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>that <span class=\"_ _4\"></span>have <span class=\"_ _4\"> </span>becom<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us. <span class=\"_ _f\"> </span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>loss <span class=\"_ _f\"> </span>com<span class=\"_ _2\"></span>pone<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>is <span class=\"_ _4\"></span>rele<span class=\"_ _2\"></span>ased <span class=\"_ _f\"> </span>bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>on <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>systema<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ic allocation of the <span class=\"_ _6\"></span>subse<span class=\"_ _7\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>changes relati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g to <span class=\"_ _6\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> service in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fulf<span class=\"_ _7\"></span>ilm<span class=\"_ _7\"></span>ent<span class=\"_ _6\"></span> cash <span class=\"_ _6\"></span>flows to <span class=\"_ _6\"></span>the loss compone<span class=\"_ _7\"></span>nt and <span class=\"_ _6\"></span>the liabil<span class=\"_ _7\"></span>ity <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>remai<span class=\"_ _7\"></span>ning <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>cluding <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>compo<span class=\"_ _7\"></span>nent. <span class=\"_ _10\"></span>The<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>loss <span class=\"_ _10\"></span>component <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>lso <span class=\"_ _10\"></span>updated <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>subseque<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s relati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>fut<span class=\"_ _7\"></span>ure <span class=\"_ _4\"> </span>service<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lfil<span class=\"_ _7\"></span>ment <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>ash <span class=\"_ _4\"> </span>flows <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>r<span class=\"_ _6\"></span>isk <span class=\"_ _4\"> </span>adjustm<span class=\"_ _7\"></span>ent <span class=\"_ _f\"> </span>fo<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>on-fi<span class=\"_ _2\"></span>nancial <span class=\"_ _4\"> </span>r<span class=\"_ _6\"></span>isks. <span class=\"_ _4\"> </span>The systematic <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>llocatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>subs<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>ch<span class=\"_ _7\"></span>anges <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>los<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>compo<span class=\"_ _7\"></span>nent <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>esu<span class=\"_ _6\"></span>lts <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>total<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _2\"></span>unts <span class=\"_ _4\"></span>alloca<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>oss compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _6\"></span>being <span class=\"_ _6\"></span>equ<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>zero <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>the end <span class=\"_ _1\"></span>of the <span class=\"_ _6\"></span>coverage<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>period <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _6\"></span>since <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>loss <span class=\"_ _6\"></span>compone<span class=\"_ _7\"></span>nt will have be<span class=\"_ _7\"></span>en r<span class=\"_ _7\"></span>ealise<span class=\"_ _7\"></span>d in the fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>m of <span class=\"_ _7\"></span>incurr<span class=\"_ _7\"></span>ed clai<span class=\"_ _7\"></span>ms. <span class=\"_ _2\"></span> For <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>under <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _0\"></span>no <span class=\"_ _1\"></span>contracts <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>assumed <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>oner<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>itial <span class=\"_ _6\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition <span class=\"_ _1\"></span>unless<span class=\"_ _7\"></span> facts and circumsta<span class=\"_ _2\"></span>nces <span class=\"_ _6\"></span>indicat<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>othe<span class=\"_ _7\"></span>rwise. Where this is not the <span class=\"_ _6\"></span>case, and <span class=\"_ _6\"></span>if at <span class=\"_ _6\"></span>any time <span class=\"_ _6\"></span>duri<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the <span class=\"_ _6\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _6\"></span>period the facts <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>circumst<span class=\"_ _2\"></span>ances <span class=\"_ _2\"></span>mention<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Not<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>25.3. <span class=\"_ _2\"></span>indi<span class=\"_ _7\"></span>cate <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>oup <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>ous, <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>compo<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>nt has to be<span class=\"_ _2\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>ablish<span class=\"_ _7\"></span>ed as t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e exc<span class=\"_ _7\"></span>ess of<span class=\"_ _7\"></span> the f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows t<span class=\"_ _7\"></span>hat rel<span class=\"_ _2\"></span>ate<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>to the<span class=\"_ _7\"></span> rem<span class=\"_ _2\"></span>ain<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng cove<span class=\"_ _7\"></span>rage of <span class=\"_ _7\"></span>the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p o<span class=\"_ _7\"></span>ver the<span class=\"_ _7\"></span> book <span class=\"_ _0\"></span>valu<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>liability <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>rem<span class=\"_ _7\"></span>aining <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>gr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>p <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>determin<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ch<span class=\"_ _7\"></span>apter <span class=\"_ _1\"></span>I<span class=\"_ _6\"></span>niti<span class=\"_ _7\"></span>al <span class=\"_ _0\"></span>measur<span class=\"_ _2\"></span>ement <span class=\"_ _0\"></span>sta<span class=\"_ _7\"></span>rting <span class=\"_ _1\"></span>on page 154. A<span class=\"_ _2\"></span>ccordi<span class=\"_ _7\"></span>ngly<span class=\"_ _e\"></span>, by th<span class=\"_ _7\"></span>e end of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e cov<span class=\"_ _7\"></span>erage <span class=\"_ _7\"></span>period o<span class=\"_ _7\"></span>f the gr<span class=\"_ _7\"></span>oup o<span class=\"_ _7\"></span>f co<span class=\"_ _7\"></span>ntracts t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e loss com<span class=\"_ _2\"></span>pone<span class=\"_ _7\"></span>nt w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> be ze<span class=\"_ _7\"></span>ro.<span class=\"_ _2\"></span> LOSS-RE<span class=\"_ _7\"></span>COVER<span class=\"_ _2\"></span>Y<span class=\"_ _6\"></span> COMPO<span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>ENTS As <span class=\"_ _3\"> </span>described  i<span class=\"_ _7\"></span>n <span class=\"_ _3\"> </span>chapte<span class=\"_ _7\"></span>rs  \u201cI<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itial <span class=\"_ _3\"> </span>measur<span class=\"_ _2\"></span>ement-Rei<span class=\"_ _7\"></span>nsurance <span class=\"_ _3\"> </span>contracts <span class=\"_ _3\"> </span>held\u201d <span class=\"_ _3\"> </span>starting <span class=\"_ _3\"> </span>on <span class=\"_ _3\"> </span>page 156 <span class=\"_ _3\"> </span>and <span class=\"_ _3\"> </span>\u201c<span class=\"_ _6\"></span>S<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uent meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t-Rei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce contra<span class=\"_ _7\"></span>cts held\u201d st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page<span class=\"_ _2\"></span> 158, when a l<span class=\"_ _7\"></span>oss on initial<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of an o<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p o<span class=\"_ _7\"></span>f underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _2\"></span>is r<span class=\"_ _2\"></span>ecognis<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>or <span class=\"_ _7\"></span>when<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>furt<span class=\"_ _7\"></span>her <span class=\"_ _2\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>underlyi<span class=\"_ _7\"></span>ng i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>added <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p, a <span class=\"_ _2\"></span>loss-re<span class=\"_ _2\"></span>covery <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _10\"></span>(LoReCo<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>rem<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>establis<span class=\"_ _7\"></span>hed <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>gro<span class=\"_ _2\"></span>up <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts held depic<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>over<span class=\"_ _7\"></span>y of los<span class=\"_ _7\"></span>ses. <span class=\"_ _7\"></span> Wher<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent has <span class=\"_ _1\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>set <span class=\"_ _6\"></span>up <span class=\"_ _1\"></span>subs<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>initial <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>underl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntrac<span class=\"_ _7\"></span>ts, the <span class=\"_ _1\"></span>portion <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>income <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _1\"></span>has <span class=\"_ _0\"></span>been <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _1\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>related <span class=\"_ _1\"></span>rei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>held <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>disclosed <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>loss-r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>very compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent.  Wher<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>loss<span class=\"_ _7\"></span>-r<span class=\"_ _7\"></span>ecov<span class=\"_ _7\"></span>ery <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent has <span class=\"_ _6\"></span>been <span class=\"_ _6\"></span>set up <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>initial recognitio<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>or <span class=\"_ _6\"></span>subs<span class=\"_ _7\"></span>eque<span class=\"_ _7\"></span>ntly<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>the loss-re<span class=\"_ _7\"></span>covery compo<span class=\"_ _7\"></span>nent is adjusted to <span class=\"_ _2\"></span>reflect c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>es in th<span class=\"_ _7\"></span>e loss<span class=\"_ _7\"></span> compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of a<span class=\"_ _7\"></span>n one<span class=\"_ _7\"></span>rous gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of <span class=\"_ _7\"></span>underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span>.  The <span class=\"_ _6\"></span>boo<span class=\"_ _7\"></span>k value<span class=\"_ _6\"></span> of <span class=\"_ _6\"></span>the loss-<span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>very compon<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt must n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>excee<span class=\"_ _7\"></span>d the <span class=\"_ _6\"></span>portion of <span class=\"_ _6\"></span>the book value of the <span class=\"_ _6\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of the <span class=\"_ _1\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>underlyi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>that <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>compani<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>expe<span class=\"_ _7\"></span>ct <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er <span class=\"_ _1\"></span>fr<span class=\"_ _7\"></span>om the <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>contr<span class=\"_ _7\"></span>acts <span class=\"_ _0\"></span>held. <span class=\"_ _1\"></span>On <span class=\"_ _0\"></span>this <span class=\"_ _0\"></span>basis, <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>loss-reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery <span class=\"_ _0\"></span>compo<span class=\"_ _2\"></span>nent <span class=\"_ _0\"></span>recog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>at <span class=\"_ _0\"></span>initial <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>ecogniti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>is red<span class=\"_ _7\"></span>uced <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>zero <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>line <span class=\"_ _f\"> </span>wit<span class=\"_ _7\"></span>h <span class=\"_ _f\"> </span>re<span class=\"_ _7\"></span>ductio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>one<span class=\"_ _7\"></span>rous <span class=\"_ _4\"> </span>gro<span class=\"_ _7\"></span>up <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>rlying <span class=\"_ _4\"> </span>in<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _4\"> </span>and <span class=\"_ _f\"> </span>is <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>wh<span class=\"_ _6\"></span>en <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>ss compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of t<span class=\"_ _7\"></span>he oner<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>s g<span class=\"_ _2\"></span>roup of<span class=\"_ _7\"></span> underl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>is nil.<span class=\"_ _3d5\"> </span> INSURAN<span class=\"_ _7\"></span>CE FINAN<span class=\"_ _7\"></span>CE RES<span class=\"_ _7\"></span>UL<span class=\"_ _e\"></span>T The i<span class=\"_ _2\"></span>nsurance <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>ce r<span class=\"_ _2\"></span>esult <span class=\"_ _2\"></span>comprises <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>hange <span class=\"_ _2\"></span>in t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>carrying <span class=\"_ _2\"></span>amount <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the g<span class=\"_ _2\"></span>roup <span class=\"_ _2\"></span>of i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>arising <span class=\"_ _7\"></span>fr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of t<span class=\"_ _7\"></span>he time <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ney and <span class=\"_ _7\"></span>changes i<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he time v<span class=\"_ _7\"></span>alue of mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ey <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of fin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ncial risk <span class=\"_ _2\"></span>and chang<span class=\"_ _2\"></span>es in financial<span class=\"_ _7\"></span> risk, b<span class=\"_ _7\"></span>ut \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>excluding a<span class=\"_ _7\"></span>ny s<span class=\"_ _7\"></span>uch chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s for gr<span class=\"_ _2\"></span>oups of i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> dir<span class=\"_ _2\"></span>ect particip<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion f<span class=\"_ _7\"></span>eatur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s t<span class=\"_ _7\"></span>hat would a<span class=\"_ _2\"></span>djust the CSM bu<span class=\"_ _7\"></span>t do <span class=\"_ _7\"></span>not do so b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>caus<span class=\"_ _7\"></span>e the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps of <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us. Thes<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ar<span class=\"_ _7\"></span>e inclu<span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>n insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce servic<span class=\"_ _2\"></span>e expenses.<span class=\"_ _2\"></span> VIG applies <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e option to <span class=\"_ _6\"></span>disaggr<span class=\"_ _2\"></span>egate the <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce financ<span class=\"_ _7\"></span>e result on <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce contracts issu<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>for its <span class=\"_ _6\"></span>lif<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>business a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d its <span class=\"_ _4\"></span>health <span class=\"_ _4\"> </span>simil<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>-to-l<span class=\"_ _7\"></span>ife <span class=\"_ _4\"></span>busi<span class=\"_ _7\"></span>ness <span class=\"_ _4\"> </span>betwe<span class=\"_ _7\"></span>en <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>rofit <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>an<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>OCI. <span class=\"_ _4\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>OCI <span class=\"_ _4\"> </span>option <span class=\"_ _4\"> </span>allows <span class=\"_ _4\"></span>inco<span class=\"_ _2\"></span>nsistent <span class=\"_ _4\"> </span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents (acco<span class=\"_ _7\"></span>unting <span class=\"_ _2\"></span>misma<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ch) <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>assets <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>liabiliti<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span>fset <span class=\"_ _2\"></span>thr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>gh <span class=\"_ _10\"></span>equity<span class=\"_ _10\"></span>, <span class=\"_ _10\"></span>rather <span class=\"_ _10\"></span>than <span class=\"_ _2\"></span>thro<span class=\"_ _7\"></span>ugh <span class=\"_ _2\"></span>prof<span class=\"_ _7\"></span>it <span class=\"_ _2\"></span>or <span class=\"_ _10\"></span>loss. <span class=\"_ _2\"></span>Such <span class=\"_ _10\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ces can, <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>or <span class=\"_ _f\"> </span>ex<span class=\"_ _7\"></span>ample, <span class=\"_ _4\"> </span>occur <span class=\"_ _f\"> </span>fo<span class=\"_ _7\"></span>r <span class=\"_ _f\"> </span>lif<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _f\"> </span>pol<span class=\"_ _7\"></span>icies <span class=\"_ _4\"></span>eligi<span class=\"_ _7\"></span>ble <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>or <span class=\"_ _f\"> </span>pro<span class=\"_ _7\"></span>fit-particip<span class=\"_ _2\"></span>ation. <span class=\"_ _f\"> </span>If<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>business <span class=\"_ _f\"> </span>mo<span class=\"_ _7\"></span>del<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>es <span class=\"_ _f\"> </span>such<span class=\"_ _7\"></span> meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t, <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>OCI <span class=\"_ _0\"></span>option <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>mi<span class=\"_ _7\"></span>nimise <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>counti<span class=\"_ _7\"></span>ng <span class=\"_ _4\"></span>mis<span class=\"_ _7\"></span>matc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>. <span class=\"_ _0\"></span>For<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rticipa<span class=\"_ _2\"></span>tions <span class=\"_ _4\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ing <span class=\"_ _0\"></span>held <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or strategic <span class=\"_ _10\"></span>purpos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>OCI <span class=\"_ _2\"></span>op<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>predo<span class=\"_ _7\"></span>minantl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>rde<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>mi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>imi<span class=\"_ _7\"></span>se <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>accou<span class=\"_ _7\"></span>nting <span class=\"_ _2\"></span>mism<span class=\"_ _7\"></span>atches <span class=\"_ _10\"></span>menti<span class=\"_ _7\"></span>oned <span class=\"_ _2\"></span>abov<span class=\"_ _7\"></span>e. VIG\u2019<span class=\"_ _e\"></span>s fina<span class=\"_ _7\"></span>ncial asse<span class=\"_ _2\"></span>ts backing <span class=\"_ _7\"></span>the ins<span class=\"_ _7\"></span>urance i<span class=\"_ _7\"></span>ssued po<span class=\"_ _2\"></span>rtfolios ar<span class=\"_ _7\"></span>e pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>domi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>antl<span class=\"_ _7\"></span>y measu<span class=\"_ _7\"></span>red <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t amo<span class=\"_ _7\"></span>rtised cos<span class=\"_ _7\"></span>t or <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtOC<span class=\"_ _7\"></span>I. <span class=\"_ _7\"></span> The <span class=\"_ _1\"></span>total <span class=\"_ _1\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>fina<span class=\"_ _7\"></span>nce <span class=\"_ _1\"></span>rev<span class=\"_ _7\"></span>enues <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>exp<span class=\"_ _7\"></span>enses <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>syst<span class=\"_ _2\"></span>ematically <span class=\"_ _6\"></span>allocated <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rof<span class=\"_ _7\"></span>it <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>over <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>duration <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the gro<span class=\"_ _7\"></span>up of co<span class=\"_ _7\"></span>ntracts b<span class=\"_ _7\"></span>y using <span class=\"_ _2\"></span>discount ra<span class=\"_ _7\"></span>tes det<span class=\"_ _7\"></span>ermi<span class=\"_ _7\"></span>ned on gr<span class=\"_ _2\"></span>oup of ins<span class=\"_ _7\"></span>urance l<span class=\"_ _7\"></span>evel.<span class=\"_ _2\"></span> NET RE<span class=\"_ _7\"></span>VE<span class=\"_ _6\"></span>N<span class=\"_ _7\"></span>UES O<span class=\"_ _7\"></span>R EXPENSE<span class=\"_ _2\"></span>S <span class=\"_ _6\"></span>FROM<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>REINSU<span class=\"_ _7\"></span>RANCE<span class=\"_ _7\"></span> CONTRA<span class=\"_ _7\"></span>CTS H<span class=\"_ _7\"></span>ELD IFRS 17 <span class=\"_ _6\"></span>requir<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _6\"></span>contract <span class=\"_ _1\"></span>held <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>accounted <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>separa<span class=\"_ _7\"></span>tely <span class=\"_ _0\"></span>fr<span class=\"_ _7\"></span>om <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>underlying <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _1\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _6\"></span>to which i<span class=\"_ _7\"></span>t r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>lates.<span class=\"_ _7\"></span> Additio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ally<span class=\"_ _e\"></span>, amo<span class=\"_ _7\"></span>unts a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ising f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> tr<span class=\"_ _7\"></span>ansac<span class=\"_ _7\"></span>tions <span class=\"_ _7\"></span>with rei<span class=\"_ _2\"></span>nsure<span class=\"_ _7\"></span>rs s<span class=\"_ _7\"></span>hall be r<span class=\"_ _2\"></span>eported<span class=\"_ _7\"></span> accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>whether t<span class=\"_ _7\"></span>hey relat<span class=\"_ _7\"></span>e to:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unts re<span class=\"_ _7\"></span>cover<span class=\"_ _2\"></span>ed from t<span class=\"_ _2\"></span>he rei<span class=\"_ _7\"></span>nsure<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> or \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>amounts <span class=\"_ _7\"></span>allocat<span class=\"_ _7\"></span>ed to pr<span class=\"_ _7\"></span>emi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ms paid. <span class=\"_ _2\"></span> Separate p<span class=\"_ _2\"></span>resentatio<span class=\"_ _2\"></span>n is req<span class=\"_ _7\"></span>uire<span class=\"_ _7\"></span>d for:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>reins<span class=\"_ _7\"></span>urance cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows t<span class=\"_ _2\"></span>hat are <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>onting<span class=\"_ _2\"></span>ent on claims<span class=\"_ _7\"></span> on th<span class=\"_ _7\"></span>e unde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>lyi<span class=\"_ _7\"></span>ng contrac<span class=\"_ _7\"></span>ts, whic<span class=\"_ _7\"></span>h ar<span class=\"_ _7\"></span>e tr<span class=\"_ _7\"></span>eated <span class=\"_ _7\"></span>as par<span class=\"_ _7\"></span>t of the claims th<span class=\"_ _7\"></span>at ar<span class=\"_ _7\"></span>e expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to b<span class=\"_ _2\"></span>e reim<span class=\"_ _7\"></span>bursed u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der <span class=\"_ _7\"></span>the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tract h<span class=\"_ _7\"></span>eld;<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>reins<span class=\"_ _7\"></span>urance cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows t<span class=\"_ _2\"></span>hat are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot con<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span>ent on clai<span class=\"_ _7\"></span>ms of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g cont<span class=\"_ _7\"></span>racts (e.g<span class=\"_ _7\"></span>. some <span class=\"_ _2\"></span>types of c<span class=\"_ _7\"></span>eding commis<span class=\"_ _7\"></span>sions) a<span class=\"_ _7\"></span>re t<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ated as a <span class=\"_ _7\"></span>red<span class=\"_ _2\"></span>uction in t<span class=\"_ _7\"></span>he premi<span class=\"_ _2\"></span>ums to <span class=\"_ _7\"></span>be paid to <span class=\"_ _7\"></span>the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urer<span class=\"_ _e\"></span>. Amou<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>relating <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>losses <span class=\"_ _1\"></span>relating <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>onero<span class=\"_ _2\"></span>us <span class=\"_ _4\"></span>di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ct <span class=\"_ _0\"></span>contr<span class=\"_ _7\"></span>acts <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>included <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>amo<span class=\"_ _7\"></span>unts reco<span class=\"_ _7\"></span>verabl<span class=\"_ _7\"></span>e from<span class=\"_ _7\"></span> the r<span class=\"_ _2\"></span>einsur<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span>25.4.<span class=\"ff4a\"> </span>F<span class=\"_ _7\"></span>inancial instru<span class=\"_ _7\"></span>ments Financial<span class=\"_ _7\"></span> assets<span class=\"_ _2\"></span> INITIAL R<span class=\"_ _7\"></span>ECOGNI<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>ION  At <span class=\"_ _3\"> </span>initial <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _f\"> </span>of <span class=\"_ _3\"> </span>financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _3\"> </span>inst<span class=\"_ _7\"></span>ruments <span class=\"_ _f\"> </span>depends <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _3\"> </span>contra<span class=\"_ _7\"></span>ctual <span class=\"_ _f\"> </span>cash <span class=\"_ _3\"> </span>flows <span class=\"_ _f\"> </span>(sol<span class=\"_ _7\"></span>ely <span class=\"_ _f\"> </span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed payme<span class=\"_ _7\"></span>nts of pri<span class=\"_ _7\"></span>ncipal a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d inter<span class=\"_ _2\"></span>est criterio<span class=\"_ _7\"></span>n (SPPI<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>crite<span class=\"_ _7\"></span>rion)) <span class=\"_ _7\"></span>as well<span class=\"_ _7\"></span> as the b<span class=\"_ _7\"></span>usiness <span class=\"_ _7\"></span>model. <span class=\"_ _2\"></span> Financial i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _7\"></span>ents ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> initiall<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>ecognise<span class=\"_ _2\"></span>d on the pro<span class=\"_ _7\"></span>cessi<span class=\"_ _7\"></span>ng day at f<span class=\"_ _7\"></span>air valu<span class=\"_ _7\"></span>e (as defin<span class=\"_ _7\"></span>ed in No<span class=\"_ _7\"></span>te 2<span class=\"_ _7\"></span>5.9. Calcula<span class=\"_ _7\"></span>tion of f<span class=\"_ _7\"></span>air value <span class=\"_ _2\"></span>sta<span class=\"_ _7\"></span>rting <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>page 173<span class=\"_ _7\"></span>), <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _2\"></span>fai<span class=\"_ _7\"></span>r <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>hould <span class=\"_ _e\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>de<span class=\"_ _7\"></span>viate <span class=\"_ _2\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>transactio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>price. <span class=\"_ _10\"></span>At <span class=\"_ _2\"></span>initial <span class=\"_ _e\"></span>recognitio<span class=\"_ _2\"></span>n, <span class=\"_ _7\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>financi<span class=\"_ _7\"></span>al assets meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed at <span class=\"_ _6\"></span>AC or FVtOCI, dir<span class=\"_ _2\"></span>ectly attributabl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> trans<span class=\"_ _7\"></span>action costs shall<span class=\"_ _7\"></span> b<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clud<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>in the amorti<span class=\"_ _7\"></span>sed costs. Inte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>nal (overhead<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>shall <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>be <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ttrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>amortise<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>cost <span class=\"_ _10\"></span>as <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>ese <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>not <span class=\"_ _2\"></span>dire<span class=\"_ _7\"></span>ctly <span class=\"_ _2\"></span>attribu<span class=\"_ _7\"></span>table <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>single <span class=\"_ _2\"></span>tra<span class=\"_ _7\"></span>nsaction<span class=\"_ _7\"></span>s.<span class=\"_ _3d5\"> </span>Measure<span class=\"_ _7\"></span>ment categ<span class=\"_ _7\"></span>ories <span class=\"_ _2\"></span> Financial <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>classifi<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _e\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>contract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _10\"></span>characteristics <span class=\"_ _e\"></span>test <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>model <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>managing<span class=\"_ _7\"></span> the asse<span class=\"_ _7\"></span>ts. Based o<span class=\"_ _2\"></span>n these c<span class=\"_ _7\"></span>riteria, fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>assets c<span class=\"_ _2\"></span>an be classi<span class=\"_ _7\"></span>fied into t<span class=\"_ _2\"></span>he follo<span class=\"_ _7\"></span>wing measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt c<span class=\"_ _7\"></span>ategories:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at amo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tised <span class=\"_ _7\"></span>cost; <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at <span class=\"_ _7\"></span>FVtOCI, w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ere t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mulativ<span class=\"_ _7\"></span>e gains <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>ses will <span class=\"_ _7\"></span>be r<span class=\"_ _7\"></span>eclass<span class=\"_ _7\"></span>ifi<span class=\"_ _7\"></span>ed to the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t upo<span class=\"_ _7\"></span>n dere<span class=\"_ _2\"></span>cogn<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>; <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Equity i<span class=\"_ _7\"></span>nstrumen<span class=\"_ _7\"></span>ts desig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ated <span class=\"_ _7\"></span>as at F<span class=\"_ _7\"></span>VtOCI, <span class=\"_ _7\"></span>wher<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> the<span class=\"_ _7\"></span>y may not be <span class=\"_ _2\"></span>recognis<span class=\"_ _7\"></span>ed in t<span class=\"_ _2\"></span>he income st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t; \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Financial ass<span class=\"_ _2\"></span>ets (debt i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts, deri<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ative fi<span class=\"_ _7\"></span>nancial i<span class=\"_ _7\"></span>nstr<span class=\"_ _7\"></span>uments<span class=\"_ _7\"></span> and equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>nstrum<span class=\"_ _7\"></span>ents) m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>tPL.<span class=\"_ _2\"></span> Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at amorti<span class=\"_ _7\"></span>sed cost<span class=\"_ _7\"></span> Debt ins<span class=\"_ _7\"></span>truments <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> held at <span class=\"_ _2\"></span>AC if both of t<span class=\"_ _2\"></span>he follo<span class=\"_ _7\"></span>wing con<span class=\"_ _7\"></span>ditions ar<span class=\"_ _2\"></span>e met: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts ar<span class=\"_ _2\"></span>e held <span class=\"_ _7\"></span>within a <span class=\"_ _7\"></span>business m<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>el with t<span class=\"_ _7\"></span>he obj<span class=\"_ _7\"></span>ective of holdi<span class=\"_ _2\"></span>ng the i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t to col<span class=\"_ _7\"></span>lect th<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ractual cash fl<span class=\"_ _7\"></span>ows. <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The contr<span class=\"_ _7\"></span>actual <span class=\"_ _7\"></span>terms of<span class=\"_ _7\"></span> the d<span class=\"_ _7\"></span>ebt i<span class=\"_ _7\"></span>nstrument g<span class=\"_ _7\"></span>ive rise o<span class=\"_ _2\"></span>n specifi<span class=\"_ _7\"></span>ed dates <span class=\"_ _7\"></span>to cash fl<span class=\"_ _7\"></span>ows t<span class=\"_ _7\"></span>hat ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> solel<span class=\"_ _2\"></span>y payments<span class=\"_ _7\"></span> of principal a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>nterest <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>SPPI<span class=\"_ _7\"></span>) on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e princi<span class=\"_ _7\"></span>pal amo<span class=\"_ _7\"></span>unt o<span class=\"_ _7\"></span>utsta<span class=\"_ _7\"></span>nding. <span class=\"_ _2\"></span> Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at FVtO<span class=\"_ _7\"></span>CI The <span class=\"_ _2\"></span>new <span class=\"_ _7\"></span>catego<span class=\"_ _7\"></span>ry <span class=\"_ _7\"></span>acc. <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>IFRS 9 <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>debt i<span class=\"_ _2\"></span>nstruments <span class=\"_ _2\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d a<span class=\"_ _2\"></span>t <span class=\"_ _7\"></span>FVtOCI <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>applie<span class=\"_ _7\"></span>d w<span class=\"_ _2\"></span>hen<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>both <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>fol<span class=\"_ _7\"></span>lowing <span class=\"_ _7\"></span>conditi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t: <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt is<span class=\"_ _7\"></span> held wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>in a b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>model, t<span class=\"_ _2\"></span>he objectiv<span class=\"_ _7\"></span>e of w<span class=\"_ _7\"></span>hich is <span class=\"_ _7\"></span>both coll<span class=\"_ _7\"></span>ecting co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d selli<span class=\"_ _7\"></span>ng financial ass<span class=\"_ _2\"></span>ets, and \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> co<span class=\"_ _2\"></span>ntractual te<span class=\"_ _7\"></span>rms of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e finan<span class=\"_ _7\"></span>cial ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t me<span class=\"_ _7\"></span>et the SP<span class=\"_ _7\"></span>PI te<span class=\"_ _2\"></span>st.<span class=\"_ _3d5\"> </span>Debt instrume<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>this categor<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>are those that <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>intende<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld to <span class=\"_ _6\"></span>colle<span class=\"_ _7\"></span>ct <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ractual cash <span class=\"_ _6\"></span>flo<span class=\"_ _7\"></span>ws <span class=\"_ _6\"></span>and which may be sold i<span class=\"_ _7\"></span>n r<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nse to n<span class=\"_ _7\"></span>eeds fo<span class=\"_ _7\"></span>r liquidit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> or cha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ges in m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rk<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t conditio<span class=\"_ _2\"></span>ns.  Equity i<span class=\"_ _7\"></span>nstruments<span class=\"_ _7\"></span> desi<span class=\"_ _7\"></span>gn<span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>ed meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>red at FVtOCI<span class=\"_ _2\"></span> Eq<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>ty<span class=\"_ _7\"></span> ins<span class=\"_ _2\"></span>tr<span class=\"_ _7\"></span>um<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> tha<span class=\"_ _7\"></span>t ar<span class=\"_ _2\"></span>e no<span class=\"_ _7\"></span>t he<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>d fo<span class=\"_ _2\"></span>r tra<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>sif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>as<span class=\"_ _7\"></span> des<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d me<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ed at<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>FVt<span class=\"_ _7\"></span>OC<span class=\"_ _2\"></span>I (in ac<span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>dan<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> wi<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span> IA<span class=\"_ _7\"></span>S <span class=\"_ _7\"></span>32<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> will <span class=\"_ _10\"></span>be <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>rre<span class=\"_ _7\"></span>vocabl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _e\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>FVtOCI. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ication <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>equit<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>instrum<span class=\"_ _7\"></span>ents <span class=\"_ _10\"></span>can <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>done <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>an <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _7\"></span>ent-by-i<span class=\"_ _7\"></span>nstrum<span class=\"_ _7\"></span>ent basis. Gains a<span class=\"_ _7\"></span>nd losses o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>hese equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> ins<span class=\"_ _7\"></span>truments <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot r<span class=\"_ _7\"></span>ecy<span class=\"_ _7\"></span>cled to <span class=\"_ _7\"></span>the incom<span class=\"_ _7\"></span>e s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt at an<span class=\"_ _7\"></span>y time. <span class=\"_ _7\"></span> Dividends<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>are <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>other <span class=\"_ _0\"></span>oper<span class=\"_ _7\"></span>ating <span class=\"_ _0\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>income <span class=\"_ _1\"></span>statement <span class=\"_ _1\"></span>when <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>rig<span class=\"_ _7\"></span>ht <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>payment <span class=\"_ _1\"></span>has <span class=\"_ _0\"></span>been establis<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ed. Exc<span class=\"_ _7\"></span>ept whe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> such pr<span class=\"_ _2\"></span>oceeds ar<span class=\"_ _7\"></span>e be<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>eficial as <span class=\"_ _2\"></span>a reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery of p<span class=\"_ _7\"></span>art of t<span class=\"_ _7\"></span>he cost of <span class=\"_ _7\"></span>the ins<span class=\"_ _7\"></span>trument, t<span class=\"_ _7\"></span>hese gai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> recor<span class=\"_ _2\"></span>ded in <span class=\"_ _7\"></span>OCI. Equit<span class=\"_ _7\"></span>y i<span class=\"_ _7\"></span>nstruments<span class=\"_ _7\"></span> desig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ated m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at FVt<span class=\"_ _7\"></span>OCI are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot s<span class=\"_ _7\"></span>ubject to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny imp<span class=\"_ _2\"></span>airment test<span class=\"_ _3d5\"> </span>.<span class=\"_ _7\"></span> Fina<span class=\"_ _7\"></span>ncial assets<span class=\"_ _2\"></span> m<span class=\"_ _6\"></span>easu<span class=\"_ _7\"></span>red at F<span class=\"_ _7\"></span>VtPL Financial ass<span class=\"_ _2\"></span>ets in this c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tego<span class=\"_ _7\"></span>ry ar<span class=\"_ _7\"></span>e ma<span class=\"_ _7\"></span>naged i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a fai<span class=\"_ _7\"></span>r value <span class=\"_ _2\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>l, hav<span class=\"_ _7\"></span>e bee<span class=\"_ _7\"></span>n desig<span class=\"_ _7\"></span>nated by m<span class=\"_ _2\"></span>anageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t upo<span class=\"_ _7\"></span>n initial <span class=\"_ _0\"></span>recogniti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>or <span class=\"_ _0\"></span>are <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>andatorily <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>equire<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>acc. <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>IFRS 9<span class=\"_ _7\"></span>. <span class=\"_ _4\"></span>This <span class=\"_ _0\"></span>catego<span class=\"_ _7\"></span>ry <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ncludes <span class=\"_ _0\"></span>de<span class=\"_ _7\"></span>bt instrume<span class=\"_ _7\"></span>nts,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>e cash fl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>w characte<span class=\"_ _7\"></span>ristics fai<span class=\"_ _7\"></span>l t<span class=\"_ _7\"></span>he SPPI crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rio<span class=\"_ _7\"></span>n or  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ed withi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess mod<span class=\"_ _2\"></span>el in ord<span class=\"_ _7\"></span>er to <span class=\"_ _2\"></span>collect con<span class=\"_ _7\"></span>tractual <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows or <span class=\"_ _7\"></span>also not i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ord<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> to <span class=\"_ _7\"></span>collec<span class=\"_ _7\"></span>t contract<span class=\"_ _7\"></span>ual cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows as <span class=\"_ _2\"></span>we<span class=\"_ _6\"></span>ll as s<span class=\"_ _2\"></span>ell the inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nts or \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch are <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lassi<span class=\"_ _7\"></span>fied to t<span class=\"_ _2\"></span>he category of <span class=\"_ _2\"></span>designat<span class=\"_ _7\"></span>ed meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _7\"></span> at FVtPL fo<span class=\"_ _7\"></span>r the p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rpose o<span class=\"_ _7\"></span>f r<span class=\"_ _2\"></span>educing a<span class=\"_ _7\"></span>n acco<span class=\"_ _7\"></span>unting mism<span class=\"_ _7\"></span>atch.<span class=\"_ _3d5\"> </span>SPPI test a<span class=\"_ _7\"></span>nd ass<span class=\"_ _7\"></span>essment <span class=\"_ _7\"></span>of the b<span class=\"_ _7\"></span>usiness m<span class=\"_ _7\"></span>odel<span class=\"_ _7\"></span> VIG allo<span class=\"_ _7\"></span>cates its f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial asse<span class=\"_ _7\"></span>ts bas<span class=\"_ _7\"></span>ed on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e SPP<span class=\"_ _7\"></span>I-criterio<span class=\"_ _7\"></span>n meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rem<span class=\"_ _7\"></span>ent mod<span class=\"_ _2\"></span>els. If th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>SPPI test is p<span class=\"_ _6\"></span>asse<span class=\"_ _7\"></span>d, t<span class=\"_ _6\"></span>he classifica<span class=\"_ _7\"></span>tion and <span class=\"_ _6\"></span>subse<span class=\"_ _7\"></span>que<span class=\"_ _7\"></span>nt measurem<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>of financial instrume<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>accor<span class=\"_ _2\"></span>ding <span class=\"_ _6\"></span>to IFRS 9<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>s the busi<span class=\"_ _7\"></span>ness mod<span class=\"_ _7\"></span>el c<span class=\"_ _7\"></span>hosen for ma<span class=\"_ _2\"></span>naging the ass<span class=\"_ _7\"></span>et. T<span class=\"_ _7\"></span>he busi<span class=\"_ _7\"></span>ness model r<span class=\"_ _2\"></span>efers to ho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>compan<span class=\"_ _7\"></span>y manag<span class=\"_ _7\"></span>es its f<span class=\"_ _7\"></span>inanci<span class=\"_ _7\"></span>al assets i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>rde<span class=\"_ _7\"></span>r to ge<span class=\"_ _2\"></span>nerate c<span class=\"_ _7\"></span>ash f<span class=\"_ _7\"></span>lows. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Gro<span class=\"_ _2\"></span>up, t<span class=\"_ _7\"></span>his is <span class=\"_ _2\"></span>esta<span class=\"_ _6\"></span>blis<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>d at<span class=\"_ _2\"></span> local l<span class=\"_ _7\"></span>evel so<span class=\"_ _7\"></span> as <span class=\"_ _7\"></span>to m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>e fin<span class=\"_ _7\"></span>ancial i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _2\"></span>ents when pla<span class=\"_ _2\"></span>nning the in<span class=\"_ _7\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t strategy i<span class=\"_ _2\"></span>n order <span class=\"_ _7\"></span>to a<span class=\"_ _7\"></span>chieve lo<span class=\"_ _7\"></span>cal busi<span class=\"_ _7\"></span>ness obj<span class=\"_ _7\"></span>ectives. <span class=\"_ _2\"></span> The <span class=\"_ _6\"></span>business <span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>del <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>assess<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>an <span class=\"_ _1\"></span>inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nt-by-inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>basis<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>but <span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>higher <span class=\"_ _6\"></span>level <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>aggreg<span class=\"_ _2\"></span>ated <span class=\"_ _1\"></span>po<span class=\"_ _7\"></span>rtfolios<span class=\"_ _7\"></span> that i<span class=\"_ _2\"></span>s based <span class=\"_ _2\"></span>on obs<span class=\"_ _2\"></span>ervable <span class=\"_ _7\"></span>factors. <span class=\"_ _2\"></span>Mor<span class=\"_ _2\"></span>eover<span class=\"_ _10\"></span>, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _2\"></span>is base<span class=\"_ _2\"></span>d on r<span class=\"_ _2\"></span>easonabl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> exp<span class=\"_ _2\"></span>ected sc<span class=\"_ _2\"></span>enarios <span class=\"_ _2\"></span>without <span class=\"_ _7\"></span>taki<span class=\"_ _7\"></span>ng \u201c<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>orst <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e\u201d or \u201c<span class=\"_ _6\"></span>str<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss case\u201d scenario<span class=\"_ _7\"></span>s into <span class=\"_ _6\"></span>acco<span class=\"_ _7\"></span>unt. <span class=\"_ _6\"></span>If cash <span class=\"_ _6\"></span>flows afte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>initial re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>alised in a <span class=\"_ _6\"></span>way <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _6\"></span>is dif<span class=\"_ _7\"></span>ferent fro<span class=\"_ _7\"></span>m the original <span class=\"_ _0\"></span>expecta<span class=\"_ _7\"></span>tions, <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>class<span class=\"_ _7\"></span>ificatio<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>of <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>remai<span class=\"_ _7\"></span>ning <span class=\"_ _0\"></span>financial <span class=\"_ _0\"></span>assets <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>eld <span class=\"_ _4\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>hat <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>does <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nge. Howeve<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _7\"></span>info<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>mati<span class=\"_ _7\"></span>on <span class=\"_ _10\"></span>when <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ssessi<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>newly <span class=\"_ _2\"></span>orig<span class=\"_ _7\"></span>inated <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ewly <span class=\"_ _10\"></span>purc<span class=\"_ _7\"></span>hased <span class=\"_ _2\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _10\"></span>assets <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>take<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>into <span class=\"_ _2\"></span>conside<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n.<span class=\"_ _3d5\"> </span>The <span class=\"_ _3\"> </span>business<span class=\"_ _7\"></span> <span class=\"_ _d\"> </span>mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>l <span class=\"_ _3\"> </span>is <span class=\"_ _3\"> </span>applied<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>t<span class=\"_ _6\"></span>o <span class=\"_ _3\"> </span>gro<span class=\"_ _7\"></span>ups <span class=\"_ _3\"> </span>of <span class=\"_ _3\"> </span>asse<span class=\"_ _7\"></span>ts <span class=\"_ _3\"> </span>which <span class=\"_ _3\"> </span>ar<span class=\"_ _7\"></span>e  m<span class=\"_ _2\"></span>anaged <span class=\"_ _f\"> </span>h<span class=\"_ _6\"></span>omoge<span class=\"_ _2\"></span>neously<span class=\"_ _10\"></span>. <span class=\"_ _3\"> </span>T<span class=\"_ _7\"></span>he <span class=\"_ _3\"> </span>derivation <span class=\"_ _3\"> </span>takes<span class=\"_ _2\"></span>  into<span class=\"_ _7\"></span> consid<span class=\"_ _7\"></span>eration a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>class, <span class=\"_ _6\"></span>liq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>idity<span class=\"_ _e\"></span>, <span class=\"_ _6\"></span>type <span class=\"_ _1\"></span>of administ<span class=\"_ _7\"></span>ration (<span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>et <span class=\"_ _1\"></span>man<span class=\"_ _7\"></span>ager<span class=\"_ _10\"></span>, externally <span class=\"_ _6\"></span>managed portfolios<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>spe<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>funds<span class=\"_ _7\"></span>) as well<span class=\"_ _7\"></span> as the in<span class=\"_ _7\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t stra<span class=\"_ _7\"></span>tegy<span class=\"_ _10\"></span>. When <span class=\"_ _7\"></span>dete<span class=\"_ _7\"></span>rmini<span class=\"_ _7\"></span>ng the <span class=\"_ _2\"></span>investmen<span class=\"_ _7\"></span>t s<span class=\"_ _7\"></span>trategy <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>and <span class=\"_ _7\"></span>in co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sequ<span class=\"_ _7\"></span>enc<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _7\"></span>model<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>type <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>liabilities <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>at ar<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>ed and <span class=\"_ _1\"></span>their <span class=\"_ _1\"></span>measu<span class=\"_ _2\"></span>rement <span class=\"_ _6\"></span>model <span class=\"_ _1\"></span>under<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>IFRS 17<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>sh<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>uld <span class=\"_ _6\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>taken <span class=\"_ _1\"></span>into <span class=\"_ _1\"></span>conside<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ation. <span class=\"_ _1\"></span>Cas<span class=\"_ _2\"></span>h <span class=\"_ _0\"></span>and <span class=\"_ _6\"></span>cash <span class=\"_ _1\"></span>equivale<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>as <span class=\"_ _1\"></span>we<span class=\"_ _6\"></span>ll a<span class=\"_ _6\"></span>s term deposi<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>always <span class=\"_ _7\"></span>to be val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ed at A<span class=\"_ _2\"></span>C.<span class=\"_ _3d5\"> </span>SUBSEQUEN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> MEA<span class=\"_ _7\"></span>SUREM<span class=\"_ _7\"></span>ENT  Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at <span class=\"_ _7\"></span>AC After initial me<span class=\"_ _2\"></span>asureme<span class=\"_ _7\"></span>nt, debt i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _7\"></span>ents are me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured at<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>mortised cos<span class=\"_ _2\"></span>t, u<span class=\"_ _6\"></span>sing t<span class=\"_ _7\"></span>he ef<span class=\"_ _2\"></span>fec<span class=\"_ _6\"></span>tive int<span class=\"_ _7\"></span>eres<span class=\"_ _7\"></span>t rate (EI<span class=\"_ _7\"></span>R) metho<span class=\"_ _7\"></span>d, less all<span class=\"_ _7\"></span>owan<span class=\"_ _7\"></span>ce fo<span class=\"_ _7\"></span>r imp<span class=\"_ _7\"></span>airment.<span class=\"_ _7\"></span> Amor<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ised <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ost<span class=\"_ _7\"></span> is cal<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>late<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>by taki<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g i<span class=\"_ _7\"></span>nto ac<span class=\"_ _7\"></span>count a<span class=\"_ _2\"></span>ny discou<span class=\"_ _7\"></span>nt or<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>emium on<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on and <span class=\"_ _1\"></span>fee <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>costs <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>an <span class=\"_ _1\"></span>integ<span class=\"_ _7\"></span>ral <span class=\"_ _1\"></span>part <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>EIR. <span class=\"_ _6\"></span>An<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>llo<span class=\"_ _2\"></span>wance <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>recognised <span class=\"_ _6\"></span>for E<span class=\"_ _6\"></span>C<span class=\"_ _7\"></span>Ls <span class=\"_ _1\"></span>(<span class=\"_ _3d5\"> </span>ex<span class=\"_ _7\"></span>pected <span class=\"_ _6\"></span>cr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit <span class=\"_ _6\"></span>losses) <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the income s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt. Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at FVtO<span class=\"_ _7\"></span>CI Debt <span class=\"_ _1\"></span>instr<span class=\"_ _6\"></span>uments <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bsequently <span class=\"_ _0\"></span>measured<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>accorda<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _1\"></span>FVtOCI <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _1\"></span>unrealised <span class=\"_ _1\"></span>gains <span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>losses arising <span class=\"_ _1\"></span>du<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>ch<span class=\"_ _6\"></span>anges <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>recognised <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>OCI. <span class=\"_ _0\"></span>Interest <span class=\"_ _1\"></span>income <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span>eign <span class=\"_ _1\"></span>exch<span class=\"_ _6\"></span>ange <span class=\"_ _1\"></span>effects <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>recognised <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> prof<span class=\"_ _7\"></span>it <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>loss <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>same <span class=\"_ _4\"></span>manner <span class=\"_ _4\"> </span>as <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>finan<span class=\"_ _6\"></span>cial <span class=\"_ _4\"></span>assets <span class=\"_ _4\"></span>measured <span class=\"_ _4\"></span>at <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>mortised <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>ost. <span class=\"_ _4\"></span>For <span class=\"_ _4\"></span>furth<span class=\"_ _6\"></span>er <span class=\"_ _4\"> </span>information <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>the calculation <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>expec<span class=\"_ _6\"></span>ted <span class=\"_ _1\"></span>credit <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>debt <span class=\"_ _1\"></span>instr<span class=\"_ _6\"></span>ument<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>measured <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>FV<span class=\"_ _6\"></span>tOCI, <span class=\"_ _6\"></span>please <span class=\"_ _6\"></span>refer <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>cha<span class=\"_ _6\"></span>pter <span class=\"_ _1\"></span>The<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>lculation <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> ECLs startin<span class=\"_ _6\"></span>g on page 168. On derecog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, cumulative gains or losses previously recognised in OCI are reclass<span class=\"_ _7\"></span>ified <span class=\"_ _6\"></span>to prof<span class=\"_ _7\"></span>it and loss.<span class=\"_ _6\"></span> Equity i<span class=\"_ _7\"></span>nstruments<span class=\"_ _7\"></span> desi<span class=\"_ _7\"></span>gn<span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>ed meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>red at FVtOCI<span class=\"_ _2\"></span> The <span class=\"_ _3\"> </span>irre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ocabl<span class=\"_ _7\"></span>e <span class=\"_ _3\"> </span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _3\"> </span>of <span class=\"_ _f\"> </span>equity <span class=\"_ _3\"> </span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>as <span class=\"_ _3\"> </span>measure<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>at <span class=\"_ _f\"> </span>F<span class=\"_ _6\"></span>VtOCI <span class=\"_ _3\"> </span>is <span class=\"_ _f\"> </span>applied <span class=\"_ _f\"> </span>for <span class=\"_ _3\"> </span>strategicall<span class=\"_ _7\"></span>y <span class=\"_ _3\"> </span>held <span class=\"_ _3\"> </span>fina<span class=\"_ _7\"></span>ncial instrume<span class=\"_ _7\"></span>nts w<span class=\"_ _7\"></span>hich ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> not h<span class=\"_ _7\"></span>eld for t<span class=\"_ _7\"></span>rading or <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot sha<span class=\"_ _7\"></span>res <span class=\"_ _2\"></span>in affi<span class=\"_ _7\"></span>liated fully co<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed com<span class=\"_ _7\"></span>panies <span class=\"_ _2\"></span>and are no<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> shar<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>in associat<span class=\"_ _7\"></span>es a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>joint ventures.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>The classificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>equity<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>instrume<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>can <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>do<span class=\"_ _7\"></span>ne <span class=\"_ _1\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>an <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nstrument-b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>-inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>ba<span class=\"_ _7\"></span>sis (e.g. <span class=\"_ _0\"></span>emergi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>marke<span class=\"_ _7\"></span>ts <span class=\"_ _0\"></span>stocks <span class=\"_ _1\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _6\"></span>VtPL, <span class=\"_ _1\"></span>auxili<span class=\"_ _7\"></span>ary<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>undertak<span class=\"_ _7\"></span>ings <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>FVtOC<span class=\"_ _7\"></span>I) <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>decid<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>solely <span class=\"_ _1\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>loc<span class=\"_ _7\"></span>al <span class=\"_ _0\"></span>group<span class=\"_ _7\"></span> compan<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _1\"></span>with <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>portfoli<span class=\"_ _7\"></span>o. <span class=\"_ _0\"></span>For <span class=\"_ _0\"></span>equit<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>that <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>designat<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>FVtOCI, <span class=\"_ _1\"></span>transactio<span class=\"_ _7\"></span>n costs are<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>recognis<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>in OCI as part of the chang<span class=\"_ _7\"></span>e in fair value<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>t the next r<span class=\"_ _7\"></span>e-meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and t<span class=\"_ _7\"></span>hey <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e never re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied into profit and loss.<span class=\"_ _7\"></span> I<span class=\"_ _6\"></span>n case of a<span class=\"_ _6\"></span> der<span class=\"_ _7\"></span>ecogniti<span class=\"_ _7\"></span>on event, the correla<span class=\"_ _2\"></span>tin<span class=\"_ _6\"></span>g rese<span class=\"_ _2\"></span>rves <span class=\"_ _6\"></span>are di<span class=\"_ _7\"></span>rec<span class=\"_ _7\"></span>tly <span class=\"_ _6\"></span>pos<span class=\"_ _7\"></span>ted to <span class=\"_ _6\"></span>\u201cr<span class=\"_ _7\"></span>etain<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>ea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nings\u201d. In<span class=\"_ _7\"></span> contrast to <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e equit<span class=\"_ _7\"></span>y instr<span class=\"_ _7\"></span>uments m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d at<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>FVtP<span class=\"_ _7\"></span>L, only <span class=\"_ _7\"></span>divide<span class=\"_ _7\"></span>nds are bo<span class=\"_ _7\"></span>oked i<span class=\"_ _2\"></span>n the incom<span class=\"_ _2\"></span>e statemen<span class=\"_ _7\"></span>t.  Fina<span class=\"_ _7\"></span>ncial assets<span class=\"_ _2\"></span> m<span class=\"_ _6\"></span>easu<span class=\"_ _7\"></span>red at F<span class=\"_ _7\"></span>VtPL Financial <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>FVtPL <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _6\"></span>recor<span class=\"_ _2\"></span>ded <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>ba<span class=\"_ _2\"></span>lan<span class=\"_ _6\"></span>ce <span class=\"_ _1\"></span>s<span class=\"_ _7\"></span>heet <span class=\"_ _0\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value. <span class=\"_ _1\"></span>Cha<span class=\"_ _7\"></span>nges <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>realis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in prof<span class=\"_ _7\"></span>it <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>ss. <span class=\"_ _4\"> </span>T<span class=\"_ _10\"></span>ran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action <span class=\"_ _f\"> </span>cos<span class=\"_ _7\"></span>ts <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>elating <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>acq<span class=\"_ _7\"></span>uisition <span class=\"_ _4\"> </span>or<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>is<span class=\"_ _7\"></span>sue <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>financial <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>at <span class=\"_ _4\"> </span>FVtPL <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>re recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> in pr<span class=\"_ _2\"></span>ofit and los<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>as the<span class=\"_ _7\"></span>y ar<span class=\"_ _2\"></span>e incurr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. I<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>earned on <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>mand<span class=\"_ _7\"></span>atoril<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>ed to b<span class=\"_ _2\"></span>e meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed at <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtP<span class=\"_ _7\"></span>L is acco<span class=\"_ _7\"></span>unted fo<span class=\"_ _7\"></span>r using t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tractual<span class=\"_ _7\"></span> interes<span class=\"_ _2\"></span>t rate.<span class=\"_ _3d5\"> </span>RECLASSIFIC<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>TION<span class=\"_ _7\"></span>  T<span class=\"_ _e\"></span>o <span class=\"_ _2\"></span>remai<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>complia<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _10\"></span>\u201c<span class=\"_ _6\"></span>H<span class=\"_ _7\"></span>eld <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>collect <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntractual <span class=\"_ _10\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>flows\u201d, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>shar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>not <span class=\"_ _2\"></span>sold <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>ass<span class=\"_ _7\"></span>ets may not fall<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>elow an <span class=\"_ _7\"></span>annual a<span class=\"_ _7\"></span>verage o<span class=\"_ _7\"></span>f 90% of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e portfo<span class=\"_ _7\"></span>lio vol<span class=\"_ _7\"></span>ume.<span class=\"_ _2\"></span> The <span class=\"_ _4\"> </span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _f\"> </span>ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mes <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>hat <span class=\"_ _f\"> </span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _f\"> </span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bseq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ent <span class=\"_ _f\"> </span>to <span class=\"_ _4\"></span>their <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nitial <span class=\"_ _4\"> </span>recognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>not <span class=\"_ _4\"> </span>reclassi<span class=\"_ _7\"></span>fied, <span class=\"_ _4\"> </span>pro<span class=\"_ _7\"></span>vided <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>at <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>o exception<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l, su<span class=\"_ _7\"></span>ch as a <span class=\"_ _7\"></span>busi<span class=\"_ _7\"></span>ness line i<span class=\"_ _7\"></span>s acquir<span class=\"_ _2\"></span>ed, dispos<span class=\"_ _2\"></span>ed of o<span class=\"_ _7\"></span>r terminate<span class=\"_ _7\"></span>d.<span class=\"_ _7\"></span> In g<span class=\"_ _2\"></span>eneral, <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e o<span class=\"_ _2\"></span>nly <span class=\"_ _7\"></span>permit<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d, <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>require<span class=\"_ _2\"></span>d, in<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>rar<span class=\"_ _2\"></span>e cir<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>ms<span class=\"_ _7\"></span>tances, <span class=\"_ _10\"></span>which <span class=\"_ _2\"></span>does <span class=\"_ _2\"></span>not i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>ude a <span class=\"_ _2\"></span>simple <span class=\"_ _10\"></span>change <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>business <span class=\"_ _10\"></span>model <span class=\"_ _10\"></span>(e.g. <span class=\"_ _2\"></span>change <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>intention <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>elated <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>partic<span class=\"_ _7\"></span>ular <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ssets <span class=\"_ _10\"></span>\u2013 <span class=\"_ _2\"></span>tempor<span class=\"_ _7\"></span>ary <span class=\"_ _2\"></span>disappe<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rance<span class=\"_ _7\"></span> of a particula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> market for fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial assets<span class=\"_ _7\"></span> \u2013 and tra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sfer of fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> assets b<span class=\"_ _7\"></span>etween com<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _7\"></span>y areas wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> dif<span class=\"_ _2\"></span>ferent b<span class=\"_ _7\"></span>usine<span class=\"_ _7\"></span>ss models). I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>uch ra<span class=\"_ _7\"></span>re o<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>casi<span class=\"_ _7\"></span>ons, no<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-deri<span class=\"_ _7\"></span>vative <span class=\"_ _7\"></span>debt ins<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ru<span class=\"_ _7\"></span>ments ar<span class=\"_ _2\"></span>e req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ired<span class=\"_ _2\"></span> to be r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied <span class=\"_ _7\"></span>betw<span class=\"_ _7\"></span>een the<span class=\"_ _7\"></span> \u201cmeas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d at AC\u201d, <span class=\"_ _2\"></span>\u201cmeasu<span class=\"_ _7\"></span>red <span class=\"_ _10\"></span>at <span class=\"_ _2\"></span>FVtOCI\u201d <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>\u201c<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>VtPL\u201d <span class=\"_ _10\"></span>categories.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>More <span class=\"_ _2\"></span>sp<span class=\"_ _7\"></span>ecifically<span class=\"_ _e\"></span>, <span class=\"_ _2\"></span>when <span class=\"_ _2\"></span>(and <span class=\"_ _10\"></span>only <span class=\"_ _2\"></span>when) <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>entit<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>changes its <span class=\"_ _2\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>odel <span class=\"_ _7\"></span>for <span class=\"_ _2\"></span>managing <span class=\"_ _2\"></span>fina<span class=\"_ _7\"></span>ncial ass<span class=\"_ _2\"></span>ets, i<span class=\"_ _7\"></span>t s<span class=\"_ _7\"></span>hould <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>classif<span class=\"_ _7\"></span>y all<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>aff<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>The <span class=\"_ _2\"></span>reclassi<span class=\"_ _7\"></span>fication <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>houl<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> be appli<span class=\"_ _7\"></span>ed pros<span class=\"_ _2\"></span>pectively fr<span class=\"_ _2\"></span>om the \u201cr<span class=\"_ _2\"></span>eclassifi<span class=\"_ _7\"></span>cation d<span class=\"_ _7\"></span>ate\u201d, in <span class=\"_ _2\"></span>accord<span class=\"_ _7\"></span>ance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IF<span class=\"_ _7\"></span>RS 9.5.6.1<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> DERECOGNI<span class=\"_ _2\"></span>TION/WRITE-OF<span class=\"_ _2\"></span>F Derecogniti<span class=\"_ _7\"></span>on apart fro<span class=\"_ _2\"></span>m<span class=\"_ _6\"></span> a si<span class=\"_ _2\"></span>g<span class=\"_ _6\"></span>nificant<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>modificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>  A <span class=\"_ _2\"></span>financial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>(or<span class=\"_ _10\"></span>, <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>her<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>cable, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>part <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>financi<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>part <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>group <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>simil<span class=\"_ _7\"></span>ar <span class=\"_ _7\"></span>financial <span class=\"_ _10\"></span>assets) <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>dere<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed when:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The right to<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>ceive <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he asset <span class=\"_ _7\"></span>has expi<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ed o<span class=\"_ _7\"></span>r  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The right to<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>ceive <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he asset <span class=\"_ _7\"></span>has be<span class=\"_ _7\"></span>en tra<span class=\"_ _2\"></span>nsferred <span class=\"_ _7\"></span>or an o<span class=\"_ _7\"></span>blig<span class=\"_ _7\"></span>ation has <span class=\"_ _7\"></span>been <span class=\"_ _7\"></span>assumed <span class=\"_ _2\"></span>to pay the rec<span class=\"_ _7\"></span>eived c<span class=\"_ _7\"></span>ash flows i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> full wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ut material<span class=\"_ _7\"></span> del<span class=\"_ _7\"></span>ay to a t<span class=\"_ _7\"></span>hird <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>arty unde<span class=\"_ _7\"></span>r a \u2018pass-t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>gh\u2019 a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>ngement; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d eith<span class=\"_ _7\"></span>er substanti<span class=\"_ _7\"></span>ally all t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e risks<span class=\"_ _7\"></span> and r<span class=\"_ _2\"></span>ewards of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e asset <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ave b<span class=\"_ _7\"></span>een tra<span class=\"_ _7\"></span>nsferred o<span class=\"_ _2\"></span>r substan<span class=\"_ _7\"></span>tially all <span class=\"_ _7\"></span>the ris<span class=\"_ _7\"></span>ks a<span class=\"_ _7\"></span>nd rew<span class=\"_ _7\"></span>ards o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he asset ha<span class=\"_ _7\"></span>ve be<span class=\"_ _7\"></span>en neith<span class=\"_ _7\"></span>er transf<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ed nor <span class=\"_ _7\"></span>ret<span class=\"_ _7\"></span>ained, b<span class=\"_ _7\"></span>ut con<span class=\"_ _7\"></span>trol<span class=\"_ _2\"></span> of the asset <span class=\"_ _7\"></span>has be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n tra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sferr<span class=\"_ _7\"></span>ed.  Control <span class=\"_ _7\"></span>is co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sider<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to b<span class=\"_ _7\"></span>e tra<span class=\"_ _7\"></span>nsferred i<span class=\"_ _7\"></span>f a<span class=\"_ _7\"></span>nd only if, <span class=\"_ _7\"></span>the tra<span class=\"_ _7\"></span>nsf<span class=\"_ _7\"></span>eree has <span class=\"_ _7\"></span>the prac<span class=\"_ _7\"></span>tical a<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty to sell the asse<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> in its e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ty t<span class=\"_ _7\"></span>o an <span class=\"_ _1\"></span>unr<span class=\"_ _7\"></span>elated <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>arty <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>able <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>exer<span class=\"_ _7\"></span>cise <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>ability u<span class=\"_ _6\"></span>nilate<span class=\"_ _7\"></span>rally <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>without <span class=\"_ _1\"></span>imposi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>addi<span class=\"_ _7\"></span>tional <span class=\"_ _6\"></span>restric<span class=\"_ _7\"></span>tions <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the transfer<span class=\"_ _e\"></span>.  When <span class=\"_ _0\"></span>all <span class=\"_ _4\"></span>ris<span class=\"_ _7\"></span>ks <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ewar<span class=\"_ _7\"></span>ds <span class=\"_ _4\"></span>h<span class=\"_ _7\"></span>ave <span class=\"_ _0\"></span>ne<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>her <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>ransfe<span class=\"_ _7\"></span>rred <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>or <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ubstanti<span class=\"_ _7\"></span>ally <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>etained <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>control <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>asset <span class=\"_ _0\"></span>has <span class=\"_ _4\"></span>be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n maintain<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>conti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ues <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>only <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>xtent <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntinuing <span class=\"_ _2\"></span>invol<span class=\"_ _7\"></span>vement, <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e, <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>associate<span class=\"_ _7\"></span>d liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>also <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised. The <span class=\"_ _1\"></span>transfe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>asset and <span class=\"_ _1\"></span>the a<span class=\"_ _6\"></span>ssociat<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>liability<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>basis <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flects<span class=\"_ _7\"></span> the rights <span class=\"_ _7\"></span>and obli<span class=\"_ _7\"></span>gati<span class=\"_ _7\"></span>ons. <span class=\"_ _7\"></span> Conti<span class=\"_ _7\"></span>nu<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>inv<span class=\"_ _6\"></span>ol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>takes <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>form <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>guarantee <span class=\"_ _10\"></span>over <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>tra<span class=\"_ _7\"></span>nsferred <span class=\"_ _10\"></span>asset <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>mea<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>lower <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>origin<span class=\"_ _7\"></span>al carrying <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mount of <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e asset a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d the m<span class=\"_ _7\"></span>axim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m amo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span> of c<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>ration t<span class=\"_ _7\"></span>hat co<span class=\"_ _7\"></span>uld be r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ed to pay<span class=\"_ _e\"></span>.<span class=\"_ _3d5\"> </span>Derecogniti<span class=\"_ _7\"></span>on d<span class=\"_ _7\"></span>ue to signific<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>t<span class=\"_ _7\"></span> contract<span class=\"_ _7\"></span> modificatio<span class=\"_ _7\"></span>n  A fina<span class=\"_ _7\"></span>ncial ass<span class=\"_ _7\"></span>et is<span class=\"_ _7\"></span> der<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>when the <span class=\"_ _7\"></span>terms <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ondi<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>ons ha<span class=\"_ _7\"></span>ve been<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>negoti<span class=\"_ _7\"></span>ated <span class=\"_ _7\"></span>to t<span class=\"_ _7\"></span>he exten<span class=\"_ _7\"></span>t th<span class=\"_ _7\"></span>at, subst<span class=\"_ _2\"></span>antially<span class=\"_ _e\"></span>, it becomes <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>new<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>instr<span class=\"_ _7\"></span>ument, <span class=\"_ _10\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>diff<span class=\"_ _7\"></span>erence <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>derecognitio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>gain <span class=\"_ _2\"></span>or <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span>. <span class=\"_ _2\"></span>In <span class=\"_ _7\"></span>case <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>modification <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>gro<span class=\"_ _2\"></span>ss carrying amo<span class=\"_ _2\"></span>unt is re<span class=\"_ _7\"></span>calculat<span class=\"_ _7\"></span>ed as th<span class=\"_ _7\"></span>e pres<span class=\"_ _7\"></span>ent valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>enegotiat<span class=\"_ _7\"></span>ed or mo<span class=\"_ _7\"></span>difi<span class=\"_ _7\"></span>ed contract<span class=\"_ _7\"></span>ual cas<span class=\"_ _7\"></span>h flows, di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted at the <span class=\"_ _6\"></span>fi<span class=\"_ _7\"></span>nancial a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>et\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>orig<span class=\"_ _7\"></span>inal EIR (or<span class=\"_ _6\"></span> credit adjus<span class=\"_ _7\"></span>ted EIR for <span class=\"_ _6\"></span>POCI assets) or<span class=\"_ _10\"></span>, when applicabl<span class=\"_ _2\"></span>e, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>vised EIR calculate<span class=\"_ _7\"></span>d in acc. wit<span class=\"_ _7\"></span>h IFRS 9. 6.5<span class=\"_ _7\"></span>.10.<span class=\"_ _2\"></span> When <span class=\"_ _7\"></span>assessing <span class=\"_ _2\"></span>whether or no<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> to d<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>e an ins<span class=\"_ _7\"></span>trument, <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>siders t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e foll<span class=\"_ _7\"></span>owing mo<span class=\"_ _2\"></span>dification crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ria: \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Quantitati<span class=\"_ _7\"></span>ve criteri<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>:<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Mo<span class=\"_ _7\"></span>dified <span class=\"_ _2\"></span>debt<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>nsidered <span class=\"_ _2\"></span>to be <span class=\"_ _7\"></span>\u201cs<span class=\"_ _7\"></span>ubstantial<span class=\"_ _7\"></span>ly di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ferent\u201d <span class=\"_ _2\"></span>if <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>net <span class=\"_ _7\"></span>pr<span class=\"_ _7\"></span>esent <span class=\"_ _7\"></span>valu<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the cash <span class=\"_ _2\"></span>flows <span class=\"_ _7\"></span>under<span class=\"_ _7\"></span> the <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ew <span class=\"_ _1\"></span>terms<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>disco<span class=\"_ _7\"></span>unted <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>origi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>EI<span class=\"_ _6\"></span>R <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>origina<span class=\"_ _7\"></span>l <span class=\"_ _1\"></span>contract) <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>at <span class=\"_ _0\"></span>le<span class=\"_ _7\"></span>ast <span class=\"_ _1\"></span>10%<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _1\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>original <span class=\"_ _6\"></span>debt instrume<span class=\"_ _7\"></span>nt. \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Qualitati<span class=\"_ _7\"></span>ve criteria:<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e in the SPPI ass<span class=\"_ _2\"></span>essment, <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>.g. int<span class=\"_ _7\"></span>rod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ctio<span class=\"_ _7\"></span>n of an eq<span class=\"_ _7\"></span>uity-link<span class=\"_ _7\"></span>ed fe<span class=\"_ _7\"></span>ature  <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e in the c<span class=\"_ _7\"></span>urre<span class=\"_ _7\"></span>ncy of <span class=\"_ _2\"></span>the asset <span class=\"_ _7\"></span>could s<span class=\"_ _7\"></span>ignifi<span class=\"_ _7\"></span>cantly alte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> the f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> economi<span class=\"_ _2\"></span>c risk expo<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ure o<span class=\"_ _7\"></span>f the ins<span class=\"_ _2\"></span>trument a<span class=\"_ _7\"></span>nd is<span class=\"_ _7\"></span> consid<span class=\"_ _7\"></span>ered <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be s<span class=\"_ _7\"></span>ubsta<span class=\"_ _7\"></span>ntial. <span class=\"_ _7\"></span>No<span class=\"_ _7\"></span>n-co<span class=\"_ _7\"></span>ntractual <span class=\"_ _2\"></span>chang<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>curre<span class=\"_ _7\"></span>ncy <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ot r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>le<span class=\"_ _7\"></span>vant <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>e.g.<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>course <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>curr<span class=\"_ _7\"></span>ency reform o<span class=\"_ _2\"></span>r accessio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> to th<span class=\"_ _7\"></span>e Euro<span class=\"_ _2\"></span>zone). \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>matu<span class=\"_ _7\"></span>rity <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>instr<span class=\"_ _7\"></span>ument. <span class=\"_ _6\"></span>Modif<span class=\"_ _7\"></span>icati<span class=\"_ _7\"></span>ons of <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> maturit<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>of a <span class=\"_ _6\"></span>financial instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>not consider<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>to be <span class=\"_ _6\"></span>\u2018substa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tial<span class=\"_ _7\"></span>ly <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferent\u2019, if the <span class=\"_ _6\"></span>possibi<span class=\"_ _7\"></span>lity has <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n ne<span class=\"_ _6\"></span>goti<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ed alre<span class=\"_ _7\"></span>ady in <span class=\"_ _6\"></span>the origin<span class=\"_ _7\"></span>al len<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ract. Mor<span class=\"_ _7\"></span>eover<span class=\"_ _e\"></span>, <span class=\"_ _6\"></span>the change is<span class=\"_ _7\"></span> not co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sider<span class=\"_ _2\"></span>ed to be s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bsta<span class=\"_ _7\"></span>ntial, if <span class=\"_ _7\"></span>the total<span class=\"_ _7\"></span> contract<span class=\"_ _7\"></span>ual lifetim<span class=\"_ _7\"></span>e is<span class=\"_ _2\"></span> \u2013<span class=\"ff47 fse\"> extend<span class=\"_ _7\"></span>ed by less t<span class=\"_ _2\"></span>han 50%,<span class=\"_ _7\"></span> </span>\u2013<span class=\"ff47 fse\"> shorte<span class=\"_ _7\"></span>ned b<span class=\"_ _7\"></span>y less t<span class=\"_ _7\"></span>han 30<span class=\"_ _7\"></span>% or </span>\u2013<span class=\"ff47 fse\"> changed <span class=\"_ _2\"></span>by<span class=\"_ _6\"></span> less <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>n 2 yea<span class=\"_ _7\"></span>rs of the orig<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nal lifetim<span class=\"_ _7\"></span>e. </span>If <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>modificatio<span class=\"_ _2\"></span>n <span class=\"_ _d\"> </span>does <span class=\"_ _f\"> </span>n<span class=\"_ _6\"></span>ot <span class=\"_ _f\"> </span>result <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>c<span class=\"_ _6\"></span>ash <span class=\"_ _f\"> </span>flows <span class=\"_ _3\"> </span>that <span class=\"_ _3\"> </span>ar<span class=\"_ _2\"></span>e <span class=\"_ _3\"> </span>substantiall<span class=\"_ _7\"></span>y <span class=\"_ _3\"> </span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t, <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>modifi<span class=\"_ _7\"></span>cation <span class=\"_ _f\"> </span>does <span class=\"_ _f\"> </span>n<span class=\"_ _6\"></span>ot <span class=\"_ _3\"> </span>res<span class=\"_ _7\"></span>ult <span class=\"_ _f\"> </span>in<span class=\"_ _6\"></span> dere<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nition. Bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d o<span class=\"_ _7\"></span>n the chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted at <span class=\"_ _2\"></span>the origi<span class=\"_ _7\"></span>nal EIR, <span class=\"_ _7\"></span>a modifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n gain or los<span class=\"_ _7\"></span>s is <span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>rde<span class=\"_ _7\"></span>d.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> IMP<span class=\"_ _2\"></span>AIRMENT O<span class=\"_ _7\"></span>F FINANCIA<span class=\"_ _2\"></span>L ASS<span class=\"_ _2\"></span>ETS  Further discl<span class=\"_ _7\"></span>os<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es rela<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing to im<span class=\"_ _7\"></span>pairme<span class=\"_ _2\"></span>nt of fi<span class=\"_ _7\"></span>nancial ass<span class=\"_ _7\"></span>ets ar<span class=\"_ _7\"></span>e al<span class=\"_ _7\"></span>so pro<span class=\"_ _7\"></span>vided i<span class=\"_ _2\"></span>n the followi<span class=\"_ _7\"></span>ng not<span class=\"_ _7\"></span>es: <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Incre<span class=\"_ _7\"></span>ases and <span class=\"_ _7\"></span>decr<span class=\"_ _7\"></span>eases i<span class=\"_ _2\"></span>n the pro<span class=\"_ _7\"></span>visions fo<span class=\"_ _2\"></span>r expected <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>it los<span class=\"_ _7\"></span>s for fi<span class=\"_ _7\"></span>nancial inst<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents Not<span class=\"_ _2\"></span>e 2.4. Expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted cr<span class=\"_ _2\"></span>edit loss<span class=\"_ _7\"></span> starting on <span class=\"_ _7\"></span>page 90<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>D<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>clo<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> fo<span class=\"_ _2\"></span>r si<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>t j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>nd<span class=\"_ _2\"></span> es<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>es <span class=\"_ _7\"></span>No<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span> 2<span class=\"_ _7\"></span>4.2<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ai<span class=\"_ _2\"></span>rme<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span> l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>ses<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>fin<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ci<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>ts s<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>rt<span class=\"_ _2\"></span>ing<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ag<span class=\"_ _2\"></span>e 1<span class=\"_ _7\"></span>45<span class=\"_ _2\"></span>. VIG <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ises <span class=\"_ _f\"> </span>an <span class=\"_ _f\"> </span>all<span class=\"_ _7\"></span>owance <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>ECLs <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>ll <span class=\"_ _f\"> </span>debt <span class=\"_ _f\"> </span>instr<span class=\"_ _7\"></span>uments<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>AC <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>FVtOC<span class=\"_ _7\"></span>I, <span class=\"_ _f\"> </span>loan <span class=\"_ _f\"> </span>commi<span class=\"_ _7\"></span>tments <span class=\"_ _f\"> </span>and<span class=\"_ _7\"></span> guarant<span class=\"_ _7\"></span>ees as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as IF<span class=\"_ _7\"></span>RS 9 m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured r<span class=\"_ _7\"></span>ecei<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>abl<span class=\"_ _7\"></span>es.<span class=\"_ _3d5\"> </span> ECLs <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed on <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>dif<span class=\"_ _2\"></span>ference <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntractual <span class=\"_ _2\"></span>cash f<span class=\"_ _7\"></span>lows <span class=\"_ _2\"></span>due <span class=\"_ _7\"></span>in a<span class=\"_ _2\"></span>cc<span class=\"_ _6\"></span>or<span class=\"_ _2\"></span>dance <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>t a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d al<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>cash flows th<span class=\"_ _7\"></span>at ar<span class=\"_ _7\"></span>e expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to b<span class=\"_ _2\"></span>e recei<span class=\"_ _7\"></span>ved, dis<span class=\"_ _7\"></span>counted <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t th<span class=\"_ _7\"></span>e eff<span class=\"_ _7\"></span>ective in<span class=\"_ _7\"></span>terest <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>te.<span class=\"_ _2\"></span> The amou<span class=\"_ _7\"></span>nt of the ECLs re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised depe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds on the dif<span class=\"_ _2\"></span>ferent impairm<span class=\"_ _2\"></span>ent model stages to w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich t<span class=\"_ _7\"></span>he financial<span class=\"_ _7\"></span> instrume<span class=\"_ _7\"></span>nts were <span class=\"_ _4\"></span>assig<span class=\"_ _7\"></span>ned. <span class=\"_ _4\"></span>For <span class=\"_ _4\"></span>financial <span class=\"_ _4\"></span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _4\"> </span>for <span class=\"_ _f\"> </span>w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich <span class=\"_ _4\"></span>there <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>been <span class=\"_ _f\"> </span>a <span class=\"_ _4\"></span>sig<span class=\"_ _7\"></span>nifica<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit <span class=\"_ _4\"> </span>risk <span class=\"_ _4\"> </span>since <span class=\"_ _4\"> </span>ini<span class=\"_ _7\"></span>tial recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span>ECLs ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>ovid<span class=\"_ _7\"></span>ed for cr<span class=\"_ _7\"></span>edit los<span class=\"_ _7\"></span>ses tha<span class=\"_ _7\"></span>t res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt fr<span class=\"_ _2\"></span>om default ev<span class=\"_ _7\"></span>ents t<span class=\"_ _7\"></span>hat are possi<span class=\"_ _7\"></span>ble <span class=\"_ _7\"></span>within t<span class=\"_ _7\"></span>he next 1<span class=\"_ _7\"></span>2 mont<span class=\"_ _7\"></span>hs (12-mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>th <span class=\"_ _2\"></span>ECL/Stag<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>1). <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>hose <span class=\"_ _10\"></span>credit <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>signifi<span class=\"_ _7\"></span>cant <span class=\"_ _2\"></span>incre<span class=\"_ _7\"></span>ase <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>since <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ial recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span>a loss<span class=\"_ _7\"></span> allowa<span class=\"_ _7\"></span>nce is r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ed for cr<span class=\"_ _7\"></span>edi<span class=\"_ _7\"></span>t losses <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed ove<span class=\"_ _7\"></span>r the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>aining life o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he expos<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>(lifetim<span class=\"_ _7\"></span>e ECL<span class=\"_ _7\"></span>).  VIG co<span class=\"_ _7\"></span>nsiders a f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>asset to b<span class=\"_ _2\"></span>e in defa<span class=\"_ _7\"></span>ult (cr<span class=\"_ _2\"></span>edit imp<span class=\"_ _7\"></span>air<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d) w<span class=\"_ _7\"></span>hen con<span class=\"_ _7\"></span>tractu<span class=\"_ _7\"></span>al pa<span class=\"_ _7\"></span>yments <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e 90 d<span class=\"_ _7\"></span>ays pas<span class=\"_ _2\"></span>t due or/a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>f its rat<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>is stated as <span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>D, unless VIG has reason<span class=\"_ _7\"></span>able and su<span class=\"_ _6\"></span>ppo<span class=\"_ _7\"></span>rtable informa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion to demonst<span class=\"_ _7\"></span>rate that a<span class=\"_ _6\"></span> mor<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>laggi<span class=\"_ _7\"></span>ng default c<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iterion is<span class=\"_ _7\"></span> mor<span class=\"_ _7\"></span>e app<span class=\"_ _2\"></span>ropriate. <span class=\"_ _7\"></span> The calc<span class=\"_ _7\"></span>ulation of<span class=\"_ _7\"></span> ECLs  ECLs <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _10\"></span>calculat<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>scenario<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expected <span class=\"_ _10\"></span>cash <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hortfall<span class=\"_ _7\"></span>s, <span class=\"_ _2\"></span>discounte<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>an <span class=\"_ _2\"></span>appro<span class=\"_ _7\"></span>priat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>EIR. <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>cash shortfall<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>bet<span class=\"_ _7\"></span>ween <span class=\"_ _2\"></span>the c<span class=\"_ _7\"></span>ash fl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ws <span class=\"_ _7\"></span>that <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>accorda<span class=\"_ _2\"></span>nce <span class=\"_ _7\"></span>with <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntract <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>cash <span class=\"_ _7\"></span>flo<span class=\"_ _2\"></span>ws t<span class=\"_ _7\"></span>hat th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> e<span class=\"_ _2\"></span>ntity expects to r<span class=\"_ _2\"></span>eceiv<span class=\"_ _7\"></span>e. The me<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>nics of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ECL cal<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>lati<span class=\"_ _7\"></span>ons a<span class=\"_ _2\"></span>re outli<span class=\"_ _7\"></span>ned belo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> and t<span class=\"_ _7\"></span>he key el<span class=\"_ _2\"></span>ements ar<span class=\"_ _7\"></span>e, as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows:  \u2022<span class=\"ff4a\"> </span>Probabi<span class=\"_ _7\"></span>lity of D<span class=\"_ _7\"></span>efault (PD): T<span class=\"_ _7\"></span>he PD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> esti<span class=\"_ _7\"></span>mate of<span class=\"_ _7\"></span> the li<span class=\"_ _7\"></span>kelihood of <span class=\"_ _7\"></span>default o<span class=\"_ _2\"></span>ver a give<span class=\"_ _7\"></span>n time ho<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>izon. It is<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>estimated with co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sideratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of eco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>omic s<span class=\"_ _2\"></span>cenarios a<span class=\"_ _7\"></span>nd forwa<span class=\"_ _7\"></span>rd-loo<span class=\"_ _7\"></span>ki<span class=\"_ _7\"></span>ng inform<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n. VIG us<span class=\"_ _7\"></span>es the fol<span class=\"_ _7\"></span>lowing s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gme<span class=\"_ _7\"></span>nts for its <span class=\"_ _2\"></span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>o: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Corpor<span class=\"_ _7\"></span>ates<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>So<span class=\"_ _7\"></span>vereig<span class=\"_ _7\"></span>ns \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>The<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>segment <span class=\"_ _6\"></span>Sover<span class=\"_ _7\"></span>eigns<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>consists <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>all <span class=\"_ _1\"></span>bonds <span class=\"_ _1\"></span>issu<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>by <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>ublic <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>uthoriti<span class=\"_ _7\"></span>es, <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>central <span class=\"_ _1\"></span>go<span class=\"_ _7\"></span>vernments,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>supra-<span class=\"_ _3d5\"> </span>national <span class=\"_ _2\"></span>govern<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>instit<span class=\"_ _7\"></span>utions, <span class=\"_ _2\"></span>regional<span class=\"_ _7\"></span> g<span class=\"_ _7\"></span>overnments <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>lo<span class=\"_ _7\"></span>cal <span class=\"_ _7\"></span>authorities <span class=\"_ _2\"></span>and bo<span class=\"_ _2\"></span>nds t<span class=\"_ _7\"></span>hat <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>fully<span class=\"_ _e\"></span>, u<span class=\"_ _7\"></span>ncondi<span class=\"_ _7\"></span>tionall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> and irre<span class=\"_ _7\"></span>vocably g<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>arant<span class=\"_ _7\"></span>eed b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> these i<span class=\"_ _7\"></span>nstitutio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. All<span class=\"_ _2\"></span> oth<span class=\"_ _6\"></span>er ex<span class=\"_ _7\"></span>pos<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e tr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ated <span class=\"_ _7\"></span>within t<span class=\"_ _7\"></span>he corpo<span class=\"_ _7\"></span>rates s<span class=\"_ _7\"></span>egme<span class=\"_ _7\"></span>nt. \u2022<span class=\"ff4a\"> </span>Exposur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> at D<span class=\"_ _7\"></span>efault (EAD<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>: The EAD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> estim<span class=\"_ _7\"></span>ate of<span class=\"_ _7\"></span> the ex<span class=\"_ _7\"></span>posur<span class=\"_ _7\"></span>e at a fu<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>e defa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt date, <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>aki<span class=\"_ _7\"></span>ng into ac<span class=\"_ _7\"></span>count expecte<span class=\"_ _7\"></span>d chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s in t<span class=\"_ _7\"></span>he expos<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> after t<span class=\"_ _7\"></span>he repo<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng date, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uding r<span class=\"_ _7\"></span>epaym<span class=\"_ _7\"></span>ents of<span class=\"_ _7\"></span> princip<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l a<span class=\"_ _7\"></span>nd inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st, <span class=\"_ _7\"></span>whether sched<span class=\"_ _7\"></span>uled by co<span class=\"_ _7\"></span>ntract o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ot<span class=\"_ _7\"></span>herwise, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d acc<span class=\"_ _7\"></span>rued i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t fr<span class=\"_ _7\"></span>om mi<span class=\"_ _7\"></span>ssed payme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts.  \u2022<span class=\"ff4a\"> </span>Loss Give<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Defa<span class=\"_ _7\"></span>ult (LGD): T<span class=\"_ _2\"></span>he LGD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> esti<span class=\"_ _7\"></span>mate of t<span class=\"_ _7\"></span>he los<span class=\"_ _7\"></span>s arising in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he c<span class=\"_ _7\"></span>ase w<span class=\"_ _7\"></span>here a <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>fa<span class=\"_ _7\"></span>ult occ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rs at a gi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en time. It is base<span class=\"_ _7\"></span>d on th<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ference b<span class=\"_ _2\"></span>etween the co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>ctual cash fl<span class=\"_ _2\"></span>ows due <span class=\"_ _7\"></span>and t<span class=\"_ _7\"></span>hose th<span class=\"_ _7\"></span>at are ex<span class=\"_ _2\"></span>pected to b<span class=\"_ _2\"></span>e recei<span class=\"_ _7\"></span>ved. It is<span class=\"_ _7\"></span> usually ex<span class=\"_ _7\"></span>press<span class=\"_ _2\"></span>ed as a p<span class=\"_ _7\"></span>erc<span class=\"_ _7\"></span>entage of<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he EAD. Conce<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>ning t<span class=\"_ _7\"></span>he segm<span class=\"_ _7\"></span>entatio<span class=\"_ _7\"></span>n of <span class=\"_ _7\"></span>LGDs, th<span class=\"_ _7\"></span>e foll<span class=\"_ _7\"></span>owing s<span class=\"_ _7\"></span>egme<span class=\"_ _7\"></span>nts will<span class=\"_ _7\"></span> be used:<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Subor<span class=\"_ _2\"></span>dinated de<span class=\"_ _2\"></span>bt \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Senior <span class=\"_ _7\"></span>unse<span class=\"_ _7\"></span>cure<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> debt<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>So<span class=\"_ _7\"></span>vereig<span class=\"_ _7\"></span>ns \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Sec<span class=\"_ _7\"></span>ured de<span class=\"_ _2\"></span>bt: The S<span class=\"_ _7\"></span>ecur<span class=\"_ _7\"></span>ed segm<span class=\"_ _2\"></span>ent at VIG <span class=\"_ _7\"></span>covers <span class=\"_ _7\"></span>all pos<span class=\"_ _7\"></span>itions se<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>ed by mo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tg<span class=\"_ _7\"></span>age as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as co<span class=\"_ _2\"></span>ve<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d bo<span class=\"_ _7\"></span>nds. \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>For <span class=\"_ _7\"></span>unsecur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>assets, <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>will apply p<span class=\"_ _2\"></span>redefine<span class=\"_ _7\"></span>d LGDs, <span class=\"_ _2\"></span>wh<span class=\"_ _6\"></span>ich ar<span class=\"_ _2\"></span>e not time<span class=\"_ _7\"></span>-depe<span class=\"_ _7\"></span>ndent (flat <span class=\"_ _2\"></span>LGD curv<span class=\"_ _7\"></span>es). Assets su<span class=\"_ _7\"></span>bject to <span class=\"_ _7\"></span>ECL <span class=\"_ _7\"></span>calcula<span class=\"_ _7\"></span>tions a<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>allocat<span class=\"_ _7\"></span>ed into o<span class=\"_ _7\"></span>ne of the fol<span class=\"_ _7\"></span>lowi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g catego<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> </span>12 mo<span class=\"_ _7\"></span>nth<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>ECL (Stage 1<span class=\"_ _2\"></span>): Stage 1 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llows a l<span class=\"_ _7\"></span>ow cr<span class=\"_ _7\"></span>edi<span class=\"_ _7\"></span>t risk o<span class=\"_ _7\"></span>r no si<span class=\"_ _7\"></span>gnifica<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t incr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e in cr<span class=\"_ _7\"></span>edit ris<span class=\"_ _7\"></span>k. It is c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulated as <span class=\"_ _7\"></span>the portio<span class=\"_ _7\"></span>n of the li<span class=\"_ _7\"></span>fetime EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>, th<span class=\"_ _7\"></span>at r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>esent t<span class=\"_ _7\"></span>he ECLs t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at r<span class=\"_ _7\"></span>esult f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>default <span class=\"_ _2\"></span>events on a fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial instr<span class=\"_ _7\"></span>ument <span class=\"_ _7\"></span>that ar<span class=\"_ _7\"></span>e possi<span class=\"_ _7\"></span>ble within 12 m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nths aft<span class=\"_ _7\"></span>er the r<span class=\"_ _2\"></span>eporting d<span class=\"_ _7\"></span>ate. Stag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 1 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llowa<span class=\"_ _7\"></span>nce is calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>on the ex<span class=\"_ _2\"></span>pectation of<span class=\"_ _7\"></span> a default oc<span class=\"_ _2\"></span>curr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng in th<span class=\"_ _7\"></span>e 12 mon<span class=\"_ _7\"></span>ths f<span class=\"_ _7\"></span>ollo<span class=\"_ _7\"></span>wing the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te.<span class=\"_ _3d5\"> </span> \u2022<span class=\"ff4a\"> </span>Stage 2<span class=\"_ _3d5\"> </span>: Asse<span class=\"_ _2\"></span>ts classified <span class=\"_ _2\"></span>under Stage 2 s<span class=\"_ _2\"></span>how a signif<span class=\"_ _7\"></span>icant i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cr<span class=\"_ _7\"></span>ease in <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>dit risk (<span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot low <span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>edit risk<span class=\"_ _7\"></span>), ther<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e lif<span class=\"_ _7\"></span>etime ECL must <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>calculated. <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> </span>Stage 3<span class=\"_ _3d5\"> </span>: Within <span class=\"_ _7\"></span>this st<span class=\"_ _7\"></span>age cr<span class=\"_ _7\"></span>edit l<span class=\"_ _7\"></span>osses h<span class=\"_ _7\"></span>ave alr<span class=\"_ _2\"></span>eady bee<span class=\"_ _7\"></span>n in<span class=\"_ _7\"></span>curre<span class=\"_ _7\"></span>d or ass<span class=\"_ _7\"></span>ets h<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ve act<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ally bee<span class=\"_ _7\"></span>n cr<span class=\"_ _7\"></span>edit i<span class=\"_ _7\"></span>mpair<span class=\"_ _7\"></span>ed. D<span class=\"_ _7\"></span>ue to that fact, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ference <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>twe<span class=\"_ _7\"></span>en t<span class=\"_ _7\"></span>he asset<span class=\"_ _7\"></span>\u2019<span class=\"_ _e\"></span>s gross<span class=\"_ _7\"></span> car<span class=\"_ _7\"></span>rying a<span class=\"_ _7\"></span>mount and <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he pr<span class=\"_ _2\"></span>esent val<span class=\"_ _7\"></span>ue of es<span class=\"_ _7\"></span>timat<span class=\"_ _7\"></span>ed futur<span class=\"_ _7\"></span>e cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows discou<span class=\"_ _7\"></span>nted at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial ass<span class=\"_ _7\"></span>et\u2019<span class=\"_ _e\"></span>s origi<span class=\"_ _7\"></span>nal ef<span class=\"_ _2\"></span>fective inter<span class=\"_ _2\"></span>est rate sho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld be <span class=\"_ _7\"></span>consider<span class=\"_ _2\"></span>ed.  In accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IF<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>S, d<span class=\"_ _7\"></span>ebt inst<span class=\"_ _2\"></span>ruments m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at AC<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>or measu<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> at F<span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>tOCI<span class=\"_ _7\"></span> mus<span class=\"_ _7\"></span>t foll<span class=\"_ _7\"></span>ow the<span class=\"_ _7\"></span> staged <span class=\"_ _2\"></span>approa<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>h. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> VIG appr<span class=\"_ _2\"></span>oach is se<span class=\"_ _7\"></span>t as fol<span class=\"_ _7\"></span>lows:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 1 \u2013 12<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ths EC<span class=\"_ _7\"></span>L \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>non-P<span class=\"_ _2\"></span>OCI a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts at i<span class=\"_ _7\"></span>nitial r<span class=\"_ _2\"></span>ecognition,<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets t<span class=\"_ _2\"></span>hat fall wit<span class=\"_ _7\"></span>hin the scop<span class=\"_ _2\"></span>e of the low <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit risk <span class=\"_ _2\"></span>exempt<span class=\"_ _7\"></span>ion, as <span class=\"_ _7\"></span>well as<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets t<span class=\"_ _2\"></span>hat are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot defa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lted, <span class=\"_ _7\"></span>not eli<span class=\"_ _7\"></span>gible f<span class=\"_ _7\"></span>or Stage 2 t<span class=\"_ _2\"></span>riggers and s<span class=\"_ _7\"></span>how <span class=\"_ _7\"></span>no signifi<span class=\"_ _7\"></span>cant ch<span class=\"_ _7\"></span>ange in <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atings<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 2 \u2013 <span class=\"_ _7\"></span>Lifetim<span class=\"_ _7\"></span>e ECLs (<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fective i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e on gr<span class=\"_ _7\"></span>oss c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ying amo<span class=\"_ _7\"></span>unt)<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>are p<span class=\"_ _2\"></span>ast due fo<span class=\"_ _7\"></span>r at leas<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> 30 da<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>s or \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>r<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nd to one of t<span class=\"_ _2\"></span>he pr<span class=\"_ _7\"></span>edefi<span class=\"_ _7\"></span>ned forw<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span>-looking i<span class=\"_ _7\"></span>ndica<span class=\"_ _7\"></span>tors \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 3 \u2013 <span class=\"_ _7\"></span>Lifetim<span class=\"_ _7\"></span>e ECLs (<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fective i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e on amo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tised<span class=\"_ _7\"></span> costs)<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets f<span class=\"_ _2\"></span>ulfill<span class=\"_ _7\"></span>ing the defa<span class=\"_ _7\"></span>ult defi<span class=\"_ _7\"></span>nition of VI<span class=\"_ _7\"></span>G \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 0 \u2013 <span class=\"_ _7\"></span>POCI<span class=\"_ _2\"></span> Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at FVtO<span class=\"_ _7\"></span>CI As the carr<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing amo<span class=\"_ _7\"></span>unt of the deb<span class=\"_ _7\"></span>t inst<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed at FVtOC<span class=\"_ _7\"></span>I corr<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nds to the fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> value, t<span class=\"_ _7\"></span>he risk pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vision to be<span class=\"_ _7\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>do<span class=\"_ _7\"></span>es not <span class=\"_ _2\"></span>lead <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>a r<span class=\"_ _7\"></span>edu<span class=\"_ _7\"></span>ction o<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>asse<span class=\"_ _7\"></span>t si<span class=\"_ _7\"></span>de o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he b<span class=\"_ _7\"></span>alance s<span class=\"_ _2\"></span>heet. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>stead, <span class=\"_ _2\"></span>an amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _7\"></span>equal <span class=\"_ _2\"></span>to t<span class=\"_ _7\"></span>he allo<span class=\"_ _7\"></span>wance<span class=\"_ _7\"></span> that would arise i<span class=\"_ _7\"></span>f the assets w<span class=\"_ _7\"></span>ere me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured at amor<span class=\"_ _7\"></span>tised c<span class=\"_ _7\"></span>ost is <span class=\"_ _7\"></span>recognised in O<span class=\"_ _7\"></span>CI with a corr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>spo<span class=\"_ _7\"></span>nding charg<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> to pro<span class=\"_ _2\"></span>fit or loss<span class=\"_ _7\"></span>. The ac<span class=\"_ _7\"></span>cumula<span class=\"_ _7\"></span>ted gain <span class=\"_ _2\"></span>recognise<span class=\"_ _2\"></span>d in OCI is r<span class=\"_ _7\"></span>ecycl<span class=\"_ _7\"></span>ed to th<span class=\"_ _7\"></span>e prof<span class=\"_ _7\"></span>it o<span class=\"_ _7\"></span>r loss <span class=\"_ _7\"></span>upon der<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition of t<span class=\"_ _7\"></span>he assets. <span class=\"_ _2\"></span> Forw<span class=\"_ _7\"></span>ard looki<span class=\"_ _7\"></span>ng infor<span class=\"_ _7\"></span>mation In <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>Group-<span class=\"_ _7\"></span>wide <span class=\"_ _1\"></span>E<span class=\"_ _6\"></span>CL<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>mo<span class=\"_ _7\"></span>dels, <span class=\"_ _0\"></span>it<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>can <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>relied<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>broa<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nge <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>ward-looki<span class=\"_ _2\"></span>ng <span class=\"_ _0\"></span>informa<span class=\"_ _7\"></span>tion, <span class=\"_ _0\"></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>externa<span class=\"_ _6\"></span>l <span class=\"_ _1\"></span>and internal rati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gs, for<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>casts o<span class=\"_ _7\"></span>f ma<span class=\"_ _7\"></span>cro<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nomic <span class=\"_ _7\"></span>variables o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> qu<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>litative cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _7\"></span>k. COLLA<span class=\"_ _10\"></span>TERAL <span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>ALUA<span class=\"_ _2\"></span>TION<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>AND <span class=\"_ _7\"></span>REPOSSES<span class=\"_ _7\"></span>SED T<span class=\"_ _e\"></span>o <span class=\"_ _2\"></span>mitigate <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _10\"></span>risks <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts, <span class=\"_ _2\"></span>collat<span class=\"_ _7\"></span>eral <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>sought <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed, <span class=\"_ _10\"></span>wher<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>possible. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>collate<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>comes <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>var<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s forms, <span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>mortg<span class=\"_ _7\"></span>ages, <span class=\"_ _1\"></span>sec<span class=\"_ _7\"></span>urities <span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>other <span class=\"_ _1\"></span>types <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>ollate<span class=\"_ _7\"></span>ral. <span class=\"_ _1\"></span>Collater<span class=\"_ _7\"></span>al, <span class=\"_ _1\"></span>unless <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>epossess<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d, <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>recor<span class=\"_ _7\"></span>ded <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the VIG\u2019<span class=\"_ _e\"></span>s <span class=\"_ _3\"> </span>stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nt <span class=\"_ _3\"> </span>of <span class=\"_ _f\"> </span>financial<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>positio<span class=\"_ _7\"></span>n. <span class=\"_ _f\"> </span>Cash <span class=\"_ _3\"> </span>flows<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ecte<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>from<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _f\"> </span>enha<span class=\"_ _7\"></span>ncements<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>which <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>requir<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>separ<span class=\"_ _7\"></span>ately by IFRS sta<span class=\"_ _7\"></span>ndards <span class=\"_ _7\"></span>and which are<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsider<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tegral<span class=\"_ _7\"></span> t<span class=\"_ _6\"></span>o the contra<span class=\"_ _7\"></span>ctual terms<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of a debt instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt which i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>subject <span class=\"_ _2\"></span>to EC<span class=\"_ _7\"></span>L, a<span class=\"_ _2\"></span>re in<span class=\"_ _7\"></span>cluded <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>easurem<span class=\"_ _2\"></span>ent of<span class=\"_ _7\"></span> those <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>C<span class=\"_ _7\"></span>L. <span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>n t<span class=\"_ _7\"></span>his <span class=\"_ _7\"></span>basis, <span class=\"_ _2\"></span>the fai<span class=\"_ _7\"></span>r v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>collateral <span class=\"_ _7\"></span>af<span class=\"_ _7\"></span>fects t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>.  T<span class=\"_ _e\"></span>o <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>extent<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>possibl<span class=\"_ _7\"></span>e, <span class=\"_ _0\"></span>data <span class=\"_ _1\"></span>from <span class=\"_ _0\"></span>an <span class=\"_ _1\"></span>active <span class=\"_ _1\"></span>market <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sed<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>valuing <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>eld <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>olla<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>ral. <span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>ther <span class=\"_ _0\"></span>fina<span class=\"_ _7\"></span>ncial assets <span class=\"_ _7\"></span>that do<span class=\"_ _7\"></span> not <span class=\"_ _2\"></span>have r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>adil<span class=\"_ _7\"></span>y availa<span class=\"_ _7\"></span>ble ma<span class=\"_ _7\"></span>rket <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ata <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> valued <span class=\"_ _2\"></span>using mo<span class=\"_ _7\"></span>dels. No<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-fin<span class=\"_ _7\"></span>ancial <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ollate<span class=\"_ _7\"></span>ral, s<span class=\"_ _7\"></span>uch as r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _7\"></span>estate,<span class=\"_ _7\"></span> is valued eit<span class=\"_ _2\"></span>her internally o<span class=\"_ _7\"></span>r based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> thir<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>parties\u2019 a<span class=\"_ _7\"></span>ppraisal<span class=\"_ _2\"></span>s. The EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span> measu<span class=\"_ _7\"></span>reme<span class=\"_ _7\"></span>nt also<span class=\"_ _7\"></span> incl<span class=\"_ _7\"></span>udes irr<span class=\"_ _2\"></span>ev<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>cable a<span class=\"_ _7\"></span>nd u<span class=\"_ _7\"></span>ncondi<span class=\"_ _7\"></span>tional g<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>arantees.<span class=\"_ _3d5\"> </span>WRITE-O<span class=\"_ _7\"></span>FFS Financial <span class=\"_ _2\"></span>assets <span class=\"_ _10\"></span>are <span class=\"_ _2\"></span>writte<span class=\"_ _7\"></span>n of<span class=\"_ _2\"></span>f ei<span class=\"_ _7\"></span>ther <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>part <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r i<span class=\"_ _2\"></span>n f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ll <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly <span class=\"_ _2\"></span>whe<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>here <span class=\"_ _2\"></span>is no<span class=\"_ _2\"></span> re<span class=\"_ _2\"></span>asonable <span class=\"_ _2\"></span>expectatio<span class=\"_ _2\"></span>n of <span class=\"_ _2\"></span>reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery<span class=\"_ _e\"></span>. <span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt to <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>written <span class=\"_ _2\"></span>off<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>great<span class=\"_ _7\"></span>er <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>an <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>accum<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _10\"></span>loss <span class=\"_ _2\"></span>allowa<span class=\"_ _7\"></span>nce, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>first <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ated <span class=\"_ _2\"></span>as <span class=\"_ _10\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>addition <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>allowan<span class=\"_ _7\"></span>ce that is th<span class=\"_ _7\"></span>en applied ag<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>t the gros<span class=\"_ _7\"></span>s c<span class=\"_ _7\"></span>arrying amo<span class=\"_ _2\"></span>unt. Any subse<span class=\"_ _2\"></span>q<span class=\"_ _6\"></span>ue<span class=\"_ _7\"></span>nt reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>eries ar<span class=\"_ _2\"></span>e credi<span class=\"_ _7\"></span>ted to gai<span class=\"_ _7\"></span>ns wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>in the i<span class=\"_ _7\"></span>ncome stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t.<span class=\"_ _3d5\"> </span>Financial<span class=\"_ _7\"></span> liabiliti<span class=\"_ _7\"></span>es MEASUR<span class=\"_ _7\"></span>EMENT C<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>TEGORI<span class=\"_ _7\"></span>ES OF FINANCI<span class=\"_ _2\"></span>AL LIABILI<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>IES Financial l<span class=\"_ _2\"></span>iabilities, oth<span class=\"_ _7\"></span>er than loa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> com<span class=\"_ _7\"></span>mitme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts an<span class=\"_ _7\"></span>d financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l guara<span class=\"_ _7\"></span>ntees, <span class=\"_ _7\"></span>are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>ured a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> AC or <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t FV<span class=\"_ _7\"></span>tPL if t<span class=\"_ _7\"></span>hey ar<span class=\"_ _7\"></span>e hel<span class=\"_ _7\"></span>d for <span class=\"_ _2\"></span>trading <span class=\"_ _2\"></span>or <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _10\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>instr<span class=\"_ _7\"></span>uments <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>if <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. <span class=\"_ _2\"></span>VIG <span class=\"_ _10\"></span>has <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>aterial <span class=\"_ _10\"></span>portfoli<span class=\"_ _7\"></span>o <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>financ<span class=\"_ _7\"></span>ial liabil<span class=\"_ _7\"></span>ities desi<span class=\"_ _7\"></span>gnated m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at FV<span class=\"_ _7\"></span>tPL. All d<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>vatives <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>a nega<span class=\"_ _7\"></span>tive fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue (accordi<span class=\"_ _2\"></span>ng to IF<span class=\"_ _7\"></span>RS 13; d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he basis <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>so-called <span class=\"_ _0\"></span>\u201cdirty <span class=\"_ _0\"></span>fair <span class=\"_ _4\"></span>val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e\u201d, <span class=\"_ _4\"></span>i.e., <span class=\"_ _0\"></span>incl<span class=\"_ _7\"></span>uding <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _2\"></span>est <span class=\"_ _4\"> </span>acc<span class=\"_ _7\"></span>ruals) <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>re <span class=\"_ _0\"></span>prese<span class=\"_ _7\"></span>nted <span class=\"_ _0\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>at <span class=\"_ _0\"></span>FVtPL. Analogo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>assets, <span class=\"_ _f\"> </span>subor<span class=\"_ _2\"></span>dinated <span class=\"_ _f\"> </span>liabiliti<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>\u201cdirty <span class=\"_ _f\"> </span>value\u201d <span class=\"_ _f\"> </span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>with <span class=\"_ _3\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>initial applicati<span class=\"_ _7\"></span>on of I<span class=\"_ _7\"></span>FRS 9.<span class=\"_ _3d5\"> </span>DERECOGNI<span class=\"_ _2\"></span>TION <span class=\"_ _7\"></span>AND SI<span class=\"_ _7\"></span>GNIFICAN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> MODI<span class=\"_ _7\"></span>FICA<span class=\"_ _10\"></span>T<span class=\"_ _6\"></span>ION<span class=\"_ _7\"></span> OF FINANCI<span class=\"_ _2\"></span>AL LIAB<span class=\"_ _7\"></span>ILITIES<span class=\"_ _7\"></span> A <span class=\"_ _0\"></span>financial <span class=\"_ _1\"></span>liability <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>derecog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>when <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>obligatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>under <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>discharged, <span class=\"_ _1\"></span>cancelled <span class=\"_ _0\"></span>or <span class=\"_ _0\"></span>expi<span class=\"_ _7\"></span>res. <span class=\"_ _0\"></span>Wher<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>an existing <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _1\"></span>liability<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pla<span class=\"_ _7\"></span>ced <span class=\"_ _0\"></span>by <span class=\"_ _1\"></span>another <span class=\"_ _1\"></span>from <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ame <span class=\"_ _1\"></span>lender <span class=\"_ _1\"></span>on <span class=\"_ _0\"></span>substa<span class=\"_ _7\"></span>ntiall<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>terms<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>terms <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>n existing <span class=\"_ _1\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>subs<span class=\"_ _7\"></span>tantially <span class=\"_ _1\"></span>mo<span class=\"_ _7\"></span>difi<span class=\"_ _7\"></span>ed, <span class=\"_ _1\"></span>such <span class=\"_ _1\"></span>an <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>or <span class=\"_ _0\"></span>modif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>treated<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>derecog<span class=\"_ _7\"></span>nitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>riginal liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nition <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>ne<span class=\"_ _7\"></span>w <span class=\"_ _1\"></span>liabil<span class=\"_ _7\"></span>ity<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ference between<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>carryi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>riginal<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>financial liability <span class=\"_ _6\"></span>and the co<span class=\"_ _7\"></span>nsideratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> paid <span class=\"_ _7\"></span>is r<span class=\"_ _7\"></span>ecognised i<span class=\"_ _2\"></span>n profit o<span class=\"_ _2\"></span>r loss.<span class=\"_ _3d5\"> </span>Recogni<span class=\"_ _7\"></span>tion of<span class=\"_ _7\"></span> interest incom<span class=\"_ _2\"></span>e Accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>to <span class=\"_ _4\"> </span>IFRS 9<span class=\"_ _7\"></span>, <span class=\"_ _4\"> </span>inter<span class=\"_ _2\"></span>est <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncome <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>all<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>financial <span class=\"_ _4\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>nder <span class=\"_ _4\"> </span>IFRS 9 <span class=\"_ _4\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>at <span class=\"_ _4\"> </span>AC <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _0\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>FVtOCI<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>is recor<span class=\"_ _2\"></span>ded <span class=\"_ _4\"></span>usi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>ef<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ve <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>ethod. <span class=\"_ _4\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>EIR <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>exactly <span class=\"_ _0\"></span>disco<span class=\"_ _7\"></span>unts <span class=\"_ _4\"></span>es<span class=\"_ _2\"></span>timated <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>uture <span class=\"_ _0\"></span>cash <span class=\"_ _0\"></span>recei<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>s thro<span class=\"_ _7\"></span>ugh <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>life <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>or<span class=\"_ _10\"></span>, <span class=\"_ _10\"></span>when <span class=\"_ _2\"></span>appr<span class=\"_ _7\"></span>opriate, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>horter <span class=\"_ _2\"></span>period, <span class=\"_ _e\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>gross <span class=\"_ _e\"></span>book <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial<span class=\"_ _7\"></span> asset. <span class=\"_ _7\"></span> The EI<span class=\"_ _7\"></span>R and th<span class=\"_ _7\"></span>erefor<span class=\"_ _2\"></span>e, the <span class=\"_ _7\"></span>amortis<span class=\"_ _7\"></span>ed cost o<span class=\"_ _7\"></span>f the fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> ass<span class=\"_ _7\"></span>et, is calc<span class=\"_ _7\"></span>ulated <span class=\"_ _7\"></span>by taki<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g into <span class=\"_ _7\"></span>acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt tra<span class=\"_ _7\"></span>nsaction <span class=\"_ _7\"></span>costs a<span class=\"_ _7\"></span>nd any disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt or premi<span class=\"_ _2\"></span>um on acquisi<span class=\"_ _7\"></span>tion of the fin<span class=\"_ _7\"></span>ancial asse<span class=\"_ _2\"></span>t a<span class=\"_ _6\"></span>s well as f<span class=\"_ _7\"></span>ees and costs t<span class=\"_ _7\"></span>hat are a<span class=\"_ _7\"></span>n integ<span class=\"_ _7\"></span>ral part of the <span class=\"_ _7\"></span>EIR. Interes<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> income is recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised using a rate <span class=\"_ _6\"></span>of ret<span class=\"_ _7\"></span>urn<span class=\"_ _6\"></span> that <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sents the best estimate of a constant rate of <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>turn <span class=\"_ _6\"></span>ove<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>the expecte<span class=\"_ _7\"></span>d lif<span class=\"_ _7\"></span>e of the deb<span class=\"_ _7\"></span>t instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ment.<span class=\"_ _7\"></span> For fl<span class=\"_ _7\"></span>oati<span class=\"_ _7\"></span>ng-rate <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>instrum<span class=\"_ _2\"></span>ents, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>periodic <span class=\"_ _2\"></span>re-fix<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>coupon <span class=\"_ _2\"></span>rates <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flecti<span class=\"_ _7\"></span>ng t<span class=\"_ _2\"></span>he mo<span class=\"_ _7\"></span>veme<span class=\"_ _7\"></span>nts <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>terest <span class=\"_ _10\"></span>rates <span class=\"_ _2\"></span>alters the ef<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ve inter<span class=\"_ _7\"></span>est <span class=\"_ _7\"></span>rate. The item <span class=\"_ _2\"></span>inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>venues <span class=\"_ _7\"></span>usi<span class=\"_ _7\"></span>ng th<span class=\"_ _7\"></span>e ef<span class=\"_ _2\"></span>fective i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t rate <span class=\"_ _7\"></span>method <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly <span class=\"_ _7\"></span>includ<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>interes<span class=\"_ _2\"></span>t on <span class=\"_ _7\"></span>financial <span class=\"_ _2\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at AC or <span class=\"_ _7\"></span>measur<span class=\"_ _2\"></span>ed at <span class=\"_ _7\"></span>FVtOCI. The <span class=\"_ _6\"></span>item inter<span class=\"_ _7\"></span>est <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>venue other inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>udes interest from<span class=\"_ _7\"></span> financial assets measur<span class=\"_ _7\"></span>ed at <span class=\"_ _6\"></span>FVtP<span class=\"_ _7\"></span>L, <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>is also measure<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>based on the de<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ivatio<span class=\"_ _7\"></span>n of t<span class=\"_ _7\"></span>he ef<span class=\"_ _7\"></span>fective in<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e.<span class=\"_ _3d5\"> </span>  Repur<span class=\"_ _7\"></span>chase and r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>vers<span class=\"_ _7\"></span>e repur<span class=\"_ _7\"></span>chase agr<span class=\"_ _7\"></span>eem<span class=\"_ _7\"></span>ents Securities <span class=\"_ _1\"></span>sold <span class=\"_ _6\"></span>under <span class=\"_ _1\"></span>agreem<span class=\"_ _2\"></span>ents <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>repur<span class=\"_ _2\"></span>chase <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>dere<span class=\"_ _7\"></span>cognise<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>from <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>balance <span class=\"_ _1\"></span>sheet <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>substan<span class=\"_ _7\"></span>tially <span class=\"_ _1\"></span>all <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>e risks an<span class=\"_ _6\"></span>d rew<span class=\"_ _7\"></span>ards of ownership are retain<span class=\"_ _7\"></span>ed. <span class=\"_ _6\"></span>The correspo<span class=\"_ _2\"></span>nding c<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>receiv<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>is recog<span class=\"_ _7\"></span>nised in<span class=\"_ _6\"></span> the <span class=\"_ _6\"></span>consoli<span class=\"_ _7\"></span>dated balanc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> sheet as an asset with a c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>esponding<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>obligation<span class=\"_ _7\"></span> t<span class=\"_ _6\"></span>o ret<span class=\"_ _2\"></span>ur<span class=\"_ _6\"></span>n it, including accr<span class=\"_ _7\"></span>ued inter<span class=\"_ _7\"></span>est as a <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ity within cash coll<span class=\"_ _7\"></span>ater<span class=\"_ _7\"></span>al on <span class=\"_ _1\"></span>securities<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lent <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>rep<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>chase <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>gr<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents. <span class=\"_ _1\"></span>This<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>refl<span class=\"_ _7\"></span>ects <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>tran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action\u2019<span class=\"_ _e\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>economic<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>subst<span class=\"_ _7\"></span>ance <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>loan<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>VIG. <span class=\"_ _1\"></span>The dif<span class=\"_ _2\"></span>ference bet<span class=\"_ _7\"></span>ween th<span class=\"_ _7\"></span>e sale <span class=\"_ _7\"></span>and r<span class=\"_ _2\"></span>epurch<span class=\"_ _7\"></span>ase price is<span class=\"_ _7\"></span> tr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ate<span class=\"_ _7\"></span>d as <span class=\"_ _7\"></span>interes<span class=\"_ _2\"></span>t expense a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d is d<span class=\"_ _7\"></span>eferr<span class=\"_ _7\"></span>ed o<span class=\"_ _7\"></span>ver th<span class=\"_ _7\"></span>e life of<span class=\"_ _7\"></span> agre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ment. <span class=\"_ _2\"></span> By <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trast, <span class=\"_ _0\"></span>securities <span class=\"_ _0\"></span>pur<span class=\"_ _7\"></span>chas<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>under <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>everse <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ep<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rc<span class=\"_ _7\"></span>hase <span class=\"_ _4\"></span>agr<span class=\"_ _2\"></span>eements <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ecognised <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>ba<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>nce <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet. <span class=\"_ _0\"></span>The amount <span class=\"_ _1\"></span>paid, <span class=\"_ _0\"></span>includi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>defe<span class=\"_ _7\"></span>rred <span class=\"_ _1\"></span>inter<span class=\"_ _7\"></span>est, <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>balance <span class=\"_ _0\"></span>shee<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>within <span class=\"_ _1\"></span>loans <span class=\"_ _0\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _1\"></span>at <span class=\"_ _0\"></span>AC. <span class=\"_ _0\"></span>The <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nce between <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>urch<span class=\"_ _7\"></span>ase an<span class=\"_ _7\"></span>d res<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>le p<span class=\"_ _7\"></span>rice is s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>own i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the corr<span class=\"_ _2\"></span>esponding <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>urr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt in<span class=\"_ _7\"></span>come posi<span class=\"_ _7\"></span>tio<span class=\"_ _7\"></span>n using t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e EI<span class=\"_ _7\"></span>R. 25.5.<span class=\"ff4a\"> </span>Goodwill<span class=\"_ _7\"></span> Go<span class=\"_ _2\"></span>od<span class=\"_ _2\"></span>wil<span class=\"_ _2\"></span>l <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>re<span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _e\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>fu<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>cur<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>y <span class=\"_ _e\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _e\"></span>re<span class=\"_ _2\"></span>sp<span class=\"_ _7\"></span>ec<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>uni<span class=\"_ _2\"></span>t.<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>It<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>at<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>AC<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>nus<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ac<span class=\"_ _7\"></span>cu<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>lo<span class=\"_ _7\"></span>ss<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>. In<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> in<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> eq<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>ty<span class=\"_ _2\"></span> co<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>oli<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>ni<span class=\"_ _7\"></span>es,<span class=\"_ _2\"></span> go<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>dw<span class=\"_ _7\"></span>il<span class=\"_ _2\"></span>l i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>n t<span class=\"_ _2\"></span>he <span class=\"_ _7\"></span>am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>rt<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>boo<span class=\"_ _2\"></span>k <span class=\"_ _2\"></span>valu<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> in<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>. Impairm<span class=\"_ _7\"></span>ents Fo<span class=\"_ _2\"></span>r <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>urp<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>of<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>te<span class=\"_ _2\"></span>sti<span class=\"_ _2\"></span>ng <span class=\"_ _4\"> </span>goo<span class=\"_ _2\"></span>dwi<span class=\"_ _2\"></span>ll,<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>the<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ari<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>ned<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>fo<span class=\"_ _2\"></span>rm <span class=\"_ _4\"> </span>ca<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>h-<span class=\"_ _7\"></span>ge<span class=\"_ _2\"></span>ner<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>un<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>(<span class=\"_ _7\"></span>C<span class=\"_ _7\"></span>GU<span class=\"_ _2\"></span>s)<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>the<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>l<span class=\"_ _2\"></span>eve<span class=\"_ _7\"></span>l <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>f g<span class=\"_ _7\"></span>eo<span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>hi<span class=\"_ _7\"></span>cal<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span>ri<span class=\"_ _2\"></span>es.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>C<span class=\"_ _7\"></span>GUs<span class=\"_ _2\"></span>, <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>basi<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>whi<span class=\"_ _2\"></span>ch <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>te<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>con<span class=\"_ _2\"></span>duc<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _7\"></span>rr<span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>op<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> s<span class=\"_ _7\"></span>eg<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>re<span class=\"_ _2\"></span>cove<span class=\"_ _2\"></span>rab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty <span class=\"_ _10\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>tra<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>k <span class=\"_ _e\"></span>rig<span class=\"_ _2\"></span>hts <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>ad<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nal<span class=\"_ _2\"></span>ly <span class=\"_ _e\"></span>tes<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>vi<span class=\"_ _2\"></span>dual<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>by<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ap<span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _e\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>-f<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>m-<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>yal<span class=\"_ _2\"></span>ty <span class=\"_ _10\"></span>me<span class=\"_ _7\"></span>th<span class=\"_ _2\"></span>od. In<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nta<span class=\"_ _7\"></span>ngi<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ets<span class=\"_ _2\"></span> wi<span class=\"_ _2\"></span>th<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nde<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> l<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>(go<span class=\"_ _2\"></span>odw<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>ll <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>it<span class=\"_ _7\"></span>ali<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>k <span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span>), <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>mp<span class=\"_ _7\"></span>ai<span class=\"_ _7\"></span>rm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>st<span class=\"_ _7\"></span> is al<span class=\"_ _2\"></span>so<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>dur<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>yea<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>espo<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>e to<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>tri<span class=\"_ _2\"></span>gge<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g e<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>ut <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>end<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> e<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ry<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>nana<span class=\"_ _2\"></span>ci<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> y<span class=\"_ _2\"></span>ear<span class=\"_ _5\"></span>. As a g<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>neral<span class=\"_ _7\"></span> rule, <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>value i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> use<span class=\"_ _7\"></span> dete<span class=\"_ _7\"></span>rmined b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> appl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n of<span class=\"_ _7\"></span> the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come-b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sh f<span class=\"_ _7\"></span>low m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thod is<span class=\"_ _7\"></span> appl<span class=\"_ _7\"></span>ied as the<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>coverabl<span class=\"_ _7\"></span>e amo<span class=\"_ _2\"></span>unt of <span class=\"_ _7\"></span>the C<span class=\"_ _7\"></span>GU. <span class=\"_ _7\"></span>In t<span class=\"_ _7\"></span>hose cas<span class=\"_ _2\"></span>es in <span class=\"_ _7\"></span>which th<span class=\"_ _7\"></span>e val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e in <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se i<span class=\"_ _7\"></span>s less <span class=\"_ _2\"></span>than t<span class=\"_ _7\"></span>he car<span class=\"_ _7\"></span>rying <span class=\"_ _7\"></span>amount,<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he bo<span class=\"_ _7\"></span>ok value less <span class=\"_ _6\"></span>cos<span class=\"_ _7\"></span>ts t<span class=\"_ _6\"></span>o sell is de<span class=\"_ _6\"></span>termin<span class=\"_ _7\"></span>ed additional<span class=\"_ _7\"></span>ly<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>T<span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>ailing stock exch<span class=\"_ _7\"></span>ange multiples ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ied to <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ne the <span class=\"_ _6\"></span>fair value less costs<span class=\"_ _7\"></span> to sell.<span class=\"_ _2\"></span> For <span class=\"_ _0\"></span>determining<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>value <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>use, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>availabl<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>fl<span class=\"_ _7\"></span>ows <span class=\"_ _0\"></span>over <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>ve <span class=\"_ _0\"></span>p<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>ears<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>fter <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rpetu<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _0\"></span>annuity <span class=\"_ _0\"></span>are discou<span class=\"_ _7\"></span>nted <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>esent <span class=\"_ _0\"></span>value. <span class=\"_ _4\"></span>D<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nversio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>as <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Jan<span class=\"_ _7\"></span>uary <span class=\"_ _4\"></span>2<span class=\"_ _7\"></span>023, <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>budget <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span>ecasts <span class=\"_ _0\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>also adapted to the <span class=\"_ _6\"></span>IFRS 1<span class=\"_ _7\"></span>7 struct<span class=\"_ _7\"></span>ure. <span class=\"_ _6\"></span>All subsidi<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ies prep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> detailed budget for<span class=\"_ _2\"></span>ecasts <span class=\"_ _6\"></span>for thr<span class=\"_ _7\"></span>ee years <span class=\"_ _6\"></span>in the respe<span class=\"_ _7\"></span>ctive local curre<span class=\"_ _7\"></span>ncy<span class=\"_ _e\"></span>, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>discusse<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>meetings <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>S<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>per<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>subje<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>plausibil<span class=\"_ _7\"></span>ity <span class=\"_ _0\"></span>check <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>part <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the planning<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntrol <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>cess. <span class=\"_ _4\"></span>Th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>budget <span class=\"_ _4\"></span>for<span class=\"_ _2\"></span>ecast <span class=\"_ _4\"> </span>for <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>next <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>wo <span class=\"_ _4\"></span>yea<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>perpetu<span class=\"_ _7\"></span>al <span class=\"_ _4\"> </span>ann<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ity <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>prep<span class=\"_ _2\"></span>ared <span class=\"_ _0\"></span>by<span class=\"_ _6\"></span> for<span class=\"_ _7\"></span>ecasting <span class=\"_ _4\"> </span>key <span class=\"_ _f\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>amet<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs <span class=\"_ _4\"> </span>(c<span class=\"_ _6\"></span>ombi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>ratios, <span class=\"_ _4\"> </span>premi<span class=\"_ _7\"></span>um <span class=\"_ _4\"> </span>developm<span class=\"_ _7\"></span>ent, <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncome) <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>basis <span class=\"_ _4\"> </span>of <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>eir <span class=\"_ _4\"> </span>h<span class=\"_ _6\"></span>istoric<span class=\"_ _7\"></span>al developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ectatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>future <span class=\"_ _10\"></span>developm<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>markets. <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>re, <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>forec<span class=\"_ _7\"></span>ast <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flows <span class=\"_ _2\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>perpet<span class=\"_ _7\"></span>ual annuity <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>deeme<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>sustai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>able. <span class=\"_ _1\"></span>The <span class=\"_ _0\"></span>closi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>exchange <span class=\"_ _1\"></span>rate <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>D<span class=\"_ _7\"></span>ecembe<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nanacial <span class=\"_ _1\"></span>year <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for converti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the <span class=\"_ _7\"></span>amounts i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to eur<span class=\"_ _7\"></span>os.<span class=\"_ _7\"></span> Clim<span class=\"_ _7\"></span>ate <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isks <span class=\"_ _2\"></span>are<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>take<span class=\"_ _7\"></span>n i<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>consider<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n in<span class=\"_ _2\"></span> the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>best <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>under<span class=\"_ _7\"></span>writing <span class=\"_ _2\"></span>provis<span class=\"_ _7\"></span>ions<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>efore<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expected <span class=\"_ _10\"></span>cash flows <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>pplie<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>for <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>purpose <span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment <span class=\"_ _1\"></span>testi<span class=\"_ _7\"></span>ng. <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>of<span class=\"_ _7\"></span>fers <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>gai<span class=\"_ _7\"></span>nst <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>jor <span class=\"_ _6\"></span>weather <span class=\"_ _6\"></span>events, <span class=\"_ _1\"></span>subje<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>strict<span class=\"_ _7\"></span> reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e guidel<span class=\"_ _7\"></span>ines.<span class=\"_ _3d5\"> </span><span class=\"ff4a\"> <span class=\"_ _1dc\"> </span></span>All <span class=\"_ _4\"> </span>insurance <span class=\"_ _4\"> </span>service<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>ass<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>s <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>ttributed<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>CG<span class=\"_ _6\"></span>Us.<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>Th<span class=\"_ _6\"></span>ese <span class=\"_ _4\"></span>assets<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nclude <span class=\"_ _4\"></span>all <span class=\"_ _4\"> </span>capitalised<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _4\"> </span>portfoli<span class=\"_ _7\"></span>os <span class=\"_ _4\"> </span>and customer  bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s,  capital  investm<span class=\"_ _7\"></span>ents,  r<span class=\"_ _7\"></span>eceivabl<span class=\"_ _7\"></span>es  and <span class=\"_ _12\"> </span>o<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her  a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts,  in  addition  to  goodwil<span class=\"_ _7\"></span>l  an<span class=\"_ _6\"></span>d  tradem<span class=\"_ _7\"></span>ark  right<span class=\"_ _7\"></span>s. Under<span class=\"_ _7\"></span>writing <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isions and <span class=\"_ _6\"></span>curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>ded<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cted from <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>book <span class=\"_ _6\"></span>valu<span class=\"_ _7\"></span>es. <span class=\"_ _6\"></span>Assets <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g, <span class=\"_ _6\"></span>but used by the <span class=\"_ _6\"></span>oper<span class=\"_ _7\"></span>ating companies are att<span class=\"_ _7\"></span>ribute<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>CGU<span class=\"_ _2\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the form <span class=\"_ _6\"></span>of corpo<span class=\"_ _7\"></span>rate a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts. Thus, <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e cash <span class=\"_ _6\"></span>flows of the CGUs ar<span class=\"_ _2\"></span>e adjusted f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e depr<span class=\"_ _7\"></span>eciatio<span class=\"_ _2\"></span>n and amor<span class=\"_ _7\"></span>tisation of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e at<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ribut<span class=\"_ _7\"></span>ed corpo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts.<span class=\"_ _7\"></span> A capi<span class=\"_ _7\"></span>tal cos<span class=\"_ _7\"></span>t ra<span class=\"_ _7\"></span>te (b<span class=\"_ _7\"></span>efore<span class=\"_ _2\"></span> taxes) d<span class=\"_ _2\"></span>etermined o<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>basis of<span class=\"_ _2\"></span> the C<span class=\"_ _2\"></span>apital Ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t P<span class=\"_ _7\"></span>ricing M<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>del <span class=\"_ _7\"></span>(CAPM) <span class=\"_ _7\"></span>is a<span class=\"_ _7\"></span>pplied <span class=\"_ _2\"></span>to calc<span class=\"_ _7\"></span>ulate the disco<span class=\"_ _2\"></span>unt rates. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at p<span class=\"_ _7\"></span>urpose, <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>untry-spe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ifi<span class=\"_ _7\"></span>c i<span class=\"_ _7\"></span>nflation di<span class=\"_ _7\"></span>f<span class=\"_ _2\"></span>ferences a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d risk <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>emiums, <span class=\"_ _2\"></span>as wel<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>the sector<span class=\"_ _e\"></span>-<span class=\"_ _6\"></span>speci<span class=\"_ _7\"></span>fic market <span class=\"_ _7\"></span>risk, <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>added <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>risk-fre<span class=\"_ _2\"></span>e inter<span class=\"_ _7\"></span>est <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>te <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>equ<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>etu<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>n o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Ge<span class=\"_ _7\"></span>rman <span class=\"_ _7\"></span>gove<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t bon<span class=\"_ _7\"></span>ds <span class=\"_ _7\"></span>at th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>eporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>date accor<span class=\"_ _7\"></span>ding <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the S<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ensso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ethod). <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>beta <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>actor <span class=\"_ _2\"></span>applied <span class=\"_ _10\"></span>at t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting <span class=\"_ _2\"></span>date <span class=\"_ _2\"></span>was d<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>ermin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> basi<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>a d<span class=\"_ _7\"></span>efine<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> peer gro<span class=\"_ _2\"></span>up. The <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g-term <span class=\"_ _1\"></span>gro<span class=\"_ _2\"></span>wth <span class=\"_ _1\"></span>rates <span class=\"_ _1\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>calculated <span class=\"_ _6\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>reporti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>riod <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>basis <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Compou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>A<span class=\"_ _2\"></span>nn<span class=\"_ _6\"></span>ual <span class=\"_ _1\"></span>Gro<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>th <span class=\"_ _6\"></span>Rate (CAGR) <span class=\"_ _6\"></span>under <span class=\"_ _0\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>pen<span class=\"_ _7\"></span>etrati<span class=\"_ _7\"></span>on <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>espectiv<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>untries <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>be<span class=\"_ _6\"></span>gin <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nverge <span class=\"_ _6\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the curre<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>G<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>pe<span class=\"_ _7\"></span>netratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ate <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>70 <span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>ears <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>m <span class=\"_ _4\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>yea<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>201<span class=\"_ _7\"></span>3. <span class=\"_ _4\"></span>A<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nflation <span class=\"_ _0\"></span>premi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _4\"></span>e<span class=\"_ _7\"></span>qual <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>alf <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>inflatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> included i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>capital cos<span class=\"_ _7\"></span>ts is a<span class=\"_ _2\"></span>dded to the <span class=\"_ _7\"></span>CAGR.<span class=\"_ _3d5\"> </span><span class=\"_ _2\"></span> 25.6.<span class=\"ff4a\"> </span>In<span class=\"_ _7\"></span>tangible assets<span class=\"_ _7\"></span> Other inta<span class=\"_ _7\"></span>ngibl<span class=\"_ _7\"></span>e assets Pur<span class=\"_ _7\"></span>chased <span class=\"_ _1\"></span>intangibl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>bala<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>sh<span class=\"_ _6\"></span>eet <span class=\"_ _1\"></span>at <span class=\"_ _0\"></span>acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>less <span class=\"_ _1\"></span>ac<span class=\"_ _6\"></span>cum<span class=\"_ _7\"></span>ulated <span class=\"_ _1\"></span>amortis<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>and impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>losses. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>anies <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>scope<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>datio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>did <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>any <span class=\"_ _1\"></span>material <span class=\"_ _6\"></span>internally <span class=\"_ _6\"></span>generat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d intangible <span class=\"_ _2\"></span>assets. <span class=\"_ _2\"></span>All <span class=\"_ _7\"></span>intangible <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h t<span class=\"_ _7\"></span>he ex<span class=\"_ _7\"></span>ceptio<span class=\"_ _7\"></span>n of <span class=\"_ _2\"></span>tradema<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>k rig<span class=\"_ _2\"></span>hts ha<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e d<span class=\"_ _2\"></span>efinite <span class=\"_ _7\"></span>useful <span class=\"_ _2\"></span>lives. T<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>intangib<span class=\"_ _7\"></span>le assets <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>amorti<span class=\"_ _7\"></span>sed o<span class=\"_ _7\"></span>ver the period <span class=\"_ _7\"></span>of t<span class=\"_ _7\"></span>heir <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se. Average<span class=\"_ _6\"></span> useful life i<span class=\"_ _6\"></span>n yea<span class=\"_ _6\"></span>rs <span class=\"_ _335\"> </span><span class=\"fsf\">fro<span class=\"_ _6\"></span>m<span class=\"_ _3d5\"> </span></span>to<span class=\"_ _3d5\"> </span>Sof<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>e <span class=\"_ _32c\"> </span>2<span class=\"_ _3d5\"> </span>13<span class=\"_ _3d5\"> </span>Softwar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>mortise<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>accordi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>str<span class=\"_ _6\"></span>aig<span class=\"_ _7\"></span>ht-line <span class=\"_ _6\"></span>metho<span class=\"_ _7\"></span>d. <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>urthermo<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>it <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>ecked <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>d-ho<span class=\"_ _7\"></span>c <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>sis <span class=\"_ _6\"></span>wheth<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>the respe<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>ve softwar<span class=\"_ _2\"></span>e compon<span class=\"_ _7\"></span>ents c<span class=\"_ _7\"></span>an stil<span class=\"_ _7\"></span>l be used. If<span class=\"_ _7\"></span> it is <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed with <span class=\"_ _7\"></span>a high d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of pr<span class=\"_ _7\"></span>ob<span class=\"_ _7\"></span>ability <span class=\"_ _7\"></span>that cer<span class=\"_ _7\"></span>tain IT s<span class=\"_ _7\"></span>yste<span class=\"_ _7\"></span>ms or <span class=\"_ _6\"></span>program <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>nents <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>no <span class=\"_ _1\"></span>lo<span class=\"_ _7\"></span>nger <span class=\"_ _6\"></span>be<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>sed <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>full <span class=\"_ _6\"></span>extent, <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>impairm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>recognised. <span class=\"_ _6\"></span>If <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>chang<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the useful l<span class=\"_ _7\"></span>ife of<span class=\"_ _7\"></span> full use is<span class=\"_ _7\"></span> found, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e amor<span class=\"_ _7\"></span>tisation <span class=\"_ _2\"></span>period is c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>ed to m<span class=\"_ _7\"></span>atch the <span class=\"_ _7\"></span>new us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ful li<span class=\"_ _7\"></span>fe. In <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>cou<span class=\"_ _7\"></span>rse <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>pur<span class=\"_ _7\"></span>chase price alloc<span class=\"_ _7\"></span>ations conduct<span class=\"_ _7\"></span>ed with <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>espect to <span class=\"_ _6\"></span>the acquisiti<span class=\"_ _7\"></span>ons <span class=\"_ _6\"></span>of the c<span class=\"_ _6\"></span>om<span class=\"_ _7\"></span>panies Asir<span class=\"_ _7\"></span>om, BT<span class=\"_ _e\"></span>A<span class=\"_ _6\"></span> Baltic <span class=\"_ _6\"></span>and <span class=\"_ _0\"></span>S<span class=\"_ _7\"></span>eesam, t<span class=\"_ _6\"></span>radem<span class=\"_ _7\"></span>ark <span class=\"_ _1\"></span>rights <span class=\"_ _6\"></span>with <span class=\"_ _1\"></span>indefi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ite <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>eful <span class=\"_ _1\"></span>lives <span class=\"_ _1\"></span>were<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>identifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ious<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>years. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>indefinite u<span class=\"_ _6\"></span>seful <span class=\"_ _6\"></span>life results<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>from the<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>fact th<span class=\"_ _7\"></span>at no <span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>eseeable end of the economi<span class=\"_ _2\"></span>c useful <span class=\"_ _6\"></span>life ca<span class=\"_ _7\"></span>n be <span class=\"_ _6\"></span>ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tified. The<span class=\"_ _7\"></span> fair v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ues of the tradema<span class=\"_ _7\"></span>rk rights <span class=\"_ _2\"></span>we<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _7\"></span>by a<span class=\"_ _2\"></span>pp<span class=\"_ _6\"></span>licatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he r<span class=\"_ _2\"></span>elief-fro<span class=\"_ _7\"></span>m-ro<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ty met<span class=\"_ _7\"></span>hod <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>n initi<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idation. <span class=\"_ _7\"></span>A <span class=\"_ _7\"></span>tax amo<span class=\"_ _2\"></span>rtisatio<span class=\"_ _7\"></span>n b<span class=\"_ _7\"></span>ene<span class=\"_ _7\"></span>fit was i<span class=\"_ _7\"></span>ncluded i<span class=\"_ _7\"></span>n the r<span class=\"_ _7\"></span>elief-fr<span class=\"_ _2\"></span>om-ro<span class=\"_ _7\"></span>yalty m<span class=\"_ _7\"></span>ethod. <span class=\"_ _2\"></span> Regardi<span class=\"_ _7\"></span>ng impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nts of tradema<span class=\"_ _7\"></span>rk rights wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> unlimi<span class=\"_ _7\"></span>ted useful life, please<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>refer<span class=\"_ _7\"></span> to the statem<span class=\"_ _7\"></span>ents in Note 25<span class=\"_ _7\"></span>.5. Good<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>71.<span class=\"ff4a\"> <span class=\"_ _1dc\"> </span></span>25.7.<span class=\"ff4a\"> </span>In<span class=\"_ _7\"></span>vestment property<span class=\"_ _7\"></span> Prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty that is both <span class=\"_ _6\"></span>own<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>-occu<span class=\"_ _7\"></span>pied and investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t prop<span class=\"_ _2\"></span>erty <span class=\"_ _6\"></span>is divided. If the 20% <span class=\"_ _6\"></span>limi<span class=\"_ _7\"></span>t is <span class=\"_ _6\"></span>not exce<span class=\"_ _7\"></span>eded, the prop<span class=\"_ _7\"></span>erty is recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the la<span class=\"_ _7\"></span>rger cat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gor<span class=\"_ _7\"></span>y (80:20 <span class=\"_ _7\"></span>rule). Prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quisi<span class=\"_ _7\"></span>tion <span class=\"_ _4\"></span>or <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nstructio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>costs <span class=\"_ _0\"></span>minus <span class=\"_ _4\"></span>acc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mulat<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>sc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eduled <span class=\"_ _0\"></span>deprecia<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>impai<span class=\"_ _2\"></span>rment loss<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>Cost <span class=\"_ _2\"></span>comprises <span class=\"_ _10\"></span>all <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>incurr<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>putti<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>into <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>presen<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>location <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>esent <span class=\"_ _2\"></span>conditio<span class=\"_ _2\"></span>n. <span class=\"_ _7\"></span>Costs <span class=\"_ _10\"></span>incurr<span class=\"_ _2\"></span>ed in <span class=\"_ _6\"></span>later <span class=\"_ _6\"></span>periods are<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>if <span class=\"_ _6\"></span>they <span class=\"_ _6\"></span>lead to <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>significa<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>inc<span class=\"_ _7\"></span>reas<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>futu<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>opportunities<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>for <span class=\"_ _6\"></span>use <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>buildi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>(e.g. thro<span class=\"_ _7\"></span>ugh <span class=\"_ _7\"></span>res<span class=\"_ _2\"></span>pective <span class=\"_ _7\"></span>buil<span class=\"_ _7\"></span>ding <span class=\"_ _7\"></span>expa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sions <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r n<span class=\"_ _7\"></span>ew fi<span class=\"_ _7\"></span>tti<span class=\"_ _7\"></span>ngs). <span class=\"_ _2\"></span>T<span class=\"_ _10\"></span>ang<span class=\"_ _7\"></span>ible <span class=\"_ _2\"></span>assets <span class=\"_ _7\"></span>are <span class=\"_ _2\"></span>depr<span class=\"_ _7\"></span>eciate<span class=\"_ _7\"></span>d usi<span class=\"_ _2\"></span>ng t<span class=\"_ _7\"></span>he s<span class=\"_ _2\"></span>traight-line <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ethod <span class=\"_ _2\"></span>over the exp<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>economic <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sef<span class=\"_ _7\"></span>ul lif<span class=\"_ _7\"></span>e.  Average<span class=\"_ _6\"></span> useful life i<span class=\"_ _6\"></span>n yea<span class=\"_ _6\"></span>rs <span class=\"_ _2da\"> </span><span class=\"fsf\">f<span class=\"_ _6\"></span>rom<span class=\"_ _3d5\"> </span></span>to<span class=\"_ _3d5\"> </span>Buil<span class=\"_ _6\"></span>din<span class=\"_ _1\"></span>gs <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ateg<span class=\"_ _1\"></span>oris<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ty <span class=\"_ _cd\"> </span>28<span class=\"_ _3d5\"> </span>51<span class=\"_ _3d5\"> </span>Measurem<span class=\"_ _7\"></span>ent pro<span class=\"_ _2\"></span>ces<span class=\"_ _6\"></span>s The meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement p<span class=\"_ _7\"></span>roc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss fo<span class=\"_ _7\"></span>r derivi<span class=\"_ _7\"></span>ng the f<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ir valu<span class=\"_ _7\"></span>e of r<span class=\"_ _7\"></span>eal <span class=\"_ _2\"></span>estate that i<span class=\"_ _7\"></span>s held as <span class=\"_ _7\"></span>inv<span class=\"_ _7\"></span>estment <span class=\"_ _7\"></span>prop<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>ty <span class=\"_ _7\"></span>and ow<span class=\"_ _7\"></span>ner<span class=\"_ _10\"></span>-occupied prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty is di<span class=\"_ _7\"></span>sc<span class=\"_ _7\"></span>ussed in mo<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>detail<span class=\"_ _7\"></span> in Not<span class=\"_ _7\"></span>e 2<span class=\"_ _7\"></span>5.9. Cal<span class=\"_ _7\"></span>culation of f<span class=\"_ _7\"></span>air valu<span class=\"_ _7\"></span>e starti<span class=\"_ _7\"></span>ng o<span class=\"_ _7\"></span>n page 173<span class=\"_ _7\"></span>.<span class=\"_ _3d5\"> </span> 25.8.<span class=\"ff4a\"> </span>Own<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>-occupied<span class=\"_ _7\"></span> property and equ<span class=\"_ _7\"></span>ipment<span class=\"_ _2\"></span> Owner<span class=\"_ _2\"></span>-occupi<span class=\"_ _7\"></span>ed propert<span class=\"_ _2\"></span>y For <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ccou<span class=\"_ _7\"></span>nting <span class=\"_ _10\"></span>polici<span class=\"_ _7\"></span>es, <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>efer <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>statem<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted <span class=\"_ _e\"></span>un<span class=\"_ _6\"></span>der <span class=\"_ _10\"></span>25.7. <span class=\"_ _10\"></span>Investm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>operty <span class=\"_ _2\"></span>sta<span class=\"_ _7\"></span>rting <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>page 17<span class=\"_ _2\"></span>3. T<span class=\"_ _10\"></span>angible as<span class=\"_ _7\"></span>sets T<span class=\"_ _e\"></span>angible  ass<span class=\"_ _7\"></span>ets  ar<span class=\"_ _2\"></span>e  primaril<span class=\"_ _7\"></span>y  techni<span class=\"_ _7\"></span>cal  equipm<span class=\"_ _7\"></span>ent <span class=\"_ _d\"> </span>and <span class=\"_ _3\"> </span>machinery<span class=\"_ _10\"></span>,  o<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her  eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ipme<span class=\"_ _7\"></span>nt,  vehicl<span class=\"_ _7\"></span>e  fleet,  IT <span class=\"_ _3\"> </span>h<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>dwar<span class=\"_ _2\"></span>e/tele-<span class=\"_ _3d5\"> </span>commu<span class=\"_ _7\"></span>nication, of<span class=\"_ _2\"></span>fice eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ipme<span class=\"_ _7\"></span>nt as w<span class=\"_ _7\"></span>ell as the a<span class=\"_ _2\"></span>dvance pa<span class=\"_ _7\"></span>yments for <span class=\"_ _2\"></span>these.  The <span class=\"_ _6\"></span>measur<span class=\"_ _2\"></span>ement <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>AC <span class=\"_ _6\"></span>minus accum<span class=\"_ _7\"></span>ulated <span class=\"_ _6\"></span>depr<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>iati<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>impai<span class=\"_ _7\"></span>rment <span class=\"_ _6\"></span>losses.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>Cost c<span class=\"_ _6\"></span>omp<span class=\"_ _7\"></span>rises all <span class=\"_ _6\"></span>costs <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>ncurred<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>in putting <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>ass<span class=\"_ _7\"></span>et <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span>to <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>prese<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>its <span class=\"_ _6\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nditio<span class=\"_ _7\"></span>n. <span class=\"_ _0\"></span>T<span class=\"_ _5\"></span>angible <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>depr<span class=\"_ _2\"></span>eciated <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>str<span class=\"_ _7\"></span>aight-l<span class=\"_ _7\"></span>ine method ov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r thei<span class=\"_ _7\"></span>r expe<span class=\"_ _7\"></span>cted e<span class=\"_ _7\"></span>conomi<span class=\"_ _7\"></span>c useful l<span class=\"_ _7\"></span>ife.<span class=\"_ _2\"></span> Average<span class=\"_ _6\"></span> useful life i<span class=\"_ _6\"></span>n yea<span class=\"_ _6\"></span>rs <span class=\"_ _2da\"> </span><span class=\"fsf\">f<span class=\"_ _6\"></span>rom<span class=\"_ _3d5\"> </span></span>to<span class=\"_ _3d5\"> </span>Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> bu<span class=\"_ _1\"></span>ild<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span> <span class=\"_ _2f5\"> </span>27<span class=\"_ _3d5\"> </span>47<span class=\"_ _3d5\"> </span>Offi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ipm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _314\"> </span>4<span class=\"_ _3d5\"> </span>12<span class=\"_ _3d5\"> </span>EDP <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2f0\"> </span>3<span class=\"_ _3d5\"> </span>6<span class=\"_ _3d5\"> </span>Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r ve<span class=\"_ _6\"></span>hi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>les<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>4<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>25.9.<span class=\"ff4a\"> </span>Calculati<span class=\"_ _7\"></span>on o<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span> fair value<span class=\"_ _7\"></span> Measurem<span class=\"_ _7\"></span>ent pro<span class=\"_ _2\"></span>ces<span class=\"_ _6\"></span>s of<span class=\"_ _7\"></span> finan<span class=\"_ _7\"></span>cial instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts<span class=\"_ _7\"></span> The <span class=\"_ _6\"></span>valuatio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>proc<span class=\"_ _7\"></span>ess <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ning <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>assets <span class=\"_ _6\"></span>aims <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>appl<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>publicl<span class=\"_ _2\"></span>y <span class=\"_ _1\"></span>availabl<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>price <span class=\"_ _6\"></span>quotatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s in active <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>arkets <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r v<span class=\"_ _7\"></span>aluations <span class=\"_ _10\"></span>determined <span class=\"_ _2\"></span>by <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n of<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>ecognis<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nomic <span class=\"_ _7\"></span>mod<span class=\"_ _7\"></span>els <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e bas<span class=\"_ _2\"></span>ed o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> obs<span class=\"_ _2\"></span>ervable <span class=\"_ _2\"></span>input<span class=\"_ _3d5\"> </span>factors. <span class=\"_ _4\"> </span>For<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ose <span class=\"_ _f\"> </span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _4\"> </span>assets <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>which <span class=\"_ _f\"> </span>publicl<span class=\"_ _2\"></span>y <span class=\"_ _f\"> </span>quoted <span class=\"_ _f\"> </span>pric<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>or <span class=\"_ _4\"> </span>observable <span class=\"_ _f\"> </span>m<span class=\"_ _7\"></span>arket <span class=\"_ _f\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ta <span class=\"_ _f\"> </span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>no<span class=\"_ _7\"></span>t <span class=\"_ _f\"> </span>avail<span class=\"_ _7\"></span>able, <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>he valuatio<span class=\"_ _7\"></span>ns ar<span class=\"_ _7\"></span>e mai<span class=\"_ _7\"></span>nly cond<span class=\"_ _7\"></span>ucted on t<span class=\"_ _7\"></span>he basis<span class=\"_ _7\"></span> of val<span class=\"_ _7\"></span>uation r<span class=\"_ _2\"></span>eports (e.g<span class=\"_ _7\"></span>. appr<span class=\"_ _7\"></span>aisals) pr<span class=\"_ _2\"></span>epare<span class=\"_ _2\"></span>d by<span class=\"_ _6\"></span> expe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ts. T<span class=\"_ _7\"></span>he orga<span class=\"_ _7\"></span>nisatio<span class=\"_ _7\"></span>nal units <span class=\"_ _4\"></span>res<span class=\"_ _2\"></span>pon<span class=\"_ _6\"></span>sible<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>or <span class=\"_ _4\"></span>cond<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cting <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>valuatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>inde<span class=\"_ _7\"></span>penden<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>nits <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>hat <span class=\"_ _4\"> </span>ass<span class=\"_ _7\"></span>ume <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nvestmen<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>risks, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ere<span class=\"_ _2\"></span>by<span class=\"_ _6\"></span> ensuring t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>equisi<span class=\"_ _7\"></span>te sepa<span class=\"_ _7\"></span>ration of<span class=\"_ _7\"></span> func<span class=\"_ _7\"></span>tions <span class=\"_ _7\"></span>and d<span class=\"_ _7\"></span>uties. As a <span class=\"_ _6\"></span>general policy<span class=\"_ _e\"></span>, the <span class=\"_ _6\"></span>com<span class=\"_ _7\"></span>pany <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>eeks to <span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>asure th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>fair value of <span class=\"_ _6\"></span>secu<span class=\"_ _7\"></span>rities held within the VIG Insurance Gro<span class=\"_ _2\"></span>up a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e same <span class=\"_ _0\"></span>prices <span class=\"_ _0\"></span>at <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>espectiv<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>valuation <span class=\"_ _1\"></span>date. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>practice, <span class=\"_ _1\"></span>howe<span class=\"_ _7\"></span>ver<span class=\"_ _10\"></span>, <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>it<span class=\"_ _7\"></span>uat<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>arise <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _0\"></span>act<span class=\"_ _7\"></span>ually <span class=\"_ _0\"></span>achie<span class=\"_ _7\"></span>ving <span class=\"_ _0\"></span>this <span class=\"_ _0\"></span>g<span class=\"_ _7\"></span>oal would <span class=\"_ _1\"></span>entail <span class=\"_ _1\"></span>d<span class=\"_ _6\"></span>ispr<span class=\"_ _7\"></span>opo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tionat<span class=\"_ _7\"></span>ely <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>igh <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>osts.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>For <span class=\"_ _0\"></span>exampl<span class=\"_ _7\"></span>e, <span class=\"_ _0\"></span>lo<span class=\"_ _7\"></span>cal <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>egulations<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>some <span class=\"_ _1\"></span>countries <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>which <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _1\"></span>Insura<span class=\"_ _7\"></span>nce Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p o<span class=\"_ _2\"></span>perates <span class=\"_ _2\"></span>req<span class=\"_ _7\"></span>uire<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>that <span class=\"_ _2\"></span>resid<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>companies<span class=\"_ _2\"></span> us<span class=\"_ _7\"></span>e t<span class=\"_ _2\"></span>he p<span class=\"_ _7\"></span>rices <span class=\"_ _2\"></span>determi<span class=\"_ _7\"></span>ned <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>accord<span class=\"_ _7\"></span>ance <span class=\"_ _2\"></span>with l<span class=\"_ _7\"></span>ocal<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>gulati<span class=\"_ _7\"></span>ons <span class=\"_ _2\"></span>to m<span class=\"_ _2\"></span>easur<span class=\"_ _7\"></span>e the <span class=\"_ _2\"></span>value of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>certain <span class=\"_ _2\"></span>instrum<span class=\"_ _7\"></span>ents. <span class=\"_ _2\"></span>If <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e t<span class=\"_ _2\"></span>he sam<span class=\"_ _2\"></span>e s<span class=\"_ _7\"></span>ecu<span class=\"_ _7\"></span>rities <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>held <span class=\"_ _7\"></span>by <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>VIG <span class=\"_ _2\"></span>Insurance<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>Gr<span class=\"_ _7\"></span>oup, it can happ<span class=\"_ _2\"></span>en that these <span class=\"_ _2\"></span>companies <span class=\"_ _7\"></span>appl<span class=\"_ _7\"></span>y dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nt pric<span class=\"_ _7\"></span>e so<span class=\"_ _7\"></span>urces <span class=\"_ _7\"></span>to m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>e the fair v<span class=\"_ _7\"></span>alue. Special funds re<span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>anoth<span class=\"_ _7\"></span>er case in which<span class=\"_ _6\"></span> unifo<span class=\"_ _7\"></span>rm valuatio<span class=\"_ _7\"></span>n would only be possible at a<span class=\"_ _6\"></span> dispr<span class=\"_ _7\"></span>opo<span class=\"_ _7\"></span>rtionat<span class=\"_ _7\"></span>ely high cost. The Aust<span class=\"_ _7\"></span>rian compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _7\"></span>hold speci<span class=\"_ _7\"></span>al funds, w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich must b<span class=\"_ _7\"></span>e incl<span class=\"_ _7\"></span>uded in the co<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed finan<span class=\"_ _7\"></span>cial stat<span class=\"_ _7\"></span>ements a<span class=\"_ _7\"></span>ccor<span class=\"_ _7\"></span>ding t<span class=\"_ _7\"></span>o IFRS <span class=\"_ _7\"></span>acco<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>les, <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>varying <span class=\"_ _2\"></span>exten<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>Howe<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>et <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>(NA<span class=\"_ _10\"></span>V)<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>pecial <span class=\"_ _2\"></span>fund <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>a g<span class=\"_ _7\"></span>ive<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> da<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ured at <span class=\"_ _6\"></span>the (us<span class=\"_ _7\"></span>ually closing) pric<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>of the pre<span class=\"_ _7\"></span>vio<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>day<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>In these c<span class=\"_ _7\"></span>ases, a security that is held both in a <span class=\"_ _6\"></span>speci<span class=\"_ _7\"></span>al fund and <span class=\"_ _6\"></span>dir<span class=\"_ _2\"></span>ectly in the com<span class=\"_ _2\"></span>pany\u2019<span class=\"_ _e\"></span>s portfol<span class=\"_ _7\"></span>io i<span class=\"_ _7\"></span>s measur<span class=\"_ _7\"></span>ed at di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nt pric<span class=\"_ _7\"></span>es.<span class=\"_ _7\"></span> Valuat<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>on pr<span class=\"_ _7\"></span>ocess for<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>inv<span class=\"_ _7\"></span>est<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty and<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>own<span class=\"_ _7\"></span>er-o<span class=\"_ _2\"></span>ccupied pr<span class=\"_ _7\"></span>operty The <span class=\"_ _6\"></span>met<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ods mainly used to calculat<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>the fair value of real estate in t<span class=\"_ _6\"></span>he VIG Insura<span class=\"_ _7\"></span>nce Group ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> the capitalised ea<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span>s value <span class=\"_ _6\"></span>met<span class=\"_ _7\"></span>hod, <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>isco<span class=\"_ _2\"></span>unted <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>flow <span class=\"_ _6\"></span>method and <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>ass<span class=\"_ _7\"></span>et <span class=\"_ _1\"></span>value <span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>thod <span class=\"_ _6\"></span>(only <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>land <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ne <span class=\"_ _6\"></span>mainte<span class=\"_ _7\"></span>nance<span class=\"_ _7\"></span> expenses<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>. The <span class=\"_ _6\"></span>capit<span class=\"_ _7\"></span>alised earnings value <span class=\"_ _6\"></span>method is mainly used in<span class=\"_ _6\"></span> the VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Insu<span class=\"_ _7\"></span>rance Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. In<span class=\"_ _6\"></span> rarer cases, a discounted cash <span class=\"_ _6\"></span>flo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> method i<span class=\"_ _7\"></span>s used i<span class=\"_ _7\"></span>f that <span class=\"_ _7\"></span>would yiel<span class=\"_ _7\"></span>d th<span class=\"_ _7\"></span>e highes<span class=\"_ _7\"></span>t-use <span class=\"_ _7\"></span>and bes<span class=\"_ _7\"></span>t-use <span class=\"_ _7\"></span>value for <span class=\"_ _2\"></span>the prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty in q<span class=\"_ _7\"></span>uestio<span class=\"_ _7\"></span>n. CAPIT<span class=\"_ _10\"></span>AL<span class=\"_ _6\"></span>IS<span class=\"_ _7\"></span>ED EARNIN<span class=\"_ _7\"></span>GS<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>VALU<span class=\"_ _7\"></span>E METHOD<span class=\"_ _7\"></span> Under this method, the va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>real estate is ca<span class=\"_ _6\"></span>lculat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d by <span class=\"_ _6\"></span>capitalis<span class=\"_ _7\"></span>ing the <span class=\"_ _6\"></span>expe<span class=\"_ _7\"></span>cted futur<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>act<span class=\"_ _7\"></span>ual <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>ss income at an <span class=\"_ _6\"></span>approp<span class=\"_ _2\"></span>riate <span class=\"_ _6\"></span>inter<span class=\"_ _7\"></span>est <span class=\"_ _6\"></span>rate <span class=\"_ _6\"></span>over the <span class=\"_ _6\"></span>expect<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>useful <span class=\"_ _6\"></span>life. <span class=\"_ _6\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _6\"></span>net <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>ncome <span class=\"_ _6\"></span>is calculated by <span class=\"_ _6\"></span>deducti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>actual expenses for <span class=\"_ _6\"></span>operatio<span class=\"_ _7\"></span>n, <span class=\"_ _1\"></span>mainte<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ance <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>administ<span class=\"_ _7\"></span>ration <span class=\"_ _6\"></span>(ma<span class=\"_ _7\"></span>nageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ses). <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>default r<span class=\"_ _6\"></span>isk <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>any <span class=\"_ _6\"></span>liquidatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>pro<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eeds<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>or costs <span class=\"_ _2\"></span>are<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>red<span class=\"_ _2\"></span> as<span class=\"_ _7\"></span> w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll. <span class=\"_ _2\"></span>The <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t <span class=\"_ _7\"></span>rate <span class=\"_ _2\"></span>applied <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>calculat<span class=\"_ _7\"></span>e t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>apital<span class=\"_ _7\"></span>ised <span class=\"_ _2\"></span>earnings <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>based <span class=\"_ _7\"></span>on <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _2\"></span>achie<span class=\"_ _7\"></span>vable rate <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>ret<span class=\"_ _7\"></span>urn. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>minus<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>retu<span class=\"_ _7\"></span>rn <span class=\"_ _0\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>land <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>then <span class=\"_ _6\"></span>capitalised<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>over <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>remaini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sef<span class=\"_ _7\"></span>ul <span class=\"_ _1\"></span>life <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>the chosen <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nterest <span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>ate, <span class=\"_ _7\"></span>yieldi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pitalise<span class=\"_ _2\"></span>d earnings <span class=\"_ _2\"></span>value o<span class=\"_ _2\"></span>f <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>hysical <span class=\"_ _2\"></span>structure. <span class=\"_ _2\"></span>This <span class=\"_ _2\"></span>amount i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>then <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dded <span class=\"_ _10\"></span>to the <span class=\"_ _2\"></span>land value to <span class=\"_ _7\"></span>arrive at <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he tot<span class=\"_ _7\"></span>al capi<span class=\"_ _7\"></span>talised <span class=\"_ _7\"></span>earnings <span class=\"_ _7\"></span>value of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e p<span class=\"_ _7\"></span>rope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty<span class=\"_ _10\"></span>. DISCOUN<span class=\"_ _7\"></span>TED CAS<span class=\"_ _2\"></span>H<span class=\"_ _6\"></span> FLOW<span class=\"_ _7\"></span> METHOD<span class=\"_ _2\"></span> The <span class=\"_ _4\"></span>disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nted <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>ash <span class=\"_ _4\"></span>flow <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thod <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>valuatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>method <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>which<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"></span>fl<span class=\"_ _7\"></span>ows <span class=\"_ _4\"> </span>du<span class=\"_ _7\"></span>ring <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>for<span class=\"_ _7\"></span>ecas<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>phase <span class=\"_ _0\"></span>(Phase <span class=\"_ _4\"></span>I) <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> discou<span class=\"_ _7\"></span>nted <span class=\"_ _4\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>pr<span class=\"_ _7\"></span>esent <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>v<span class=\"_ _6\"></span>alua<span class=\"_ _7\"></span>tion <span class=\"_ _0\"></span>date. <span class=\"_ _4\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>discount <span class=\"_ _0\"></span>rate <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>pplie<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _0\"></span>purpose<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>eturn <span class=\"_ _4\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>a compara<span class=\"_ _7\"></span>bly <span class=\"_ _2\"></span>risky i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestm<span class=\"_ _2\"></span>ent, pl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>pro<span class=\"_ _2\"></span>perty-sp<span class=\"_ _7\"></span>ecific <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>market-s<span class=\"_ _7\"></span>pecific <span class=\"_ _10\"></span>premi<span class=\"_ _7\"></span>ums. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>annual <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>ros<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>plus <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>acan<span class=\"_ _7\"></span>cy rents <span class=\"_ _10\"></span>(at <span class=\"_ _2\"></span>curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>market <span class=\"_ _e\"></span>rents) <span class=\"_ _10\"></span>and <span class=\"_ _7\"></span>mi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>us <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>manageme<span class=\"_ _7\"></span>nt <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>penses <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>cannot <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>charged <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _10\"></span>tenants <span class=\"_ _10\"></span>res<span class=\"_ _7\"></span>ults <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>an<span class=\"_ _7\"></span>nual net <span class=\"_ _0\"></span>income. <span class=\"_ _1\"></span>Thanks <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>exact <span class=\"_ _1\"></span>natur<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>nalysis<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>over <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>individu<span class=\"_ _7\"></span>al <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span>ecast <span class=\"_ _1\"></span>years, <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>his <span class=\"_ _0\"></span>method <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>akes <span class=\"_ _1\"></span>it <span class=\"_ _4\"></span>po<span class=\"_ _7\"></span>ssibl<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>o allocate i<span class=\"_ _2\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ents or<span class=\"_ _7\"></span> vac<span class=\"_ _7\"></span>ancies to i<span class=\"_ _2\"></span>nd<span class=\"_ _6\"></span>ivid<span class=\"_ _7\"></span>ual y<span class=\"_ _7\"></span>ears a<span class=\"_ _7\"></span>nd the<span class=\"_ _2\"></span>refore <span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span>ke t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>em i<span class=\"_ _7\"></span>nto ac<span class=\"_ _7\"></span>count fro<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span> the o<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tset. I<span class=\"_ _7\"></span>n Phas<span class=\"_ _7\"></span>e II, th<span class=\"_ _7\"></span>e hypotheti<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>al <span class=\"_ _1\"></span>sale <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>roce<span class=\"_ _7\"></span>eds <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>end <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>ecast <span class=\"_ _1\"></span>phase <span class=\"_ _6\"></span>(usually <span class=\"_ _1\"></span>10 <span class=\"_ _1\"></span>years) <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>calculat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>apitali<span class=\"_ _7\"></span>sing <span class=\"_ _1\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>cash flows. <span class=\"_ _6\"></span>The <span class=\"_ _1\"></span>inter<span class=\"_ _7\"></span>est <span class=\"_ _1\"></span>rate <span class=\"_ _6\"></span>applied <span class=\"_ _1\"></span>for <span class=\"_ _6\"></span>this <span class=\"_ _1\"></span>calculatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>dete<span class=\"_ _7\"></span>rmi<span class=\"_ _7\"></span>ned <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>return <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>compa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>abl<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>risky <span class=\"_ _1\"></span>investm<span class=\"_ _7\"></span>ent, plus ma<span class=\"_ _7\"></span>rket-sp<span class=\"_ _7\"></span>ecific a<span class=\"_ _7\"></span>nd pr<span class=\"_ _7\"></span>opert<span class=\"_ _7\"></span>y-spe<span class=\"_ _7\"></span>cific pr<span class=\"_ _7\"></span>emi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ms, mi<span class=\"_ _7\"></span>nus<span class=\"_ _7\"></span> expecte<span class=\"_ _7\"></span>d prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty <span class=\"_ _7\"></span>appr<span class=\"_ _7\"></span>eciation.<span class=\"_ _3d5\"> </span>ASSET <span class=\"_ _10\"></span>VALU<span class=\"_ _7\"></span>E MET<span class=\"_ _7\"></span>HOD The ass<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>value m<span class=\"_ _7\"></span>etho<span class=\"_ _7\"></span>d i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>a m<span class=\"_ _7\"></span>arket-o<span class=\"_ _7\"></span>riented <span class=\"_ _2\"></span>method t<span class=\"_ _2\"></span>hat co<span class=\"_ _2\"></span>mbine<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>la<span class=\"_ _7\"></span>nd <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue, <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>building <span class=\"_ _2\"></span>value, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue of <span class=\"_ _2\"></span>outdo<span class=\"_ _7\"></span>or facili<span class=\"_ _7\"></span>ties <span class=\"_ _7\"></span>and t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>value o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>availabl<span class=\"_ _7\"></span>e con<span class=\"_ _7\"></span>nectio<span class=\"_ _7\"></span>ns. <span class=\"_ _7\"></span>This <span class=\"_ _7\"></span>method<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>basically used <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>me<span class=\"_ _7\"></span>asure <span class=\"_ _2\"></span>the v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> u<span class=\"_ _7\"></span>ndevelo<span class=\"_ _7\"></span>ped <span class=\"_ _2\"></span>plot of l<span class=\"_ _7\"></span>and.  The <span class=\"_ _0\"></span>la<span class=\"_ _7\"></span>nd <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>usu<span class=\"_ _7\"></span>ally <span class=\"_ _1\"></span>determin<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>way <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>resid<span class=\"_ _2\"></span>ual <span class=\"_ _0\"></span>value <span class=\"_ _1\"></span>met<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>od, <span class=\"_ _6\"></span>under <span class=\"_ _1\"></span>which <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>developm<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>disco<span class=\"_ _2\"></span>unt <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>no longer <span class=\"_ _4\"> </span>been <span class=\"_ _f\"> </span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>si<span class=\"_ _2\"></span>nce <span class=\"_ _f\"> </span>2018<span class=\"_ _7\"></span>, <span class=\"_ _f\"> </span>h<span class=\"_ _7\"></span>aving <span class=\"_ _4\"> </span>been <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>eplac<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>with <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>remi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _f\"> </span>or <span class=\"_ _4\"> </span>discou<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>ncreas<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>de<span class=\"_ _7\"></span>crease<span class=\"_ _2\"></span>d <span class=\"_ _f\"> </span>use, respe<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>vely<span class=\"_ _10\"></span>. <span class=\"_ _1\"></span>W<span class=\"_ _7\"></span>hether <span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>incr<span class=\"_ _7\"></span>eased <span class=\"_ _6\"></span>or <span class=\"_ _1\"></span>decr<span class=\"_ _2\"></span>eased <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>termine<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>basis <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>simpli<span class=\"_ _7\"></span>fied <span class=\"_ _6\"></span>usab<span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>spa<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e study <span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>stima<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>developm<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>possi<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ties <span class=\"_ _1\"></span>based <span class=\"_ _1\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>developm<span class=\"_ _7\"></span>ents <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>surro<span class=\"_ _7\"></span>undi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>are<span class=\"_ _7\"></span>a. <span class=\"_ _1\"></span>This <span class=\"_ _1\"></span>determi<span class=\"_ _7\"></span>nation<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is<span class=\"_ _6\"></span> made <span class=\"_ _6\"></span>under <span class=\"_ _6\"></span>both <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>capitalis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>earnings value <span class=\"_ _6\"></span>method <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>asset <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>met<span class=\"_ _7\"></span>hod. <span class=\"_ _1\"></span>D<span class=\"_ _7\"></span>ue <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>pplic<span class=\"_ _7\"></span>ability <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>tenancy<span class=\"_ _7\"></span> laws, <span class=\"_ _2\"></span>however<span class=\"_ _e\"></span>, a<span class=\"_ _7\"></span>ny <span class=\"_ _2\"></span>usable <span class=\"_ _7\"></span>space <span class=\"_ _2\"></span>potential <span class=\"_ _10\"></span>cann<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t b<span class=\"_ _2\"></span>e exploi<span class=\"_ _7\"></span>ted <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>herefo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the l<span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>valu<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>usually <span class=\"_ _2\"></span>applied <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nstead <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the actually a<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ailable <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>seful s<span class=\"_ _7\"></span>pace.<span class=\"_ _7\"></span> IMP<span class=\"_ _2\"></span>AIRMENTS O<span class=\"_ _7\"></span>F REAL ES<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>TE Owner<span class=\"_ _10\"></span>-occupied <span class=\"_ _10\"></span>real <span class=\"_ _e\"></span>estate <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>inves<span class=\"_ _7\"></span>tme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ppraised<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>regula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>intervals <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>by <span class=\"_ _2\"></span>generall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>sworn <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>urt-<span class=\"_ _3d5\"> </span>certifi<span class=\"_ _7\"></span>ed buildi<span class=\"_ _7\"></span>ng and r<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>l es<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ate a<span class=\"_ _7\"></span>ppraisal <span class=\"_ _7\"></span>exper<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span> An <span class=\"_ _0\"></span>impai<span class=\"_ _7\"></span>rment <span class=\"_ _0\"></span>must <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _0\"></span>if <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>air <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>less <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>han <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>carr<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _0\"></span>amou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>(acq<span class=\"_ _7\"></span>uisition <span class=\"_ _0\"></span>cos<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>less <span class=\"_ _0\"></span>acc<span class=\"_ _7\"></span>umulat<span class=\"_ _7\"></span>ed depr<span class=\"_ _7\"></span>eciatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>and <span class=\"_ _1\"></span>impai<span class=\"_ _7\"></span>rments<span class=\"_ _7\"></span>). <span class=\"_ _1\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>case, <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>book <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>written <span class=\"_ _0\"></span>do<span class=\"_ _7\"></span>wn <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>lower <span class=\"_ _1\"></span>fair <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>ference<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>is recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>profit or<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>loss. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>same <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ethod as <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>determin<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fair value <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>propert<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>exceeds <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>book <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>It <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>be <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ermi<span class=\"_ _7\"></span>ned <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>every <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>alance <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>heet <span class=\"_ _0\"></span>da<span class=\"_ _6\"></span>te <span class=\"_ _0\"></span>whe<span class=\"_ _7\"></span>ther <span class=\"_ _0\"></span>there <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>any indicatio<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roperty <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>risen <span class=\"_ _2\"></span>above <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>value. <span class=\"_ _7\"></span>In <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>case, <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>carryi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>amount <span class=\"_ _2\"></span>after <span class=\"_ _2\"></span>revers<span class=\"_ _2\"></span>al<span class=\"_ _6\"></span> of <span class=\"_ _f\"> </span>an <span class=\"_ _f\"> </span>earlie<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ment <span class=\"_ _f\"> </span>m<span class=\"_ _7\"></span>ay <span class=\"_ _f\"> </span>not <span class=\"_ _4\"> </span>e<span class=\"_ _6\"></span>xcee<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>book<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>less<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>accum<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ci<span class=\"_ _7\"></span>ation <span class=\"_ _f\"> </span>befor<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>ea<span class=\"_ _7\"></span>rlier impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. Bo<span class=\"_ _2\"></span>th i<span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> an<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>sal<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ai<span class=\"_ _2\"></span>rm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> ar<span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ed i<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e st<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t. T<span class=\"_ _2\"></span>hey<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>e pr<span class=\"_ _2\"></span>ese<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>d i<span class=\"_ _2\"></span>n No<span class=\"_ _2\"></span>te 9<span class=\"_ _2\"></span>. Note<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> to<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e con<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ol<span class=\"_ _2\"></span>ida<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>me st<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>nt st<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>on<span class=\"_ _7\"></span> pag<span class=\"_ _2\"></span>e 1<span class=\"_ _2\"></span>09. The<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>fai<span class=\"_ _2\"></span>r valu<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the l<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span> hie<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>chy<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>acc<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>din<span class=\"_ _7\"></span>g to IFR<span class=\"_ _2\"></span>S <span class=\"_ _6\"></span>13 ar<span class=\"_ _2\"></span>e pr<span class=\"_ _10\"></span>ese<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>n 1<span class=\"_ _2\"></span>6. <span class=\"_ _2\"></span>Cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>of f<span class=\"_ _2\"></span>air<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>va<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>sta<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>pag<span class=\"_ _2\"></span>e 1<span class=\"_ _2\"></span>19. Other not<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s on the<span class=\"_ _7\"></span> va<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>uation pro<span class=\"_ _2\"></span>cess The <span class=\"_ _0\"></span>use <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>pricing <span class=\"_ _1\"></span>models <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>assum<span class=\"_ _7\"></span>ptio<span class=\"_ _7\"></span>ns <span class=\"_ _0\"></span>can <span class=\"_ _0\"></span>lead <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>res<span class=\"_ _7\"></span>ults <span class=\"_ _1\"></span>concerning <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>value. <span class=\"_ _0\"></span>Ch<span class=\"_ _7\"></span>anges <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>the estimat<span class=\"_ _7\"></span>es and <span class=\"_ _7\"></span>assum<span class=\"_ _7\"></span>ptions <span class=\"_ _7\"></span>applied i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lating t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e fai<span class=\"_ _7\"></span>r value of ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> those <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ases i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> whi<span class=\"_ _7\"></span>ch quo<span class=\"_ _7\"></span>ted mar<span class=\"_ _7\"></span>ket pric<span class=\"_ _7\"></span>es ar<span class=\"_ _2\"></span>e not <span class=\"_ _0\"></span>avail<span class=\"_ _7\"></span>able <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _0\"></span>make <span class=\"_ _1\"></span>it <span class=\"_ _0\"></span>necess<span class=\"_ _7\"></span>ary <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>adj<span class=\"_ _7\"></span>ust <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>book<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>rrespo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding <span class=\"_ _1\"></span>assets <span class=\"_ _0\"></span>upw<span class=\"_ _7\"></span>ards <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>dow<span class=\"_ _7\"></span>nwar<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>and<span class=\"_ _7\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ise a <span class=\"_ _7\"></span>corr<span class=\"_ _7\"></span>espondi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g ex<span class=\"_ _7\"></span>pense o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> incom<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>n the incom<span class=\"_ _2\"></span>e statement. <span class=\"_ _7\"></span> Certain <span class=\"_ _4\"></span>investments <span class=\"_ _0\"></span>that <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>nor<span class=\"_ _6\"></span>mally <span class=\"_ _0\"></span>measured <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>air <span class=\"_ _0\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _0\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>recurr<span class=\"_ _6\"></span>ing <span class=\"_ _0\"></span>basis <span class=\"_ _0\"></span>are <span class=\"_ _0\"></span>measured <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>fai<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>a  one-time <span class=\"_ _4\"></span>basis <span class=\"_ _4\"></span>if <span class=\"_ _4\"></span>events <span class=\"_ _4\"></span>or <span class=\"_ _4\"></span>changes <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>cir<span class=\"_ _7\"></span>cumstan<span class=\"_ _6\"></span>ces <span class=\"_ _4\"></span>give <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>eason <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ssume <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>book <span class=\"_ _4\"></span>value <span class=\"_ _4\"></span>may <span class=\"_ _4\"></span>no <span class=\"_ _4\"></span>longer <span class=\"_ _4\"> </span>be recoverable.  Valuat<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>on hi<span class=\"_ _7\"></span>erarchie<span class=\"_ _7\"></span>s The <span class=\"_ _1\"></span>VIG <span class=\"_ _6\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _1\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>assigns <span class=\"_ _6\"></span>all <span class=\"_ _6\"></span>financial <span class=\"_ _6\"></span>instruments t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>one <span class=\"_ _1\"></span>level <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IFRS <span class=\"_ _1\"></span>13 <span class=\"_ _6\"></span>valuation h<span class=\"_ _6\"></span>ierar<span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>y<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>line <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>the decentr<span class=\"_ _7\"></span>alised <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>rganisatio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>l <span class=\"_ _f\"> </span>str<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ctur<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>VIG <span class=\"_ _f\"> </span>Insu<span class=\"_ _7\"></span>ranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>Grou<span class=\"_ _2\"></span>p, <span class=\"_ _3\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>individ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al <span class=\"_ _f\"> </span>subsidi<span class=\"_ _7\"></span>aries <span class=\"_ _4\"> </span>are <span class=\"_ _f\"> </span>res<span class=\"_ _2\"></span>pon<span class=\"_ _6\"></span>sibl<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>t<span class=\"_ _6\"></span>his categorisa<span class=\"_ _2\"></span>tion. <span class=\"_ _1\"></span>In p<span class=\"_ _6\"></span>artic<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lar<span class=\"_ _10\"></span>, t<span class=\"_ _6\"></span>his ap<span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>ach <span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>local <span class=\"_ _6\"></span>knowledg<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>conce<span class=\"_ _7\"></span>rning <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>qualit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>individ<span class=\"_ _7\"></span>ual <span class=\"_ _1\"></span>fair values<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or any inpu<span class=\"_ _7\"></span>t param<span class=\"_ _7\"></span>eters <span class=\"_ _7\"></span>needed f<span class=\"_ _7\"></span>or mod<span class=\"_ _7\"></span>el-b<span class=\"_ _7\"></span>ased val<span class=\"_ _7\"></span>uation <span class=\"_ _7\"></span>are<span class=\"_ _7\"></span> taken i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to acco<span class=\"_ _7\"></span>unt. The fai<span class=\"_ _7\"></span>r values ar<span class=\"_ _2\"></span>e determi<span class=\"_ _7\"></span>ned o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the basi<span class=\"_ _7\"></span>s of <span class=\"_ _7\"></span>the foll<span class=\"_ _2\"></span>ow<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>hierar<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>hy acco<span class=\"_ _2\"></span>rding to <span class=\"_ _7\"></span>IFRS 13:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n of t<span class=\"_ _7\"></span>he fair val<span class=\"_ _7\"></span>ue of f<span class=\"_ _7\"></span>inancial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts is<span class=\"_ _2\"></span> generally bas<span class=\"_ _7\"></span>ed on q<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>oted p<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ices fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ide<span class=\"_ _7\"></span>ntical assets o<span class=\"_ _2\"></span>r liabil<span class=\"_ _7\"></span>ities i<span class=\"_ _7\"></span>n act<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ve mark<span class=\"_ _7\"></span>ets (Lev<span class=\"_ _7\"></span>el 1).<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>If the fina<span class=\"_ _7\"></span>ncial i<span class=\"_ _7\"></span>nstrumen<span class=\"_ _7\"></span>t in qu<span class=\"_ _7\"></span>estion is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot li<span class=\"_ _7\"></span>sted or i<span class=\"_ _7\"></span>f quote<span class=\"_ _2\"></span>d pr<span class=\"_ _6\"></span>ices <span class=\"_ _7\"></span>in acti<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e mark<span class=\"_ _7\"></span>ets ar<span class=\"_ _7\"></span>e not <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>vail<span class=\"_ _7\"></span>able, th<span class=\"_ _7\"></span>e fair <span class=\"_ _7\"></span>value is determin<span class=\"_ _7\"></span>ed on t<span class=\"_ _7\"></span>he basis<span class=\"_ _7\"></span> of q<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>oted ma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ket pri<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>es for si<span class=\"_ _7\"></span>milar <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssets o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> prices q<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>oted i<span class=\"_ _7\"></span>n no<span class=\"_ _7\"></span>n-active m<span class=\"_ _2\"></span>arkets (<span class=\"_ _7\"></span>Level 2). Commo<span class=\"_ _7\"></span>n val<span class=\"_ _7\"></span>uation models<span class=\"_ _7\"></span> for <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h the i<span class=\"_ _7\"></span>nput fa<span class=\"_ _7\"></span>ctors ar<span class=\"_ _2\"></span>e based o<span class=\"_ _7\"></span>n obs<span class=\"_ _7\"></span>ervable m<span class=\"_ _7\"></span>arket da<span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span> ar<span class=\"_ _7\"></span>e us<span class=\"_ _2\"></span>ed<span class=\"_ _6\"></span> for <span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>evel 2. S<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ch models ar<span class=\"_ _2\"></span>e mainl<span class=\"_ _7\"></span>y used fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ill<span class=\"_ _7\"></span>iquid bonds<span class=\"_ _7\"></span> (pr<span class=\"_ _7\"></span>esent <span class=\"_ _7\"></span>value m<span class=\"_ _7\"></span>ethod) a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d st<span class=\"_ _7\"></span>ructur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d sec<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rities. <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The fair v<span class=\"_ _7\"></span>alues of<span class=\"_ _7\"></span> certai<span class=\"_ _7\"></span>n financi<span class=\"_ _7\"></span>al instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments, p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rtic<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>larly b<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ds fr<span class=\"_ _7\"></span>om co<span class=\"_ _2\"></span>untries witho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t a<span class=\"_ _7\"></span>n active m<span class=\"_ _7\"></span>arke<span class=\"_ _7\"></span>t and r<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>l estate, a<span class=\"_ _7\"></span>re d<span class=\"_ _7\"></span>etermi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed on t<span class=\"_ _7\"></span>he basis<span class=\"_ _7\"></span> of v<span class=\"_ _7\"></span>aluation mo<span class=\"_ _2\"></span>dels util<span class=\"_ _7\"></span>ising i<span class=\"_ _7\"></span>nput facto<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s t<span class=\"_ _7\"></span>hat<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e mainl<span class=\"_ _7\"></span>y not b<span class=\"_ _7\"></span>ased on obs<span class=\"_ _2\"></span>ervable market d<span class=\"_ _7\"></span>ata. Su<span class=\"_ _7\"></span>ch model<span class=\"_ _7\"></span>s ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>ainly us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _7\"></span>e the f<span class=\"_ _2\"></span>air values o<span class=\"_ _7\"></span>f trans<span class=\"_ _7\"></span>actions i<span class=\"_ _7\"></span>n no<span class=\"_ _7\"></span>n-acti<span class=\"_ _7\"></span>ve markets, <span class=\"_ _2\"></span>expert opinions, <span class=\"_ _2\"></span>and the str<span class=\"_ _7\"></span>uctur<span class=\"_ _7\"></span>e of cas<span class=\"_ _7\"></span>h flows <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>Le<span class=\"_ _7\"></span>vel 3). The follo<span class=\"_ _7\"></span>wing table sho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>s t<span class=\"_ _7\"></span>he methods <span class=\"_ _7\"></span>used and th<span class=\"_ _7\"></span>e most im<span class=\"_ _7\"></span>portant i<span class=\"_ _7\"></span>nput factors sep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rat<span class=\"_ _7\"></span>ely for Level <span class=\"_ _7\"></span>2 and Level 3. <span class=\"_ _7\"></span>The fair values <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>alcula<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed ca<span class=\"_ _7\"></span>n be <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed fo<span class=\"_ _7\"></span>r reg<span class=\"_ _7\"></span>ular as <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ell as <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>urri<span class=\"_ _7\"></span>ng measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts.<span class=\"_ _2\"></span> Pricing met<span class=\"_ _6\"></span>hod <span class=\"_ _30a\"> </span>Used for <span class=\"_ _17e\"> </span>F<span class=\"_ _6\"></span>air val<span class=\"_ _6\"></span>ue <span class=\"_ _380\"> </span>Input paramet<span class=\"_ _6\"></span>ers Lev<span class=\"_ _6\"></span>el <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _1a0\"> </span>  <span class=\"_ _e0\"> </span>  <span class=\"_ _55\"> </span>Observable<span class=\"_ _6\"></span> Pres<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e m<span class=\"_ _1\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> Bond<span class=\"_ _6\"></span>s; borrower's n<span class=\"_ _6\"></span>ote loans; loans; s<span class=\"_ _6\"></span>ecuritised<span class=\"_ _6\"></span> liabilities and su<span class=\"_ _6\"></span>bordinated<span class=\"_ _6\"></span> liabilit<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> Theoretical p<span class=\"_ _6\"></span>rice <span class=\"_ _374\"> </span>Iss<span class=\"_ _6\"></span>uer, sector an<span class=\"_ _6\"></span>d rating-d<span class=\"_ _6\"></span>epend<span class=\"_ _6\"></span>ent yield cur<span class=\"_ _6\"></span>ves Lib<span class=\"_ _6\"></span>or m<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>rke<span class=\"_ _6\"></span>t m<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> met<span class=\"_ _6\"></span>hod<span class=\"_ _6\"></span> Bond<span class=\"_ _6\"></span>s and b<span class=\"_ _6\"></span>orrower's note loans <span class=\"_ _6\"></span>with oth<span class=\"_ _6\"></span>er embedd<span class=\"_ _6\"></span>ed derivates<span class=\"_ _6\"></span> Theoretical p<span class=\"_ _6\"></span>rice Money marke<span class=\"_ _6\"></span>t and sw<span class=\"_ _6\"></span>ap curves; imp<span class=\"_ _6\"></span>lied volatilit<span class=\"_ _6\"></span>y surface; cap &amp;<span class=\"_ _6\"></span> floor volatil<span class=\"_ _6\"></span>ities; issu<span class=\"_ _6\"></span>er, sector <span class=\"_ _6\"></span>and rating-dep<span class=\"_ _6\"></span>endent yield curv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> Pres<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e m<span class=\"_ _1\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _55\"> </span>Currenc<span class=\"_ _6\"></span>y futures contr<span class=\"_ _6\"></span>acts <span class=\"_ _18e\"> </span>Theoretical price<span class=\"_ _6\"></span> Exchange rates; m<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>y market cur<span class=\"_ _6\"></span>ves for the currencies c<span class=\"_ _6\"></span>oncerned<span class=\"_ _6\"></span> Pres<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e m<span class=\"_ _1\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _55\"> </span>Interest rate<span class=\"_ _6\"></span>/currency sw<span class=\"_ _6\"></span>aps<span class=\"_ _6\"></span> <span class=\"_ _383\"> </span>Theoretica<span class=\"_ _6\"></span>l price Exchange rates; m<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>y market an<span class=\"_ _6\"></span>d swap<span class=\"_ _6\"></span> curves for the currencies c<span class=\"_ _6\"></span>oncerned<span class=\"_ _6\"></span> Opt<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ici<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ac\"> </span>Stock options<span class=\"_ _6\"></span> <span class=\"_ _11f\"> </span>Theoretic<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>l price Share prices <span class=\"_ _6\"></span>on the valuation <span class=\"_ _6\"></span>date; <span class=\"_ _6\"></span>implied<span class=\"_ _6\"></span> volatilities; yield <span class=\"_ _6\"></span>curve Lev<span class=\"_ _6\"></span>el <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _1a0\"> </span>  <span class=\"_ _e0\"> </span>  <span class=\"_ _55\"> </span>(Un-)observable <span class=\"_ _6\"></span>input fact<span class=\"_ _6\"></span>ors<span class=\"_ _6\"></span> Opt<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ici<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ac\"> </span>Stock options<span class=\"_ _6\"></span> <span class=\"_ _11f\"> </span>Theoretic<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>l price Share prices <span class=\"_ _6\"></span>on the valuation <span class=\"_ _6\"></span>date; <span class=\"_ _6\"></span>volatilities; yi<span class=\"_ _6\"></span>eld curve Ma<span class=\"_ _6\"></span>rke<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _382\"> </span>R<span class=\"_ _6\"></span>eal estate <span class=\"_ _99\"> </span>Appraisal value<span class=\"_ _6\"></span> Real estate-spec<span class=\"_ _6\"></span>ific in<span class=\"_ _6\"></span>come and expen<span class=\"_ _6\"></span>se parameters; <span class=\"_ _6\"></span>capitalisati<span class=\"_ _6\"></span>on rate; data <span class=\"_ _6\"></span>on comp<span class=\"_ _6\"></span>arable transactions<span class=\"_ _6\"></span> Dis<span class=\"_ _6\"></span>cou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>-m<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> <span class=\"_ _a8\"> </span>Real estate<span class=\"_ _6\"></span> <span class=\"_ _7e\"> </span>A<span class=\"_ _6\"></span>pp<span class=\"_ _6\"></span>raisal value Real estate-spec<span class=\"_ _6\"></span>ific in<span class=\"_ _6\"></span>come and expen<span class=\"_ _6\"></span>se parameters; disc<span class=\"_ _6\"></span>ount<span class=\"_ _6\"></span> rate; indexes<span class=\"_ _6\"></span> Mult<span class=\"_ _6\"></span>ip<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>app<span class=\"_ _1\"></span>roa<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span> <span class=\"_ _386\"> </span>Shares <span class=\"_ _2f9\"> </span>Th<span class=\"_ _6\"></span>eoretical price Company-sp<span class=\"_ _6\"></span>ecific earn<span class=\"_ _6\"></span>ings fig<span class=\"_ _6\"></span>ures; typical <span class=\"_ _6\"></span>indus<span class=\"_ _6\"></span>try multipliers Dis<span class=\"_ _6\"></span>cou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>-m<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> <span class=\"_ _a8\"> </span>Shares <span class=\"_ _2f9\"> </span>T<span class=\"_ _6\"></span>heoretical price<span class=\"_ _6\"></span> <span class=\"_ _374\"> </span>Comp<span class=\"_ _6\"></span>any-specifi<span class=\"_ _6\"></span>c earning<span class=\"_ _6\"></span>s figu<span class=\"_ _6\"></span>res; discount rate<span class=\"_ _6\"></span> Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of c<span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>Shares <span class=\"_ _2f9\"> </span>Book rate<span class=\"_ _6\"></span> Company-sp<span class=\"_ _6\"></span>ecific equity a<span class=\"_ _6\"></span>ccording<span class=\"_ _6\"></span> to separat<span class=\"_ _6\"></span>e financial statements<span class=\"_ _6\"></span> At <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Fixed income <span class=\"_ _6\"></span>instrum<span class=\"_ _6\"></span>ents (illiquid b<span class=\"_ _6\"></span>onds,<span class=\"_ _6\"></span> policy loans, loans) with<span class=\"_ _6\"></span> no obs<span class=\"_ _6\"></span>ervable in<span class=\"_ _6\"></span>put d<span class=\"_ _6\"></span>ata for comparable ass<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> Book rate <span class=\"_ _376\"> </span>Cost-p<span class=\"_ _6\"></span>rice; redemp<span class=\"_ _6\"></span>tion pri<span class=\"_ _6\"></span>ce; effective <span class=\"_ _6\"></span>yield<span class=\"_ _6\"></span> 25.10.<span class=\"ff4a\"> </span>Consolid<span class=\"_ _7\"></span>ated sharehold<span class=\"_ _7\"></span>ers<span class=\"ff4a\">\u02be</span> equit<span class=\"_ _7\"></span>y The items shar<span class=\"_ _7\"></span>e capital<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ther capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l res<span class=\"_ _7\"></span>erves includ<span class=\"_ _7\"></span>e the a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> pa<span class=\"_ _6\"></span>id<span class=\"_ _7\"></span> in to <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>capital <span class=\"_ _7\"></span>by the share<span class=\"_ _7\"></span>hold<span class=\"_ _7\"></span>ers of VIG Holdi<span class=\"_ _7\"></span>ng. Ot<span class=\"_ _7\"></span>her c<span class=\"_ _2\"></span>apital r<span class=\"_ _2\"></span>eserves <span class=\"_ _2\"></span>report <span class=\"_ _2\"></span>the s<span class=\"_ _7\"></span>hare <span class=\"_ _2\"></span>of co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ons <span class=\"_ _7\"></span>paid t<span class=\"_ _2\"></span>hat is<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>n exc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss <span class=\"_ _2\"></span>of th<span class=\"_ _7\"></span>e sh<span class=\"_ _7\"></span>are <span class=\"_ _2\"></span>capital. <span class=\"_ _2\"></span>The r<span class=\"_ _2\"></span>eserves <span class=\"_ _2\"></span>are red<span class=\"_ _7\"></span>uced b<span class=\"_ _7\"></span>y exte<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>al costs <span class=\"_ _2\"></span>directly r<span class=\"_ _2\"></span>elated to <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>orpor<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te ac<span class=\"_ _7\"></span>tions af<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ng equit<span class=\"_ _7\"></span>y (aft<span class=\"_ _7\"></span>er taking <span class=\"_ _7\"></span>tax ef<span class=\"_ _2\"></span>fects into a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>cou<span class=\"_ _7\"></span>nt).<span class=\"_ _3d5\"> </span>Retained earnings <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>profits that <span class=\"_ _6\"></span>subsidia<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies have <span class=\"_ _6\"></span>earned <span class=\"_ _6\"></span>since their <span class=\"_ _6\"></span>af<span class=\"_ _7\"></span>fili<span class=\"_ _7\"></span>ation <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ith VIG <span class=\"_ _6\"></span>Insurance<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Grou<span class=\"_ _7\"></span>p. <span class=\"_ _6\"></span>These are red<span class=\"_ _7\"></span>uced <span class=\"_ _7\"></span>by <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>divid<span class=\"_ _7\"></span>ends <span class=\"_ _7\"></span>dist<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ib<span class=\"_ _7\"></span>uted <span class=\"_ _7\"></span>by <span class=\"_ _2\"></span>VIG Hol<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng. A<span class=\"_ _7\"></span>mo<span class=\"_ _7\"></span>un<span class=\"_ _7\"></span>ts r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ulting f<span class=\"_ _7\"></span>rom<span class=\"_ _2\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>nges i<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he s<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>op<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span>re also r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised her<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. If c<span class=\"_ _7\"></span>hang<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e made to <span class=\"_ _2\"></span>accounti<span class=\"_ _7\"></span>ng pol<span class=\"_ _7\"></span>icies, the <span class=\"_ _7\"></span>adjustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts for <span class=\"_ _7\"></span>earlier p<span class=\"_ _7\"></span>eriods <span class=\"_ _7\"></span>that ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>not include<span class=\"_ _2\"></span>d in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _1\"></span>statem<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>op<span class=\"_ _7\"></span>ening<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>balance<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>sheet <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>tained<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>earn<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ngs <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>arli<span class=\"_ _7\"></span>est <span class=\"_ _6\"></span>period prese<span class=\"_ _7\"></span>nted.<span class=\"_ _7\"></span> Other r<span class=\"_ _2\"></span>eserves co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sist of<span class=\"_ _7\"></span> u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>real<span class=\"_ _7\"></span>ised g<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ins <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>ses fr<span class=\"_ _7\"></span>om<span class=\"_ _2\"></span> the meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> co<span class=\"_ _7\"></span>ntracts, t<span class=\"_ _2\"></span>he measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents <span class=\"_ _2\"></span>of<span class=\"_ _6\"></span> financial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts me<span class=\"_ _7\"></span>asured a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> FVt<span class=\"_ _7\"></span>OCI as well<span class=\"_ _7\"></span> as actuari<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l gains a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d losses, <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h are to be r<span class=\"_ _2\"></span>ecor<span class=\"_ _7\"></span>ded i<span class=\"_ _7\"></span>n the statem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt of <span class=\"_ _3\"> </span>compr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>he<span class=\"_ _7\"></span>nsive <span class=\"_ _3\"> </span>income<span class=\"_ _7\"></span> <span class=\"_ _d\"> </span>in <span class=\"_ _3\"> </span>accor<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _3\"> </span>with <span class=\"_ _3\"> </span>IAS 19.<span class=\"_ _2\"></span>  Furth<span class=\"_ _7\"></span>ermor<span class=\"_ _7\"></span>e, <span class=\"_ _3\"> </span>unr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>alised<span class=\"_ _2\"></span>  gai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _d\"> </span>and<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>losses <span class=\"_ _3\"> </span>from<span class=\"_ _2\"></span>  t<span class=\"_ _7\"></span>he <span class=\"_ _3\"> </span>at <span class=\"_ _d\"> </span>eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ity meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>associ<span class=\"_ _7\"></span>ated <span class=\"_ _4\"> </span>comp<span class=\"_ _7\"></span>anies, <span class=\"_ _4\"></span>ef<span class=\"_ _7\"></span>fects<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>from <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>applicati<span class=\"_ _7\"></span>on <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>IAS 29 <span class=\"_ _0\"></span>F<span class=\"_ _6\"></span>inancial<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>Repo<span class=\"_ _7\"></span>rting <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Hyperinfl<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>nary Economi<span class=\"_ _7\"></span>es and t<span class=\"_ _7\"></span>he excha<span class=\"_ _7\"></span>nge dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nces res<span class=\"_ _2\"></span>ulting from <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>curren<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>y conv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rsion of f<span class=\"_ _7\"></span>oreig<span class=\"_ _2\"></span>n subsidiaries <span class=\"_ _2\"></span>are r<span class=\"_ _7\"></span>eported i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the other r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>se<span class=\"_ _7\"></span>rves. <span class=\"_ _7\"></span> Non-con<span class=\"_ _7\"></span>troll<span class=\"_ _7\"></span>ing <span class=\"_ _6\"></span>inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sts are <span class=\"_ _6\"></span>also <span class=\"_ _6\"></span>sho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>part <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>holders\u2019 equity<span class=\"_ _e\"></span>. <span class=\"_ _1\"></span>Th<span class=\"_ _7\"></span>ese <span class=\"_ _6\"></span>incl<span class=\"_ _7\"></span>ude <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>held <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>thir<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>parties in the equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> of co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated subs<span class=\"_ _7\"></span>idiaries <span class=\"_ _2\"></span>which ar<span class=\"_ _7\"></span>e not dir<span class=\"_ _2\"></span>ectly<span class=\"_ _7\"></span> or indir<span class=\"_ _2\"></span>ect<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>y wholly o<span class=\"_ _2\"></span>wned by VI<span class=\"_ _7\"></span>G Holdi<span class=\"_ _7\"></span>ng. Details r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ardi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g capital <span class=\"_ _7\"></span>man<span class=\"_ _7\"></span>agemen<span class=\"_ _7\"></span>t can b<span class=\"_ _7\"></span>e found i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ch<span class=\"_ _7\"></span>apter <span class=\"_ _7\"></span>\u201cCapital m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span>\u201d starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 197.  <span class=\"_ _7\"></span> Share cap<span class=\"_ _7\"></span>ital an<span class=\"_ _7\"></span>d voting r<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>ghts<span class=\"_ _2\"></span> <span class=\"_ _1bc\"> </span> The <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>capital amou<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>EU<span class=\"_ _7\"></span>R 132,887<span class=\"_ _7\"></span>,468.2<span class=\"_ _7\"></span>0. It <span class=\"_ _6\"></span>is divided int<span class=\"_ _6\"></span>o 128,000,0<span class=\"_ _7\"></span>00 no-par<span class=\"_ _10\"></span>-value beare<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>es with v<span class=\"_ _6\"></span>oti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g rights, wi<span class=\"_ _7\"></span>th eac<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> shar<span class=\"_ _2\"></span>e repr<span class=\"_ _7\"></span>esen<span class=\"_ _7\"></span>ting an <span class=\"_ _7\"></span>equal po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of shar<span class=\"_ _2\"></span>e capital. <span class=\"_ _7\"></span>The <span class=\"_ _7\"></span>numbe<span class=\"_ _7\"></span>r of shar<span class=\"_ _7\"></span>es iss<span class=\"_ _2\"></span>ue<span class=\"_ _6\"></span>d r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ained <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ncha<span class=\"_ _7\"></span>nged. The Ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>agi<span class=\"_ _7\"></span>ng Boar<span class=\"_ _2\"></span>d is <span class=\"_ _7\"></span>not aw<span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>of a<span class=\"_ _7\"></span>ny r<span class=\"_ _2\"></span>estr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ctions <span class=\"_ _7\"></span>on vo<span class=\"_ _7\"></span>ting <span class=\"_ _7\"></span>rights o<span class=\"_ _7\"></span>r the <span class=\"_ _2\"></span>transfer of s<span class=\"_ _2\"></span>hares. <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>mplo<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ees <span class=\"_ _2\"></span>wh<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>own s<span class=\"_ _2\"></span>hares exer<span class=\"_ _7\"></span>cise t<span class=\"_ _7\"></span>heir voti<span class=\"_ _7\"></span>ng rig<span class=\"_ _7\"></span>ht dir<span class=\"_ _7\"></span>ectly a<span class=\"_ _7\"></span>t the A<span class=\"_ _7\"></span>nnual G<span class=\"_ _7\"></span>eneral M<span class=\"_ _7\"></span>eeting. <span class=\"_ _2\"></span> The <span class=\"_ _6\"></span>Man<span class=\"_ _7\"></span>aging Boar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>must consist of at<span class=\"_ _6\"></span> least thr<span class=\"_ _7\"></span>ee but no more than eight membe<span class=\"_ _7\"></span>rs. The <span class=\"_ _6\"></span>S<span class=\"_ _7\"></span>uperviso<span class=\"_ _7\"></span>ry B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard has at <span class=\"_ _6\"></span>least three<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>but no more<span class=\"_ _7\"></span> than twelv<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>embers (shar<span class=\"_ _2\"></span>eholder re<span class=\"_ _2\"></span>presentati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>es). The<span class=\"_ _7\"></span> W<span class=\"_ _6\"></span>iener St\u00e4dtisc<span class=\"_ _2\"></span>he V<span class=\"_ _7\"></span>ersic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>erungs<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>ein, whi<span class=\"_ _7\"></span>ch directl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tly <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>olds <span class=\"_ _0\"></span>arou<span class=\"_ _7\"></span>nd 72.47<span class=\"_ _2\"></span>% <span class=\"_ _4\"></span>(72.47<span class=\"_ _2\"></span>%) <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>capital, <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ight <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>appoint <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ird<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>of <span class=\"_ _0\"></span>the membe<span class=\"_ _7\"></span>rs o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the S<span class=\"_ _7\"></span>upervis<span class=\"_ _7\"></span>ory <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>if, <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>d as <span class=\"_ _2\"></span>long as, <span class=\"_ _2\"></span>it hol<span class=\"_ _7\"></span>ds<span class=\"_ _7\"></span> 5<span class=\"_ _7\"></span>0% o<span class=\"_ _7\"></span>r less<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he Compa<span class=\"_ _2\"></span>ny\u2019<span class=\"_ _10\"></span>s <span class=\"_ _7\"></span>voting <span class=\"_ _2\"></span>shar<span class=\"_ _7\"></span>es. <span class=\"_ _7\"></span>Ann<span class=\"_ _7\"></span>ual G<span class=\"_ _7\"></span>ene<span class=\"_ _7\"></span>ral Meeti<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>esolutions <span class=\"_ _4\"></span>are<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>dopted <span class=\"_ _4\"> </span>by <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>si<span class=\"_ _7\"></span>mple <span class=\"_ _4\"> </span>majority<span class=\"_ _e\"></span>, <span class=\"_ _4\"> </span>unless <span class=\"_ _4\"> </span>a <span class=\"_ _f\"> </span>di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"> </span>majority <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"> </span>req<span class=\"_ _7\"></span>uire<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>b<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>w <span class=\"_ _4\"> </span>or <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Art<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>cles <span class=\"_ _4\"> </span>of Associatio<span class=\"_ _7\"></span>n. There ar<span class=\"_ _2\"></span>e no shares wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> special<span class=\"_ _7\"></span> rights of contr<span class=\"_ _2\"></span>ol; refer<span class=\"_ _2\"></span>ence is<span class=\"_ _7\"></span> made to the previo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s paragr<span class=\"_ _7\"></span>aph with r<span class=\"_ _7\"></span>egar<span class=\"_ _7\"></span>d to the righ<span class=\"_ _7\"></span>ts of the shar<span class=\"_ _7\"></span>ehold<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Wiener S<span class=\"_ _7\"></span>t\u00e4dtis<span class=\"_ _7\"></span>che V<span class=\"_ _10\"></span>ersiche<span class=\"_ _7\"></span>rungsver<span class=\"_ _2\"></span>ein. At <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ep<span class=\"_ _6\"></span>orti<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>d<span class=\"_ _7\"></span>ate, <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>ny <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>party <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>an<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>ma<span class=\"_ _7\"></span>terial <span class=\"_ _1\"></span>agr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>em<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _6\"></span>take <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fect, <span class=\"_ _6\"></span>alter <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>ermi<span class=\"_ _7\"></span>nate <span class=\"_ _1\"></span>upon<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>a change <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>control <span class=\"_ _4\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>com<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y <span class=\"_ _4\"> </span>following <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>takeover <span class=\"_ _4\"> </span>bid, <span class=\"_ _4\"> </span>especi<span class=\"_ _7\"></span>ally <span class=\"_ _4\"> </span>none <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>concern <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>participatio<span class=\"_ _7\"></span>ns <span class=\"_ _4\"> </span>held <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> insuranc<span class=\"_ _7\"></span>e com<span class=\"_ _7\"></span>panies. <span class=\"_ _2\"></span> No <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ompe<span class=\"_ _7\"></span>nsation <span class=\"_ _10\"></span>agre<span class=\"_ _7\"></span>ements <span class=\"_ _10\"></span>exist <span class=\"_ _10\"></span>b<span class=\"_ _6\"></span>etw<span class=\"_ _7\"></span>een <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>company <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _10\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>members, <span class=\"_ _10\"></span>Super<span class=\"_ _7\"></span>visory <span class=\"_ _10\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>embe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s or emplo<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ees co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ering t<span class=\"_ _7\"></span>he cas<span class=\"_ _7\"></span>e of a p<span class=\"_ _7\"></span>ublic <span class=\"_ _7\"></span>takeover <span class=\"_ _2\"></span>bid.<span class=\"_ _3d5\"> </span> Anticipato<span class=\"_ _7\"></span>ry resolution<span class=\"_ _2\"></span>s P<span class=\"_ _7\"></span>urs<span class=\"_ _2\"></span>uan<span class=\"_ _2\"></span>t to<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>\u00a7<span class=\"_ _7\"></span> 169<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Ak<span class=\"_ _2\"></span>tG,<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>M<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ag<span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span> Boar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>s aut<span class=\"_ _7\"></span>ho<span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>ed unti<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>no l<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>er tha<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>20<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>Ma<span class=\"_ _7\"></span>y 20<span class=\"_ _7\"></span>26<span class=\"_ _7\"></span> to in<span class=\"_ _7\"></span>cr<span class=\"_ _2\"></span>ea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>ny\u2019<span class=\"_ _5\"></span>s sh<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e ca<span class=\"_ _2\"></span>pi<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>l <span class=\"_ _1\"></span>\u2013 <span class=\"_ _6\"></span>also<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt<span class=\"_ _2\"></span>ipl<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>tr<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u2013 <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>nom<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>amo<span class=\"_ _2\"></span>unt <span class=\"_ _6\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>p <span class=\"_ _6\"></span>to<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>EU<span class=\"_ _2\"></span>R 6<span class=\"_ _2\"></span>6,4<span class=\"_ _2\"></span>43<span class=\"_ _7\"></span>,7<span class=\"_ _7\"></span>3<span class=\"_ _7\"></span>4.<span class=\"_ _7\"></span>1<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>iss<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>up<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>64<span class=\"_ _2\"></span>,00<span class=\"_ _2\"></span>0,0<span class=\"_ _2\"></span>00 <span class=\"_ _1\"></span>no<span class=\"_ _2\"></span>-par<span class=\"_ _7\"></span> be<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>sha<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>s <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n e<span class=\"_ _7\"></span>x<span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>e f<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> ca<span class=\"_ _2\"></span>sh <span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> no<span class=\"_ _2\"></span>n-c<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>h <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>ntri<span class=\"_ _2\"></span>but<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>ns o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>nat<span class=\"_ _2\"></span>ion<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>b<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>. <span class=\"_ _7\"></span>Th<span class=\"_ _2\"></span>e M<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> Bo<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>wi<span class=\"_ _2\"></span>th <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Sup<span class=\"_ _2\"></span>erv<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>sor<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>Bo<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>d deci<span class=\"_ _2\"></span>de<span class=\"_ _7\"></span>s <span class=\"_ _6\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _7\"></span>nt<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>s<span class=\"_ _7\"></span>ha<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>rig<span class=\"_ _7\"></span>ht<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ex<span class=\"_ _7\"></span>cl<span class=\"_ _2\"></span>usio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of pr<span class=\"_ _2\"></span>e-em<span class=\"_ _2\"></span>pt<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>sub<span class=\"_ _2\"></span>sc<span class=\"_ _7\"></span>ri<span class=\"_ _7\"></span>pt<span class=\"_ _2\"></span>ion<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span> te<span class=\"_ _2\"></span>rms<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>co<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>uan<span class=\"_ _7\"></span>ce<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Pr<span class=\"_ _2\"></span>ef<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>es <span class=\"_ _10\"></span>wi<span class=\"_ _2\"></span>thout<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>voti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>hts <span class=\"_ _10\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>nve<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>sa<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>alr<span class=\"_ _2\"></span>ea<span class=\"_ _7\"></span>dy<span class=\"_ _2\"></span> is<span class=\"_ _2\"></span>sued<span class=\"_ _2\"></span> pr<span class=\"_ _10\"></span>ef<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>y al<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>be<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>ss<span class=\"_ _2\"></span>ued<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span> p<span class=\"_ _7\"></span>ric<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>mm<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>sha<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>pr<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>err<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>e d<span class=\"_ _7\"></span>if<span class=\"_ _2\"></span>fe<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>. The Man<span class=\"_ _7\"></span>aging <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d was a<span class=\"_ _7\"></span>uthorise<span class=\"_ _7\"></span>d by the An<span class=\"_ _2\"></span>nua<span class=\"_ _6\"></span>l <span class=\"_ _7\"></span>General<span class=\"_ _2\"></span> Meet<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng on 21 Ma<span class=\"_ _7\"></span>y 2021 wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>conse<span class=\"_ _7\"></span>nt of t<span class=\"_ _7\"></span>he Super<span class=\"_ _7\"></span>visory Boar<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>issue <span class=\"_ _4\"> </span>con<span class=\"_ _7\"></span>vertible <span class=\"_ _4\"> </span>bonds <span class=\"_ _4\"> </span>accor<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>\u00a7 <span class=\"_ _4\"> </span>174 <span class=\"_ _f\"> </span>Akt<span class=\"_ _7\"></span>G, <span class=\"_ _4\"> </span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>nvey <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>rig<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>t <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>exchange <span class=\"_ _4\"> </span>or <span class=\"_ _f\"> </span>su<span class=\"_ _2\"></span>bscribe <span class=\"_ _4\"> </span>u<span class=\"_ _6\"></span>p <span class=\"_ _4\"> </span>to 30,00<span class=\"_ _7\"></span>0,000 of the <span class=\"_ _6\"></span>comp<span class=\"_ _7\"></span>any\u2019<span class=\"_ _5\"></span>s no-par beare<span class=\"_ _7\"></span>r common sh<span class=\"_ _7\"></span>ares<span class=\"_ _7\"></span> represe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>a propo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>nal <span class=\"_ _6\"></span>amo<span class=\"_ _7\"></span>unt <span class=\"_ _6\"></span>of sha<span class=\"_ _7\"></span>re capit<span class=\"_ _7\"></span>al of <span class=\"_ _6\"></span>up to EUR 31,145<span class=\"_ _7\"></span>,500.3<span class=\"_ _7\"></span>6, <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>a <span class=\"_ _4\"> </span>total <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>omin<span class=\"_ _7\"></span>al <span class=\"_ _f\"> </span>amo<span class=\"_ _2\"></span>unt <span class=\"_ _f\"> </span>of <span class=\"_ _4\"></span>up <span class=\"_ _f\"> </span>to <span class=\"_ _4\"></span>EUR 2,000,0<span class=\"_ _7\"></span>00,00<span class=\"_ _7\"></span>0.00, <span class=\"_ _4\"></span>also <span class=\"_ _4\"> </span>under <span class=\"_ _4\"> </span>exclusio<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>pre-<span class=\"_ _7\"></span>empti<span class=\"_ _7\"></span>ve subscriptio<span class=\"_ _2\"></span>n r<span class=\"_ _6\"></span>ig<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ts, o<span class=\"_ _7\"></span>n one or mo<span class=\"_ _2\"></span>re occasio<span class=\"_ _2\"></span>ns in the tim<span class=\"_ _7\"></span>e u<span class=\"_ _7\"></span>ntil<span class=\"_ _7\"></span> 20 May 202<span class=\"_ _7\"></span>6.<span class=\"_ _7\"></span> In <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>\u00a7 <span class=\"_ _10\"></span>159 <span class=\"_ _10\"></span>(2) <span class=\"_ _10\"></span>Z1 <span class=\"_ _2\"></span>AktG, <span class=\"_ _e\"></span>therefo<span class=\"_ _7\"></span>re, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>capital <span class=\"_ _e\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _10\"></span>been <span class=\"_ _10\"></span>raised <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nditio<span class=\"_ _7\"></span>nally <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>EUR 31,145<span class=\"_ _7\"></span>,500.<span class=\"_ _2\"></span>36 by is<span class=\"_ _7\"></span>suing <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>30,000<span class=\"_ _7\"></span>,000 <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>-par <span class=\"_ _7\"></span>bear<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>commo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> s<span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>The co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ditio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al ca<span class=\"_ _2\"></span>pital inc<span class=\"_ _7\"></span>reas<span class=\"_ _7\"></span>e wil<span class=\"_ _7\"></span>l <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly b<span class=\"_ _2\"></span>e cond<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cted <span class=\"_ _7\"></span>insof<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span> as <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>beare<span class=\"_ _7\"></span>rs <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>con<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ertible <span class=\"_ _2\"></span>bonds <span class=\"_ _2\"></span>issued <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e b<span class=\"_ _2\"></span>asis o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>resol<span class=\"_ _2\"></span>ution <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Annual <span class=\"_ _2\"></span>General <span class=\"_ _2\"></span>Meeting <span class=\"_ _2\"></span>of 21<span class=\"_ _2\"></span> M<span class=\"_ _7\"></span>ay <span class=\"_ _7\"></span>20<span class=\"_ _2\"></span>21 exer<span class=\"_ _7\"></span>cise t<span class=\"_ _7\"></span>heir subs<span class=\"_ _7\"></span>criptio<span class=\"_ _7\"></span>n or exc<span class=\"_ _7\"></span>hange righ<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s. T<span class=\"_ _5\"></span>o date, th<span class=\"_ _7\"></span>e Managing <span class=\"_ _2\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d has adopte<span class=\"_ _7\"></span>d no r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>solu<span class=\"_ _7\"></span>tion o<span class=\"_ _7\"></span>n the issu<span class=\"_ _7\"></span>ance o<span class=\"_ _7\"></span>f convertible <span class=\"_ _2\"></span>bonds on <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>asis of<span class=\"_ _7\"></span> the aut<span class=\"_ _7\"></span>horisatio<span class=\"_ _7\"></span>n gra<span class=\"_ _7\"></span>nted <span class=\"_ _7\"></span>on 21 Ma<span class=\"_ _7\"></span>y 2021.<span class=\"_ _2\"></span> Furthermor<span class=\"_ _2\"></span>e, <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>M<span class=\"_ _2\"></span>anaging<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>Bo<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>as <span class=\"_ _0\"></span>authorised<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>by <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>Annual <span class=\"_ _1\"></span>G<span class=\"_ _6\"></span>ene<span class=\"_ _7\"></span>ral <span class=\"_ _4\"></span>M<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>eting <span class=\"_ _0\"></span>wit<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sen<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Super<span class=\"_ _7\"></span>visory Boar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>to i<span class=\"_ _7\"></span>ssue <span class=\"_ _2\"></span>particip<span class=\"_ _7\"></span>ating bo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds <span class=\"_ _2\"></span>purs<span class=\"_ _7\"></span>uant to <span class=\"_ _2\"></span>\u00a7 17<span class=\"_ _7\"></span>4 <span class=\"_ _7\"></span>(2) <span class=\"_ _2\"></span>AktG i<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>otal <span class=\"_ _2\"></span>nominal <span class=\"_ _2\"></span>amount o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>up to <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>UR 2,000<span class=\"_ _7\"></span>,000,0<span class=\"_ _7\"></span>00.0<span class=\"_ _2\"></span>0, also <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>multiple <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>ranc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>es <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>also <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>exclusio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>re-<span class=\"_ _7\"></span>empti<span class=\"_ _7\"></span>ve <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ubscriptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>rights, <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>time <span class=\"_ _2\"></span>until <span class=\"_ _2\"></span>20 <span class=\"_ _2\"></span>May <span class=\"_ _2\"></span>2026. <span class=\"_ _2\"></span>T<span class=\"_ _e\"></span>o <span class=\"_ _2\"></span>date, the M<span class=\"_ _2\"></span>anaging <span class=\"_ _2\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>not a<span class=\"_ _7\"></span>dopted <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>solu<span class=\"_ _7\"></span>tion <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he iss<span class=\"_ _7\"></span>uance <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>participating <span class=\"_ _2\"></span>bonds <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sis <span class=\"_ _2\"></span>of <span class=\"_ _7\"></span>this a<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>thorisa<span class=\"_ _7\"></span>tion.<span class=\"_ _7\"></span> The <span class=\"_ _f\"> </span>Ann<span class=\"_ _7\"></span>ual <span class=\"_ _f\"> </span>General <span class=\"_ _f\"> </span>Me<span class=\"_ _7\"></span>eti<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>authorised <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _f\"> </span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>26 <span class=\"_ _f\"> </span>Ma<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>2023 <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>acquir<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>ordi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ary <span class=\"_ _f\"> </span>bear<span class=\"_ _7\"></span>er <span class=\"_ _f\"> </span>s<span class=\"_ _7\"></span>hares<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>in<span class=\"_ _6\"></span> accor<span class=\"_ _7\"></span>dan<span class=\"_ _7\"></span>ce wit<span class=\"_ _7\"></span>h \u00a7 6<span class=\"_ _7\"></span>5 <span class=\"_ _7\"></span>(1) <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o. <span class=\"_ _7\"></span>8, <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>1a) <span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>(1b) Ak<span class=\"_ _2\"></span>tG<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the m<span class=\"_ _7\"></span>axi<span class=\"_ _7\"></span>mum <span class=\"_ _7\"></span>extent <span class=\"_ _2\"></span>permissi<span class=\"_ _7\"></span>ble <span class=\"_ _7\"></span>by l<span class=\"_ _7\"></span>aw <span class=\"_ _7\"></span>during <span class=\"_ _2\"></span>a pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod <span class=\"_ _2\"></span>of 30<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>onths foll<span class=\"_ _7\"></span>owing <span class=\"_ _10\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Annual <span class=\"_ _10\"></span>General <span class=\"_ _e\"></span>Meeting <span class=\"_ _10\"></span>resol<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tion <span class=\"_ _e\"></span>wa<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>adopted. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>amount <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>upon <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>epur<span class=\"_ _2\"></span>chase <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>Compa<span class=\"_ _7\"></span>ny\u2019<span class=\"_ _e\"></span>s own <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>es <span class=\"_ _6\"></span>may n<span class=\"_ _6\"></span>ot b<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>mor<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>than <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>maxim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m of <span class=\"_ _6\"></span>50% be<span class=\"_ _6\"></span>low and <span class=\"_ _6\"></span>not <span class=\"_ _6\"></span>more than a <span class=\"_ _6\"></span>maxim<span class=\"_ _7\"></span>um of <span class=\"_ _6\"></span>10% a<span class=\"_ _6\"></span>bove the <span class=\"_ _6\"></span>avera<span class=\"_ _7\"></span>ge unweight<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>closi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>price <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Vienna <span class=\"_ _2\"></span>S<span class=\"_ _7\"></span>tock <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>xc<span class=\"_ _7\"></span>hange <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>ten <span class=\"_ _2\"></span>stock <span class=\"_ _10\"></span>exchang<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>trading <span class=\"_ _10\"></span>days <span class=\"_ _2\"></span>prec<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>rep<span class=\"_ _7\"></span>urch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e.<span class=\"_ _6\"></span> The <span class=\"_ _2\"></span>Managing <span class=\"_ _e\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>may <span class=\"_ _10\"></span>de<span class=\"_ _6\"></span>cid<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>make <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>pur<span class=\"_ _7\"></span>chase <span class=\"_ _10\"></span>via <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>sto<span class=\"_ _7\"></span>ck <span class=\"_ _2\"></span>excha<span class=\"_ _7\"></span>nge, <span class=\"_ _2\"></span>thro<span class=\"_ _7\"></span>ugh <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>public <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>any <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>legal<span class=\"_ _7\"></span>ly permissibl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>expedi<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>manner<span class=\"_ _10\"></span>. <span class=\"_ _1\"></span>If <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>repur<span class=\"_ _2\"></span>chase <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>perfo<span class=\"_ _7\"></span>rmed <span class=\"_ _0\"></span>vi<span class=\"_ _7\"></span>a <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>public <span class=\"_ _1\"></span>of<span class=\"_ _7\"></span>fer<span class=\"_ _e\"></span>, <span class=\"_ _0\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>end <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lation <span class=\"_ _1\"></span>period <span class=\"_ _6\"></span>is<span class=\"_ _6\"></span> determin<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>based on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>date on which t<span class=\"_ _6\"></span>he intention to <span class=\"_ _6\"></span>make a <span class=\"_ _6\"></span>public <span class=\"_ _6\"></span>of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> is <span class=\"_ _6\"></span>announced (\u00a7 <span class=\"_ _6\"></span>5 <span class=\"_ _6\"></span>(2) <span class=\"_ _6\"></span>and (<span class=\"_ _6\"></span>3<span class=\"_ _7\"></span>) <span class=\"_ _6\"></span>of th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Austria<span class=\"_ _7\"></span>n T<span class=\"_ _e\"></span>akeover A<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t (\u00dcbe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>nahmegese<span class=\"_ _2\"></span>tz))<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> The <span class=\"_ _6\"></span>An<span class=\"_ _7\"></span>nual General M<span class=\"_ _7\"></span>eeting also<span class=\"_ _7\"></span> authorised the Ma<span class=\"_ _7\"></span>naging Boar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>for a <span class=\"_ _6\"></span>period of five ye<span class=\"_ _7\"></span>ars <span class=\"_ _6\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the date of the resol<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>on to use ac<span class=\"_ _7\"></span>quir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d o<span class=\"_ _7\"></span>wn shar<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>while excl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng share<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>old<span class=\"_ _7\"></span>er pr<span class=\"_ _7\"></span>e-emptio<span class=\"_ _2\"></span>n r<span class=\"_ _6\"></span>ig<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ts \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>f<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>vi<span class=\"_ _2\"></span>ci<span class=\"_ _10\"></span>ng <span class=\"_ _10\"></span>co<span class=\"_ _2\"></span>nv<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e b<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nds<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ss<span class=\"_ _10\"></span>ue<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>b<span class=\"_ _2\"></span>as<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> o<span class=\"_ _10\"></span>n <span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>e r<span class=\"_ _10\"></span>es<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>u<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ad<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>n<span class=\"_ _7\"></span>n<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>Ge<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>ral<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>M<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _10\"></span>n <span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>1<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>M<span class=\"_ _2\"></span>ay<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1;<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>for sales in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> ma<span class=\"_ _7\"></span>nner permi<span class=\"_ _7\"></span>tted b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> law ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er t<span class=\"_ _7\"></span>han via t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e sto<span class=\"_ _2\"></span>ck market or b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>eans of a p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>blic of<span class=\"_ _2\"></span>fer<span class=\"_ _10\"></span>. <span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> M<span class=\"_ _2\"></span>an<span class=\"_ _7\"></span>ag<span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>g <span class=\"_ _7\"></span>Bo<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>not<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>ade <span class=\"_ _2\"></span>use<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> t<span class=\"_ _2\"></span>hes<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span>uth<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>dat<span class=\"_ _2\"></span>e. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> G<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>up <span class=\"_ _2\"></span>hol<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>ow<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>sha<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>s a<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>epo<span class=\"_ _7\"></span>rt<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>da<span class=\"_ _7\"></span>te.<span class=\"_ _3d5\"> </span>25.11.<span class=\"ff4a\"> </span>Provisi<span class=\"_ _7\"></span>ons General<span class=\"_ _2\"></span> Provis<span class=\"_ _7\"></span>ions <span class=\"_ _7\"></span>will <span class=\"_ _7\"></span>be recog<span class=\"_ _7\"></span>nised i<span class=\"_ _7\"></span>f \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>a legal or <span class=\"_ _7\"></span>constr<span class=\"_ _7\"></span>uctive obl<span class=\"_ _7\"></span>igation <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xists to<span class=\"_ _7\"></span> a thir<span class=\"_ _2\"></span>d party as <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> r<span class=\"_ _2\"></span>esu<span class=\"_ _6\"></span>lt of a <span class=\"_ _2\"></span>past eve<span class=\"_ _7\"></span>nt, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is pr<span class=\"_ _7\"></span>obable <span class=\"_ _7\"></span>that th<span class=\"_ _7\"></span>e oblig<span class=\"_ _7\"></span>ation wil<span class=\"_ _7\"></span>l r<span class=\"_ _7\"></span>esult i<span class=\"_ _7\"></span>n an outfl<span class=\"_ _7\"></span>ow of r<span class=\"_ _2\"></span>esourc<span class=\"_ _2\"></span>es and \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is pos<span class=\"_ _7\"></span>sible to <span class=\"_ _7\"></span>make a r<span class=\"_ _2\"></span>eliable estim<span class=\"_ _2\"></span>ate<span class=\"_ _6\"></span> of t<span class=\"_ _2\"></span>he extent of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>oblig<span class=\"_ _7\"></span>ation. The <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isions <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cognise<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>esenti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>best <span class=\"_ _6\"></span>possible estimate <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dit<span class=\"_ _7\"></span>ure <span class=\"_ _6\"></span>needed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>f<span class=\"_ _7\"></span>ulfil t<span class=\"_ _6\"></span>he oblig<span class=\"_ _7\"></span>ation. If the cas<span class=\"_ _7\"></span>h va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue of the pro<span class=\"_ _2\"></span>vision determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed on t<span class=\"_ _7\"></span>he basis<span class=\"_ _7\"></span> of pr<span class=\"_ _7\"></span>evailing ma<span class=\"_ _7\"></span>rket inter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>es dif<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span>s subst<span class=\"_ _7\"></span>antia<span class=\"_ _7\"></span>lly fro<span class=\"_ _7\"></span>m <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>nominal value, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>cash value <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>obli<span class=\"_ _7\"></span>gation<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised. <span class=\"_ _6\"></span>Pro<span class=\"_ _7\"></span>visions<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>also <span class=\"_ _6\"></span>include <span class=\"_ _6\"></span>perso<span class=\"_ _2\"></span>nne<span class=\"_ _6\"></span>l pro<span class=\"_ _7\"></span>visions <span class=\"_ _6\"></span>oth<span class=\"_ _7\"></span>er than the pr<span class=\"_ _2\"></span>ovisions f<span class=\"_ _7\"></span>or pe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sions <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd si<span class=\"_ _7\"></span>milar obli<span class=\"_ _7\"></span>gations. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is<span class=\"_ _2\"></span> pa<span class=\"_ _6\"></span>rticul<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rly co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cerns pr<span class=\"_ _7\"></span>ovisions f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r anniversa<span class=\"_ _2\"></span>ry benefi<span class=\"_ _7\"></span>ts. 25.12.<span class=\"ff4a\"> </span>Receiv<span class=\"_ _7\"></span>ables and Li<span class=\"_ _7\"></span>abilities Receiv<span class=\"_ _7\"></span>ables The <span class=\"_ _2\"></span>rec<span class=\"_ _7\"></span>eivables <span class=\"_ _10\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>bala<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>sheet <span class=\"_ _10\"></span>particularl<span class=\"_ _7\"></span>y <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>nsist <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>rec<span class=\"_ _7\"></span>eivables <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>assets <span class=\"_ _10\"></span>measur<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>accor<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>nce with IFRS 9<span class=\"_ _7\"></span>. As r<span class=\"_ _7\"></span>eceiv<span class=\"_ _7\"></span>ables fro<span class=\"_ _2\"></span>m poli<span class=\"_ _7\"></span>cyhold<span class=\"_ _7\"></span>ers, i<span class=\"_ _7\"></span>ntermedi<span class=\"_ _7\"></span>aries o<span class=\"_ _2\"></span>r insura<span class=\"_ _7\"></span>nce com<span class=\"_ _7\"></span>panies<span class=\"_ _2\"></span> are dir<span class=\"_ _2\"></span>ectly s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>own<span class=\"_ _7\"></span> in th<span class=\"_ _7\"></span>e fai<span class=\"_ _7\"></span>r val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e of f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ca<span class=\"_ _2\"></span>sh<span class=\"_ _6\"></span> flows u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der IFRS 17, <span class=\"_ _2\"></span>this bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce sh<span class=\"_ _7\"></span>eet item <span class=\"_ _2\"></span>concerns re<span class=\"_ _7\"></span>ceivabl<span class=\"_ _7\"></span>es that <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>not asso<span class=\"_ _7\"></span>ciated <span class=\"_ _7\"></span>with t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance b<span class=\"_ _7\"></span>usiness.<span class=\"_ _2\"></span> Non-i<span class=\"_ _7\"></span>nsurance <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>eceiv<span class=\"_ _7\"></span>ables <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>the tran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _6\"></span>ice. V<span class=\"_ _2\"></span>aluation <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>base<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>underlyi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nsaction, whi<span class=\"_ _7\"></span>le<span class=\"_ _6\"></span> only th<span class=\"_ _7\"></span>e impairm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng to IFRS 9<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e appl<span class=\"_ _7\"></span>icable fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> re<span class=\"_ _7\"></span>ceivables.<span class=\"_ _2\"></span> VIG <span class=\"_ _1\"></span>In<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>Group <span class=\"_ _6\"></span>applies <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>simplif<span class=\"_ _7\"></span>ied <span class=\"_ _1\"></span>approa<span class=\"_ _2\"></span>ch <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ligi<span class=\"_ _7\"></span>ble <span class=\"_ _1\"></span>financial <span class=\"_ _6\"></span>assets <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>ion <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>trad<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>&amp; <span class=\"_ _6\"></span>lea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>recei<span class=\"_ _7\"></span>vables accor<span class=\"_ _7\"></span>ding <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>IFRS 9.5<span class=\"_ _7\"></span>.5.15. <span class=\"_ _10\"></span>In <span class=\"_ _2\"></span>or<span class=\"_ _7\"></span>der <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>fulfil <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _e\"></span>require<span class=\"_ _2\"></span>ment, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>so-<span class=\"_ _7\"></span>called <span class=\"_ _10\"></span>Impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>Provision<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Matrix <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>used <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>receiv<span class=\"_ _7\"></span>ables<span class=\"_ _7\"></span>. Details r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ardi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the Im<span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>irm<span class=\"_ _7\"></span>ent Pro<span class=\"_ _2\"></span>vision Ma<span class=\"_ _7\"></span>trix can <span class=\"_ _7\"></span>be fo<span class=\"_ _7\"></span>und in <span class=\"_ _7\"></span>Note 2<span class=\"_ _7\"></span>.6. Cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>risk st<span class=\"_ _7\"></span>arting on <span class=\"_ _7\"></span>page 9<span class=\"_ _7\"></span>4.<span class=\"_ _7\"></span> Liabilitie<span class=\"_ _7\"></span>s The liabili<span class=\"_ _7\"></span>ties pr<span class=\"_ _2\"></span>esented in <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>alance s<span class=\"_ _7\"></span>heet consi<span class=\"_ _7\"></span>st of l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties and ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>measur<span class=\"_ _2\"></span>ed in accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IFRS<span class=\"_ _7\"></span> 9<span class=\"_ _7\"></span>. For <span class=\"_ _0\"></span>items <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed <span class=\"_ _4\"></span>ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>IFRS 9,<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>pl<span class=\"_ _7\"></span>ease <span class=\"_ _0\"></span>refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>sta<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>hapter <span class=\"_ _0\"></span>25.4.<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>Fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> instrume<span class=\"_ _7\"></span>nts sta<span class=\"_ _7\"></span>rting on p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ge 163. <span class=\"_ _7\"></span>Th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ot<span class=\"_ _7\"></span>her liabil<span class=\"_ _7\"></span>ities items<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>account<span class=\"_ _7\"></span>ed for <span class=\"_ _7\"></span>at AC.<span class=\"_ _3d5\"> </span>25.13.<span class=\"ff4a\"> </span>T<span class=\"_ _e\"></span>axes Income <span class=\"_ _3\"> </span>tax <span class=\"_ _3\"> </span>expenses  i<span class=\"_ _2\"></span>nclude  c<span class=\"_ _2\"></span>urrent <span class=\"_ _3\"> </span>and <span class=\"_ _3\"> </span>de<span class=\"_ _6\"></span>fe<span class=\"_ _7\"></span>rred <span class=\"_ _3\"> </span>taxe<span class=\"_ _7\"></span>s. <span class=\"_ _3\"> </span>When  tr<span class=\"_ _7\"></span>ansactio<span class=\"_ _7\"></span>ns  a<span class=\"_ _2\"></span>re  r<span class=\"_ _2\"></span>ecognis<span class=\"_ _7\"></span>ed  di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ctly <span class=\"_ _3\"> </span>in  eq<span class=\"_ _7\"></span>uity<span class=\"_ _10\"></span>,  t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e corr<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nding <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _7\"></span>e t<span class=\"_ _2\"></span>ax is<span class=\"_ _7\"></span> l<span class=\"_ _7\"></span>ikewise<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fect o<span class=\"_ _2\"></span>n the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>income <span class=\"_ _2\"></span>stat<span class=\"_ _7\"></span>ement. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>curr<span class=\"_ _2\"></span>ent taxes <span class=\"_ _2\"></span>fo<span class=\"_ _7\"></span>r t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e individ<span class=\"_ _7\"></span>ual com<span class=\"_ _2\"></span>panies <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _2\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>calcula<span class=\"_ _7\"></span>ted o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>basis <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>nies\u2019 <span class=\"_ _2\"></span>taxable <span class=\"_ _2\"></span>net <span class=\"_ _7\"></span>incom<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>the tax rate appl<span class=\"_ _7\"></span>icabl<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>n a give<span class=\"_ _7\"></span>n cou<span class=\"_ _7\"></span>ntry<span class=\"_ _10\"></span>. Deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d taxes ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated in accord<span class=\"_ _2\"></span>ance w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>the balan<span class=\"_ _7\"></span>ce sheet liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>metho<span class=\"_ _7\"></span>d in respect<span class=\"_ _7\"></span> of <span class=\"_ _6\"></span>all temporar<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span> between <span class=\"_ _7\"></span>the st<span class=\"_ _7\"></span>ated <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alues of <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets and <span class=\"_ _7\"></span>liabil<span class=\"_ _7\"></span>ities i<span class=\"_ _7\"></span>n the IFR<span class=\"_ _2\"></span>S con<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated<span class=\"_ _7\"></span> fina<span class=\"_ _7\"></span>ncial s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nts a<span class=\"_ _7\"></span>nd the cor<span class=\"_ _7\"></span>respo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng tax<span class=\"_ _3d5\"> </span> values <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _2\"></span>individual <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>panies. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>accord<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nce <span class=\"_ _10\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>IAS 1<span class=\"_ _7\"></span>2.47, <span class=\"_ _10\"></span>deferred <span class=\"_ _2\"></span>taxes <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>basis <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>tax <span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>es to be i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> eff<span class=\"_ _7\"></span>ect whe<span class=\"_ _7\"></span>n the di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ces r<span class=\"_ _2\"></span>everse. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pr<span class=\"_ _7\"></span>obabl<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>ecov<span class=\"_ _7\"></span>erable t<span class=\"_ _7\"></span>ax ben<span class=\"_ _7\"></span>efit of<span class=\"_ _7\"></span> acc<span class=\"_ _7\"></span>umulated l<span class=\"_ _2\"></span>osses carried f<span class=\"_ _7\"></span>orw<span class=\"_ _7\"></span>ard <span class=\"_ _2\"></span>is<span class=\"_ _6\"></span> also <span class=\"_ _1\"></span>included <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>ca<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulatio<span class=\"_ _7\"></span>n. <span class=\"_ _0\"></span>Dif<span class=\"_ _2\"></span>ferences <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>on-<span class=\"_ _7\"></span>tax-de<span class=\"_ _7\"></span>ductibl<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>goodwill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>def<span class=\"_ _7\"></span>err<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>tax <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nces <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>participa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions repr<span class=\"_ _2\"></span>esent <span class=\"_ _1\"></span>exce<span class=\"_ _7\"></span>ptions <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>this general <span class=\"_ _6\"></span>definitio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>liabiliti<span class=\"_ _7\"></span>es. <span class=\"_ _6\"></span>Deferred <span class=\"_ _6\"></span>tax <span class=\"_ _1\"></span>dif<span class=\"_ _2\"></span>ferences <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>if <span class=\"_ _6\"></span>it <span class=\"_ _1\"></span>is not pr<span class=\"_ _7\"></span>obabl<span class=\"_ _7\"></span>e that t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e tax be<span class=\"_ _2\"></span>nefit can be r<span class=\"_ _2\"></span>ecover<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d.<span class=\"_ _7\"></span> Group taxati<span class=\"_ _7\"></span>on A tax gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up p<span class=\"_ _7\"></span>ursuant to<span class=\"_ _7\"></span> \u00a7 9 K<span class=\"_ _2\"></span>StG is i<span class=\"_ _7\"></span>n effe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t wi<span class=\"_ _7\"></span>th t<span class=\"_ _7\"></span>he tax gr<span class=\"_ _2\"></span>oup\u2019<span class=\"_ _10\"></span>s <span class=\"_ _7\"></span>par<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>compan<span class=\"_ _7\"></span>y W<span class=\"_ _6\"></span>ie<span class=\"_ _7\"></span>ner St\u00e4d<span class=\"_ _2\"></span>tische V<span class=\"_ _10\"></span>ersicheru<span class=\"_ _7\"></span>ngsver<span class=\"_ _2\"></span>ein. The <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>res<span class=\"_ _7\"></span>ults<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the ta<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>members<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>are attribute<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>par<span class=\"_ _7\"></span>ent c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>any<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>Agre<span class=\"_ _7\"></span>ements<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>have b<span class=\"_ _6\"></span>een<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-<span class=\"_ _3d5\"> </span>cluded <span class=\"_ _2\"></span>bet<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>een <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _e\"></span>s <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _2\"></span>comp<span class=\"_ _7\"></span>any <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ndividu<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _10\"></span>members <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>regulat<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>positive <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>negati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e intragro<span class=\"_ _2\"></span>up <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>charges <span class=\"_ _6\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>purpo<span class=\"_ _7\"></span>se <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>apportio<span class=\"_ _2\"></span>nin<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>corporate <span class=\"_ _6\"></span>incom<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>tax <span class=\"_ _6\"></span>bur<span class=\"_ _7\"></span>den <span class=\"_ _6\"></span>on the <span class=\"_ _6\"></span>basis <span class=\"_ _6\"></span>of causation. <span class=\"_ _6\"></span>If the tax g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p m<span class=\"_ _2\"></span>ember <span class=\"_ _7\"></span>ge<span class=\"_ _7\"></span>nerates <span class=\"_ _2\"></span>positive<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>income, <span class=\"_ _2\"></span>24% <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _2\"></span>positi<span class=\"_ _7\"></span>ve in<span class=\"_ _7\"></span>come <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>paid <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e tax <span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _5\"></span>s p<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pany<span class=\"_ _e\"></span>. If <span class=\"_ _2\"></span>the tax <span class=\"_ _1\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>emb<span class=\"_ _7\"></span>er <span class=\"_ _0\"></span>g<span class=\"_ _7\"></span>enerat<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>egativ<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>income, <span class=\"_ _1\"></span>21.6<span class=\"_ _7\"></span>% <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _6\"></span>membe<span class=\"_ _7\"></span>r\u2019<span class=\"_ _10\"></span>s <span class=\"_ _6\"></span>tax <span class=\"_ _0\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>paid <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>tax <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>parent company<span class=\"_ _e\"></span>. Because the intragro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p tax <span class=\"_ _6\"></span>charge is 24% on <span class=\"_ _6\"></span>posi<span class=\"_ _7\"></span>tive <span class=\"_ _6\"></span>income, the head of the <span class=\"_ _6\"></span>tax group bears 10% of the <span class=\"_ _6\"></span>tax benefit fr<span class=\"_ _2\"></span>om g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p taxatio<span class=\"_ _2\"></span>n cre<span class=\"_ _7\"></span>ated b<span class=\"_ _7\"></span>y th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>especti<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e gr<span class=\"_ _2\"></span>oup m<span class=\"_ _7\"></span>ember\u2019<span class=\"_ _e\"></span>s i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clusi<span class=\"_ _7\"></span>on in t<span class=\"_ _2\"></span>he tax gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up. I<span class=\"_ _7\"></span>n terms of<span class=\"_ _2\"></span> cash flo<span class=\"_ _2\"></span>w<span class=\"_ _7\"></span>, t<span class=\"_ _7\"></span>he tax ben<span class=\"_ _7\"></span>efit is <span class=\"_ _7\"></span>neutralised o<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er a <span class=\"_ _7\"></span>perio<span class=\"_ _7\"></span>d of thr<span class=\"_ _2\"></span>ee years.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-440": {
   "value": "<div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs11\">Initial appl<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>cation<span class=\"_ _7\"></span> of stan<span class=\"_ _7\"></span>dards<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs12\">Unless <span class=\"_ _2\"></span>otherwise <span class=\"_ _7\"></span>stated, <span class=\"_ _2\"></span>the sta<span class=\"_ _7\"></span>ndards <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>be a<span class=\"_ _2\"></span>pplied <span class=\"_ _2\"></span>for the f<span class=\"_ _7\"></span>irst <span class=\"_ _7\"></span>time, <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>relevant, h<span class=\"_ _7\"></span>ave <span class=\"_ _7\"></span>no or <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>material <span class=\"_ _2\"></span>impact <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs13\">the pres<span class=\"_ _2\"></span>ent consoli<span class=\"_ _7\"></span>dated fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial statem<span class=\"_ _2\"></span>ents. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs14\">Standards<span class=\"_ _6\"></span> applicable<span class=\"_ _6\"></span> that a<span class=\"_ _6\"></span>re u<span class=\"_ _6\"></span>sed for t<span class=\"_ _6\"></span>he first </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs15\">time in the G<span class=\"_ _6\"></span>roup<span class=\"_ _6\"></span> Annual<span class=\"_ _6\"></span> Repo<span class=\"_ _6\"></span>rt </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>Financial instrumen<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs17\">Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>P<span class=\"_ _6\"></span>repayment features w<span class=\"_ _6\"></span>ith n<span class=\"_ _6\"></span>egati<span class=\"_ _6\"></span>ve compensati<span class=\"_ _6\"></span>on </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18\">IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _e6\"> </span>Insurance cont<span class=\"_ _6\"></span>racts </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19\">Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>17<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>Initial App<span class=\"_ _6\"></span>lication of IFR<span class=\"_ _6\"></span>S 9 and<span class=\"_ _6\"></span> IFRS 1<span class=\"_ _6\"></span>7 \u2013 Comp<span class=\"_ _6\"></span>arative Inform<span class=\"_ _6\"></span>ation<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a\">Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> 2<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Definition of m<span class=\"_ _6\"></span>ateriality in <span class=\"_ _6\"></span>connection w<span class=\"_ _6\"></span>ith a<span class=\"_ _6\"></span>ccounting p<span class=\"_ _6\"></span>olicies<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b\">Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 8<span class=\"_ _6\"></span> <span class=\"_ _e9\"> </span>Definition of ac<span class=\"_ _6\"></span>counting<span class=\"_ _6\"></span> estimates and<span class=\"_ _6\"></span> distin<span class=\"_ _6\"></span>guish<span class=\"_ _6\"></span>ing th<span class=\"_ _6\"></span>em from chang<span class=\"_ _6\"></span>es in ac<span class=\"_ _6\"></span>counting p<span class=\"_ _6\"></span>olicies </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c\">Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Deferred taxes relat<span class=\"_ _6\"></span>ed to assets an<span class=\"_ _6\"></span>d liabilit<span class=\"_ _6\"></span>ies arising <span class=\"_ _6\"></span>from <span class=\"_ _6\"></span>a single trans<span class=\"_ _6\"></span>action<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d\">Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Temporary exception fr<span class=\"_ _6\"></span>om th<span class=\"_ _6\"></span>e recognition<span class=\"_ _6\"></span> and d<span class=\"_ _6\"></span>isclosure of d<span class=\"_ _6\"></span>eferred<span class=\"_ _6\"></span> taxes arisin<span class=\"_ _6\"></span>g fro<span class=\"_ _6\"></span>m glob<span class=\"_ _6\"></span>al minimu<span class=\"_ _6\"></span>m taxation </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs1e\">AMENDM<span class=\"_ _7\"></span>ENTS<span class=\"_ _7\"></span> TO<span class=\"_ _7\"></span> IAS 1<span class=\"_ _2\"></span> AND IFRS<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>PRAC<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>ICE ST<span class=\"_ _10\"></span>A<span class=\"_ _2\"></span>TEMEN<span class=\"_ _7\"></span>T 2 </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f\">With regar<span class=\"_ _7\"></span>d to th<span class=\"_ _7\"></span>e applic<span class=\"_ _7\"></span>ation of t<span class=\"_ _7\"></span>hese cha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ges, ple<span class=\"_ _7\"></span>ase r<span class=\"_ _7\"></span>efer to th<span class=\"_ _7\"></span>e notes in t<span class=\"_ _7\"></span>he chapt<span class=\"_ _7\"></span>er 24.<span class=\"_ _7\"></span>7. Material<span class=\"_ _7\"></span>ity of Notes a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs20\">associat<span class=\"_ _7\"></span>ed acco<span class=\"_ _7\"></span>unti<span class=\"_ _7\"></span>ng policies <span class=\"_ _7\"></span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 147. </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs22\">AMENDM<span class=\"_ _7\"></span>ENTS<span class=\"_ _7\"></span> TO<span class=\"_ _7\"></span> IAS 12<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs23\">EU <span class=\"_ _6\"></span>member <span class=\"_ _6\"></span>states h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>Europe<span class=\"_ _7\"></span>-wide <span class=\"_ _6\"></span>imple<span class=\"_ _7\"></span>mentatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>Global <span class=\"_ _6\"></span>Anti-Base Erosion <span class=\"_ _6\"></span>(GloB<span class=\"_ _7\"></span>E) <span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>les (<span class=\"_ _6\"></span>Pill<span class=\"_ _7\"></span>ar </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs24\">T<span class=\"_ _e\"></span>wo) in the international tax r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>forms s<span class=\"_ _7\"></span>et <span class=\"_ _6\"></span>out<span class=\"_ _7\"></span> by <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e OECD. The EU direc<span class=\"_ _7\"></span>tive pro<span class=\"_ _7\"></span>vides tha<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>ofits from m<span class=\"_ _7\"></span>ultination<span class=\"_ _7\"></span>al gro<span class=\"_ _7\"></span>ups  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs25\">of compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> large do<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>estic g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps wit<span class=\"_ _7\"></span>h co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>solidate<span class=\"_ _7\"></span>d s<span class=\"_ _7\"></span>ales of at l<span class=\"_ _2\"></span>east EU<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> 750 m<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ion will i<span class=\"_ _7\"></span>n futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> be s<span class=\"_ _2\"></span>ubject to <span class=\"_ _7\"></span>a tax </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26\">rate <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>lea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>15%. <span class=\"_ _1\"></span>Th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>directiv<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>mu<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>incorpor<span class=\"_ _7\"></span>ated <span class=\"_ _6\"></span>into <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>memb<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>st<span class=\"_ _7\"></span>ates\u2019 <span class=\"_ _6\"></span>national<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>legislation <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>late<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>than <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27\">end <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>2023. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>effe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>global <span class=\"_ _6\"></span>mi<span class=\"_ _7\"></span>nimum t<span class=\"_ _6\"></span>axatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>2024 <span class=\"_ _6\"></span>and thereaft<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cannot <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>ojected with <span class=\"_ _6\"></span>any </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28\">certai<span class=\"_ _7\"></span>nty <span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>esent.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>The <span class=\"_ _10\"></span>VIG <span class=\"_ _2\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>curr<span class=\"_ _7\"></span>entl<span class=\"_ _7\"></span>y <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rking <span class=\"_ _2\"></span>on <span class=\"_ _10\"></span>an <span class=\"_ _2\"></span>implem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>ject <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>global <span class=\"_ _10\"></span>minim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _2\"></span>taxa<span class=\"_ _7\"></span>tion. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29\">In <span class=\"_ _6\"></span>ord<span class=\"_ _7\"></span>er to <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt Pillar T<span class=\"_ _e\"></span>wo <span class=\"_ _6\"></span>of the tax <span class=\"_ _6\"></span>reform i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the IFRS<span class=\"_ _7\"></span> financial statemen<span class=\"_ _7\"></span>ts, t<span class=\"_ _6\"></span>ech<span class=\"_ _7\"></span>nical guidance on the amendm<span class=\"_ _7\"></span>ents </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a\">to IAS 12 w<span class=\"_ _6\"></span>as published <span class=\"_ _6\"></span>by the <span class=\"_ _6\"></span>IASB on <span class=\"_ _6\"></span>23 May 2023. Ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>this, an <span class=\"_ _6\"></span>exemptio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the recognitio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of de<span class=\"_ _6\"></span>ferr<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>tax </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b\">assets <span class=\"_ _7\"></span>and li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>in ac<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nce <span class=\"_ _7\"></span>with t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>ements of <span class=\"_ _2\"></span>global minimum <span class=\"_ _2\"></span>taxation s<span class=\"_ _7\"></span>hall<span class=\"_ _7\"></span> be r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ulated <span class=\"_ _7\"></span>until furth<span class=\"_ _7\"></span>er noti<span class=\"_ _2\"></span>ce. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2c\">In <span class=\"_ _0\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>direc<span class=\"_ _7\"></span>tive, <span class=\"_ _1\"></span>poten<span class=\"_ _7\"></span>tial <span class=\"_ _1\"></span>eff<span class=\"_ _7\"></span>ects <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>defe<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>tax<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>con<span class=\"_ _7\"></span>nection <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>global <span class=\"_ _6\"></span>minim<span class=\"_ _7\"></span>um <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>axatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>not </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2d\">taken i<span class=\"_ _7\"></span>nto acco<span class=\"_ _7\"></span>unt withi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2e\">Due <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>global <span class=\"_ _10\"></span>minim<span class=\"_ _7\"></span>um <span class=\"_ _2\"></span>taxati<span class=\"_ _7\"></span>on <span class=\"_ _10\"></span>provisio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>full<span class=\"_ _7\"></span>y <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>onso<span class=\"_ _7\"></span>lidated <span class=\"_ _10\"></span>companies<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>VIG <span class=\"_ _10\"></span>Group <span class=\"_ _10\"></span>would <span class=\"_ _10\"></span>incur <span class=\"_ _10\"></span>an <span class=\"_ _2\"></span>immat<span class=\"_ _7\"></span>erial </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2f\">amount of a<span class=\"_ _2\"></span>dditional tax<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s on <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>asis of<span class=\"_ _7\"></span> the res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lts fo<span class=\"_ _7\"></span>r the<span class=\"_ _2\"></span> y<span class=\"_ _6\"></span>ear 2023<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs30\">Beginni<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>1 <span class=\"_ _2\"></span>January <span class=\"_ _10\"></span>2023, <span class=\"_ _2\"></span>it <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>mandatory <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nise <span class=\"_ _2\"></span>deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>taxes <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>transa<span class=\"_ _7\"></span>ctions <span class=\"_ _2\"></span>from <span class=\"_ _10\"></span>which <span class=\"_ _2\"></span>tempora<span class=\"_ _7\"></span>ry <span class=\"_ _2\"></span>deductibl<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs31\">dif<span class=\"_ _2\"></span>ferences <span class=\"_ _7\"></span>to be t<span class=\"_ _2\"></span>axed in <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>ame amo<span class=\"_ _2\"></span>unt arise <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>pon i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itial<span class=\"_ _2\"></span> recogniti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n. The <span class=\"_ _7\"></span>VIG I<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> Gr<span class=\"_ _2\"></span>oup exer<span class=\"_ _2\"></span>cised th<span class=\"_ _7\"></span>e op<span class=\"_ _7\"></span>tion o<span class=\"_ _7\"></span>f </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs32\">earlier a<span class=\"_ _7\"></span>pplicatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> in 2019. <span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs33\">IFRS 9 FIN<span class=\"_ _7\"></span>ANCIA<span class=\"_ _7\"></span>L INST<span class=\"_ _7\"></span>R<span class=\"_ _6\"></span>UMEN<span class=\"_ _7\"></span>TS <span class=\"_ _7\"></span>AND I<span class=\"_ _7\"></span>FRS 17 IN<span class=\"_ _2\"></span>SURANCE CONT<span class=\"_ _7\"></span>RAC<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>S </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs34\">VIG Insu<span class=\"_ _7\"></span>rance G<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p appl<span class=\"_ _7\"></span>ied IFR<span class=\"_ _7\"></span>S 9 a<span class=\"_ _7\"></span>nd IFRS 1<span class=\"_ _7\"></span>7 for t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e firs<span class=\"_ _7\"></span>t time fr<span class=\"_ _7\"></span>om 1 Ja<span class=\"_ _2\"></span>nuary 2023<span class=\"_ _7\"></span>. The f<span class=\"_ _7\"></span>irst-tim<span class=\"_ _7\"></span>e appli<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n leads <span class=\"_ _2\"></span>to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs35\">signif<span class=\"_ _7\"></span>icant cha<span class=\"_ _7\"></span>nges and <span class=\"_ _7\"></span>ther<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e h<span class=\"_ _7\"></span>as a m<span class=\"_ _7\"></span>aterial im<span class=\"_ _7\"></span>pact o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>consolida<span class=\"_ _7\"></span>ted fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs36\">The shor<span class=\"_ _7\"></span>thand p<span class=\"_ _2\"></span>hra<span class=\"_ _6\"></span>ses <span class=\"_ _7\"></span>used fo<span class=\"_ _7\"></span>r the tex<span class=\"_ _2\"></span>t and the ta<span class=\"_ _7\"></span>bles in <span class=\"_ _2\"></span>connection <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h IFRS 9 <span class=\"_ _7\"></span>are s<span class=\"_ _7\"></span>et out b<span class=\"_ _7\"></span>elow:<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs37\">Short de<span class=\"_ _6\"></span>scription<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span><span class=\"fsf\">Long descri<span class=\"_ _6\"></span>ption </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs38\">Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _eb\"> </span>Measured at A<span class=\"_ _6\"></span>mortised Cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs39\">Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _ec\"> </span>Measured at Fair <span class=\"_ _6\"></span>Value throu<span class=\"_ _6\"></span>gh Othe<span class=\"_ _6\"></span>r Comp<span class=\"_ _6\"></span>rehensiv<span class=\"_ _6\"></span>e Income<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3a\">Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L <span class=\"_ _ed\"> </span>Measured at Fair <span class=\"_ _6\"></span>Value throu<span class=\"_ _6\"></span>gh Profit <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> Loss </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3b\">Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _ee\"> </span>Designated<span class=\"_ _6\"></span> measured<span class=\"_ _6\"></span> at Fair Value th<span class=\"_ _6\"></span>rough Oth<span class=\"_ _6\"></span>er Comp<span class=\"_ _6\"></span>rehensiv<span class=\"_ _6\"></span>e Income<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3c\">Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _ef\"> </span>Designated<span class=\"_ _6\"></span> measured<span class=\"_ _6\"></span> at Fair Value th<span class=\"_ _6\"></span>rough P<span class=\"_ _6\"></span>rofit an<span class=\"_ _6\"></span>d Loss </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3d\">EC<span class=\"_ _6\"></span>L <span class=\"_ _f0\"> </span>Expected Credit <span class=\"_ _6\"></span>Loss<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3e\">FV <span class=\"_ _f1\"> </span>Fair Value<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3f\">SPP<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _db\"> </span>Solely Payments <span class=\"_ _6\"></span>of Principa<span class=\"_ _6\"></span>l and Interest<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs40\">Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _f2\"> </span>Mandatorily measu<span class=\"_ _6\"></span>red at <span class=\"_ _6\"></span>Fair Value th<span class=\"_ _6\"></span>rough<span class=\"_ _6\"></span> Other Com<span class=\"_ _6\"></span>prehensive <span class=\"_ _6\"></span>Income<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs41\">Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _f3\"> </span>Mandatorily measu<span class=\"_ _6\"></span>red at <span class=\"_ _6\"></span>Fair Value th<span class=\"_ _6\"></span>rough<span class=\"_ _6\"></span> Profit and Loss<span class=\"_ _6\"></span> </div>The shor<span class=\"_ _7\"></span>thand p<span class=\"_ _2\"></span>hra<span class=\"_ _6\"></span>ses i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> con<span class=\"_ _7\"></span>nection <span class=\"_ _7\"></span>with I<span class=\"_ _7\"></span>FRS 17 <span class=\"_ _7\"></span>have be<span class=\"_ _7\"></span>en used as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows for t<span class=\"_ _7\"></span>he tex<span class=\"_ _7\"></span>t and th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> tables:<span class=\"_ _2\"></span> Short de<span class=\"_ _6\"></span>scription<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span><span class=\"fsf\">Long descri<span class=\"_ _6\"></span>ption </span>AIC<span class=\"_ _6\"></span> <span class=\"_ _f4\"> </span>Assets <span class=\"_ _6\"></span>for Incurred Claim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> ARC<span class=\"_ _6\"></span> <span class=\"_ _94\"> </span>Assets for Remainin<span class=\"_ _6\"></span>g Coverage<span class=\"_ _6\"></span> CSM<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>Contractual S<span class=\"_ _6\"></span>ervice Ma<span class=\"_ _6\"></span>rgin FCF<span class=\"_ _6\"></span> <span class=\"_ _f0\"> </span>Fulfilm<span class=\"_ _6\"></span>ent Cash Flow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> FRA<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>Full Retrospecti<span class=\"_ _6\"></span>ve App<span class=\"_ _6\"></span>roach FVA<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>Fair Value A<span class=\"_ _6\"></span>pproach<span class=\"_ _6\"></span> GMM<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>General Measu<span class=\"_ _6\"></span>rement Mod<span class=\"_ _6\"></span>el LIC<span class=\"_ _6\"></span> <span class=\"_ _f8\"> </span>Liability for Incurr<span class=\"_ _6\"></span>ed Claims<span class=\"_ _6\"></span> LoR<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>Co <span class=\"_ _dc\"> </span>Loss<span class=\"_ _6\"></span> Recovery C<span class=\"_ _6\"></span>ompon<span class=\"_ _6\"></span>ent LRC<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>Liability for Remain<span class=\"_ _6\"></span>ing Cover<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> PAA<span class=\"_ _6\"></span> <span class=\"_ _94\"> </span>Premium<span class=\"_ _6\"></span> Allocation Ap<span class=\"_ _6\"></span>proa<span class=\"_ _6\"></span>ch PVF<span class=\"_ _6\"></span>CF<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>Present Value of <span class=\"_ _6\"></span>Futu<span class=\"_ _6\"></span>re Cash Flows<span class=\"_ _6\"></span> RA <span class=\"_ _fa\"> </span>Risk Ad<span class=\"_ _6\"></span>justmen<span class=\"_ _6\"></span>t VFA<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>Variable Fee A<span class=\"_ _6\"></span>pproach<span class=\"_ _6\"></span> Compariso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of consoli<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ated <span class=\"_ _7\"></span>opening <span class=\"_ _7\"></span>balance s<span class=\"_ _7\"></span>heets<span class=\"_ _2\"></span> Assets<span class=\"_ _6\"></span> <span class=\"_ _6f\"> </span><span class=\"fsf\"> </span>Type of adju<span class=\"_ _6\"></span>stments / re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>sificat<span class=\"_ _6\"></span>ions <span class=\"_ _30\"> </span>   <span class=\"_ _54\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2021<span class=\"_ _3d5\"> </span></span>IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Other*<span class=\"_ _3d5\"> </span>01/01/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fb\"> </span>2,456,33<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>271,074<span class=\"_ _3d5\"> </span>2,727,40<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fc\"> </span>40,207,6<span class=\"_ _6\"></span>20<span class=\"_ _3d5\"> </span>-1,557<span class=\"_ _6\"></span>,445<span class=\"_ _3d5\"> </span>1,679,25<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>67,592<span class=\"_ _3d5\"> </span>40,397,0<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>31,682,<span class=\"_ _6\"></span>289<span class=\"_ _3d5\"> </span>-1,557,44<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-30,032,8<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>-92,021<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 9<span class=\"_ _6\"></span> <span class=\"_ _fd\"> </span> 8,346,27<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>31,712,0<span class=\"_ _6\"></span>75<span class=\"_ _3d5\"> </span>338,666<span class=\"_ _3d5\"> </span>40,397,0<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>uni<span class=\"_ _6\"></span>t-<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>-lin<span class=\"_ _1\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _20\"> </span>8,525,331<span class=\"_ _3d5\"> </span>-8,346,27<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-179,053<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fe\"> </span>2,067,18<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-1,378<span class=\"_ _6\"></span>,020<span class=\"_ _3d5\"> </span>-3,194<span class=\"_ _3d5\"> </span>-336,0<span class=\"_ _6\"></span>42<span class=\"_ _3d5\"> </span>349,932<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _ff\"> </span>1,377,53<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,377,53<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rwr<span class=\"_ _6\"></span>itin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _60\"> </span>689,657<span class=\"_ _3d5\"> </span>-489<span class=\"_ _3d5\"> </span>-336,042<span class=\"_ _3d5\"> </span>353,126<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _100\"> </span> -3,194<span class=\"_ _3d5\"> </span>-3,194<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _101\"> </span>135,053<span class=\"_ _3d5\"> </span>135,053<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ates<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>276,913<span class=\"_ _3d5\"> </span>276,913<span class=\"_ _3d5\"> </span>Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>ntr<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s <span class=\"_ _103\"> </span>1,564,60<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>201,804<span class=\"_ _3d5\"> </span>1,766,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>' <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>erw<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ing <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 4<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>1,564,605<span class=\"_ _3d5\"> </span>-1,564,60<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>  <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _104\"> </span> 114,156<span class=\"_ _3d5\"> </span>114,156<span class=\"_ _3d5\"> </span>Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tra<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span> 1,652,25<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,652,25<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>2,378,28<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-878<span class=\"_ _3d5\"> </span>2,377,40<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>equ<span class=\"_ _1\"></span>ipm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> <span class=\"_ _107\"> </span>472,303<span class=\"_ _3d5\"> </span>114,433<span class=\"_ _3d5\"> </span>586,736<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _108\"> </span>390,893<span class=\"_ _3d5\"> </span>-176,654<span class=\"_ _3d5\"> </span>-113,934<span class=\"_ _3d5\"> </span>100,305<span class=\"_ _3d5\"> </span>Go<span class=\"_ _6\"></span>odwi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _109\"> </span>1,260,22<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>1,260,22<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span>483,943<span class=\"_ _3d5\"> </span>-14,607<span class=\"_ _3d5\"> </span>-48<span class=\"_ _3d5\"> </span>469,288<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span> <span class=\"_ _10b\"> </span>311,447<span class=\"_ _3d5\"> </span>274,416<span class=\"_ _3d5\"> </span>585,863<span class=\"_ _3d5\"> </span>Righ<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>-of<span class=\"_ _6\"></span>-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _90\"> </span>173,348<span class=\"_ _3d5\"> </span>173,348<span class=\"_ _3d5\"> </span>Total<span class=\"_ _6\"></span> assets <span class=\"_ _10c\"> </span>52,178,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>-2,924<span class=\"_ _6\"></span>,922<span class=\"_ _3d5\"> </span>1,675,18<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>277,491<span class=\"_ _3d5\"> </span>51,205,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span>*The main<span class=\"_ _7\"></span> adjustments are discus<span class=\"_ _7\"></span>sed in the chapter \u201cChan<span class=\"_ _7\"></span>ges in accounting policies\u201d starting <span class=\"_ _7\"></span>on page <span class=\"_ _6\"></span>51 of these consolidated <span class=\"_ _7\"></span>financi<span class=\"_ _7\"></span>al state<span class=\"_ _6\"></span>ments.<span class=\"_ _3d5\"> </span> <div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsaf\">Liabilities<span class=\"_ _6\"></span> and consol<span class=\"_ _6\"></span>idate<span class=\"_ _6\"></span>d share<span class=\"_ _6\"></span>holder<span class=\"_ _6\"></span>s' equity<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span><span class=\"fsf\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb0\">Type of adju<span class=\"_ _6\"></span>stments / re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>sificat<span class=\"_ _6\"></span>ions <span class=\"_ _e1\"> </span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsb1\">  <span class=\"_ _54\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2021<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb2\">IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb3\">IFRS <span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb4\">Other*<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb5\">01/01/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsb6\"><div class=\"t m0 x0 h29 y1b8 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gsb7\"><div class=\"t m0 x0 h29 y1b8 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w22 h28 gsb8\"><div class=\"t m0 x0 h29 y1b8 ff48 fsf fca sc0 ls5 ws2\">'000 </div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb9\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>e<span class=\"_ _1\"></span>s an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>yab<span class=\"_ _6\"></span>le<span class=\"_ _1\"></span>s <span class=\"_ _10e\"> </span>1,738,51<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsba\">-1,002<span class=\"_ _6\"></span>,395<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsbb\">3,075<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsbc\">739,193<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbd\">Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _ff\"> </span>1,166,27<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbe\">-1,166,27<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbf\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc0\">Non<span class=\"_ _6\"></span>-un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rwr<span class=\"_ _6\"></span>itin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _60\"> </span>572,243<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc1\">163,875<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc2\">3,075<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc3\">739,193<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc4\">Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _8c\"> </span>243,3<span class=\"_ _6\"></span>82<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc5\">243,382<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc6\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _51\"> </span>2,623<span class=\"_ _6\"></span>,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc7\">747<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc8\">643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc9\">2,624,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsca\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _10f\"> </span>131,168<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscb\">-70,852<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscc\">60,316<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscd\">Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>ntr<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s <span class=\"_ _110\"> </span>40,735,0<span class=\"_ _6\"></span>20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsce\">279,867<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscf\">41,014,8<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd0\">Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>isio<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>4<span class=\"_ _6\"></span> <span class=\"_ _111\"> </span>32,546,2<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd1\">-32,546,2<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd3\">Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>isio<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it-<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>ind<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x-li<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>4<span class=\"_ _6\"></span> <span class=\"_ _112\"> </span>8,188,79<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd4\">-8,188,79<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd6\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>ssu<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>17<span class=\"_ _6\"></span> <span class=\"_ _113\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd7\">40,950,3<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd8\">40,950,3<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd9\">Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tra<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>ilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>17<span class=\"_ _6\"></span> <span class=\"_ _eb\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsda\">64,585<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdb\">64,585<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdc\">Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _114\"> </span>890,189<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdd\">-32,307<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsde\">857,882<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdf\">Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>lit<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _115\"> </span>218,884<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse0\">138,614<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse1\">357,498<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse2\">Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs'<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>5,597,94<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse3\">-2,099,98<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse4\">1,674,53<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse5\">135,802<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse6\">5,308,30<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse7\">Total<span class=\"_ _6\"></span> assets <span class=\"_ _10c\"> </span>52,178,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse8\">-2,924<span class=\"_ _6\"></span>,922<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse9\">1,675,18<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsea\">277,491<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gseb\">51,205,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gsec\">*The main<span class=\"_ _7\"></span> adjustments are discus<span class=\"_ _7\"></span>sed in the chapter \u201cChan<span class=\"_ _7\"></span>ges in accounting policies\u201d starting <span class=\"_ _7\"></span>on page <span class=\"_ _6\"></span>51 of these consolidated <span class=\"_ _7\"></span>financi<span class=\"_ _7\"></span>al state<span class=\"_ _6\"></span>ments. </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gsed\">Compariso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of consoli<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ated c<span class=\"_ _7\"></span>ash flow<span class=\"_ _7\"></span> statements<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsee\">  <span class=\"_ _117\"> </span><span class=\"fsf\">2022 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsef\">  <span class=\"_ _118\"> </span><span class=\"fsf\">Adjusted<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gsf0\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf1\">As published <span class=\"_ _6\"></span>within the </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf2\">Group Report<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf3\">Ame<span class=\"_ _6\"></span>ndment due to </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf4\">erro<span class=\"_ _6\"></span>r identi<span class=\"_ _6\"></span>ficatio<span class=\"_ _6\"></span>n<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gsf5\">2<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsf6\"><div class=\"t m0 x0 h29 y55c ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gsf7\"><div class=\"t m0 x0 h29 y55c ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w22 h28 gsf8\"><div class=\"t m0 x0 h29 y55c ff48 fsf fca sc0 ls5 ws2\">'000 </div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf9\">Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _119\"> </span>464,003<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfa\">464,291<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfb\">464,291<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfc\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cti<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _11a\"> </span>-403,996<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfd\">624,982<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfe\">304,759<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsff\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>inv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>tiv<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>22,407<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs100\">-1,001,35<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs101\">-681,133<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs102\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ing <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ivi<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _11b\"> </span>-32,469<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs103\">-24,050<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs104\">-24,050<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs105\">Change in ca<span class=\"_ _6\"></span>sh and ca<span class=\"_ _6\"></span>sh equival<span class=\"_ _6\"></span>ents<span class=\"_ _6\"></span> <span class=\"_ _11c\"> </span>-414,0<span class=\"_ _6\"></span>58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs106\">-400,4<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs107\">-400,4<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs108\">1</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs109\"> <span class=\"_ _3\"> </span>For ad<span class=\"_ _7\"></span>ditional information <span class=\"_ _7\"></span>o<span class=\"_ _6\"></span>n the <span class=\"_ _7\"></span>initial application of IFRS 9 an<span class=\"_ _7\"></span>d IFRS 17, please refer to th<span class=\"_ _7\"></span>e<span class=\"_ _6\"></span> chapter <span class=\"_ _7\"></span>\u201cC<span class=\"_ _6\"></span>hanges in<span class=\"_ _7\"></span> accounting policies\u201d startin<span class=\"_ _7\"></span>g o<span class=\"_ _6\"></span>n page 51. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs10a\">2</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs10b\"> <span class=\"_ _3\"> </span>Information <span class=\"_ _7\"></span>about error iden<span class=\"_ _7\"></span>tification can be found fr<span class=\"_ _7\"></span>om<span class=\"_ _6\"></span> page 52 onward<span class=\"_ _7\"></span>s. </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs10c\">Cash an<span class=\"_ _7\"></span>d cash eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ivalents<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs10d\">Cash <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>cash <span class=\"_ _1\"></span>equiva<span class=\"_ _6\"></span>le<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>amoun<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>EUR 2,456,333,00<span class=\"_ _7\"></span>0 <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>December<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>2021 <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>re <span class=\"_ _6\"></span>reported <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs10e\">Annual <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>eport <span class=\"_ _1\"></span>2022. <span class=\"_ _6\"></span>Due <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>modified <span class=\"_ _6\"></span>definit<span class=\"_ _6\"></span>ion, <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>holding <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>djusted <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>1 <span class=\"_ _6\"></span>Jan<span class=\"_ _6\"></span>uary <span class=\"_ _1\"></span>2022 <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ow <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>mounts <span class=\"_ _6\"></span>to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs10f\">EUR 2,727,<span class=\"_ _7\"></span>407,000. The reason for the<span class=\"_ _6\"></span> modified defi<span class=\"_ _7\"></span>nit<span class=\"_ _6\"></span>ion is presented on<span class=\"_ _6\"></span> page 51.   </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs110\">Compariso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of ear<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ings pe<span class=\"_ _7\"></span>r share<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs111\">  <span class=\"_ _11d\"> </span><span class=\"fsf\">  <span class=\"_ _11e\"> </span>2022 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs112\">  <span class=\"_ _11d\"> </span><span class=\"fsf\">  <span class=\"_ _ed\"> </span>Adjus<span class=\"_ _7\"></span>ted<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs113\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs114\">As published <span class=\"_ _6\"></span>within the </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs115\">Group Report<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs116\">Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _11a\"> </span>EUR '00<span class=\"_ _6\"></span>0 <span class=\"_ _e7\"> </span>4<span class=\"_ _6\"></span>64,003<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs117\">464,291<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs118\">Non<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>roll<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>eres<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in<span class=\"_ _1\"></span> ne<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span>EU<span class=\"_ _6\"></span>R '00<span class=\"_ _6\"></span>0 <span class=\"_ _37\"> </span>8,334<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs119\">1,650<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11a\">Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d le<span class=\"_ _1\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>no<span class=\"_ _6\"></span>n-co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>rol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng i<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _11f\"> </span>EUR '000<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>472,337<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11b\">465,941<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11c\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or th<span class=\"_ _1\"></span>e h<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>br<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>cap<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>EUR<span class=\"_ _6\"></span> '000 <span class=\"_ _37\"> </span>7,4<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11d\">7,469<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11e\">Att<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>but<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _11b\"> </span>EUR '000 <span class=\"_ _e7\"> </span>464<span class=\"_ _6\"></span>,868<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11f\">458,472<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs120\">Numb<span class=\"_ _1\"></span>er o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>sh<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _121\"> </span>units <span class=\"_ _43\"> </span>128,000,000<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs121\">128,000,<span class=\"_ _6\"></span>000<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs122\">Earnings per s<span class=\"_ _6\"></span>hare<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs123\">2</div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs124\"> <span class=\"_ _122\"> </span>EUR <span class=\"_ _123\"> </span>3.63<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs125\">3.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs126\">1 </div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs127\">For add<span class=\"_ _7\"></span>itional information <span class=\"_ _7\"></span>o<span class=\"_ _6\"></span>n the <span class=\"_ _7\"></span>initial<span class=\"_ _6\"></span> appli<span class=\"_ _7\"></span>cation of IFRS 9 and IFR<span class=\"_ _7\"></span>S 17, please refer to the chapter \u201cChanges in <span class=\"_ _7\"></span>accounting policies\u201d startin<span class=\"_ _7\"></span>g o<span class=\"_ _6\"></span>n page 51. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs128\">2</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs129\"> <span class=\"_ _3\"> </span>The u<span class=\"_ _7\"></span>ndiluted earnings p<span class=\"_ _7\"></span>er share equals the diluted earnings per<span class=\"_ _7\"></span> share (in EUR).<span class=\"_ _3d5\"> </span> </div>IFRS 9 FIN<span class=\"_ _7\"></span>ANCIA<span class=\"_ _7\"></span>L INST<span class=\"_ _7\"></span>R<span class=\"_ _6\"></span>UMEN<span class=\"_ _7\"></span>TS General infor<span class=\"_ _2\"></span>m<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n As <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>art <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>itial <span class=\"_ _10\"></span>applicatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tation <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>financ<span class=\"_ _7\"></span>ial <span class=\"_ _10\"></span>instruments <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>unit-linked <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>index-li<span class=\"_ _7\"></span>nked <span class=\"_ _2\"></span>life <span class=\"_ _10\"></span>insurance was <span class=\"_ _0\"></span>harmo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _1\"></span>with <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>balance <span class=\"_ _1\"></span>sheet <span class=\"_ _0\"></span>stru<span class=\"_ _7\"></span>cture<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>underwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ties. <span class=\"_ _0\"></span>Fina<span class=\"_ _7\"></span>ncial <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>unit-l<span class=\"_ _7\"></span>inked <span class=\"_ _0\"></span>and<span class=\"_ _7\"></span> index-li<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ked <span class=\"_ _7\"></span>lif<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>cov<span class=\"_ _7\"></span>er <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>it-link<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>ndex-link<span class=\"_ _7\"></span>ed l<span class=\"_ _7\"></span>ife <span class=\"_ _2\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>technical<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>ovisions.<span class=\"_ _2\"></span> Th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>endowme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t and <span class=\"_ _1\"></span>surr<span class=\"_ _7\"></span>ende<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>paym<span class=\"_ _2\"></span>ents <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>thes<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>poli<span class=\"_ _7\"></span>cies <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>linked <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>performa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>associa<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _6\"></span>assets. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> fro<span class=\"_ _7\"></span>m <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>ese <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>also<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>credi<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>full<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>the <span class=\"_ _0\"></span>polic<span class=\"_ _7\"></span>yholders.<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>As<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sult,<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>pol<span class=\"_ _7\"></span>icyhold<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs <span class=\"_ _0\"></span>bear <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _0\"></span>associa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>-<span class=\"_ _3d5\"> </span>forma<span class=\"_ _7\"></span>nce of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese i<span class=\"_ _7\"></span>nvestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. A<span class=\"_ _7\"></span>ccor<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span> to I<span class=\"_ _7\"></span>FRS 17, <span class=\"_ _7\"></span>thes<span class=\"_ _7\"></span>e l<span class=\"_ _7\"></span>ife insu<span class=\"_ _7\"></span>rance p<span class=\"_ _7\"></span>rod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cts wil<span class=\"_ _7\"></span>l no lo<span class=\"_ _2\"></span>nger be s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>own s<span class=\"_ _2\"></span>eparately o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties <span class=\"_ _4\"></span>si<span class=\"_ _7\"></span>de, <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hich <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hy <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>esent<span class=\"_ _7\"></span>ation <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>oach <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>also <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>siste<span class=\"_ _7\"></span>ntly <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>mpleme<span class=\"_ _7\"></span>nted <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ssets <span class=\"_ _0\"></span>side <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet.<span class=\"_ _7\"></span> This <span class=\"_ _2\"></span>means that <span class=\"_ _2\"></span>the co<span class=\"_ _7\"></span>rres<span class=\"_ _7\"></span>pondi<span class=\"_ _7\"></span>ng fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>instruments <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>shown <span class=\"_ _7\"></span>in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>solidat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>balan<span class=\"_ _7\"></span>ce sh<span class=\"_ _7\"></span>eet <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>part <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e ass<span class=\"_ _2\"></span>ets meas<span class=\"_ _7\"></span>ured <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>AC <span class=\"_ _2\"></span>or <span class=\"_ _10\"></span>FVtPL. <span class=\"_ _2\"></span>In <span class=\"_ _10\"></span>addition <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>that, <span class=\"_ _10\"></span>receiv<span class=\"_ _7\"></span>ables <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>these <span class=\"_ _7\"></span>typ<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cts <span class=\"_ _10\"></span>were <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>up<span class=\"_ _6\"></span>ed to existing positio<span class=\"_ _7\"></span>ns (e.g. <span class=\"_ _6\"></span>oth<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r receiv<span class=\"_ _7\"></span>ables, oth<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>liabi<span class=\"_ _7\"></span>liti<span class=\"_ _7\"></span>es, rece<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ables fro<span class=\"_ _7\"></span>m other fees). The classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of the unit- and index-li<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ked <span class=\"_ _7\"></span>lif<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>nsurance\u2019<span class=\"_ _5\"></span>s fi<span class=\"_ _7\"></span>nancial ass<span class=\"_ _2\"></span>ets i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>basically <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>FVtPL, <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xcept <span class=\"_ _2\"></span>for c<span class=\"_ _7\"></span>ash <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>qui<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alents <span class=\"_ _2\"></span>and t<span class=\"_ _7\"></span>erm deposits. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l assets <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured <span class=\"_ _2\"></span>at AC. Primarily<span class=\"_ _e\"></span>, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>FVtOCI o<span class=\"_ _2\"></span>ption <span class=\"_ _7\"></span>used f<span class=\"_ _7\"></span>or IF<span class=\"_ _7\"></span>RS 17 li<span class=\"_ _7\"></span>abi<span class=\"_ _7\"></span>lities, <span class=\"_ _7\"></span>other d<span class=\"_ _2\"></span>ebt assets<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e m<span class=\"_ _7\"></span>easu<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> at <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _7\"></span>CI. By taking th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> FVt<span class=\"_ _7\"></span>OCI optio<span class=\"_ _7\"></span>n, VIG endea<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ours to ke<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>p the co<span class=\"_ _7\"></span>nsequen<span class=\"_ _7\"></span>ces of a<span class=\"_ _7\"></span>n asset-liabi<span class=\"_ _7\"></span>lity mis<span class=\"_ _7\"></span>match to <span class=\"_ _7\"></span>a minimum. T<span class=\"_ _2\"></span>he foll<span class=\"_ _7\"></span>owing criteria <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e als<span class=\"_ _7\"></span>o consid<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>ed<span class=\"ff4e\">:<span class=\"_ _3d5\"> </span></span>\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ls t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t compatibl<span class=\"_ _7\"></span>e wi<span class=\"_ _7\"></span>th t<span class=\"_ _7\"></span>he FVtOCI c<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ego<span class=\"_ _7\"></span>ry:  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>An <span class=\"_ _6\"></span>example would <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sent the <span class=\"_ _1\"></span>loa<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>portfol<span class=\"_ _7\"></span>io, <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>due <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>its <span class=\"_ _6\"></span>illi<span class=\"_ _7\"></span>quidity <span class=\"_ _1\"></span>held <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>ma<span class=\"_ _7\"></span>turity<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>This <span class=\"_ _6\"></span>portfo<span class=\"_ _7\"></span>lio fu<span class=\"_ _6\"></span>lfi<span class=\"_ _7\"></span>ls <span class=\"_ _6\"></span>both the <span class=\"_ _4\"></span>SP<span class=\"_ _7\"></span>PI <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>riterion <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>well <span class=\"_ _4\"></span>as <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>d<span class=\"_ _6\"></span>efinitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>\u201c<span class=\"_ _6\"></span>Held <span class=\"_ _4\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Coll<span class=\"_ _7\"></span>ect\u201d <span class=\"_ _4\"> </span>busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>el <span class=\"_ _4\"></span>(<span class=\"_ _7\"></span>hold <span class=\"_ _4\"></span>st<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ategy<span class=\"_ _7\"></span>) <span class=\"_ _4\"></span>and <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e classif<span class=\"_ _7\"></span>ied as me<span class=\"_ _7\"></span>asur<span class=\"_ _7\"></span>ed at AC.<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments <span class=\"_ _7\"></span>that <span class=\"_ _7\"></span>are cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>ed based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> local <span class=\"_ _2\"></span>GAAP as \u201cHeld <span class=\"_ _7\"></span>to M<span class=\"_ _7\"></span>aturity\u201d <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>umed to f<span class=\"_ _7\"></span>ulfil <span class=\"_ _7\"></span>both the SP<span class=\"_ _7\"></span>PI criterion <span class=\"_ _7\"></span>as well<span class=\"_ _7\"></span> as t<span class=\"_ _7\"></span>he IFRS 9 <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>old str<span class=\"_ _7\"></span>ategy <span class=\"_ _7\"></span>and ar<span class=\"_ _2\"></span>e therefo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> classif<span class=\"_ _7\"></span>ied as m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at AC. <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments fo<span class=\"_ _2\"></span>r which the <span class=\"_ _7\"></span>test on <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>actual cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows (So<span class=\"_ _7\"></span>lel<span class=\"_ _7\"></span>y Payme<span class=\"_ _7\"></span>nts of P<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>incipal <span class=\"_ _7\"></span>and I<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st T<span class=\"_ _5\"></span>est (SPPI test)) s<span class=\"_ _7\"></span>hows th<span class=\"_ _7\"></span>at the SP<span class=\"_ _7\"></span>PI crite<span class=\"_ _7\"></span>rion is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot me<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>at FVtPL. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is i<span class=\"_ _7\"></span>ncludes <span class=\"_ _7\"></span>mutual<span class=\"_ _7\"></span> funds, fo<span class=\"_ _7\"></span>r exampl<span class=\"_ _2\"></span>e. The <span class=\"_ _1\"></span>appro<span class=\"_ _2\"></span>ach <span class=\"_ _6\"></span>set<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>out <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bo<span class=\"_ _7\"></span>ve <span class=\"_ _1\"></span>may <span class=\"_ _6\"></span>diff<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>if <span class=\"_ _6\"></span>manageme<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>comes t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>jus<span class=\"_ _7\"></span>tified <span class=\"_ _6\"></span>conclusio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>accord<span class=\"_ _2\"></span>ance<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>ith <span class=\"_ _1\"></span>IF<span class=\"_ _7\"></span>RS <span class=\"_ _7\"></span>9 another <span class=\"_ _7\"></span>classif<span class=\"_ _7\"></span>ication ap<span class=\"_ _2\"></span>proach is m<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e approp<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iate f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e underlyi<span class=\"_ _7\"></span>ng tra<span class=\"_ _7\"></span>nsaction.<span class=\"_ _7\"></span> The <span class=\"_ _1\"></span>decisi<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>instrum<span class=\"_ _7\"></span>ents, <span class=\"_ _6\"></span>includi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>participations, <span class=\"_ _6\"></span>co<span class=\"_ _7\"></span>nsiders <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>pectati<span class=\"_ _7\"></span>ons <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bo<span class=\"_ _7\"></span>ut <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>future<span class=\"_ _2\"></span> price <span class=\"_ _0\"></span>returns, <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>pos<span class=\"_ _7\"></span>sible<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>impa<span class=\"_ _7\"></span>cts <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ncome<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>statem<span class=\"_ _7\"></span>ent, <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>bu<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ness <span class=\"_ _0\"></span>model. <span class=\"_ _0\"></span>Meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>F<span class=\"_ _7\"></span>VtOCI <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>not applicabl<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>or <span class=\"_ _2\"></span>tradi<span class=\"_ _7\"></span>ng po<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>os. <span class=\"_ _2\"></span>The cl<span class=\"_ _2\"></span>assification <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>equity <span class=\"_ _2\"></span>instrume<span class=\"_ _7\"></span>nts <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>done o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>instr<span class=\"_ _7\"></span>ument-b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>-instr<span class=\"_ _7\"></span>ument <span class=\"_ _2\"></span>basis<span class=\"_ _7\"></span>. The classi<span class=\"_ _7\"></span>ficatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> is i<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>evoc<span class=\"_ _7\"></span>able, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d th<span class=\"_ _7\"></span>e decis<span class=\"_ _7\"></span>ion i<span class=\"_ _7\"></span>s tak<span class=\"_ _7\"></span>en b<span class=\"_ _7\"></span>y ea<span class=\"_ _7\"></span>ch Gr<span class=\"_ _7\"></span>oup co<span class=\"_ _2\"></span>mpany its<span class=\"_ _7\"></span>elf. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e class<span class=\"_ _7\"></span>ifi<span class=\"_ _7\"></span>cation is<span class=\"_ _7\"></span> base<span class=\"_ _2\"></span>d on the<span class=\"_ _7\"></span> investme<span class=\"_ _7\"></span>nt str<span class=\"_ _7\"></span>ategy <span class=\"_ _7\"></span>which cor<span class=\"_ _7\"></span>relat<span class=\"_ _7\"></span>es to t<span class=\"_ _7\"></span>he res<span class=\"_ _2\"></span>pective i<span class=\"_ _7\"></span>nsurance po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>o risk.<span class=\"_ _2\"></span> The dif<span class=\"_ _7\"></span>fer<span class=\"_ _2\"></span>ences res<span class=\"_ _2\"></span>ulting from <span class=\"_ _7\"></span>the ap<span class=\"_ _2\"></span>plication of I<span class=\"_ _7\"></span>FRS 9 com<span class=\"_ _2\"></span>pared to IA<span class=\"_ _7\"></span>S 39 <span class=\"_ _2\"></span>have bee<span class=\"_ _7\"></span>n re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed in r<span class=\"_ _7\"></span>etain<span class=\"_ _7\"></span>ed ea<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nings.<span class=\"_ _2\"></span> <div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs14e\">Changes<span class=\"_ _7\"></span> to cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>cation and m<span class=\"_ _7\"></span>easureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs14f\">T<span class=\"_ _e\"></span>o <span class=\"_ _6\"></span>dete<span class=\"_ _7\"></span>rmine th<span class=\"_ _7\"></span>e classifi<span class=\"_ _7\"></span>cation and measu<span class=\"_ _2\"></span>rement cat<span class=\"_ _7\"></span>egory<span class=\"_ _10\"></span>, IFRS 9<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ires al<span class=\"_ _7\"></span>l financial<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> be a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>esse<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>based<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs150\">combin<span class=\"_ _7\"></span>ation of the entity\u2019<span class=\"_ _e\"></span>s<span class=\"_ _7\"></span> business mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>l for managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the assets a<span class=\"_ _7\"></span>nd the <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sp<span class=\"_ _7\"></span>ective instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ment\u2019<span class=\"_ _e\"></span>s cont<span class=\"_ _7\"></span>ractual cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _2\"></span>ow </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs151\">characteristi<span class=\"_ _7\"></span>cs.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>In contr<span class=\"_ _7\"></span>ast to that, the class<span class=\"_ _7\"></span>ification<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>fina<span class=\"_ _7\"></span>ncial liabili<span class=\"_ _7\"></span>ties does not follo<span class=\"_ _7\"></span>w th<span class=\"_ _6\"></span>is app<span class=\"_ _2\"></span>roach and<span class=\"_ _7\"></span> does n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>fer </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs152\">signif<span class=\"_ _7\"></span>icantly fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>hat und<span class=\"_ _7\"></span>er IAS 39<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs153\">When IF<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>S 9 is<span class=\"_ _7\"></span> applie<span class=\"_ _7\"></span>d, the p<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>vious <span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n for \u201cFina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial ins<span class=\"_ _7\"></span>trum<span class=\"_ _7\"></span>ents a<span class=\"_ _7\"></span>vailable fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> sale<span class=\"_ _7\"></span>\u201d is no lo<span class=\"_ _2\"></span>nger allow<span class=\"_ _7\"></span>ed. In t<span class=\"_ _7\"></span>his </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs154\">categor<span class=\"_ _7\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>changes <span class=\"_ _e\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _2\"></span>directl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>compr<span class=\"_ _7\"></span>ehe<span class=\"_ _7\"></span>nsive <span class=\"_ _2\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>(rese<span class=\"_ _7\"></span>rves <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>unreali<span class=\"_ _7\"></span>sed <span class=\"_ _2\"></span>gai<span class=\"_ _7\"></span>ns </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs155\">and <span class=\"_ _1\"></span>losses).<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>In <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>case <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>disposals, <span class=\"_ _6\"></span>unre<span class=\"_ _7\"></span>alised <span class=\"_ _1\"></span>g<span class=\"_ _7\"></span>ains <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>losses <span class=\"_ _1\"></span>were<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>eclassif<span class=\"_ _7\"></span>ied <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ofit <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>loss <span class=\"_ _6\"></span>(Recycling<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>. <span class=\"_ _1\"></span>IFRS <span class=\"_ _2\"></span>9<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs156\">makes <span class=\"_ _2\"></span>a dis<span class=\"_ _7\"></span>tinctio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>betw<span class=\"_ _7\"></span>een <span class=\"_ _2\"></span>equity <span class=\"_ _2\"></span>and d<span class=\"_ _7\"></span>ebt <span class=\"_ _2\"></span>instrume<span class=\"_ _7\"></span>nts i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>fair <span class=\"_ _2\"></span>value m<span class=\"_ _2\"></span>easur<span class=\"_ _7\"></span>ement. <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>nstr<span class=\"_ _7\"></span>uments <span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>ld <span class=\"_ _2\"></span>for <span class=\"_ _7\"></span>tradi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs157\">are<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied throug<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt at <span class=\"_ _6\"></span>FVtPL. F<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>equit<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nstr<span class=\"_ _7\"></span>uments<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>are not h<span class=\"_ _6\"></span>eld for <span class=\"_ _6\"></span>trading, the <span class=\"_ _6\"></span>irrevo<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>able FVtOCI </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs158\">option <span class=\"_ _2\"></span>(design<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _10\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>FVtOCI) <span class=\"_ _2\"></span>ca<span class=\"_ _7\"></span>n b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>used <span class=\"_ _2\"></span>upon i<span class=\"_ _2\"></span>nitial <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n. <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _10\"></span>these <span class=\"_ _7\"></span>fina<span class=\"_ _7\"></span>ncial <span class=\"_ _2\"></span>instrume<span class=\"_ _7\"></span>nts, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>unrealis<span class=\"_ _2\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs159\">gains <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>losses <span class=\"_ _6\"></span>recognise<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>nder <span class=\"_ _0\"></span>other <span class=\"_ _1\"></span>compr<span class=\"_ _2\"></span>ehensive <span class=\"_ _0\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>(OCI) <span class=\"_ _0\"></span>will <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>long<span class=\"_ _7\"></span>er <span class=\"_ _0\"></span>be <span class=\"_ _0\"></span>transfe<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs15a\">period, <span class=\"_ _6\"></span>but <span class=\"_ _6\"></span>must <span class=\"_ _6\"></span>instead be <span class=\"_ _1\"></span>transfe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>tained earn<span class=\"_ _6\"></span>ings as <span class=\"_ _1\"></span>part <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>eholders\u2019 equity <span class=\"_ _6\"></span>(no <span class=\"_ _6\"></span>recycl<span class=\"_ _7\"></span>ing <span class=\"_ _6\"></span>allowed<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>In </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs15b\">the case<span class=\"_ _2\"></span> of debt i<span class=\"_ _2\"></span>nstrume<span class=\"_ _7\"></span>nts suc<span class=\"_ _7\"></span>h as <span class=\"_ _2\"></span>bonds or<span class=\"_ _7\"></span> loa<span class=\"_ _7\"></span>ns, simi<span class=\"_ _7\"></span>lar pr<span class=\"_ _2\"></span>ovisio<span class=\"_ _7\"></span>ns suc<span class=\"_ _7\"></span>h as t<span class=\"_ _7\"></span>hose <span class=\"_ _2\"></span>under IAS 39<span class=\"_ _2\"></span> \u201cFinancial<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>trum<span class=\"_ _7\"></span>ents </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs15c\">available f<span class=\"_ _7\"></span>or s<span class=\"_ _7\"></span>ale\u201d apply<span class=\"_ _e\"></span>.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs15d\">VIG <span class=\"_ _7\"></span>uses <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>centr<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _7\"></span>subl<span class=\"_ _7\"></span>edger <span class=\"_ _2\"></span>(tool) f<span class=\"_ _7\"></span>or <span class=\"_ _2\"></span>the m<span class=\"_ _2\"></span>easur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ment<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n of<span class=\"_ _7\"></span> f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets b<span class=\"_ _2\"></span>ased </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs15e\">on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e SP<span class=\"_ _7\"></span>PI <span class=\"_ _2\"></span>cr<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>eria <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as b<span class=\"_ _2\"></span>een almo<span class=\"_ _7\"></span>st <span class=\"_ _2\"></span>entirely <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>utomat<span class=\"_ _7\"></span>ed. M<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>st <span class=\"_ _7\"></span>investme<span class=\"_ _7\"></span>nts r<span class=\"_ _2\"></span>elevant <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>IF<span class=\"_ _7\"></span>RS 9 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> c<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ently m<span class=\"_ _2\"></span>anaged <span class=\"_ _2\"></span>in t<span class=\"_ _7\"></span>his </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs15f\">tool. T<span class=\"_ _7\"></span>his ma<span class=\"_ _7\"></span>kes it <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>ossi<span class=\"_ _7\"></span>ble <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up-wide<span class=\"_ _7\"></span> to <span class=\"_ _7\"></span>consist<span class=\"_ _7\"></span>ently appl<span class=\"_ _2\"></span>y IFRS 9, i<span class=\"_ _7\"></span>ncludi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g th<span class=\"_ _7\"></span>e calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lation <span class=\"_ _7\"></span>of EC<span class=\"_ _7\"></span>L. T<span class=\"_ _7\"></span>he impl<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs160\">of <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 9 <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>governed <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Group Gu<span class=\"_ _6\"></span>id<span class=\"_ _7\"></span>elines, which<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>re used <span class=\"_ _1\"></span>for <span class=\"_ _6\"></span>uniform <span class=\"_ _6\"></span>impleme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tation <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>IFRS 9. <span class=\"_ _6\"></span>Unde<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>IFRS <span class=\"_ _7\"></span>9, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs161\">financial <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>ets t<span class=\"_ _6\"></span>hat h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>bee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>ide<span class=\"_ _7\"></span>ntified a<span class=\"_ _6\"></span>s \u201cSPPI <span class=\"_ _1\"></span>fail\u201d (SPPI criterion n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>met<span class=\"_ _7\"></span>) <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ust <span class=\"_ _1\"></span>be classifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>meas<span class=\"_ _7\"></span>ured at <span class=\"_ _6\"></span>FVtPL. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs162\">Illi<span class=\"_ _7\"></span>quid <span class=\"_ _0\"></span>portfoli<span class=\"_ _7\"></span>os <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>old <span class=\"_ _1\"></span>strategy <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>used <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>normall<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>AC. <span class=\"_ _0\"></span>This <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>loans <span class=\"_ _1\"></span>in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs163\">particul<span class=\"_ _7\"></span>ar<span class=\"_ _10\"></span>. F<span class=\"_ _6\"></span>ina<span class=\"_ _7\"></span>ncial <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _6\"></span>that bot<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>satisfy the <span class=\"_ _6\"></span>SPPI criterio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(SPPI pass) and are <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ubject to <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>\u201chold to c<span class=\"_ _6\"></span>ollec<span class=\"_ _7\"></span>t and <span class=\"_ _6\"></span>sell<span class=\"_ _7\"></span>\u201d<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs164\">business m<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>el ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> to b<span class=\"_ _7\"></span>e catego<span class=\"_ _7\"></span>rised <span class=\"_ _7\"></span>as me<span class=\"_ _7\"></span>asured<span class=\"_ _2\"></span> at<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>FVtO<span class=\"_ _2\"></span>CI. F<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>that ar<span class=\"_ _7\"></span>e not <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompli<span class=\"_ _7\"></span>ant <span class=\"_ _7\"></span>with SPP<span class=\"_ _7\"></span>I (SPP<span class=\"_ _7\"></span>I f<span class=\"_ _7\"></span>ail) </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs165\">or do <span class=\"_ _7\"></span>not meet <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e abo<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e-me<span class=\"_ _7\"></span>ntioned b<span class=\"_ _7\"></span>usi<span class=\"_ _7\"></span>ness mod<span class=\"_ _7\"></span>els are r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>as measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>at F<span class=\"_ _7\"></span>VtPL.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs166\">The r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>ning fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial ass<span class=\"_ _7\"></span>ets (e.g. <span class=\"_ _7\"></span>debt i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts) <span class=\"_ _7\"></span>are m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>inly cat<span class=\"_ _7\"></span>egoris<span class=\"_ _7\"></span>ed to m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asure<span class=\"_ _2\"></span>d at<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>FVtOCI <span class=\"_ _2\"></span>under IFRS 9.<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs167\">Changes<span class=\"_ _7\"></span> to the im<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>airment c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulation </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs168\">The <span class=\"_ _6\"></span>adoptio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of I<span class=\"_ _6\"></span>FRS 9 has <span class=\"_ _6\"></span>fundame<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tall<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>changed the accounti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>for impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>loss<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>for debt<span class=\"_ _6\"></span> instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts measur<span class=\"_ _2\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs169\">at FVtOCI o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> at A<span class=\"_ _7\"></span>C b<span class=\"_ _7\"></span>y repl<span class=\"_ _7\"></span>acing IAS 3<span class=\"_ _7\"></span>9\u2019<span class=\"_ _e\"></span>s i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>curr<span class=\"_ _7\"></span>ed lo<span class=\"_ _7\"></span>ss wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> a fo<span class=\"_ _7\"></span>rward<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>looki<span class=\"_ _7\"></span>ng expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted lo<span class=\"_ _7\"></span>ss app<span class=\"_ _7\"></span>roac<span class=\"_ _7\"></span>h. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs16a\">An expect<span class=\"_ _7\"></span>ed credi<span class=\"_ _7\"></span>t loss <span class=\"_ _7\"></span>allowanc<span class=\"_ _7\"></span>e has to be r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised for <span class=\"_ _2\"></span>all debt instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts that <span class=\"_ _7\"></span>are not me<span class=\"_ _2\"></span>asured at F<span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>tPL. Fo<span class=\"_ _7\"></span>r debt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs16b\">instrume<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>without <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>significa<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>incr<span class=\"_ _7\"></span>ease <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>credit <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _1\"></span>since <span class=\"_ _0\"></span>acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>n, <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>ECL <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>based <span class=\"_ _1\"></span>on <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>portio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>lifetime </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs16c\">ECLs that would r<span class=\"_ _7\"></span>esult from<span class=\"_ _7\"></span> default e<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ents on a <span class=\"_ _6\"></span>fin<span class=\"_ _7\"></span>ancial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t that are possibl<span class=\"_ _7\"></span>e within<span class=\"_ _7\"></span> 12 <span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>nths after the re<span class=\"_ _7\"></span>porting </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs16d\">date. <span class=\"_ _0\"></span>Howeve<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>, <span class=\"_ _0\"></span>when <span class=\"_ _0\"></span>ther<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>ha<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>si<span class=\"_ _7\"></span>gnificant <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>cr<span class=\"_ _7\"></span>ease<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>redit <span class=\"_ _0\"></span>risk <span class=\"_ _0\"></span>sinc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>issuance <span class=\"_ _0\"></span>or <span class=\"_ _0\"></span>purc<span class=\"_ _7\"></span>hase <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts, <span class=\"_ _0\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs16e\">allowa<span class=\"_ _7\"></span>nce is base<span class=\"_ _2\"></span>d on<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the full l<span class=\"_ _7\"></span>ifetime EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs16f\">The d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>bt i<span class=\"_ _2\"></span>nstruments<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at <span class=\"_ _2\"></span>FVtOCI <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r at <span class=\"_ _7\"></span>AC <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>rim<span class=\"_ _7\"></span>arily ma<span class=\"_ _2\"></span>de <span class=\"_ _7\"></span>up of <span class=\"_ _2\"></span>investm<span class=\"_ _7\"></span>ent-grad<span class=\"_ _7\"></span>e bo<span class=\"_ _2\"></span>nds, so<span class=\"_ _7\"></span> h<span class=\"_ _7\"></span>ave <span class=\"_ _7\"></span>a l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>w cr<span class=\"_ _2\"></span>edit </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs170\">risk. Und<span class=\"_ _7\"></span>er IFRS 9<span class=\"_ _7\"></span>, s<span class=\"_ _7\"></span>uch instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>can b<span class=\"_ _7\"></span>e measu<span class=\"_ _7\"></span>red o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span> 12-month <span class=\"_ _7\"></span>ECL basis.<span class=\"_ _2\"></span> </div>VIG\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>definition<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>default <span class=\"_ _6\"></span>cove<span class=\"_ _7\"></span>rs a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>l<span class=\"_ _7\"></span>east <span class=\"_ _6\"></span>two <span class=\"_ _6\"></span>dime<span class=\"_ _7\"></span>nsions,<span class=\"_ _7\"></span> namely <span class=\"_ _6\"></span>one r<span class=\"_ _6\"></span>ating-<span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _6\"></span>dim<span class=\"_ _2\"></span>en<span class=\"_ _6\"></span>sio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>(C, D) <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>well <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>one <span class=\"_ _6\"></span>days past due <span class=\"_ _7\"></span>(90 d<span class=\"_ _7\"></span>ays past d<span class=\"_ _7\"></span>ue) b<span class=\"_ _7\"></span>ased c<span class=\"_ _7\"></span>riterion. Ho<span class=\"_ _2\"></span>wever<span class=\"_ _e\"></span>, in ce<span class=\"_ _7\"></span>rtain cases, f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial asse<span class=\"_ _7\"></span>ts c<span class=\"_ _7\"></span>an be consi<span class=\"_ _7\"></span>der<span class=\"_ _7\"></span>ed to b<span class=\"_ _2\"></span>e in defa<span class=\"_ _7\"></span>ult when <span class=\"_ _6\"></span>one <span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>mor<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>events <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>have <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>detriment<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>impact <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>tur<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>cash <span class=\"_ _6\"></span>flows <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>that<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>financial<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sset <span class=\"_ _6\"></span>have occurr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. <span class=\"_ _7\"></span>Suc<span class=\"_ _7\"></span>h e<span class=\"_ _7\"></span>vents ar<span class=\"_ _2\"></span>e esp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ially <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>war <span class=\"_ _7\"></span>in U<span class=\"_ _7\"></span>krain<span class=\"_ _7\"></span>e and <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ulting sa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ctio<span class=\"_ _7\"></span>ns i<span class=\"_ _7\"></span>mposed <span class=\"_ _2\"></span>on n<span class=\"_ _7\"></span>umer<span class=\"_ _7\"></span>ous <span class=\"_ _2\"></span>Ru<span class=\"_ _6\"></span>ssia<span class=\"_ _7\"></span>n i<span class=\"_ _7\"></span>ssue<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s in the fin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ncial y<span class=\"_ _7\"></span>ears 202<span class=\"_ _7\"></span>2 a<span class=\"_ _7\"></span>nd 2023.<span class=\"_ _7\"></span> The a<span class=\"_ _7\"></span>doptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the EC<span class=\"_ _7\"></span>L r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ements <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>asso<span class=\"_ _7\"></span>ciated <span class=\"_ _2\"></span>new sys<span class=\"_ _7\"></span>tem r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ulted <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>an <span class=\"_ _7\"></span>incr<span class=\"_ _7\"></span>ease <span class=\"_ _2\"></span>in the <span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span> al<span class=\"_ _7\"></span>lowanc<span class=\"_ _7\"></span>es relat<span class=\"_ _7\"></span>ed to <span class=\"_ _7\"></span>debt<span class=\"_ _7\"></span> inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts. With t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e initi<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>applic<span class=\"_ _7\"></span>ation of<span class=\"_ _7\"></span> IFR<span class=\"_ _7\"></span>S 9, these<span class=\"_ _2\"></span> effec<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>were r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>r shar<span class=\"_ _2\"></span>eholders\u2019 e<span class=\"_ _2\"></span>quity in ret<span class=\"_ _7\"></span>ained <span class=\"_ _7\"></span>earnings, t<span class=\"_ _7\"></span>aking i<span class=\"_ _7\"></span>nto consid<span class=\"_ _2\"></span>eration the asso<span class=\"_ _2\"></span>ciate<span class=\"_ _7\"></span>d deferr<span class=\"_ _7\"></span>ed tax<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s.<span class=\"_ _7\"></span> The <span class=\"_ _6\"></span>simpli<span class=\"_ _7\"></span>fied appro<span class=\"_ _2\"></span>ach <span class=\"_ _6\"></span>is used for trade re<span class=\"_ _7\"></span>ceivables a<span class=\"_ _7\"></span>nd <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>eceiv<span class=\"_ _7\"></span>ables from leases i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>acco<span class=\"_ _7\"></span>rda<span class=\"_ _7\"></span>nce with IFRS 9.5.5<span class=\"_ _7\"></span>.15. As<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a result, country-sp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cific <span class=\"_ _6\"></span>loss r<span class=\"_ _6\"></span>ates <span class=\"_ _6\"></span>have <span class=\"_ _1\"></span>been <span class=\"_ _6\"></span>calc<span class=\"_ _7\"></span>ulated <span class=\"_ _6\"></span>based <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>istoric<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>proba<span class=\"_ _7\"></span>biliti<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>fault <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>futur<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>par<span class=\"_ _7\"></span>amete<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s for <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ning <span class=\"_ _6\"></span>the corr<span class=\"_ _7\"></span>esponding<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>risk <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>ns. <span class=\"_ _6\"></span>Further<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ore, <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ceiv<span class=\"_ _7\"></span>ables whose <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ractually<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>agree<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>payme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e 90<span class=\"_ _6\"></span> days past <span class=\"_ _2\"></span>due are cl<span class=\"_ _2\"></span>assified as b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ing in <span class=\"_ _7\"></span>default.<span class=\"_ _2\"></span> Changes<span class=\"_ _7\"></span> to disc<span class=\"_ _7\"></span>los<span class=\"_ _7\"></span>ure<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> requir<span class=\"_ _7\"></span>ed unde<span class=\"_ _7\"></span>r IFRS<span class=\"_ _7\"></span> 7 T<span class=\"_ _e\"></span>o <span class=\"_ _6\"></span>refl<span class=\"_ _7\"></span>ect the <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferences bet<span class=\"_ _7\"></span>ween IFRS 9 and IAS 39, IFRS <span class=\"_ _7\"></span>7 F<span class=\"_ _6\"></span>inan<span class=\"_ _7\"></span>cial Instrum<span class=\"_ _7\"></span>ents: Disclos<span class=\"_ _7\"></span>ures has also been amende<span class=\"_ _2\"></span>d. VIG <span class=\"_ _4\"> </span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>amen<span class=\"_ _7\"></span>ded <span class=\"_ _4\"></span>discl<span class=\"_ _7\"></span>osur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>r<span class=\"_ _7\"></span>equirem<span class=\"_ _2\"></span>ents, <span class=\"_ _4\"> </span>toget<span class=\"_ _2\"></span>her <span class=\"_ _4\"> </span>with <span class=\"_ _4\"> </span>IFRS 9, <span class=\"_ _4\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>yea<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>beginning <span class=\"_ _4\"></span>1<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>Janua<span class=\"_ _7\"></span>ry <span class=\"_ _4\"> </span>2023. <span class=\"_ _4\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e changes i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>e transiti<span class=\"_ _7\"></span>on di<span class=\"_ _7\"></span>sclosur<span class=\"_ _2\"></span>es as sho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>n in t<span class=\"_ _7\"></span>he T<span class=\"_ _e\"></span>rans<span class=\"_ _7\"></span>ition secti<span class=\"_ _7\"></span>on belo<span class=\"_ _7\"></span>w<span class=\"_ _2\"></span>.  Reconci<span class=\"_ _7\"></span>liations <span class=\"_ _2\"></span>for t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>CL <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>adjustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>IAS<span class=\"_ _7\"></span> 39 <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>losi<span class=\"_ _7\"></span>ng bala<span class=\"_ _2\"></span>nce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 9 <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>pening <span class=\"_ _2\"></span>balance <span class=\"_ _2\"></span>sheet <span class=\"_ _2\"></span>are prese<span class=\"_ _7\"></span>nted i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the No<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>es st<span class=\"_ _7\"></span>arting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 44<span class=\"_ _7\"></span>.  <span class=\"_ _7\"></span> T<span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>ansiti<span class=\"_ _7\"></span>on<span class=\"_ _7\"></span> VIG <span class=\"_ _1\"></span>ha<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>applied <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Classifi<span class=\"_ _7\"></span>cation <span class=\"_ _1\"></span>Overla<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>Approac<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>cla<span class=\"_ _2\"></span>ssifying <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>instr<span class=\"_ _7\"></span>uments, <span class=\"_ _6\"></span>and <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>ublishes <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>compar<span class=\"_ _7\"></span>ative informatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>as if<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>IFRS 9<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>gul<span class=\"_ _7\"></span>ations <span class=\"_ _2\"></span>had <span class=\"_ _2\"></span>alread<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> b<span class=\"_ _2\"></span>een <span class=\"_ _7\"></span>app<span class=\"_ _2\"></span>lied i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>the fi<span class=\"_ _7\"></span>rst <span class=\"_ _2\"></span>compa<span class=\"_ _7\"></span>rative <span class=\"_ _2\"></span>period <span class=\"_ _2\"></span>2022.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>her<span class=\"_ _2\"></span>e is <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>obli<span class=\"_ _7\"></span>gati<span class=\"_ _7\"></span>on to appl<span class=\"_ _7\"></span>y the imp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>irment <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isi<span class=\"_ _7\"></span>ons when <span class=\"_ _7\"></span>taki<span class=\"_ _7\"></span>ng this app<span class=\"_ _2\"></span>roac<span class=\"_ _7\"></span>h, how<span class=\"_ _7\"></span>ever VI<span class=\"_ _7\"></span>G has d<span class=\"_ _7\"></span>ecided to <span class=\"_ _2\"></span>apply this<span class=\"_ _7\"></span> appr<span class=\"_ _7\"></span>oach <span class=\"_ _7\"></span>alre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dy in the <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pariso<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>period <span class=\"_ _7\"></span>2022, <span class=\"_ _10\"></span>too. <span class=\"_ _7\"></span>An<span class=\"_ _7\"></span>y di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>nce <span class=\"_ _7\"></span>betwee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the pr<span class=\"_ _2\"></span>evious <span class=\"_ _2\"></span>carrying<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt of<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> fi<span class=\"_ _7\"></span>nancial <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _7\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unt resulti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he applic<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ion of t<span class=\"_ _2\"></span>he appro<span class=\"_ _7\"></span>ach h<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ve b<span class=\"_ _7\"></span>een re<span class=\"_ _2\"></span>cognised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> equit<span class=\"_ _7\"></span>y under <span class=\"_ _7\"></span>retai<span class=\"_ _7\"></span>ned <span class=\"_ _7\"></span>earnings. As <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>rule, <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ncial <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>I<span class=\"_ _7\"></span>FRS 9 <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>sub-di<span class=\"_ _7\"></span>vided <span class=\"_ _1\"></span>into <span class=\"_ _1\"></span>debt <span class=\"_ _0\"></span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>and <span class=\"_ _1\"></span>eq<span class=\"_ _7\"></span>uity <span class=\"_ _0\"></span>instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments. <span class=\"_ _1\"></span>The<span class=\"_ _7\"></span> foll<span class=\"_ _7\"></span>owing ta<span class=\"_ _6\"></span>ble shows the classifica<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion of <span class=\"_ _6\"></span>debt instr<span class=\"_ _7\"></span>uments accor<span class=\"_ _7\"></span>ding to both IAS 39 and <span class=\"_ _6\"></span>IFRS 9<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>s of <span class=\"_ _6\"></span>the transitio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>da<span class=\"_ _7\"></span>te 1 Janu<span class=\"_ _7\"></span>ary 2022:<span class=\"_ _2\"></span> Debt instr<span class=\"_ _6\"></span>uments<span class=\"_ _6\"></span> IAS 39 <span class=\"_ _124\"> </span><span class=\"fsf\">IFRS <span class=\"_ _6\"></span>9 </span>SPPI-pass <span class=\"_ _125\"> </span>SPPI-fail<span class=\"_ _6\"></span>  <span class=\"_ _cb\"> </span>Business <span class=\"_ _6\"></span>model <span class=\"_ _126\"> </span>  <span class=\"_ _127\"> </span>Hold t<span class=\"_ _6\"></span>o coll<span class=\"_ _6\"></span>ect* <span class=\"_ _128\"> </span>Hold t<span class=\"_ _6\"></span>o coll<span class=\"_ _6\"></span>ect and sell* <span class=\"_ _af\"> </span>Neither <span class=\"_ _3e\"> </span> Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>ot<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _129\"> </span>measured at A<span class=\"_ _6\"></span>C <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12b\"> </span>measured at FVtPL<span class=\"_ _6\"></span> Held<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to m<span class=\"_ _1\"></span>at<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y (<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl.<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ifi<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>m<span class=\"_ _6\"></span>easured at A<span class=\"_ _6\"></span>C <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12b\"> </span>measured at FVtPL<span class=\"_ _6\"></span> Ava<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>le f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _12c\"> </span>measured at A<span class=\"_ _6\"></span>C <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12b\"> </span>measured at FVtPL<span class=\"_ _6\"></span> Re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>r va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>h p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>measured at AC <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured<span class=\"_ _6\"></span> at FVtPL <span class=\"_ _12b\"> </span>measured<span class=\"_ _6\"></span> at FVtPL *Expected credit l<span class=\"_ _7\"></span>oss (ECL) must be <span class=\"_ _7\"></span>calculated for SPP<span class=\"_ _6\"></span>I-pass debt in<span class=\"_ _7\"></span>struments.<span class=\"_ _3d5\"> </span> <div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs198\">VI<span class=\"_ _2\"></span>G h<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>hos<span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>to<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>rr<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ca<span class=\"_ _2\"></span>bly <span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>as<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>tra<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>gic<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y h<span class=\"_ _7\"></span>el<span class=\"_ _2\"></span>d e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty i<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>tru<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ea<span class=\"_ _2\"></span>sur<span class=\"_ _10\"></span>ed <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>FVt<span class=\"_ _2\"></span>OC<span class=\"_ _7\"></span>I.<span class=\"_ _2\"></span> An<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>tr<span class=\"_ _7\"></span>um<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs199\">f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>non<span class=\"_ _2\"></span>-s<span class=\"_ _7\"></span>tr<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>c p<span class=\"_ _2\"></span>urp<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>es <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>asu<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>at<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>FVt<span class=\"_ _2\"></span>PL.<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs19a\">Equity instr<span class=\"_ _6\"></span>umen<span class=\"_ _6\"></span>sts </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs19b\">IAS 39 <span class=\"_ _124\"> </span><span class=\"fsf\">I<span class=\"_ _6\"></span>FRS 9<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19c\"> <span class=\"_ _b4\"> </span>Held f<span class=\"_ _6\"></span>or t<span class=\"_ _6\"></span>rading <span class=\"_ _12d\"> </span>FVtOCI-Optio<span class=\"_ _6\"></span>n </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19d\">Ava<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>le f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _12e\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12f\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19e\">Re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>r va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>h p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _12d\"> </span>meas<span class=\"_ _6\"></span>ured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12f\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs19f\">T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nit<span class=\"_ _2\"></span>ial <span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>IF<span class=\"_ _7\"></span>RS<span class=\"_ _2\"></span> 9 r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> in <span class=\"_ _7\"></span>cha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s to I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span> 7 \u2013 F<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> in<span class=\"_ _7\"></span>st<span class=\"_ _2\"></span>rum<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>: Di<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>clo<span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>s,<span class=\"_ _7\"></span> as<span class=\"_ _7\"></span> a r<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span>ult of<span class=\"_ _2\"></span> wh<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ch VI<span class=\"_ _2\"></span>G has </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1a0\">ad<span class=\"_ _2\"></span>ju<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ati<span class=\"_ _2\"></span>ve b<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>anc<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>of 1<span class=\"_ _7\"></span> J<span class=\"_ _2\"></span>anu<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>2. With<span class=\"_ _6\"></span> rega<span class=\"_ _2\"></span>rd to additio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al adjustme<span class=\"_ _2\"></span>nts, please r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fer to the ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pter </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1a1\">\u201cChanges i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies\u201d s<span class=\"_ _2\"></span>tarting o<span class=\"_ _7\"></span>n page 51.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1a2\">Categories a<span class=\"_ _6\"></span>nd reco<span class=\"_ _6\"></span>ncilia<span class=\"_ _6\"></span>tion boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>21<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a3\">Adjustments<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>01/01/2022</div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1a4\">  <span class=\"_ _131\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a5\">value<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a6\">Reclassifi-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a7\">catio<span class=\"_ _6\"></span>n IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a8\">Reclassifi-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a9\">catio<span class=\"_ _6\"></span>n<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1aa\">Valuati<span class=\"_ _6\"></span>on<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ab\">IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ac\">value<span class=\"_ _3d5\"> </span></div><div class=\"c w1f h28 gs1ad\"><div class=\"t m0 x0 h29 y153 ff48 fsf fca sc0 ls5 ws2\">i</div></div><div class=\"c w20 h28 gs1ae\"><div class=\"t m0 x0 h29 y153 ff48 fsf fca sc0 ls5 ws2\">n<span class=\"_ _3d5\"> </span></div></div><div class=\"c w21 h28 gs1af\"><div class=\"t m0 x0 h29 y153 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _3d5\"> </span></div></div><div class=\"c w22 h28 gs1b0\"><div class=\"t m0 x0 h29 y153 ff48 fsf fca sc0 ls5 ws2\">'000 </div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b1\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Am<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span> <span class=\"_ _132\"> </span>8,605,67<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b2\">-105,5<span class=\"_ _6\"></span>07<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b3\">-3,027<span class=\"_ _6\"></span>,957<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b4\">-25,70<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b5\">5,446,50<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b6\">Ad<span class=\"_ _6\"></span>ditio<span class=\"_ _1\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _133\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b7\">From<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ll a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b8\">mat<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y - <span class=\"_ _6\"></span>IF<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>9:<span class=\"_ _6\"></span> Ri<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ovis<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>ogn<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b9\">-25,704<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ba\">-25,704<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1bb\">From<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>vale<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> \u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _1\"></span> 3<span class=\"_ _6\"></span>9: <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>- </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1bc\">and <span class=\"_ _6\"></span>ind<span class=\"_ _1\"></span>ex-<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1bd\">271,074<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1be\">271,074<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1bf\">Dis<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>s <span class=\"_ _134\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c0\">To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l as<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o m<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _135\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c1\">-1,762,41<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c2\">-1,762,41<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c3\">To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r in<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _136\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c4\">-1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c5\">-1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c6\">To <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>s m<span class=\"_ _6\"></span>and<span class=\"_ _1\"></span>at<span class=\"_ _6\"></span>ori<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> \u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>oan<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c7\">in<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c8\">-3,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c9\">-3,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ca\">To p<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>cy <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>s u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 17<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>\u2013 <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cb\">oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r in<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _93\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cc\">-17,027<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cd\">-17,027<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ce\">To d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>7 <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9: <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>oan<span class=\"_ _6\"></span>s </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cf\">and <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>the<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d0\">-88,480<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d1\">-88,480<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d2\">Wit<span class=\"_ _6\"></span>hin<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _5d\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d3\">-68,734<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d4\">-68,734<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d5\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _137\"> </span>25,849,0<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d7\">-1,248<span class=\"_ _6\"></span>,763<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d8\">56,466<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d9\">24,656,7<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1da\">Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>25,078,1<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1db\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1dc\">-720,3<span class=\"_ _6\"></span>26<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1dd\">49,666<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1de\">24,407,4<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1df\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e0\">From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> h<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o m<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _13a\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e1\">1,762,41<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e2\">49,666<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e3\">1,812,07<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e4\">From<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _13b\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e5\">1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e6\">1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e7\">From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>ug<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span>*<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e8\">40,804<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e9\">40,804<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ea\">Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _13d\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1eb\">To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sign<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 39<span class=\"_ _6\"></span>:<span class=\"_ _6\"></span> Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ec\">ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ed\">-294,032<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ee\">-294,032<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ef\">To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>man<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L \u2013<span class=\"_ _1\"></span> IA<span class=\"_ _6\"></span>S 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f0\">ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f1\">-920,971<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f2\">-920,971<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f3\">To <span class=\"_ _6\"></span>fund<span class=\"_ _1\"></span>s m<span class=\"_ _6\"></span>and<span class=\"_ _1\"></span>at<span class=\"_ _6\"></span>ori<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL <span class=\"_ _6\"></span>\u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>:<span class=\"_ _6\"></span> Fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f4\">ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f5\">-2,772,92<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f6\">-2,772,92<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f7\">Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _13e\"> </span>770,933<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f9\">-528,4<span class=\"_ _6\"></span>37<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fa\">6,800<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fb\">249,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fc\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fd\">From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>ug<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span>*<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fe\">388<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ff\">102<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs200\">490<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs201\">Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _13d\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs202\">To <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> ma<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>L \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs203\">ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs204\">-455,448<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs205\">-455,448<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs206\">To <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>cip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>pan<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>man<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>tor<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L \u2013<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs207\">IAS <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>vai<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs208\">-45,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs209\">-45,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs20b\">Categories a<span class=\"_ _6\"></span>nd reco<span class=\"_ _6\"></span>ncilia<span class=\"_ _6\"></span>tion boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>21<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20c\">Adjustments<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>0<span class=\"_ _6\"></span>1/01/2022</div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs20d\">  <span class=\"_ _131\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20e\">value<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20f\">Reclassifi-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs210\">catio<span class=\"_ _6\"></span>n IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs211\">Reclassifi-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs212\">catio<span class=\"_ _6\"></span>n<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs213\">Valuati<span class=\"_ _6\"></span>on<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs214\">IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs215\">value<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fca sc0 ls5 ws2 gs216\">in EU<span class=\"_ _1\"></span>R '<span class=\"_ _6\"></span>00<span class=\"_ _6\"></span>0 <span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs217\">To <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iat<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s m<span class=\"_ _6\"></span>and<span class=\"_ _1\"></span>ato<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs218\">me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L <span class=\"_ _6\"></span>\u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ilab<span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs219\">-28,078<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21a\">6,698<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21b\">-21,380<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs21c\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _115\"> </span>8,772,<span class=\"_ _6\"></span>540<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs21d\">-10,58<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs21e\">4,300,39<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs21f\">216,330<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs220\">13,278,6<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs221\">Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>8,64<span class=\"_ _6\"></span>5,446<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs222\">-10,58<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs223\">4,006,36<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs224\">164,093<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs225\">12,805,3<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs226\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs227\">From<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _13b\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs228\">3,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs229\">251<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22a\">3,751<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22b\">From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22c\">920,971<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22d\">163,617<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22e\">1,084,58<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22f\">From<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs230\">455,448<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs231\">455,448<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs232\">From<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>icip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _141\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs233\">45,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs234\">91<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs235\">45,390<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs236\">From<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>fili<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pan<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or s<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _3c\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs237\">28,078<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs238\">1,211<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs239\">29,289<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23a\">From<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>ds <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23b\">2,772,92<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23c\">-3,192<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23d\">2,769,73<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23e\">From<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>og<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>h p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>s*<span class=\"_ _6\"></span> <span class=\"_ _142\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23f\">2,115<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs240\">2,115<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs241\">Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _13d\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs242\">To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l as<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>gni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs243\">fair<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>hr<span class=\"_ _6\"></span>ough<span class=\"_ _1\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>fit<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>s*<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs244\">-40,804<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs245\">-40,804<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs246\">To <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs247\">ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>-l<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>fe i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _143\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs248\">-179,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs249\">-179,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24a\">To d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>7 <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9: </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24b\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>uni<span class=\"_ _6\"></span>t-<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>-lin<span class=\"_ _1\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24c\">-10,589<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24d\">-10,589<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs24e\">Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>1<span class=\"_ _6\"></span>27,094<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs24f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs250\">294,032<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs251\">52,237<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs252\">473,363<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs253\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs254\">From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs255\">294,032<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs256\">52,237<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs257\">346,269<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs258\">Total<span class=\"_ _6\"></span> financia<span class=\"_ _6\"></span>l assets acc. t<span class=\"_ _6\"></span>o IF<span class=\"_ _6\"></span>RS 9 <span class=\"_ _144\"> </span>43,227,2<span class=\"_ _6\"></span>81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs259\">-116,0<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs25a\">23,675<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs25b\">247,092<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs25c\">43,381,9<span class=\"_ _6\"></span>52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs25d\">*Inclu<span class=\"_ _7\"></span>ding held for tradin<span class=\"_ _7\"></span>g<span class=\"_ _6\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs25e\">Categories a<span class=\"_ _6\"></span>nd reco<span class=\"_ _6\"></span>ncilia<span class=\"_ _6\"></span>tion boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>21<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs25f\">Adjustments<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>0<span class=\"_ _6\"></span>1/01/2022</div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs260\">  <span class=\"_ _131\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs261\">value<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs262\">Re-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs263\">classificat<span class=\"_ _6\"></span>ion </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs264\">IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs265\">Re-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs266\">classificat<span class=\"_ _6\"></span>ion<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs267\">Valuati<span class=\"_ _6\"></span>on<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs268\">IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs269\">value<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs26a\"><div class=\"t m0 x0 h29 y37e ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gs26b\"><div class=\"t m0 x0 h29 y37e ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w22 h28 gs26c\"><div class=\"t m0 x0 h29 y37e ff48 fsf fca sc0 ls5 ws2\">'000 </div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs26d\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> fa<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> <span class=\"_ _145\"> </span>2,705<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs26e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs26f\">643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs270\">524<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs271\">3,872<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs272\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ily <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _ed\"> </span>2,705<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs273\">524<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs274\">3,229<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs275\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sign<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _146\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs276\">643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs277\">643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs278\">At <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d co<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span> <span class=\"_ _51\"> </span>2,939,987<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs279\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs27a\">219,046<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs27b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs27c\">3,159,03<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27d\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _147\"> </span>2,620,34<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27e\">222<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27f\">2,620,56<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs280\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _148\"> </span>319,640<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs281\">218,824<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs282\">538,464<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs283\">Total <span class=\"_ _149\"> </span>2,942,69<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs284\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs285\">219,689<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs286\">524<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs287\">3,162,90<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs289\">The fo<span class=\"_ _7\"></span>llowi<span class=\"_ _2\"></span>ng t<span class=\"_ _7\"></span>able s<span class=\"_ _2\"></span>hows <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>econcili<span class=\"_ _7\"></span>ation o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idat<span class=\"_ _2\"></span>ed op<span class=\"_ _7\"></span>ening <span class=\"_ _2\"></span>loan <span class=\"_ _7\"></span>loss <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>ovision<span class=\"_ _2\"></span> allowa<span class=\"_ _7\"></span>nces <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>IAS 39 <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28a\">ECL allo<span class=\"_ _7\"></span>wances <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>r IFRS 9.<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs28b\">Reconciliation<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>mpairment<span class=\"_ _6\"></span> provis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _fe\"> </span><span class=\"fsf\">IAS 3<span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs28c\">value as of<span class=\"_ _6\"></span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs28d\">31/12/2021<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs28e\">Adjustments<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs28f\">IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs290\">as of 01<span class=\"_ _6\"></span>/01/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs291\"><div class=\"t m0 x0 h29 y133 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gs292\"><div class=\"t m0 x0 h29 y133 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w22 h28 gs293\"><div class=\"t m0 x0 h29 y133 ff48 fsf fca sc0 ls5 ws2\">'000 </div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs294\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span> <span class=\"_ _14a\"> </span>12,968<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs295\">48,164<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs296\">61,132<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs297\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at f<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue t<span class=\"_ _1\"></span>hr<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>gh<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>rof<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs298\">*</div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs299\"> <span class=\"_ _fa\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs29a\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs29b\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs29c\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o c<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>teg<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _14b\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs29d\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs29e\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs29f\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>vai<span class=\"_ _6\"></span>la<span class=\"_ _1\"></span>ble<span class=\"_ _6\"></span> fo<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _14c\"> </span>12,968<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2a0\">48,162<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2a1\">61,130<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a2\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o c<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>teg<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>12,968<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a3\">48,162<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a4\">61,130<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2a5\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>(loa<span class=\"_ _1\"></span>ns<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>s,<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>hel<span class=\"_ _6\"></span>d to<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>atu<span class=\"_ _6\"></span>rit<span class=\"_ _1\"></span>y, A<span class=\"_ _1\"></span>C)<span class=\"_ _6\"></span> <span class=\"_ _14d\"> </span>15,508<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2a6\">10,196<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2a7\">25,704<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a8\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o c<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>teg<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C <span class=\"_ _14e\"> </span>15,508<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a9\">10,196<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2aa\">25,704<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs2ab\">*Inclu<span class=\"_ _7\"></span>ding held for tradin<span class=\"_ _7\"></span>g<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ac\">The <span class=\"_ _2\"></span>following <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>res <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>cat<span class=\"_ _7\"></span>egories <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>financial <span class=\"_ _2\"></span>instrumen<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>IAS 39 <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>IFRS 9 <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>sis <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>carrying </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ad\">amounts: <span class=\"_ _0\"></span>The <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ated <span class=\"_ _0\"></span>b<span class=\"_ _6\"></span>oo<span class=\"_ _2\"></span>k <span class=\"_ _4\"> </span>values <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>catego<span class=\"_ _7\"></span>ry <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>financial <span class=\"_ _0\"></span>instrumen<span class=\"_ _7\"></span>ts <span class=\"_ _4\"></span>me<span class=\"_ _2\"></span>asured <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>AC <span class=\"_ _0\"></span>diff<span class=\"_ _7\"></span>er <span class=\"_ _4\"></span>ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>two </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ae\">valuatio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>standards<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>becaus<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>provisi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>mu<span class=\"_ _6\"></span>st <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>consi<span class=\"_ _7\"></span>der<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>book <span class=\"_ _10\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _2\"></span>accor<span class=\"_ _7\"></span>ding <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>IFRS 9. <span class=\"_ _10\"></span>It <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hould <span class=\"_ _10\"></span>also <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>noted </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2af\">that <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>Grou<span class=\"_ _2\"></span>p <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>switc<span class=\"_ _7\"></span>hed <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>\u201cdirty <span class=\"_ _6\"></span>value\u201d <span class=\"_ _1\"></span>acco<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>ing under <span class=\"_ _1\"></span>IF<span class=\"_ _7\"></span>RS 9. <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>those <span class=\"_ _6\"></span>categories <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>financial <span class=\"_ _6\"></span>instrum<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b0\">are<span class=\"_ _7\"></span> measur<span class=\"_ _7\"></span>ed at fair value, th<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ference in the book<span class=\"_ _7\"></span> values<span class=\"_ _7\"></span> is <span class=\"_ _6\"></span>likewise<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>attribut<span class=\"_ _7\"></span>able to dirty val<span class=\"_ _7\"></span>ue accou<span class=\"_ _7\"></span>nting. F<span class=\"_ _7\"></span>ur<span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>er infor<span class=\"_ _10\"></span>-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b1\">mation o<span class=\"_ _7\"></span>n the c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ange<span class=\"_ _7\"></span>d acco<span class=\"_ _7\"></span>unting m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thod c<span class=\"_ _7\"></span>an be fo<span class=\"_ _2\"></span>und starti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _7\"></span>e 51.  <span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2b2\">Categories a<span class=\"_ _6\"></span>nd boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _14f\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-catego<span class=\"_ _6\"></span>ry <span class=\"_ _150\"> </span>IFRS <span class=\"_ _6\"></span>9-cat<span class=\"_ _6\"></span>egory <span class=\"_ _151\"> </span>IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok value<span class=\"_ _6\"></span> as of </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2b3\">31/12/2021<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2b4\">IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value a<span class=\"_ _6\"></span>s of </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2b5\">01/01/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs2b6\"><div class=\"t m0 x0 h29 y3e9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gs2b7\"><div class=\"t m0 x0 h29 y3e9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w22 h28 gs2b8\"><div class=\"t m0 x0 h29 y3e9 ff48 fsf fca sc0 ls5 ws2\">'000 </div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b9\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2ba\">  <span class=\"_ _152\"> </span>  <span class=\"_ _153\"> </span>2,635,38<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2bb\">2,727,40<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2bc\">Cash and<span class=\"_ _6\"></span> cash equivalents<span class=\"_ _6\"></span> <span class=\"_ _154\"> </span>Cash and<span class=\"_ _6\"></span> cash equivalents<span class=\"_ _6\"></span> <span class=\"_ _155\"> </span>2,456,33<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2bd\">2,558,99<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2be\">Financial instrumen<span class=\"_ _6\"></span>ts for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2bf\">unit- an<span class=\"_ _6\"></span>d index-linked life </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2c0\">insurance<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2c1\">Cash and<span class=\"_ _6\"></span> cash equivalents<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2c2\">179,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2c3\">168,413<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2c4\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _45\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>40,017,9<span class=\"_ _6\"></span>77<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2c5\">40,397,0<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2c6\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2c7\">  <span class=\"_ _152\"> </span>  <span class=\"_ _153\"> </span>2,156,06<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2c8\">691,930<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2c9\">Loans <span class=\"_ _130\"> </span>M<span class=\"_ _6\"></span>easured at A<span class=\"_ _6\"></span>C <span class=\"_ _157\"> </span>2,152,56<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2ca\">688,179<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2cb\">Loans <span class=\"_ _130\"> </span>M<span class=\"_ _6\"></span>easured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _158\"> </span>3,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2cc\">3,751<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2cd\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2ce\">  <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>25,926,034<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2cf\">28,260,8<span class=\"_ _6\"></span>37<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2d0\">Financial assets he<span class=\"_ _6\"></span>ld to </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2d1\">maturity<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2d2\">Measured at A<span class=\"_ _6\"></span>C </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2d3\">529,794<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2d4\">1,063,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2d5\">Financial assets he<span class=\"_ _6\"></span>ld to </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2d6\">maturity<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2d7\">Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2d8\">2,027,92<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2d9\">2,137,44<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2da\">Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2db\">sale </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2dc\">Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2dd\">21,090,2<span class=\"_ _6\"></span>10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2de\">22,229,2<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2df\">Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2e0\">sale </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2e1\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2e2\">1,215,00<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2e3\">1,449,64<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2e4\">Financial instrumen<span class=\"_ _6\"></span>ts for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2e5\">unit- an<span class=\"_ _6\"></span>d index-linked life </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2e6\">insurance<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2e7\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2e8\">929,771<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2e9\">1,247,37<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2ea\">Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2eb\">at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2ec\">and loss* </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2ed\">Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2ee\">40,804<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2ef\">40,804<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2f0\">Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2f1\">at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2f2\">and loss* </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2f3\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2f4\">92,526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2f5\">92,526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2f7\">Categories a<span class=\"_ _6\"></span>nd boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _14f\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-catego<span class=\"_ _6\"></span>ry <span class=\"_ _150\"> </span>IFRS <span class=\"_ _6\"></span>9-cat<span class=\"_ _6\"></span>egory <span class=\"_ _151\"> </span>IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok value<span class=\"_ _6\"></span> as of </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2f8\">31/12/2021<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2f9\">IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value a<span class=\"_ _6\"></span>s of </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2fa\">01/01/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs2fb\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gs2fc\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w22 h28 gs2fd\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">'000 </div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2fe\">Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ae\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _2f\"> </span>872,227<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2ff\">709,568<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs300\">Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs301\">  <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>10,255,045<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs302\">9,831,02<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs303\">Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs304\">sale </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs305\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs306\">2,772,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs307\">2,769,73<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs308\">Financial instrumen<span class=\"_ _6\"></span>ts for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs309\">unit- an<span class=\"_ _6\"></span>d index-linked life </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs30a\">insurance<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs30b\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs30c\">7,404,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs30d\">6,984,15<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs30e\">Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs30f\">at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs310\">and loss* </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs311\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs312\">77,144<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs313\">77,144<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs314\">De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs315\">Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs316\">at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs317\">and loss* </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs318\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs319\">30,066<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs31a\">32,181<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs31b\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _15b\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _15c\"> </span>778,541<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs31c\">871,475<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs31d\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs31e\">  <span class=\"_ _152\"> </span>  <span class=\"_ _15c\"> </span>499,025<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs31f\">583,857<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs320\">Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs321\">sale </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs322\">Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs323\">35,968<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs324\">35,968<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs325\">Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs326\">sale </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs327\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs328\">455,449<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs329\">541,221<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs32a\">Financial instrumen<span class=\"_ _6\"></span>ts for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs32b\">unit- an<span class=\"_ _6\"></span>d index-linked life </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs32c\">insurance<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs32d\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs32e\">940<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs32f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs330\">Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs331\">at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs332\">and loss* </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs333\">Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs334\">388<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs335\">388<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs336\">Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs337\">at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs338\">and loss* </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs339\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs33a\">6,280<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs33b\">6,280<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs33c\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs33d\">  <span class=\"_ _152\"> </span>  <span class=\"_ _15d\"> </span>96,163<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs33e\">96,356<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs33f\">Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs340\">sale </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs341\">Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs342\">50,864<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs343\">50,966<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs344\">Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs345\">sale </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs346\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs347\">45,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs348\">45,390<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs349\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs34a\">comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs34b\">  <span class=\"_ _152\"> </span>  <span class=\"_ _15c\"> </span>183,353<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs34c\">191,262<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs34d\">Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs34e\">sale </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs34f\">Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs350\">155,275<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs351\">161,973<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs352\">Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs353\">sale </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs354\">Measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs355\">28,078<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs356\">29,289<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs357\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs358\">Loans, receivables <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs359\">measured at A<span class=\"_ _6\"></span>C </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs35a\">Measured at A<span class=\"_ _6\"></span>C </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs35b\">574,276<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs35c\">257,526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs35d\">Total<span class=\"_ _6\"></span> financia<span class=\"_ _6\"></span>l assets acc. t<span class=\"_ _6\"></span>o IF<span class=\"_ _6\"></span>RS 9 <span class=\"_ _15e\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>43,227,639<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs35e\">43,381,9<span class=\"_ _6\"></span>52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs35f\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _141\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _153\"> </span>2,939,98<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs360\">3,159,03<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs361\">Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>Measured<span class=\"_ _6\"></span> at AC <span class=\"_ _15a\"> </span>Measu<span class=\"_ _6\"></span>red at AC <span class=\"_ _157\"> </span>1,46<span class=\"_ _6\"></span>1,286<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs362\">1,493,59<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs363\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _ad\"> </span>M<span class=\"_ _6\"></span>easured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _2f\"> </span>351,087<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs364\">351,087<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs365\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured<span class=\"_ _6\"></span> at AC <span class=\"_ _2f\"> </span>594,614<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs366\">594,836<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs367\">Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _157\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured <span class=\"_ _6\"></span>at AC <span class=\"_ _2f\"> </span>181,048<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs368\">181,048<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs369\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Measu<span class=\"_ _6\"></span>red at AC <span class=\"_ _15a\"> </span>Measu<span class=\"_ _6\"></span>red at AC <span class=\"_ _2f\"> </span>351,95<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs36a\">538,463<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs36b\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _152\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _160\"> </span>2,705<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs36c\">3,872<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs36d\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _161\"> </span>Measured at f<span class=\"_ _6\"></span>air value<span class=\"_ _6\"></span> <span class=\"_ _162\"> </span>Measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _158\"> </span>2,705<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs36e\">3,229<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs36f\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _128\"> </span>M<span class=\"_ _6\"></span>easured at fair v<span class=\"_ _6\"></span>alue<span class=\"_ _6\"></span> <span class=\"_ _162\"> </span>Measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _163\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs370\">643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs371\">Total<span class=\"_ _6\"></span> financia<span class=\"_ _6\"></span>l lia<span class=\"_ _6\"></span>bilities acc. t<span class=\"_ _6\"></span>o IFRS 9 <span class=\"_ _a6\"> </span>  <span class=\"_ _13c\"> </span>  <span class=\"_ _153\"> </span>2,9<span class=\"_ _6\"></span>42,692<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs372\">3,162,90<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs373\">*Inclu<span class=\"_ _7\"></span>ding held for tradin<span class=\"_ _7\"></span>g<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs374\">In the cas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of de<span class=\"_ _7\"></span>bt ins<span class=\"_ _7\"></span>trum<span class=\"_ _7\"></span>ents t<span class=\"_ _7\"></span>hat have t<span class=\"_ _2\"></span>hus far been <span class=\"_ _7\"></span>desi<span class=\"_ _7\"></span>gnated <span class=\"_ _7\"></span>as me<span class=\"_ _7\"></span>asured <span class=\"_ _2\"></span>at fair valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> thro<span class=\"_ _2\"></span>ugh prof<span class=\"_ _7\"></span>it a<span class=\"_ _7\"></span>nd loss <span class=\"_ _2\"></span>under </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs375\">IAS 39 (IAS 3<span class=\"_ _7\"></span>9 categor<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>: financial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts meas<span class=\"_ _7\"></span>ured at fair value th<span class=\"_ _7\"></span>roug<span class=\"_ _7\"></span>h profi<span class=\"_ _7\"></span>t and loss), a che<span class=\"_ _7\"></span>ck <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ust be perform<span class=\"_ _7\"></span>ed<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs377\">as <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>whether <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>criterio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>or r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition as <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed at <span class=\"_ _2\"></span>AC <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>at <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtOC<span class=\"_ _7\"></span>I h<span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>been m<span class=\"_ _2\"></span>et. If <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _7\"></span>bee<span class=\"_ _7\"></span>n me<span class=\"_ _2\"></span>t and, <span class=\"_ _10\"></span>du<span class=\"_ _6\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs378\">to <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _f\"> </span>mo<span class=\"_ _7\"></span>del,<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>these <span class=\"_ _4\"> </span>instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts <span class=\"_ _4\"> </span>were <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>anaged<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>on <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>fai<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>v<span class=\"_ _6\"></span>alue <span class=\"_ _f\"> </span>b<span class=\"_ _2\"></span>asis, <span class=\"_ _f\"> </span>they <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>re <span class=\"_ _f\"> </span>cat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gorise<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>as <span class=\"_ _4\"> </span>FVtPL <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>a </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs379\">mandato<span class=\"_ _7\"></span>ry basis.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs37a\">Reconciliation<span class=\"_ _6\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs37b\">Designate<span class=\"_ _6\"></span>d measu<span class=\"_ _6\"></span>red at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs37c\">Mandatori<span class=\"_ _6\"></span>ly measured </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs37d\">at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs37e\">Designat<span class=\"_ _6\"></span>ed measured </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs37f\">at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs380\">Mandatori<span class=\"_ _6\"></span>ly measured </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs381\">at F<span class=\"_ _6\"></span>VtPL<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs382\">Designat<span class=\"_ _6\"></span>ed measured </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs383\">at F<span class=\"_ _6\"></span>VtPL<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs384\"><div class=\"t m0 x0 h29 y1c5 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gs385\"><div class=\"t m0 x0 h29 y1c5 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w22 h28 gs386\"><div class=\"t m0 x0 h29 y1c5 ff48 fsf fca sc0 ls5 ws2\">'000 </div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs387\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span>40,804<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs388\">388<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs389\">206,017<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs38a\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _a4\"> </span>40,804<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs38b\">92,526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs38c\">Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _164\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs38d\">77,144<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs38e\">De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs38f\">30,066<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs390\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs391\">388<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs392\">6,281<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs393\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _51\"> </span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs394\">3,229<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs395\">643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs396\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _167\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs397\">3,229<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs398\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _168\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs399\">643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs39a\">Material esti<span class=\"_ _7\"></span>mates a<span class=\"_ _7\"></span>nd discretio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ary decisions<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs39b\">T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ma<span class=\"_ _2\"></span>ter<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>es<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>ma<span class=\"_ _7\"></span>tes<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _e\"></span>dis<span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>eti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ry <span class=\"_ _e\"></span>de<span class=\"_ _7\"></span>ci<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>ns <span class=\"_ _e\"></span>ma<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _e\"></span>co<span class=\"_ _7\"></span>nnec<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _e\"></span>wit<span class=\"_ _2\"></span>h <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ia<span class=\"_ _7\"></span>l <span class=\"_ _10\"></span>i<span class=\"_ _7\"></span>nst<span class=\"_ _2\"></span>rum<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _10\"></span>pr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _e\"></span>Not<span class=\"_ _7\"></span>e <span class=\"_ _e\"></span>24.2<span class=\"_ _2\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs39c\">Impairm<span class=\"_ _7\"></span>ent los<span class=\"_ _7\"></span>ses on fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssets st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>45.<span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs39d\">IFRS 17 INS<span class=\"_ _2\"></span>UR<span class=\"_ _6\"></span>AN<span class=\"_ _7\"></span>CE CONT<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>ACTS<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs39e\">General infor<span class=\"_ _2\"></span>m<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs39f\">The <span class=\"_ _f\"> </span>IASB <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ssued <span class=\"_ _f\"> </span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>accou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ting <span class=\"_ _f\"> </span>st<span class=\"_ _7\"></span>andar<span class=\"_ _2\"></span>d <span class=\"_ _3\"> </span>for <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _f\"> </span>cont<span class=\"_ _7\"></span>racts<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>(IFRS 17<span class=\"_ _7\"></span>) <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>25 <span class=\"_ _f\"> </span>J<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ne <span class=\"_ _f\"> </span>2020. <span class=\"_ _4\"> </span>As <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>res<span class=\"_ _7\"></span>ult, <span class=\"_ _f\"> </span>IFRS <span class=\"_ _2\"></span>17<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3a0\">supersedes <span class=\"_ _7\"></span>the previo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s standar<span class=\"_ _2\"></span>d, <span class=\"_ _6\"></span>IFRS 4, in <span class=\"_ _6\"></span>the EU <span class=\"_ _6\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> annual periods begi<span class=\"_ _7\"></span>nning on <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>after<span class=\"_ _7\"></span> 1 <span class=\"_ _6\"></span>January<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>2023.<span class=\"_ _7\"></span> IFRS 4 did </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3a1\">not <span class=\"_ _0\"></span>prescrib<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>measur<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>inst<span class=\"_ _7\"></span>ead <span class=\"_ _0\"></span>allowed <span class=\"_ _0\"></span>compa<span class=\"_ _7\"></span>nies <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>la<span class=\"_ _7\"></span>rgely <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>loc<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3a2\">req<span class=\"_ _7\"></span>uirem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt of<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts. <span class=\"_ _7\"></span>VIG appl<span class=\"_ _7\"></span>ied <span class=\"_ _7\"></span>that <span class=\"_ _7\"></span>accounti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g choic<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. The IAS<span class=\"_ _2\"></span>B impos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s unif<span class=\"_ _7\"></span>orm </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3a3\">accounti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g poli<span class=\"_ _7\"></span>cies for ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts fo<span class=\"_ _7\"></span>r the f<span class=\"_ _7\"></span>irst time i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> IFRS 17.<span class=\"_ _7\"></span>  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3a4\">VIG <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>rest<span class=\"_ _7\"></span>ated <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>arati<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>informa<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>appl<span class=\"_ _7\"></span>ying <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>tra<span class=\"_ _7\"></span>nsitional<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>visions <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>Appe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dix <span class=\"_ _10\"></span>C <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>IF<span class=\"_ _7\"></span>RS 17. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>natur<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3a5\">of the ch<span class=\"_ _7\"></span>anges in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting poli<span class=\"_ _7\"></span>cies <span class=\"_ _7\"></span>can b<span class=\"_ _7\"></span>e summ<span class=\"_ _7\"></span>arised, a<span class=\"_ _2\"></span>s follo<span class=\"_ _7\"></span>ws:  </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs3a6\">Changes<span class=\"_ _7\"></span> to cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>cation and m<span class=\"_ _7\"></span>easureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3a7\">The <span class=\"_ _10\"></span>adoptio<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>IF<span class=\"_ _6\"></span>RS 17 <span class=\"_ _10\"></span>did <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>change <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>prin<span class=\"_ _7\"></span>cipal <span class=\"_ _10\"></span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>insurance <span class=\"_ _10\"></span>contra<span class=\"_ _7\"></span>cts. <span class=\"_ _10\"></span>This <span class=\"_ _10\"></span>standar<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>establis<span class=\"_ _7\"></span>hes <span class=\"_ _10\"></span>specif<span class=\"_ _7\"></span>ic </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3a8\">principles <span class=\"_ _7\"></span>for th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> and m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ement of ins<span class=\"_ _2\"></span>urance <span class=\"_ _7\"></span>contracts is<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ued and r<span class=\"_ _7\"></span>eins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3a9\">The steps f<span class=\"_ _7\"></span>or det<span class=\"_ _7\"></span>ermi<span class=\"_ _7\"></span>ning w<span class=\"_ _7\"></span>hether a co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>ct qualifi<span class=\"_ _7\"></span>es as <span class=\"_ _7\"></span>an IFRS 1<span class=\"_ _7\"></span>7 ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3aa\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Identificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of w<span class=\"_ _7\"></span>hether <span class=\"_ _7\"></span>the co<span class=\"_ _7\"></span>ntract i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cludes <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> signif<span class=\"_ _7\"></span>icant in<span class=\"_ _7\"></span>surance ris<span class=\"_ _7\"></span>k of a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>other pa<span class=\"_ _7\"></span>rty (po<span class=\"_ _7\"></span>licyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>). F<span class=\"_ _7\"></span>urthermo<span class=\"_ _7\"></span>re, <span class=\"_ _2\"></span>a </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3ab\">check is p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rfo<span class=\"_ _7\"></span>rmed as to <span class=\"_ _2\"></span>whether an obl<span class=\"_ _7\"></span>igatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> to <span class=\"_ _7\"></span>compens<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>e th<span class=\"_ _7\"></span>e policy<span class=\"_ _7\"></span>holder is <span class=\"_ _7\"></span>includ<span class=\"_ _7\"></span>ed if a d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed, u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>certain, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3ac\">future i<span class=\"_ _2\"></span>nsured <span class=\"_ _7\"></span>event disa<span class=\"_ _2\"></span>dvantages t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e polic<span class=\"_ _2\"></span>yholder;<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3ad\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Specified <span class=\"_ _7\"></span>embedde<span class=\"_ _2\"></span>d derivatives,<span class=\"_ _7\"></span> distin<span class=\"_ _7\"></span>ct i<span class=\"_ _7\"></span>nvestmen<span class=\"_ _7\"></span>t compo<span class=\"_ _7\"></span>nents <span class=\"_ _7\"></span>and distin<span class=\"_ _7\"></span>ct goods o<span class=\"_ _2\"></span>r services <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>eed to <span class=\"_ _2\"></span>be separated </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3ae\">fro<span class=\"_ _7\"></span>m insura<span class=\"_ _7\"></span>nce co<span class=\"_ _7\"></span>ntracts. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese s<span class=\"_ _7\"></span>pecif<span class=\"_ _7\"></span>ied compo<span class=\"_ _2\"></span>nents ha<span class=\"_ _7\"></span>ve to be <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nted i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance <span class=\"_ _7\"></span>with other st<span class=\"_ _2\"></span>andards, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3af\">such as <span class=\"_ _7\"></span>IFRS 9 or <span class=\"_ _2\"></span>IFRS 15.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3b0\">The <span class=\"_ _4\"> </span>default <span class=\"_ _4\"></span>meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ement <span class=\"_ _4\"> </span>appro<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>h <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>scope <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>IFRS 17 <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>general <span class=\"_ _4\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement <span class=\"_ _4\"> </span>mod<span class=\"_ _7\"></span>el <span class=\"_ _4\"> </span>(GMM). <span class=\"_ _4\"></span>T<span class=\"_ _e\"></span>o </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3b1\">meas<span class=\"_ _7\"></span>ure a gr<span class=\"_ _2\"></span>oup of ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts wit<span class=\"_ _7\"></span>h this a<span class=\"_ _2\"></span>pproac<span class=\"_ _7\"></span>h, the foll<span class=\"_ _7\"></span>owi<span class=\"_ _7\"></span>ng principles <span class=\"_ _7\"></span>sho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld b<span class=\"_ _7\"></span>e obse<span class=\"_ _7\"></span>rved:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3b2\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>A risk-adj<span class=\"_ _7\"></span>usted pr<span class=\"_ _2\"></span>esent v<span class=\"_ _7\"></span>alue of th<span class=\"_ _7\"></span>e futur<span class=\"_ _2\"></span>e fulfilmen<span class=\"_ _7\"></span>t cash flo<span class=\"_ _2\"></span>ws will be r<span class=\"_ _2\"></span>ecognised. <span class=\"_ _2\"></span>Futur<span class=\"_ _7\"></span>e cash flo<span class=\"_ _7\"></span>ws tak<span class=\"_ _7\"></span>e into <span class=\"_ _7\"></span>acco<span class=\"_ _7\"></span>unt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3b3\">all availa<span class=\"_ _7\"></span>ble inform<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> that is co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sist<span class=\"_ _7\"></span>ent wit<span class=\"_ _7\"></span>h obser<span class=\"_ _7\"></span>vable m<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ket i<span class=\"_ _7\"></span>nformatio<span class=\"_ _2\"></span>n.<span class=\"_ _3d5\"> </span> </div>\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Additionally<span class=\"_ _e\"></span>, an <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt re<span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nting t<span class=\"_ _7\"></span>he un<span class=\"_ _7\"></span>earned pr<span class=\"_ _7\"></span>ofit at i<span class=\"_ _2\"></span>nception (Co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al Ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ice Margi<span class=\"_ _2\"></span>n (<span class=\"_ _6\"></span>CSM<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>) in t<span class=\"_ _7\"></span>he gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts is r<span class=\"_ _2\"></span>ecog<span class=\"_ _7\"></span>nised. \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The pro<span class=\"_ _7\"></span>fit fr<span class=\"_ _2\"></span>om a gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts is<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>cognis<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d f<span class=\"_ _7\"></span>or the p<span class=\"_ _7\"></span>eriod of tim<span class=\"_ _7\"></span>e for <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce se<span class=\"_ _7\"></span>rvices ar<span class=\"_ _2\"></span>e made. If <span class=\"_ _7\"></span>a gro<span class=\"_ _2\"></span>up of cont<span class=\"_ _7\"></span>racts is exp<span class=\"_ _2\"></span>ected to be o<span class=\"_ _2\"></span>nerous fo<span class=\"_ _2\"></span>r the r<span class=\"_ _7\"></span>emaini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g co<span class=\"_ _7\"></span>verage pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e loss <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> be re<span class=\"_ _7\"></span>cognise<span class=\"_ _7\"></span>d immedi<span class=\"_ _7\"></span>ately as <span class=\"_ _7\"></span>an exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nse.<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>If insuranc<span class=\"_ _7\"></span>e acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n costs ar<span class=\"_ _2\"></span>e paid or i<span class=\"_ _7\"></span>ncurr<span class=\"_ _2\"></span>ed befor<span class=\"_ _7\"></span>e the<span class=\"_ _2\"></span> u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>rlying co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as bee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> alloc<span class=\"_ _7\"></span>ated to a g<span class=\"_ _2\"></span>roup of<span class=\"_ _7\"></span> insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts, a<span class=\"_ _7\"></span>n asset is <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised i<span class=\"_ _7\"></span>n the bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet. Aft<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract has b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>en assig<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>to a gro<span class=\"_ _2\"></span>up, the insuranc<span class=\"_ _7\"></span>e acq<span class=\"_ _7\"></span>uisition costs <span class=\"_ _2\"></span>are i<span class=\"_ _7\"></span>ncluded i<span class=\"_ _7\"></span>n the co<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>spo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ation a<span class=\"_ _7\"></span>nd the di<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ctly at<span class=\"_ _7\"></span>tributabl<span class=\"_ _7\"></span>e asset t<span class=\"_ _2\"></span>hat was originally r<span class=\"_ _2\"></span>ecognised is<span class=\"_ _7\"></span> d<span class=\"_ _7\"></span>erecog<span class=\"_ _2\"></span>nised.  For all <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts i<span class=\"_ _7\"></span>n th<span class=\"_ _7\"></span>e l<span class=\"_ _7\"></span>ife <span class=\"_ _7\"></span>business <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>at ar<span class=\"_ _2\"></span>e elig<span class=\"_ _7\"></span>ible <span class=\"_ _2\"></span>for dir<span class=\"_ _7\"></span>ect <span class=\"_ _2\"></span>profit <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>rticipatio<span class=\"_ _7\"></span>n, t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>Va<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iable <span class=\"_ _2\"></span>Fee Appr<span class=\"_ _2\"></span>oach <span class=\"_ _7\"></span>(VF<span class=\"_ _2\"></span>A) <span class=\"_ _7\"></span>me<span class=\"_ _7\"></span>asur<span class=\"_ _2\"></span>e-<span class=\"_ _3d5\"> </span>ment mo<span class=\"_ _7\"></span>del <span class=\"_ _7\"></span>is applied.<span class=\"_ _2\"></span> Initial r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition tak<span class=\"_ _7\"></span>es pla<span class=\"_ _7\"></span>ce in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e GMM. <span class=\"_ _7\"></span>In s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bseq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ent m<span class=\"_ _7\"></span>easu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt, <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>owever<span class=\"_ _e\"></span>, the VF<span class=\"_ _2\"></span>A dif<span class=\"_ _2\"></span>fers from<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e GMM i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> that t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>be adju<span class=\"_ _7\"></span>sted by t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pr<span class=\"_ _7\"></span>ofit pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ticip<span class=\"_ _7\"></span>ation. <span class=\"_ _2\"></span> Compar<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>MM, t<span class=\"_ _2\"></span>he Pr<span class=\"_ _7\"></span>emium<span class=\"_ _7\"></span> All<span class=\"_ _7\"></span>ocatio<span class=\"_ _7\"></span>n Appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach (P<span class=\"_ _e\"></span>AA) sim<span class=\"_ _7\"></span>plif<span class=\"_ _7\"></span>ies the c<span class=\"_ _7\"></span>alculatio<span class=\"_ _2\"></span>n of th<span class=\"_ _7\"></span>e m<span class=\"_ _7\"></span>athemati<span class=\"_ _7\"></span>cal r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>erve (<span class=\"_ _7\"></span>Liability<span class=\"_ _7\"></span> for Re<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>aining Co<span class=\"_ _7\"></span>verage (LRC)). This model can be u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>for<span class=\"_ _7\"></span> sh<span class=\"_ _6\"></span>ort-t<span class=\"_ _7\"></span>erm <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance con<span class=\"_ _7\"></span>tracts and insura<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts with simi<span class=\"_ _7\"></span>lar mea<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>ent results compar<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>to the G<span class=\"_ _6\"></span>MM. In <span class=\"_ _6\"></span>its primary n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-lif<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>business, VIG applies the P<span class=\"_ _10\"></span>AA <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>all contrac<span class=\"_ _7\"></span>ts with a <span class=\"_ _6\"></span>coverage perio<span class=\"_ _7\"></span>d of <span class=\"_ _6\"></span>12 month<span class=\"_ _6\"></span>s or less. Furthermor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, if the <span class=\"_ _6\"></span>rel<span class=\"_ _7\"></span>evant eligibil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>criteria in accord<span class=\"_ _7\"></span>ance with IFRS 17 are fulfil<span class=\"_ _7\"></span>led, the P<span class=\"_ _10\"></span>AA is also<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>applied for m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lti-<span class=\"_ _7\"></span>year co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts.<span class=\"_ _7\"></span>  The <span class=\"_ _6\"></span>P<span class=\"_ _10\"></span>AA <span class=\"_ _6\"></span>meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>prin<span class=\"_ _7\"></span>ciples <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>fer <span class=\"_ _6\"></span>from <span class=\"_ _6\"></span>the unearned premium<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>appro<span class=\"_ _2\"></span>ach <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>accor<span class=\"_ _2\"></span>dance w<span class=\"_ _6\"></span>ith <span class=\"_ _6\"></span>IFRS<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>4 <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>followi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g key ar<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The LRC co<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>res<span class=\"_ _2\"></span>ponds to t<span class=\"_ _7\"></span>he premi<span class=\"_ _2\"></span>ums r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ceive<span class=\"_ _7\"></span>d less def<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>n costs l<span class=\"_ _7\"></span>ess a<span class=\"_ _7\"></span>ny<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unts alre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dy r<span class=\"_ _2\"></span>ecognised as incom<span class=\"_ _7\"></span>e in th<span class=\"_ _7\"></span>e insur<span class=\"_ _7\"></span>ance ser<span class=\"_ _7\"></span>vice r<span class=\"_ _7\"></span>esult.<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Measurem<span class=\"_ _2\"></span>ent of t<span class=\"_ _7\"></span>he LIC i<span class=\"_ _7\"></span>ncludes <span class=\"_ _7\"></span>an adj<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>stment fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> the tim<span class=\"_ _2\"></span>e value of <span class=\"_ _7\"></span>mo<span class=\"_ _7\"></span>ney<span class=\"_ _10\"></span>. It also <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flects t<span class=\"_ _7\"></span>he ef<span class=\"_ _7\"></span>fect o<span class=\"_ _7\"></span>f fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>risk wher<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> the p<span class=\"_ _7\"></span>remi<span class=\"_ _2\"></span>um due dat<span class=\"_ _7\"></span>e and t<span class=\"_ _7\"></span>he rela<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod of<span class=\"_ _7\"></span> servi<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>es ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> mor<span class=\"_ _2\"></span>e than 12 m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nths apa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>t.  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>T<span class=\"_ _e\"></span>o calculate <span class=\"_ _2\"></span>a loss compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent, <span class=\"_ _7\"></span>when me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>suring <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>LRC fo<span class=\"_ _7\"></span>r onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s co<span class=\"_ _7\"></span>ntracts a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> expl<span class=\"_ _7\"></span>icit e<span class=\"_ _7\"></span>valuatio<span class=\"_ _7\"></span>n of risk a<span class=\"_ _2\"></span>dju<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent is i<span class=\"_ _7\"></span>ncluded for <span class=\"_ _7\"></span>non-fin<span class=\"_ _7\"></span>ancial risks.<span class=\"_ _7\"></span> A p<span class=\"_ _7\"></span>rovisi<span class=\"_ _7\"></span>on fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> expec<span class=\"_ _7\"></span>ted l<span class=\"_ _7\"></span>osses wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld ha<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e been r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>under the s<span class=\"_ _7\"></span>ame conditio<span class=\"_ _7\"></span>ns in ac<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>ance with I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 4. <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Measurem<span class=\"_ _2\"></span>ent of t<span class=\"_ _7\"></span>he liability fo<span class=\"_ _2\"></span>r incurre<span class=\"_ _7\"></span>d claims<span class=\"_ _7\"></span> (LIC<span class=\"_ _7\"></span>) is de<span class=\"_ _7\"></span>term<span class=\"_ _7\"></span>ined on a <span class=\"_ _2\"></span>discounted <span class=\"_ _7\"></span>prob<span class=\"_ _2\"></span>ability-weig<span class=\"_ _7\"></span>hted ex<span class=\"_ _7\"></span>pected <span class=\"_ _7\"></span>value basis a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d includ<span class=\"_ _7\"></span>es a ris<span class=\"_ _7\"></span>k adj<span class=\"_ _7\"></span>ustment f<span class=\"_ _7\"></span>or non<span class=\"_ _7\"></span>-finan<span class=\"_ _7\"></span>cial risk. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> liabil<span class=\"_ _7\"></span>ity th<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>efor<span class=\"_ _7\"></span>e inclu<span class=\"_ _7\"></span>des the o<span class=\"_ _2\"></span>b<span class=\"_ _6\"></span>lig<span class=\"_ _7\"></span>ation to pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> othe<span class=\"_ _7\"></span>r incurr<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>nsurance se<span class=\"_ _2\"></span>rvice expe<span class=\"_ _7\"></span>nses (a<span class=\"_ _7\"></span>cc. to I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 4 i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>curr<span class=\"_ _7\"></span>ed bu<span class=\"_ _7\"></span>t not r<span class=\"_ _7\"></span>eport<span class=\"_ _7\"></span>ed clai<span class=\"_ _7\"></span>ms (IBNR<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>), outs<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>andi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g claims <span class=\"_ _7\"></span>and claims ha<span class=\"_ _7\"></span>ndli<span class=\"_ _7\"></span>ng costs.<span class=\"_ _7\"></span> VI<span class=\"_ _2\"></span>G <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>loc<span class=\"_ _2\"></span>ate<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>acq<span class=\"_ _2\"></span>uis<span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>ts <span class=\"_ _10\"></span>to<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>oup<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>anc<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>ntr<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>ued<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>or <span class=\"_ _10\"></span>exp<span class=\"_ _2\"></span>ect<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _10\"></span>sys<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ati<span class=\"_ _2\"></span>c <span class=\"_ _2\"></span>and<span class=\"_ _7\"></span> ra<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>l bas<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>. <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>suranc<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _1\"></span>costs <span class=\"_ _6\"></span>inclu<span class=\"_ _7\"></span>de <span class=\"_ _1\"></span>thos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>direc<span class=\"_ _7\"></span>tly <span class=\"_ _6\"></span>attributable to <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>and t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>futur<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>ups <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>at are <span class=\"_ _2\"></span>expect<span class=\"_ _7\"></span>ed to<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>rise f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ene<span class=\"_ _7\"></span>wals o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up. <span class=\"_ _2\"></span>Where<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>h ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce a<span class=\"_ _2\"></span>cquisition <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> p<span class=\"_ _2\"></span>aid o<span class=\"_ _2\"></span>r a <span class=\"_ _7\"></span>lia<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty has <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>cognised <span class=\"_ _10\"></span>before <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>gro<span class=\"_ _2\"></span>up <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>contracts <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>recog<span class=\"_ _7\"></span>nised, <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _10\"></span>acquisition <span class=\"_ _2\"></span>cos<span class=\"_ _7\"></span>ts is <span class=\"_ _1\"></span>accounted <span class=\"_ _6\"></span>for<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>meas<span class=\"_ _7\"></span>ured, <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>attribut<span class=\"_ _7\"></span>able <span class=\"_ _1\"></span>portio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>this <span class=\"_ _1\"></span>asset <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>derecog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>and subsumed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>into <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>initi<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>related<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>gro<span class=\"_ _7\"></span>up\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>LRC. <span class=\"_ _6\"></span>The acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>costs recognise<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the LRC ar<span class=\"_ _2\"></span>e subject to r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>gular im<span class=\"_ _7\"></span>pai<span class=\"_ _7\"></span>rment testi<span class=\"_ _2\"></span>ng.<span class=\"_ _3d5\"> </span> <div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs3db\">Changes<span class=\"_ _7\"></span> to prese<span class=\"_ _7\"></span>ntation an<span class=\"_ _7\"></span>d disc<span class=\"_ _7\"></span>los<span class=\"_ _7\"></span>ure  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3dc\">With <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>egar<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sentati<span class=\"_ _7\"></span>on <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated <span class=\"_ _4\"></span>balance <span class=\"_ _4\"></span>sheet, <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"> </span>summa<span class=\"_ _7\"></span>rises <span class=\"_ _f\"> </span>(<span class=\"_ _2\"></span>re-) <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"> </span>contracts <span class=\"_ _4\"> </span>issued <span class=\"_ _4\"> </span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3dd\">reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts held as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows:<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3de\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of (r<span class=\"_ _7\"></span>e-) ins<span class=\"_ _7\"></span>urance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts iss<span class=\"_ _7\"></span>ued tha<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e ass<span class=\"_ _7\"></span>ets,  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3df\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at are <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts, <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3e0\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of (r<span class=\"_ _7\"></span>e-) ins<span class=\"_ _7\"></span>urance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts iss<span class=\"_ _7\"></span>ued tha<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e liabil<span class=\"_ _7\"></span>ities, and <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3e1\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at are li<span class=\"_ _7\"></span>abi<span class=\"_ _7\"></span>lities.<span class=\"_ _7\"></span>  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3e2\">Portfoli<span class=\"_ _7\"></span>os <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>insurance contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>rei<span class=\"_ _7\"></span>nsurance contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>asset <span class=\"_ _6\"></span>positi<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sen<span class=\"_ _7\"></span>ted <span class=\"_ _6\"></span>separ<span class=\"_ _7\"></span>ately <span class=\"_ _6\"></span>from those <span class=\"_ _6\"></span>in a </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3e3\">liabil<span class=\"_ _7\"></span>ity positio<span class=\"_ _7\"></span>n. Netting is<span class=\"_ _7\"></span> not permitt<span class=\"_ _7\"></span>ed in acco<span class=\"_ _2\"></span>rdance wit<span class=\"_ _7\"></span>h IF<span class=\"_ _7\"></span>RS 17, this is<span class=\"_ _7\"></span> a key dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>n pres<span class=\"_ _7\"></span>entati<span class=\"_ _7\"></span>on in the bala<span class=\"_ _2\"></span>nce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3e4\">sheet com<span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IFRS 4, <span class=\"_ _2\"></span>where n<span class=\"_ _7\"></span>etting <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as possi<span class=\"_ _7\"></span>ble.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3e5\">As <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>new <span class=\"_ _1\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>balanc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet, <span class=\"_ _1\"></span>ther<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>also <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nge <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>items<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3e6\">stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t. <span class=\"_ _1\"></span>These <span class=\"_ _6\"></span>dif<span class=\"_ _7\"></span>fer <span class=\"_ _6\"></span>from <span class=\"_ _6\"></span>those <span class=\"_ _6\"></span>show<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>under <span class=\"_ _6\"></span>IFRS <span class=\"_ _1\"></span>4 <span class=\"_ _6\"></span>with <span class=\"_ _1\"></span>reg<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rd <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>both <span class=\"_ _1\"></span>their n<span class=\"_ _6\"></span>ame <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>their <span class=\"_ _1\"></span>conten<span class=\"_ _7\"></span>t. <span class=\"_ _6\"></span>The <span class=\"_ _1\"></span>items <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3e7\">now pres<span class=\"_ _2\"></span>ented as fo<span class=\"_ _7\"></span>llows <span class=\"_ _2\"></span>under IFRS 17: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3e8\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e re<span class=\"_ _7\"></span>venue <span class=\"ff4e fs14\">\u2013</span> i<span class=\"_ _7\"></span>ssued b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sin<span class=\"_ _7\"></span>ess, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3e9\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e expens<span class=\"_ _7\"></span>es <span class=\"ff4e fs14\">\u2013 </span>iss<span class=\"_ _7\"></span>ued b<span class=\"_ _7\"></span>usiness,<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3ea\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance fi<span class=\"_ _2\"></span>nancial r<span class=\"_ _7\"></span>esult a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3eb\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e res<span class=\"_ _7\"></span>ult <span class=\"ff4e fs14\">\u2013</span> r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance h<span class=\"_ _7\"></span>eld.<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs3ec\">Discount rate<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3ed\">The inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>rate <span class=\"_ _7\"></span>applied for <span class=\"_ _7\"></span>disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting of <span class=\"_ _7\"></span>cash flo<span class=\"_ _2\"></span>ws is as fo<span class=\"_ _7\"></span>llows f<span class=\"_ _7\"></span>or the first-<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ime a<span class=\"_ _7\"></span>pplicatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>: </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs3ee\">Spot rates*<span class=\"_ _6\"></span> <span class=\"_ _85\"> </span><span class=\"fsf\">1 year<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs3ef\">3 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs3f0\">5 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs3f1\">10 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs3f2\">20 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs3f3\">30 years<span class=\"_ _3d5\"> </span></div><div class=\"c w2a h28 gs3f4\"><div class=\"t m0 x0 h29 y732 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3f5\">ALL<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>-0.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3f6\">-0.25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3f7\">-0.08<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3f8\">0.21<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3f9\">0.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3fa\">1.05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3fb\">BAM<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>-0.64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3fc\">-0.30<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3fd\">-0.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3fe\">0.15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs3ff\">0.40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs400\">1.01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs401\">BGN<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>-0.<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs402\">-0.30<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs403\">-0.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs404\">0.15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs405\">0.40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs406\">1.01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs407\">CHF<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>-0.80<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs408\">-0.48<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs409\">-0.33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs40a\">-0.01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs40b\">-0.01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs40c\">0.32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs40d\">CZK<span class=\"_ _6\"></span> <span class=\"_ _f0\"> </span>4.63<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs40e\">4.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs40f\">3.71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs410\">3.09<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs411\">2.96<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs412\">3.06<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs413\">EUR<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>-0.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs414\">-0.25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs415\">-0.08<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs416\">0.21<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs417\">0.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs418\">1.05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs419\">GBP<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>0.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs41a\">1.20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs41b\">1.20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs41c\">1.11<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs41d\">1.05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs41e\">1.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs41f\">GEL<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>7.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs420\">8.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs421\">8.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs422\">8.07<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs423\">7.87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs424\">7.34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs425\">HRK<span class=\"_ _6\"></span> <span class=\"_ _16b\"> </span>-0.18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs426\">0.01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs427\">0.19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs428\">0.82<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs429\">1.72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs42a\">2.21<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs42b\">HUF<span class=\"_ _6\"></span> <span class=\"_ _16c\"> </span>3.49<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs42c\">4.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs42d\">4.29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs42e\">4.43<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs42f\">4.66<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs430\">4.69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs431\">MDL<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>-0.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs432\">-0.25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs433\">-0.08<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs434\">0.21<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs435\">0.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs436\">1.05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs437\">MKD<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>-0.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs438\">-0.25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs439\">-0.08<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs43a\">0.21<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs43b\">0.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs43c\">1.05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs43d\">PLN<span class=\"_ _6\"></span> <span class=\"_ _16c\"> </span>2.66<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs43e\">3.60<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs43f\">3.73<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs440\">3.57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs441\">3.49<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs442\">3.47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs443\">RON<span class=\"_ _6\"></span> <span class=\"_ _13e\"> </span>3<span class=\"_ _6\"></span>.93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs444\">4.52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs445\">4.68<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs446\">5.07<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs447\">5.01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs448\">4.68<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs449\">RSD<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>2.21<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs44a\">2.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs44b\">3.29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs44c\">4.01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs44d\">4.17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs44e\">4.06<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs44f\">TRY<span class=\"_ _1\"></span> <span class=\"_ _116\"> </span>2<span class=\"_ _6\"></span>1.64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs450\">24.35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs451\">25.35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs452\">24.27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs453\">20.71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs454\">16.92<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs455\">UAH<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>11.43<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs456\">12.73<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs457\">12.68<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs458\">10.14<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs459\">7.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs45a\">6.82<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs45b\">USD<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>0.44<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs45c\">1.08<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs45d\">1.28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs45e\">1.50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs45f\">1.67<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs460\">1.64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs461\">*Without il<span class=\"_ _7\"></span>liquidity adjustment </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs463\">Illiquidity<span class=\"_ _6\"></span> adjustme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _16e\"> </span><span class=\"fsf\">31/12/2021<span class=\"_ _3d5\"> </span></span></div><div class=\"c w2b h28 gs464\"><div class=\"t m0 x0 h29 y125 ff48 fsf fca sc0 ls5 ws2\">in basis p<span class=\"_ _6\"></span>oints<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs465\">Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _16f\"> </span>100<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs466\">Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _170\"> </span>45<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs467\">Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _171\"> </span>15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs468\">Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> (HR<span class=\"_ _1\"></span>K) <span class=\"_ _172\"> </span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs469\">Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _173\"> </span>15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs46a\">Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _174\"> </span>15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs46b\">Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _175\"> </span>63<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs46c\">Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _176\"> </span>200<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs46d\">Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _175\"> </span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs46e\">Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _177\"> </span>29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs46f\">T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _178\"> </span>26<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs470\">Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _170\"> </span>19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs471\">T<span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>ansiti<span class=\"_ _7\"></span>on  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs472\">T<span class=\"_ _e\"></span>o apply I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 17, <span class=\"_ _7\"></span>at th<span class=\"_ _7\"></span>e transi<span class=\"_ _7\"></span>tion date, 1 <span class=\"_ _2\"></span>January 2022,<span class=\"_ _7\"></span> VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> has:<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs473\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identified, <span class=\"_ _7\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ise<span class=\"_ _7\"></span>d and m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asure<span class=\"_ _2\"></span>d each gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> as if IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ad alw<span class=\"_ _7\"></span>ays be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n applie<span class=\"_ _2\"></span>d (unless </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs474\">impractica<span class=\"_ _2\"></span>ble)<span class=\"_ _6\"></span>; <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs475\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identified, <span class=\"_ _7\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ise<span class=\"_ _7\"></span>d and m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asure<span class=\"_ _2\"></span>d assets fo<span class=\"_ _7\"></span>r insu<span class=\"_ _7\"></span>rance a<span class=\"_ _7\"></span>cquisi<span class=\"_ _7\"></span>tion cos<span class=\"_ _7\"></span>ts as if <span class=\"_ _7\"></span>IFRS 17 <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ad alw<span class=\"_ _2\"></span>ays bee<span class=\"_ _7\"></span>n appli<span class=\"_ _7\"></span>ed. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs476\">Howeve<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>, no r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rabili<span class=\"_ _7\"></span>ty assess<span class=\"_ _7\"></span>ment <span class=\"_ _7\"></span>was pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>forme<span class=\"_ _7\"></span>d befo<span class=\"_ _7\"></span>re t<span class=\"_ _7\"></span>he transitio<span class=\"_ _2\"></span>n date. At tr<span class=\"_ _7\"></span>ansitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> date, <span class=\"_ _7\"></span>a re<span class=\"_ _7\"></span>cove<span class=\"_ _7\"></span>rability </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs477\">assessme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t was <span class=\"_ _7\"></span>perfo<span class=\"_ _7\"></span>rmed, a<span class=\"_ _7\"></span>nd no im<span class=\"_ _7\"></span>pai<span class=\"_ _7\"></span>rment loss<span class=\"_ _7\"></span> was i<span class=\"_ _7\"></span>dentified;<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs478\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>derecog<span class=\"_ _2\"></span>nised any existi<span class=\"_ _2\"></span>ng balances t<span class=\"_ _2\"></span>hat would <span class=\"_ _7\"></span>not exi<span class=\"_ _7\"></span>st if IF<span class=\"_ _7\"></span>RS 17 had <span class=\"_ _2\"></span>always bee<span class=\"_ _7\"></span>n appli<span class=\"_ _7\"></span>ed; an<span class=\"_ _7\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs479\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>recog<span class=\"_ _7\"></span>nised an<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>esulting <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>et di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nce in equit<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs47a\">The dis<span class=\"_ _7\"></span>count r<span class=\"_ _7\"></span>ates us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d for g<span class=\"_ _2\"></span>roups of<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>were d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termin<span class=\"_ _7\"></span>ed at t<span class=\"_ _2\"></span>he transitio<span class=\"_ _7\"></span>n dat<span class=\"_ _7\"></span>e. T<span class=\"_ _7\"></span>herefor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>the lock<span class=\"_ _2\"></span>ed-in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs47b\">discou<span class=\"_ _7\"></span>nt rates, f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e measur<span class=\"_ _2\"></span>ement of f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows <span class=\"_ _2\"></span>of a group of<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nsurance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts at t<span class=\"_ _7\"></span>he date o<span class=\"_ _7\"></span>f transitio<span class=\"_ _2\"></span>n, are </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs47c\">the weighted<span class=\"_ _7\"></span> average rates appl<span class=\"_ _7\"></span>icabl<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>at the date of <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nitial r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of the u<span class=\"_ _7\"></span>nderlying cont<span class=\"_ _7\"></span>racts. The disco<span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>t rate used </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs47d\">for the a<span class=\"_ _7\"></span>ccr<span class=\"_ _7\"></span>etio<span class=\"_ _7\"></span>n of inter<span class=\"_ _7\"></span>est o<span class=\"_ _7\"></span>n the CS<span class=\"_ _7\"></span>M <span class=\"_ _7\"></span>was determi<span class=\"_ _7\"></span>ned <span class=\"_ _7\"></span>usi<span class=\"_ _7\"></span>ng the bo<span class=\"_ _7\"></span>ttom-up <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>oach at i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ceptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>.  </div><div class=\"t mf h74 ff4f fs2c fc3 sc0 ls5 ws2 gs47e\">Full retros<span class=\"_ _7\"></span>pectiv<span class=\"_ _7\"></span>e appro<span class=\"_ _7\"></span>ach (<span class=\"_ _7\"></span>FRA) </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs47f\">VIG <span class=\"_ _2\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>IFRS 17<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>retr<span class=\"_ _7\"></span>ospe<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>vely <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>alternative <span class=\"_ _10\"></span>trans<span class=\"_ _7\"></span>ition <span class=\"_ _2\"></span>methods <span class=\"_ _10\"></span>only <span class=\"_ _10\"></span>where <span class=\"_ _e\"></span>the <span class=\"_ _2\"></span>FRA <span class=\"_ _2\"></span>was <span class=\"_ _10\"></span>impracti<span class=\"_ _7\"></span>cable <span class=\"_ _10\"></span>or <span class=\"_ _2\"></span>woul<span class=\"_ _7\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs480\">have involv<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>disp<span class=\"_ _2\"></span>roportio<span class=\"_ _7\"></span>nate costs<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _7\"></span> e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fort. This appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach was used<span class=\"_ _7\"></span> primarily for no<span class=\"_ _7\"></span>n-life insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs481\">reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts iss<span class=\"_ _7\"></span>ued and <span class=\"_ _7\"></span>held th<span class=\"_ _7\"></span>at i<span class=\"_ _7\"></span>n pr<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ciple f<span class=\"_ _7\"></span>all u<span class=\"_ _7\"></span>nder th<span class=\"_ _7\"></span>e appli<span class=\"_ _7\"></span>cation of<span class=\"_ _7\"></span> the P<span class=\"_ _10\"></span>AA.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs482\">The <span class=\"_ _0\"></span>appro<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ch <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quir<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>historic<span class=\"_ _2\"></span>al <span class=\"_ _0\"></span>da<span class=\"_ _6\"></span>ta <span class=\"_ _0\"></span>sinc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>initial <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cogniti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>insurance <span class=\"_ _1\"></span>contract <span class=\"_ _0\"></span>to <span class=\"_ _1\"></span>b<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>obtain<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>all <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _1\"></span>of<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs483\">contracts.<span class=\"_ _2\"></span> VIG<span class=\"_ _2\"></span> has <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>all r<span class=\"_ _2\"></span>easonable<span class=\"_ _2\"></span> and<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>suppor<span class=\"_ _7\"></span>tabl<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>nfor<span class=\"_ _2\"></span>mat<span class=\"_ _6\"></span>ion<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>its<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>existing<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>eporting s<span class=\"_ _2\"></span>ystems <span class=\"_ _10\"></span>to ob<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ai<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>los<span class=\"_ _2\"></span>est </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs484\">outcome <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>full <span class=\"_ _6\"></span>retros<span class=\"_ _2\"></span>pective <span class=\"_ _6\"></span>appro<span class=\"_ _7\"></span>ach. <span class=\"_ _6\"></span>However<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>insuf<span class=\"_ _2\"></span>ficient <span class=\"_ _1\"></span>avail<span class=\"_ _7\"></span>ability <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>istorical <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ain <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>ason <span class=\"_ _6\"></span>why <span class=\"_ _1\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs485\">FRA is imp<span class=\"_ _2\"></span>racticable fo<span class=\"_ _7\"></span>r VI<span class=\"_ _7\"></span>G\u2019<span class=\"_ _e\"></span>s long-te<span class=\"_ _7\"></span>rm busi<span class=\"_ _7\"></span>ness, pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ticula<span class=\"_ _7\"></span>rl<span class=\"_ _7\"></span>y for: </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs486\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>most of<span class=\"_ _7\"></span> its li<span class=\"_ _7\"></span>fe portfoli<span class=\"_ _7\"></span>o as well as i<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>health simi<span class=\"_ _7\"></span>la<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>-to-l<span class=\"_ _7\"></span>ife por<span class=\"_ _7\"></span>tfoli<span class=\"_ _7\"></span>os and  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs487\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>non-life i<span class=\"_ _7\"></span>nsurance po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>os that <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured i<span class=\"_ _7\"></span>n ac<span class=\"_ _7\"></span>cord<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>e with the <span class=\"_ _7\"></span>GMM. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs489\">For each gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of contr<span class=\"_ _7\"></span>acts for w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich the full<span class=\"_ _7\"></span> retro<span class=\"_ _7\"></span>spec<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ive appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach was i<span class=\"_ _7\"></span>mpractic<span class=\"_ _7\"></span>able, the fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> value appr<span class=\"_ _2\"></span>oach has be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs48a\">applied. <span class=\"_ _2\"></span> </div><div class=\"t mf h74 ff4f fs2c fc3 sc0 ls5 ws2 gs48b\">Fair v<span class=\"_ _7\"></span>a<span class=\"_ _7\"></span>lue appr<span class=\"_ _7\"></span>oach (<span class=\"_ _7\"></span>FV<span class=\"_ _2\"></span>A) </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs48c\">The <span class=\"_ _1\"></span>fair v<span class=\"_ _6\"></span>alue <span class=\"_ _6\"></span>approa<span class=\"_ _2\"></span>ch <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>simpli<span class=\"_ _7\"></span>fied <span class=\"_ _1\"></span>method <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>determini<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>CSM <span class=\"_ _6\"></span>and/or <span class=\"_ _1\"></span>loss c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>insurance </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs48d\">contracts <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _10\"></span>date. <span class=\"_ _10\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>CSM <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>ompon<span class=\"_ _7\"></span>ent <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>LRC <span class=\"_ _10\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transitio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>date <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>determin<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>dif<span class=\"_ _7\"></span>ference<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs48e\">between <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _3\"> </span>co<span class=\"_ _7\"></span>ntrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>fulfilm<span class=\"_ _7\"></span>ent <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>flows <span class=\"_ _f\"> </span>measu<span class=\"_ _2\"></span>red <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>date. <span class=\"_ _f\"> </span>In </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs48f\">determini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the f<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ir <span class=\"_ _7\"></span>value, the <span class=\"_ _7\"></span>req<span class=\"_ _7\"></span>uir<span class=\"_ _7\"></span>ements of<span class=\"_ _7\"></span> IFRS 13 <span class=\"_ _2\"></span>Fair V<span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue Meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rem<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>wer<span class=\"_ _7\"></span>e appli<span class=\"_ _7\"></span>ed; exce<span class=\"_ _7\"></span>pt for <span class=\"_ _7\"></span>the appl<span class=\"_ _7\"></span>icatio<span class=\"_ _2\"></span>n of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs490\">IFRS 13.4<span class=\"_ _7\"></span>7 reg<span class=\"_ _2\"></span>ardi<span class=\"_ _7\"></span>ng the ch<span class=\"_ _7\"></span>aracte<span class=\"_ _7\"></span>ristic of <span class=\"_ _7\"></span>short-<span class=\"_ _7\"></span>term r<span class=\"_ _7\"></span>etrie<span class=\"_ _7\"></span>vabili<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs491\">When <span class=\"_ _7\"></span>applying <span class=\"_ _2\"></span>the fair v<span class=\"_ _7\"></span>alue a<span class=\"_ _7\"></span>ppro<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ch a<span class=\"_ _7\"></span>t the <span class=\"_ _7\"></span>transi<span class=\"_ _7\"></span>tion dat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>it is pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>miss<span class=\"_ _7\"></span>ible to agg<span class=\"_ _2\"></span>reg<span class=\"_ _7\"></span>ate co<span class=\"_ _7\"></span>ntracts i<span class=\"_ _7\"></span>ssued mo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>an o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs492\">year apa<span class=\"_ _7\"></span>rt. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs493\">Reason<span class=\"_ _7\"></span>able an<span class=\"_ _7\"></span>d suppor<span class=\"_ _7\"></span>tabl<span class=\"_ _7\"></span>e inform<span class=\"_ _7\"></span>ation t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at was <span class=\"_ _7\"></span>available <span class=\"_ _2\"></span>at<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>transitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> date <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as use<span class=\"_ _7\"></span>d for t<span class=\"_ _7\"></span>he follo<span class=\"_ _7\"></span>wing: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs494\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identify gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ups of ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s, <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs495\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>determine <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>het<span class=\"_ _7\"></span>her any co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts a<span class=\"_ _2\"></span>re dir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ct pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ticip<span class=\"_ _7\"></span>ating i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts, <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs496\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identify a<span class=\"_ _7\"></span>ny discr<span class=\"_ _2\"></span>etionary c<span class=\"_ _7\"></span>ash fl<span class=\"_ _7\"></span>ows for ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ithout <span class=\"_ _7\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t parti<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ipatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> featur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs497\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>determine <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>het<span class=\"_ _7\"></span>her an inv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stme<span class=\"_ _7\"></span>nt co<span class=\"_ _7\"></span>ntract me<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts the <span class=\"_ _7\"></span>definiti<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span> of a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> inves<span class=\"_ _7\"></span>tment co<span class=\"_ _7\"></span>ntract <span class=\"_ _7\"></span>with dis<span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>etionar<span class=\"_ _7\"></span>y </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs498\">participatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> fea<span class=\"_ _7\"></span>tures <span class=\"_ _2\"></span>as defined i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> IFRS 17.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs499\">VIG divides insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce finance effe<span class=\"_ _2\"></span>ct<span class=\"_ _6\"></span>s into amou<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised thro<span class=\"_ _2\"></span>ugh <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it and loss and a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>s recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ise<span class=\"_ _7\"></span>d directly<span class=\"_ _2\"></span> in<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs49a\">equity<span class=\"_ _e\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs49b\">The <span class=\"_ _4\"></span>cos<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>capit<span class=\"_ _7\"></span>al <span class=\"_ _4\"></span>appro<span class=\"_ _2\"></span>ach <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>determin<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>fair <span class=\"_ _0\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _0\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>alculat<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>insu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ance <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _0\"></span>liabilities <span class=\"_ _0\"></span>at <span class=\"_ _4\"> </span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs49c\">transition <span class=\"_ _7\"></span>date. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is was <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>alcula<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows: </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs49d\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> eco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>omic<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lly c<span class=\"_ _7\"></span>alculat<span class=\"_ _7\"></span>ed best-<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>e liabil<span class=\"_ _7\"></span>ity witho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t ta<span class=\"_ _7\"></span>king into <span class=\"_ _7\"></span>account <span class=\"_ _7\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng re<span class=\"_ _7\"></span>quir<span class=\"_ _7\"></span>ements; <span class=\"_ _2\"></span>plus </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs49e\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>a profi<span class=\"_ _7\"></span>t margi<span class=\"_ _7\"></span>n in li<span class=\"_ _7\"></span>ne wit<span class=\"_ _7\"></span>h the mark<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t. </div><div class=\"t m0 h21 ff45 fse fc3 sc0 ls5 ws2 gs4a0\">Changes i<span class=\"_ _7\"></span>n account<span class=\"_ _2\"></span>ing polici<span class=\"_ _7\"></span>es<span class=\"ff47\"> </span></div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs4a1\">DEFINI<span class=\"_ _7\"></span>TION OF CAS<span class=\"_ _2\"></span>H AND <span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>ASH <span class=\"_ _7\"></span>EQUI<span class=\"_ _2\"></span>VALENTS<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a2\">Befor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>IFRS 1<span class=\"_ _7\"></span>7, <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS <span class=\"_ _0\"></span>4 <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>de <span class=\"_ _0\"></span>it <span class=\"_ _4\"></span>possi<span class=\"_ _7\"></span>bl<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>accou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>for <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>nderwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>tems <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>accord<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>wit<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>lo<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>al </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a3\">legisl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion. <span class=\"_ _6\"></span>Under consideratio<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>egulatio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>appli<span class=\"_ _7\"></span>cable <span class=\"_ _6\"></span>for example <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>Aust<span class=\"_ _7\"></span>ria <span class=\"_ _6\"></span>(V<span class=\"_ _2\"></span>ersich<span class=\"_ _7\"></span>erungsa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>fsichtsg<span class=\"_ _7\"></span>esetz (V<span class=\"_ _2\"></span>AG)), </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a4\">investme<span class=\"_ _7\"></span>nts that <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>erve to <span class=\"_ _6\"></span>cove<span class=\"_ _7\"></span>r underwriting pr<span class=\"_ _7\"></span>ovisions fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>-linked and index-l<span class=\"_ _7\"></span>inked life insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce were also subj<span class=\"_ _7\"></span>ect to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a5\">these r<span class=\"_ _2\"></span>eporting r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ulations. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a6\">As a result, VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> Insu<span class=\"_ _7\"></span>rance Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p decid<span class=\"_ _2\"></span>ed under IFRS 4 to r<span class=\"_ _2\"></span>eport the term an<span class=\"_ _7\"></span>d the definitio<span class=\"_ _2\"></span>n of cash and cash equi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alents<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a7\">in <span class=\"_ _4\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _0\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>per<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>ns. <span class=\"_ _4\"></span>Accor<span class=\"_ _2\"></span>dingly<span class=\"_ _e\"></span>, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>egulatory <span class=\"_ _0\"></span>investme<span class=\"_ _7\"></span>nts <span class=\"_ _4\"></span>for <span class=\"_ _0\"></span>unit-linke<span class=\"_ _7\"></span>d <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>index-l<span class=\"_ _7\"></span>inked <span class=\"_ _0\"></span>lif<span class=\"_ _7\"></span>e<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a8\">insuranc<span class=\"_ _7\"></span>e wer<span class=\"_ _2\"></span>e n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t includ<span class=\"_ _7\"></span>ed in th<span class=\"_ _7\"></span>e item <span class=\"_ _7\"></span>cash and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quivale<span class=\"_ _7\"></span>nts i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance with I<span class=\"_ _7\"></span>FRS.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a9\">IFRS 9 <span class=\"_ _1\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>IFRS 17 h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ow <span class=\"_ _1\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>tim<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>these <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _1\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _1\"></span>stat<span class=\"_ _7\"></span>ements.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>The <span class=\"_ _6\"></span>regulati<span class=\"_ _2\"></span>ons </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4aa\">also lead to a <span class=\"_ _6\"></span>look-t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>gh of assets<span class=\"_ _7\"></span> in<span class=\"_ _6\"></span> unit-link<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d and index<span class=\"_ _7\"></span>-linked life insuran<span class=\"_ _7\"></span>ce. As local reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>ns no <span class=\"_ _6\"></span>long<span class=\"_ _7\"></span>er have any </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ab\">weight <span class=\"_ _6\"></span>under I<span class=\"_ _6\"></span>FRS, <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Group ha<span class=\"_ _6\"></span>s a <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>assess<span class=\"_ _7\"></span>ment <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>porting <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>theref<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>defi<span class=\"_ _7\"></span>nition <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>ca<span class=\"_ _7\"></span>sh </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ac\">and <span class=\"_ _3\"> </span>cash <span class=\"_ _f\"> </span>e<span class=\"_ _6\"></span>quiv<span class=\"_ _7\"></span>alents <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>c<span class=\"_ _6\"></span>omp<span class=\"_ _7\"></span>ariso<span class=\"_ _7\"></span>n <span class=\"_ _3\"> </span>to <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>past, <span class=\"_ _f\"> </span>w<span class=\"_ _6\"></span>hich <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>a<span class=\"_ _6\"></span>ccompanie<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>by <span class=\"_ _3\"> </span>an <span class=\"_ _3\"> </span>IAS 8 <span class=\"_ _f\"> </span>change <span class=\"_ _3\"> </span>in <span class=\"_ _f\"> </span>a<span class=\"_ _6\"></span>ccou<span class=\"_ _7\"></span>nting <span class=\"_ _3\"> </span>poli<span class=\"_ _7\"></span>cy<span class=\"_ _10\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ad\">Consequ<span class=\"_ _7\"></span>ently<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>pre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ious <span class=\"_ _6\"></span>year\u2019<span class=\"_ _e\"></span>s <span class=\"_ _1\"></span>figu<span class=\"_ _2\"></span>res <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>flow <span class=\"_ _6\"></span>stateme<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>balance <span class=\"_ _6\"></span>sheet <span class=\"_ _6\"></span>item <span class=\"_ _6\"></span>\u2018cas<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ae\">cash eq<span class=\"_ _7\"></span>uivale<span class=\"_ _7\"></span>nts\u2019 have <span class=\"_ _7\"></span>been <span class=\"_ _7\"></span>adjuste<span class=\"_ _7\"></span>d in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith IA<span class=\"_ _2\"></span>S 8. </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs4af\">CHANGE <span class=\"_ _7\"></span>FROM C<span class=\"_ _7\"></span>LEAN<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>VALU<span class=\"_ _7\"></span>E TO<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>DIR<span class=\"_ _7\"></span>TY <span class=\"_ _10\"></span>VALUE<span class=\"_ _2\"></span> ACCO<span class=\"_ _7\"></span>UNTING<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b0\">In <span class=\"_ _6\"></span>additio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>the changes in c<span class=\"_ _6\"></span>onn<span class=\"_ _7\"></span>ection with <span class=\"_ _6\"></span>the initial a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ication <span class=\"_ _6\"></span>of IFRS 9, financi<span class=\"_ _7\"></span>al instruments are n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>w <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised at </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b1\">the <span class=\"_ _0\"></span>dirty<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _0\"></span>means <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>\u2013 <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>cont<span class=\"_ _7\"></span>rast <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>IAS<span class=\"_ _7\"></span> 39 <span class=\"_ _0\"></span>ac<span class=\"_ _2\"></span>counting <span class=\"_ _0\"></span>\u2013 <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>accrued <span class=\"_ _1\"></span>inter<span class=\"_ _7\"></span>est <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>longe<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>a </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b2\">separate i<span class=\"_ _7\"></span>tem i<span class=\"_ _7\"></span>n the bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet, b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t is li<span class=\"_ _7\"></span>sted as pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>t of t<span class=\"_ _7\"></span>he book <span class=\"_ _2\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue.  </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs4b3\">ALLOCA<span class=\"_ _10\"></span>TING INTER<span class=\"_ _7\"></span>EST<span class=\"_ _5\"></span>, <span class=\"_ _7\"></span>T<span class=\"_ _10\"></span>AXES <span class=\"_ _2\"></span>AND DIVIDEND<span class=\"_ _7\"></span>S<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b4\">Due <span class=\"_ _6\"></span>to the amended accounti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>prin<span class=\"_ _7\"></span>ciples from<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>lean to <span class=\"_ _6\"></span>dirty value, interes<span class=\"_ _7\"></span>t, ta<span class=\"_ _6\"></span>xes and dividends can now be<span class=\"_ _6\"></span> split <span class=\"_ _6\"></span>in the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b5\">consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flow st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t acco<span class=\"_ _7\"></span>rding <span class=\"_ _2\"></span>to their orig<span class=\"_ _7\"></span>ins (o<span class=\"_ _7\"></span>perating, i<span class=\"_ _2\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent and fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nce).<span class=\"_ _3d5\"> </span> </div>Identificat<span class=\"_ _7\"></span>ion of <span class=\"_ _7\"></span>errors<span class=\"_ _7\"></span> As <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>art <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>audit <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Oe<span class=\"_ _6\"></span>P<span class=\"_ _7\"></span>R <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>accord<span class=\"_ _2\"></span>ance <span class=\"_ _2\"></span>with <span class=\"_ _7\"></span>\u00a7 2 (1<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>RL-KG, <span class=\"_ _2\"></span>it <span class=\"_ _2\"></span>was <span class=\"_ _2\"></span>establi<span class=\"_ _7\"></span>shed <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _2\"></span>financial <span class=\"_ _10\"></span>(<span class=\"_ _6\"></span>inte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>im) stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _10\"></span>2022 <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>VIENNA <span class=\"_ _e\"></span>I<span class=\"_ _6\"></span>NSU<span class=\"_ _2\"></span>RANCE <span class=\"_ _10\"></span>GROUP <span class=\"_ _10\"></span>AG <span class=\"_ _10\"></span>W<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ener <span class=\"_ _10\"></span>V<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>heru<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>Gruppe <span class=\"_ _e\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>fau<span class=\"_ _6\"></span>lt<span class=\"_ _7\"></span>y <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>follo<span class=\"_ _7\"></span>wing <span class=\"_ _10\"></span>reasons:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>In the co<span class=\"_ _7\"></span>nsolidate<span class=\"_ _7\"></span>d cash fl<span class=\"_ _7\"></span>ow s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt for t<span class=\"_ _7\"></span>he fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _7\"></span>year 2022, pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ments i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> con<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ection <span class=\"_ _7\"></span>with in<span class=\"_ _7\"></span>tangibl<span class=\"_ _7\"></span>e assets f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> compan<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> acq<span class=\"_ _7\"></span>uisitions w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>unted twi<span class=\"_ _7\"></span>ce; and<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>In the co<span class=\"_ _7\"></span>nsolidate<span class=\"_ _7\"></span>d finan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial stat<span class=\"_ _7\"></span>ements <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s of 3<span class=\"_ _7\"></span>1/12/<span class=\"_ _7\"></span>2022 <span class=\"_ _7\"></span>as well<span class=\"_ _7\"></span> as in <span class=\"_ _7\"></span>the co<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>nterim fi<span class=\"_ _7\"></span>nancial stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nts as of 30<span class=\"_ _7\"></span>/06/<span class=\"_ _7\"></span>2022, the disclo<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ure of t<span class=\"_ _7\"></span>he p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rchas<span class=\"_ _7\"></span>e price fo<span class=\"_ _2\"></span>r acquiring A<span class=\"_ _2\"></span>egon H<span class=\"_ _7\"></span>ungary a<span class=\"_ _7\"></span>nd Aego<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> T<span class=\"_ _e\"></span>\u00fcrkiye w<span class=\"_ _7\"></span>as omitte<span class=\"_ _7\"></span>d.<span class=\"_ _7\"></span> CONSOLIDA<span class=\"_ _e\"></span>TED CASH FLO<span class=\"_ _2\"></span>W<span class=\"_ _6\"></span> ST<span class=\"_ _10\"></span>A<span class=\"_ _2\"></span>TEMENT On the o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e hand, <span class=\"_ _2\"></span>the acquisi<span class=\"_ _7\"></span>tion was ta<span class=\"_ _2\"></span>ken into acco<span class=\"_ _2\"></span>unt in the item <span class=\"_ _7\"></span>\u201cPaym<span class=\"_ _7\"></span>ents fo<span class=\"_ _7\"></span>r the a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quis<span class=\"_ _7\"></span>ition of s<span class=\"_ _7\"></span>ubsidia<span class=\"_ _7\"></span>ries\u201d and,<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n the other <span class=\"_ _7\"></span>hand, in the it<span class=\"_ _7\"></span>em \u201cPayme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts for t<span class=\"_ _7\"></span>he acquisi<span class=\"_ _7\"></span>tion of i<span class=\"_ _7\"></span>ntangible ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts\u201d. As bot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> items a<span class=\"_ _7\"></span>re in<span class=\"_ _7\"></span>cluded in t<span class=\"_ _7\"></span>he cas<span class=\"_ _7\"></span>h flow fro<span class=\"_ _7\"></span>m <span class=\"_ _6\"></span>investment ac<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>vities, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>outflow <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>investme<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>activities <span class=\"_ _6\"></span>was <span class=\"_ _6\"></span>ove<span class=\"_ _7\"></span>rstated by<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>EUR 320.2 millio<span class=\"_ _7\"></span>n. <span class=\"_ _1\"></span>By <span class=\"_ _6\"></span>contras<span class=\"_ _7\"></span>t, the <span class=\"_ _4\"></span>cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>flo<span class=\"_ _7\"></span>w <span class=\"_ _4\"></span>fr<span class=\"_ _7\"></span>om <span class=\"_ _0\"></span>operati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>ac<span class=\"_ _7\"></span>tivities <span class=\"_ _0\"></span>included <span class=\"_ _0\"></span>this <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>gur<span class=\"_ _7\"></span>e. <span class=\"_ _0\"></span>After <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>corr<span class=\"_ _2\"></span>ection, <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>cash <span class=\"_ _0\"></span>flow <span class=\"_ _0\"></span>from <span class=\"_ _0\"></span>operati<span class=\"_ _7\"></span>ng <span class=\"_ _4\"></span>activiti<span class=\"_ _2\"></span>es compar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>to the fin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ncial y<span class=\"_ _7\"></span>ear 2021<span class=\"_ _7\"></span> sho<span class=\"_ _7\"></span>ws a de<span class=\"_ _7\"></span>cline of <span class=\"_ _2\"></span>EUR 217.4 mi<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>on instead of a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> incr<span class=\"_ _7\"></span>ease of<span class=\"_ _7\"></span> EU<span class=\"_ _7\"></span>R 102.8 m<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ion. DISCLOS<span class=\"_ _7\"></span>URE OF<span class=\"_ _2\"></span> THE PUR<span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>HAS<span class=\"_ _7\"></span>E PRICE OF<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>THE <span class=\"_ _7\"></span>AEGON<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>COMP<span class=\"_ _2\"></span>ANIES IN<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>HUNGAR<span class=\"_ _10\"></span>Y AND<span class=\"_ _2\"></span> T\u00dcRKIY<span class=\"_ _7\"></span>E  A pur<span class=\"_ _7\"></span>chase p<span class=\"_ _7\"></span>rice of aro<span class=\"_ _2\"></span>und EUR 830 <span class=\"_ _7\"></span>mill<span class=\"_ _7\"></span>ion was o<span class=\"_ _7\"></span>riginally p<span class=\"_ _7\"></span>ublish<span class=\"_ _7\"></span>ed on page 91 o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he 2022 Gr<span class=\"_ _2\"></span>oup Ann<span class=\"_ _7\"></span>ual Repo<span class=\"_ _7\"></span>rt for the entir<span class=\"_ _7\"></span>e tr<span class=\"_ _7\"></span>ansacti<span class=\"_ _7\"></span>on, i<span class=\"_ _7\"></span>ncludi<span class=\"_ _7\"></span>ng 1<span class=\"_ _7\"></span>00% <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>sh<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>in all<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>Aegon <span class=\"_ _2\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies. <span class=\"_ _7\"></span>As <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ell <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>Hunga<span class=\"_ _7\"></span>rian <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>urkish com<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies, <span class=\"_ _2\"></span>this included <span class=\"_ _7\"></span>the acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>ons of com<span class=\"_ _2\"></span>panies in Pol<span class=\"_ _2\"></span>and and <span class=\"_ _7\"></span>Romania, <span class=\"_ _2\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _7\"></span>wer<span class=\"_ _7\"></span>e not <span class=\"_ _7\"></span>yet close<span class=\"_ _2\"></span>d by the <span class=\"_ _7\"></span>editori<span class=\"_ _7\"></span>al deadli<span class=\"_ _7\"></span>ne for t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e 2022 <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up Annu<span class=\"_ _7\"></span>al Repor<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> In the Gro<span class=\"_ _2\"></span>up Ann<span class=\"_ _7\"></span>ual Repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>t on p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ge 90, t<span class=\"_ _2\"></span>he outflo<span class=\"_ _7\"></span>w of cash<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>nd cas<span class=\"_ _7\"></span>h eq<span class=\"_ _7\"></span>uivalents <span class=\"_ _7\"></span>publi<span class=\"_ _7\"></span>shed wit<span class=\"_ _7\"></span>h the a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quir<span class=\"_ _7\"></span>ed com<span class=\"_ _7\"></span>pani<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s was <span class=\"_ _0\"></span>sta<span class=\"_ _7\"></span>ted <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>E<span class=\"_ _6\"></span>UR 407,4<span class=\"_ _7\"></span>33,000<span class=\"_ _7\"></span>. <span class=\"_ _1\"></span>This <span class=\"_ _6\"></span>mainly<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>comprise<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>pur<span class=\"_ _7\"></span>chase <span class=\"_ _1\"></span>price <span class=\"_ _1\"></span>for <span class=\"_ _0\"></span>55<span class=\"_ _7\"></span>% <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>shar<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>Hungaria<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>Aeg<span class=\"_ _7\"></span>on companies <span class=\"_ _2\"></span>(E<span class=\"_ _6\"></span>U<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> 332,45<span class=\"_ _7\"></span>6,000<span class=\"_ _7\"></span>) a<span class=\"_ _7\"></span>nd 100<span class=\"_ _7\"></span>% of s<span class=\"_ _2\"></span>hares <span class=\"_ _7\"></span>in th<span class=\"_ _7\"></span>e T<span class=\"_ _5\"></span>u<span class=\"_ _6\"></span>rkis<span class=\"_ _7\"></span>h compa<span class=\"_ _2\"></span>ny V<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ennal<span class=\"_ _7\"></span>ife (form<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rly Aego<span class=\"_ _2\"></span>n) (EUR 60,0<span class=\"_ _7\"></span>13,00<span class=\"_ _2\"></span>0). The <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _7\"></span>ensation<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>ceived <span class=\"_ _2\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Hunga<span class=\"_ _7\"></span>rian <span class=\"_ _2\"></span>state<span class=\"_ _7\"></span>-own<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>olding <span class=\"_ _10\"></span>comp<span class=\"_ _7\"></span>any <span class=\"_ _2\"></span>Cor<span class=\"_ _7\"></span>vinus <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>45<span class=\"_ _7\"></span>% <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>shar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>H<span class=\"_ _7\"></span>ungarian<span class=\"_ _7\"></span> companies <span class=\"_ _2\"></span>had alre<span class=\"_ _7\"></span>ady b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>en d<span class=\"_ _7\"></span>educted fr<span class=\"_ _2\"></span>om the p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rc<span class=\"_ _7\"></span>hase p<span class=\"_ _7\"></span>rice for <span class=\"_ _7\"></span>the H<span class=\"_ _7\"></span>ungarian <span class=\"_ _7\"></span>comp<span class=\"_ _7\"></span>anies cite<span class=\"_ _2\"></span>d previo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sly<span class=\"_ _e\"></span>. In <span class=\"_ _0\"></span>November <span class=\"_ _0\"></span>2023,<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>furthe<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>shares <span class=\"_ _1\"></span>we<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>acquir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Hungari<span class=\"_ _7\"></span>an <span class=\"_ _0\"></span>companies. <span class=\"_ _1\"></span>In <span class=\"_ _0\"></span>this <span class=\"_ _0\"></span>regar<span class=\"_ _2\"></span>d, <span class=\"_ _0\"></span>refer<span class=\"_ _7\"></span>ence <span class=\"_ _1\"></span>is <span class=\"_ _0\"></span>made <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>the stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts in No<span class=\"_ _7\"></span>te 21<span class=\"_ _7\"></span>.3 Chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in sig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ifi<span class=\"_ _7\"></span>cant shar<span class=\"_ _2\"></span>es of other s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>eholde<span class=\"_ _7\"></span>rs starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>page 132.<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2b27\">26.<span class=\"ff4a\"> </span>NEW ST<span class=\"_ _10\"></span>ANDARDS NOT <span class=\"_ _2\"></span>YET <span class=\"_ _2\"></span>APPLICABLE <span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>ND <span class=\"_ _7\"></span>AME<span class=\"_ _7\"></span>NDMENTS <span class=\"_ _2\"></span>TO EXISTI<span class=\"_ _2\"></span>N<span class=\"_ _6\"></span>G ST<span class=\"_ _2\"></span>ANDARDS<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2b28\">Standard<span class=\"_ _6\"></span> <span class=\"_ _e6\"> </span>Short de<span class=\"_ _6\"></span>scription<span class=\"_ _6\"></span> <span class=\"_ _1ff\"> </span><span class=\"fsf\">Applicable<span class=\"_ _6\"></span> as of<span class=\"_ _6\"></span>*<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2b29\">Tho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> al<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>dy <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>pte<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> by<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>  <span class=\"_ _1a8\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b2a\">Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>16<span class=\"_ _6\"></span> <span class=\"_ _20b\"> </span>Lease liabilit<span class=\"_ _6\"></span>ies for sa<span class=\"_ _6\"></span>le and leaseb<span class=\"_ _6\"></span>ack t<span class=\"_ _6\"></span>ransaction<span class=\"_ _6\"></span>s <span class=\"_ _1e9\"> </span>01/01/202<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b2b\">Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> <span class=\"_ _1f6\"> </span>Classification of liab<span class=\"_ _6\"></span>ilities as <span class=\"_ _6\"></span>current o<span class=\"_ _6\"></span>r non<span class=\"_ _6\"></span>-current<span class=\"_ _6\"></span> <span class=\"_ _12c\"> </span>01<span class=\"_ _6\"></span>/01/2024<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2b2c\">Tho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>whic<span class=\"_ _6\"></span>h <span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> no<span class=\"_ _6\"></span>t o<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>not<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>yet a<span class=\"_ _1\"></span>do<span class=\"_ _6\"></span>pt<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span> <span class=\"_ _3a4\"> </span>  <span class=\"_ _1a8\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b2d\">IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>4<span class=\"_ _6\"></span> <span class=\"_ _3a5\"> </span>Regu<span class=\"_ _6\"></span>latory Deferral Ac<span class=\"_ _6\"></span>counts </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b2e\">EU d<span class=\"_ _6\"></span>ecided this st<span class=\"_ _6\"></span>andard sh<span class=\"_ _6\"></span>all </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b2f\">not be trans<span class=\"_ _6\"></span>ferred into EU<span class=\"_ _6\"></span> law<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b30\">Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>10<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>28<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b31\">Sale or contribu<span class=\"_ _6\"></span>tion of assets <span class=\"_ _6\"></span>between an<span class=\"_ _6\"></span> inv<span class=\"_ _6\"></span>estor and its<span class=\"_ _6\"></span> asso<span class=\"_ _6\"></span>ciate or joint </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b32\">venture<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b33\">First-time appli<span class=\"_ _6\"></span>cation defer<span class=\"_ _6\"></span>red </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b34\">for an indefin<span class=\"_ _6\"></span>ite period<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b35\">Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 7<span class=\"_ _6\"></span> <span class=\"_ _1f6\"> </span>Disclosures: Sup<span class=\"_ _6\"></span>plier F<span class=\"_ _6\"></span>inance Arrangem<span class=\"_ _6\"></span>ents<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>01/01/2024<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2b36\">Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _1e2\"> </span>R<span class=\"_ _6\"></span>estrictions on the <span class=\"_ _6\"></span>convertibi<span class=\"_ _6\"></span>lity of curren<span class=\"_ _6\"></span>cies<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>01/01/2025<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs2b37\">*Unless other<span class=\"_ _7\"></span>wise specifi<span class=\"_ _7\"></span>ed<span class=\"_ _6\"></span>, the VIG Ins<span class=\"_ _7\"></span>urance Group is not planning earl<span class=\"_ _7\"></span>y adoption of the provisions listed in <span class=\"_ _7\"></span>the table. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b38\">Unless <span class=\"_ _f\"> </span>ot<span class=\"_ _7\"></span>herwis<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>stated <span class=\"_ _f\"> </span>b<span class=\"_ _7\"></span>elow<span class=\"_ _2\"></span>, <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _3\"> </span>s<span class=\"_ _7\"></span>tand<span class=\"_ _7\"></span>ards <span class=\"_ _f\"> </span>list<span class=\"_ _2\"></span>ed <span class=\"_ _3\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>table <span class=\"_ _4\"> </span>are <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>ex<span class=\"_ _7\"></span>pecte<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>have <span class=\"_ _4\"> </span>a <span class=\"_ _3\"> </span>ma<span class=\"_ _7\"></span>terial <span class=\"_ _f\"> </span>impa<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>the<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b39\">amendme<span class=\"_ _7\"></span>nts ar<span class=\"_ _2\"></span>e not rel<span class=\"_ _2\"></span>evant. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-469": {
   "value": "Initial appl<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>cation<span class=\"_ _7\"></span> of stan<span class=\"_ _7\"></span>dards<span class=\"_ _7\"></span> Unless <span class=\"_ _2\"></span>otherwise <span class=\"_ _7\"></span>stated, <span class=\"_ _2\"></span>the sta<span class=\"_ _7\"></span>ndards <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>be a<span class=\"_ _2\"></span>pplied <span class=\"_ _2\"></span>for the f<span class=\"_ _7\"></span>irst <span class=\"_ _7\"></span>time, <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>relevant, h<span class=\"_ _7\"></span>ave <span class=\"_ _7\"></span>no or <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>material <span class=\"_ _2\"></span>impact <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span> the pres<span class=\"_ _2\"></span>ent consoli<span class=\"_ _7\"></span>dated fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial statem<span class=\"_ _2\"></span>ents. Standards<span class=\"_ _6\"></span> applicable<span class=\"_ _6\"></span> that a<span class=\"_ _6\"></span>re u<span class=\"_ _6\"></span>sed for t<span class=\"_ _6\"></span>he first time in the G<span class=\"_ _6\"></span>roup<span class=\"_ _6\"></span> Annual<span class=\"_ _6\"></span> Repo<span class=\"_ _6\"></span>rt IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>Financial instrumen<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>P<span class=\"_ _6\"></span>repayment features w<span class=\"_ _6\"></span>ith n<span class=\"_ _6\"></span>egati<span class=\"_ _6\"></span>ve compensati<span class=\"_ _6\"></span>on IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _e6\"> </span>Insurance cont<span class=\"_ _6\"></span>racts Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>17<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>Initial App<span class=\"_ _6\"></span>lication of IFR<span class=\"_ _6\"></span>S 9 and<span class=\"_ _6\"></span> IFRS 1<span class=\"_ _6\"></span>7 \u2013 Comp<span class=\"_ _6\"></span>arative Inform<span class=\"_ _6\"></span>ation<span class=\"_ _6\"></span> Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> 2<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Definition of m<span class=\"_ _6\"></span>ateriality in <span class=\"_ _6\"></span>connection w<span class=\"_ _6\"></span>ith a<span class=\"_ _6\"></span>ccounting p<span class=\"_ _6\"></span>olicies<span class=\"_ _6\"></span> Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 8<span class=\"_ _6\"></span> <span class=\"_ _e9\"> </span>Definition of ac<span class=\"_ _6\"></span>counting<span class=\"_ _6\"></span> estimates and<span class=\"_ _6\"></span> distin<span class=\"_ _6\"></span>guish<span class=\"_ _6\"></span>ing th<span class=\"_ _6\"></span>em from chang<span class=\"_ _6\"></span>es in ac<span class=\"_ _6\"></span>counting p<span class=\"_ _6\"></span>olicies Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Deferred taxes relat<span class=\"_ _6\"></span>ed to assets an<span class=\"_ _6\"></span>d liabilit<span class=\"_ _6\"></span>ies arising <span class=\"_ _6\"></span>from <span class=\"_ _6\"></span>a single trans<span class=\"_ _6\"></span>action<span class=\"_ _6\"></span> Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Temporary exception fr<span class=\"_ _6\"></span>om th<span class=\"_ _6\"></span>e recognition<span class=\"_ _6\"></span> and d<span class=\"_ _6\"></span>isclosure of d<span class=\"_ _6\"></span>eferred<span class=\"_ _6\"></span> taxes arisin<span class=\"_ _6\"></span>g fro<span class=\"_ _6\"></span>m glob<span class=\"_ _6\"></span>al minimu<span class=\"_ _6\"></span>m taxation AMENDM<span class=\"_ _7\"></span>ENTS<span class=\"_ _7\"></span> TO<span class=\"_ _7\"></span> IAS 1<span class=\"_ _2\"></span> AND IFRS<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>PRAC<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>ICE ST<span class=\"_ _10\"></span>A<span class=\"_ _2\"></span>TEMEN<span class=\"_ _7\"></span>T 2 With regar<span class=\"_ _7\"></span>d to th<span class=\"_ _7\"></span>e applic<span class=\"_ _7\"></span>ation of t<span class=\"_ _7\"></span>hese cha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ges, ple<span class=\"_ _7\"></span>ase r<span class=\"_ _7\"></span>efer to th<span class=\"_ _7\"></span>e notes in t<span class=\"_ _7\"></span>he chapt<span class=\"_ _7\"></span>er 24.<span class=\"_ _7\"></span>7. Material<span class=\"_ _7\"></span>ity of Notes a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d the associat<span class=\"_ _7\"></span>ed acco<span class=\"_ _7\"></span>unti<span class=\"_ _7\"></span>ng policies <span class=\"_ _7\"></span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 147. AMENDM<span class=\"_ _7\"></span>ENTS<span class=\"_ _7\"></span> TO<span class=\"_ _7\"></span> IAS 12<span class=\"_ _2\"></span> EU <span class=\"_ _6\"></span>member <span class=\"_ _6\"></span>states h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>Europe<span class=\"_ _7\"></span>-wide <span class=\"_ _6\"></span>imple<span class=\"_ _7\"></span>mentatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>Global <span class=\"_ _6\"></span>Anti-Base Erosion <span class=\"_ _6\"></span>(GloB<span class=\"_ _7\"></span>E) <span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>les (<span class=\"_ _6\"></span>Pill<span class=\"_ _7\"></span>ar T<span class=\"_ _e\"></span>wo) in the international tax r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>forms s<span class=\"_ _7\"></span>et <span class=\"_ _6\"></span>out<span class=\"_ _7\"></span> by <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e OECD. The EU direc<span class=\"_ _7\"></span>tive pro<span class=\"_ _7\"></span>vides tha<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>ofits from m<span class=\"_ _7\"></span>ultination<span class=\"_ _7\"></span>al gro<span class=\"_ _7\"></span>ups  of compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> large do<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>estic g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps wit<span class=\"_ _7\"></span>h co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>solidate<span class=\"_ _7\"></span>d s<span class=\"_ _7\"></span>ales of at l<span class=\"_ _2\"></span>east EU<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> 750 m<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ion will i<span class=\"_ _7\"></span>n futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> be s<span class=\"_ _2\"></span>ubject to <span class=\"_ _7\"></span>a tax rate <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>lea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>15%. <span class=\"_ _1\"></span>Th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>directiv<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>mu<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>incorpor<span class=\"_ _7\"></span>ated <span class=\"_ _6\"></span>into <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>memb<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>st<span class=\"_ _7\"></span>ates\u2019 <span class=\"_ _6\"></span>national<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>legislation <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>late<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>than <span class=\"_ _6\"></span>the end <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>2023. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>effe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>global <span class=\"_ _6\"></span>mi<span class=\"_ _7\"></span>nimum t<span class=\"_ _6\"></span>axatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>2024 <span class=\"_ _6\"></span>and thereaft<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cannot <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>ojected with <span class=\"_ _6\"></span>any certai<span class=\"_ _7\"></span>nty <span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>esent.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>The <span class=\"_ _10\"></span>VIG <span class=\"_ _2\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>curr<span class=\"_ _7\"></span>entl<span class=\"_ _7\"></span>y <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rking <span class=\"_ _2\"></span>on <span class=\"_ _10\"></span>an <span class=\"_ _2\"></span>implem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>ject <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>global <span class=\"_ _10\"></span>minim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _2\"></span>taxa<span class=\"_ _7\"></span>tion. In <span class=\"_ _6\"></span>ord<span class=\"_ _7\"></span>er to <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt Pillar T<span class=\"_ _e\"></span>wo <span class=\"_ _6\"></span>of the tax <span class=\"_ _6\"></span>reform i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the IFRS<span class=\"_ _7\"></span> financial statemen<span class=\"_ _7\"></span>ts, t<span class=\"_ _6\"></span>ech<span class=\"_ _7\"></span>nical guidance on the amendm<span class=\"_ _7\"></span>ents to IAS 12 w<span class=\"_ _6\"></span>as published <span class=\"_ _6\"></span>by the <span class=\"_ _6\"></span>IASB on <span class=\"_ _6\"></span>23 May 2023. Ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>this, an <span class=\"_ _6\"></span>exemptio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the recognitio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of de<span class=\"_ _6\"></span>ferr<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>tax assets <span class=\"_ _7\"></span>and li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>in ac<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nce <span class=\"_ _7\"></span>with t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>ements of <span class=\"_ _2\"></span>global minimum <span class=\"_ _2\"></span>taxation s<span class=\"_ _7\"></span>hall<span class=\"_ _7\"></span> be r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ulated <span class=\"_ _7\"></span>until furth<span class=\"_ _7\"></span>er noti<span class=\"_ _2\"></span>ce. In <span class=\"_ _0\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>direc<span class=\"_ _7\"></span>tive, <span class=\"_ _1\"></span>poten<span class=\"_ _7\"></span>tial <span class=\"_ _1\"></span>eff<span class=\"_ _7\"></span>ects <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>defe<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>tax<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>con<span class=\"_ _7\"></span>nection <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>global <span class=\"_ _6\"></span>minim<span class=\"_ _7\"></span>um <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>axatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>not taken i<span class=\"_ _7\"></span>nto acco<span class=\"_ _7\"></span>unt withi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. Due <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>global <span class=\"_ _10\"></span>minim<span class=\"_ _7\"></span>um <span class=\"_ _2\"></span>taxati<span class=\"_ _7\"></span>on <span class=\"_ _10\"></span>provisio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>full<span class=\"_ _7\"></span>y <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>onso<span class=\"_ _7\"></span>lidated <span class=\"_ _10\"></span>companies<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>VIG <span class=\"_ _10\"></span>Group <span class=\"_ _10\"></span>would <span class=\"_ _10\"></span>incur <span class=\"_ _10\"></span>an <span class=\"_ _2\"></span>immat<span class=\"_ _7\"></span>erial amount of a<span class=\"_ _2\"></span>dditional tax<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s on <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>asis of<span class=\"_ _7\"></span> the res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lts fo<span class=\"_ _7\"></span>r the<span class=\"_ _2\"></span> y<span class=\"_ _6\"></span>ear 2023<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> Beginni<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>1 <span class=\"_ _2\"></span>January <span class=\"_ _10\"></span>2023, <span class=\"_ _2\"></span>it <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>mandatory <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nise <span class=\"_ _2\"></span>deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>taxes <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>transa<span class=\"_ _7\"></span>ctions <span class=\"_ _2\"></span>from <span class=\"_ _10\"></span>which <span class=\"_ _2\"></span>tempora<span class=\"_ _7\"></span>ry <span class=\"_ _2\"></span>deductibl<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ferences <span class=\"_ _7\"></span>to be t<span class=\"_ _2\"></span>axed in <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>ame amo<span class=\"_ _2\"></span>unt arise <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>pon i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itial<span class=\"_ _2\"></span> recogniti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n. The <span class=\"_ _7\"></span>VIG I<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> Gr<span class=\"_ _2\"></span>oup exer<span class=\"_ _2\"></span>cised th<span class=\"_ _7\"></span>e op<span class=\"_ _7\"></span>tion o<span class=\"_ _7\"></span>f earlier a<span class=\"_ _7\"></span>pplicatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> in 2019. <span class=\"_ _2\"></span> IFRS 9 FIN<span class=\"_ _7\"></span>ANCIA<span class=\"_ _7\"></span>L INST<span class=\"_ _7\"></span>R<span class=\"_ _6\"></span>UMEN<span class=\"_ _7\"></span>TS <span class=\"_ _7\"></span>AND I<span class=\"_ _7\"></span>FRS 17 IN<span class=\"_ _2\"></span>SURANCE CONT<span class=\"_ _7\"></span>RAC<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>S VIG Insu<span class=\"_ _7\"></span>rance G<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p appl<span class=\"_ _7\"></span>ied IFR<span class=\"_ _7\"></span>S 9 a<span class=\"_ _7\"></span>nd IFRS 1<span class=\"_ _7\"></span>7 for t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e firs<span class=\"_ _7\"></span>t time fr<span class=\"_ _7\"></span>om 1 Ja<span class=\"_ _2\"></span>nuary 2023<span class=\"_ _7\"></span>. The f<span class=\"_ _7\"></span>irst-tim<span class=\"_ _7\"></span>e appli<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n leads <span class=\"_ _2\"></span>to signif<span class=\"_ _7\"></span>icant cha<span class=\"_ _7\"></span>nges and <span class=\"_ _7\"></span>ther<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e h<span class=\"_ _7\"></span>as a m<span class=\"_ _7\"></span>aterial im<span class=\"_ _7\"></span>pact o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>consolida<span class=\"_ _7\"></span>ted fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts.  The shor<span class=\"_ _7\"></span>thand p<span class=\"_ _2\"></span>hra<span class=\"_ _6\"></span>ses <span class=\"_ _7\"></span>used fo<span class=\"_ _7\"></span>r the tex<span class=\"_ _2\"></span>t and the ta<span class=\"_ _7\"></span>bles in <span class=\"_ _2\"></span>connection <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h IFRS 9 <span class=\"_ _7\"></span>are s<span class=\"_ _7\"></span>et out b<span class=\"_ _7\"></span>elow:<span class=\"_ _7\"></span> Short de<span class=\"_ _6\"></span>scription<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span><span class=\"fsf\">Long descri<span class=\"_ _6\"></span>ption </span>Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _eb\"> </span>Measured at A<span class=\"_ _6\"></span>mortised Cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _ec\"> </span>Measured at Fair <span class=\"_ _6\"></span>Value throu<span class=\"_ _6\"></span>gh Othe<span class=\"_ _6\"></span>r Comp<span class=\"_ _6\"></span>rehensiv<span class=\"_ _6\"></span>e Income<span class=\"_ _6\"></span> Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L <span class=\"_ _ed\"> </span>Measured at Fair <span class=\"_ _6\"></span>Value throu<span class=\"_ _6\"></span>gh Profit <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> Loss Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _ee\"> </span>Designated<span class=\"_ _6\"></span> measured<span class=\"_ _6\"></span> at Fair Value th<span class=\"_ _6\"></span>rough Oth<span class=\"_ _6\"></span>er Comp<span class=\"_ _6\"></span>rehensiv<span class=\"_ _6\"></span>e Income<span class=\"_ _6\"></span> Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _ef\"> </span>Designated<span class=\"_ _6\"></span> measured<span class=\"_ _6\"></span> at Fair Value th<span class=\"_ _6\"></span>rough P<span class=\"_ _6\"></span>rofit an<span class=\"_ _6\"></span>d Loss EC<span class=\"_ _6\"></span>L <span class=\"_ _f0\"> </span>Expected Credit <span class=\"_ _6\"></span>Loss<span class=\"_ _6\"></span> FV <span class=\"_ _f1\"> </span>Fair Value<span class=\"_ _6\"></span> SPP<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _db\"> </span>Solely Payments <span class=\"_ _6\"></span>of Principa<span class=\"_ _6\"></span>l and Interest<span class=\"_ _6\"></span> Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _f2\"> </span>Mandatorily measu<span class=\"_ _6\"></span>red at <span class=\"_ _6\"></span>Fair Value th<span class=\"_ _6\"></span>rough<span class=\"_ _6\"></span> Other Com<span class=\"_ _6\"></span>prehensive <span class=\"_ _6\"></span>Income<span class=\"_ _6\"></span> Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _f3\"> </span>Mandatorily measu<span class=\"_ _6\"></span>red at <span class=\"_ _6\"></span>Fair Value th<span class=\"_ _6\"></span>rough<span class=\"_ _6\"></span> Profit and Loss<span class=\"_ _6\"></span> <div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs43\">The shor<span class=\"_ _7\"></span>thand p<span class=\"_ _2\"></span>hra<span class=\"_ _6\"></span>ses i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> con<span class=\"_ _7\"></span>nection <span class=\"_ _7\"></span>with I<span class=\"_ _7\"></span>FRS 17 <span class=\"_ _7\"></span>have be<span class=\"_ _7\"></span>en used as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows for t<span class=\"_ _7\"></span>he tex<span class=\"_ _7\"></span>t and th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> tables:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs44\">Short de<span class=\"_ _6\"></span>scription<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span><span class=\"fsf\">Long descri<span class=\"_ _6\"></span>ption </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs45\">AIC<span class=\"_ _6\"></span> <span class=\"_ _f4\"> </span>Assets <span class=\"_ _6\"></span>for Incurred Claim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs46\">ARC<span class=\"_ _6\"></span> <span class=\"_ _94\"> </span>Assets for Remainin<span class=\"_ _6\"></span>g Coverage<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs47\">CSM<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>Contractual S<span class=\"_ _6\"></span>ervice Ma<span class=\"_ _6\"></span>rgin </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs48\">FCF<span class=\"_ _6\"></span> <span class=\"_ _f0\"> </span>Fulfilm<span class=\"_ _6\"></span>ent Cash Flow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs49\">FRA<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>Full Retrospecti<span class=\"_ _6\"></span>ve App<span class=\"_ _6\"></span>roach </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs4a\">FVA<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>Fair Value A<span class=\"_ _6\"></span>pproach<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs4b\">GMM<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>General Measu<span class=\"_ _6\"></span>rement Mod<span class=\"_ _6\"></span>el </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs4c\">LIC<span class=\"_ _6\"></span> <span class=\"_ _f8\"> </span>Liability for Incurr<span class=\"_ _6\"></span>ed Claims<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs4d\">LoR<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>Co <span class=\"_ _dc\"> </span>Loss<span class=\"_ _6\"></span> Recovery C<span class=\"_ _6\"></span>ompon<span class=\"_ _6\"></span>ent </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs4e\">LRC<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>Liability for Remain<span class=\"_ _6\"></span>ing Cover<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs4f\">PAA<span class=\"_ _6\"></span> <span class=\"_ _94\"> </span>Premium<span class=\"_ _6\"></span> Allocation Ap<span class=\"_ _6\"></span>proa<span class=\"_ _6\"></span>ch </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs50\">PVF<span class=\"_ _6\"></span>CF<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>Present Value of <span class=\"_ _6\"></span>Futu<span class=\"_ _6\"></span>re Cash Flows<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs51\">RA <span class=\"_ _fa\"> </span>Risk Ad<span class=\"_ _6\"></span>justmen<span class=\"_ _6\"></span>t </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs52\">VFA<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>Variable Fee A<span class=\"_ _6\"></span>pproach<span class=\"_ _6\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs53\">Compariso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of consoli<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ated <span class=\"_ _7\"></span>opening <span class=\"_ _7\"></span>balance s<span class=\"_ _7\"></span>heets<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs54\">Assets<span class=\"_ _6\"></span> <span class=\"_ _6f\"> </span><span class=\"fsf\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs55\">Type of adju<span class=\"_ _6\"></span>stments / re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>sificat<span class=\"_ _6\"></span>ions <span class=\"_ _30\"> </span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs56\">  <span class=\"_ _54\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2021<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs57\">IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs58\">IFRS <span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs59\">Other*<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5a\">01/01/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs5b\"><div class=\"t m0 x0 h29 y50a ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gs5c\"><div class=\"t m0 x0 h29 y50a ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w22 h28 gs5d\"><div class=\"t m0 x0 h29 y50a ff48 fsf fca sc0 ls5 ws2\">'000 </div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5e\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fb\"> </span>2,456,33<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5f\">271,074<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs60\">2,727,40<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs61\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fc\"> </span>40,207,6<span class=\"_ _6\"></span>20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs62\">-1,557<span class=\"_ _6\"></span>,445<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs63\">1,679,25<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs64\">67,592<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs65\">40,397,0<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs66\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>31,682,<span class=\"_ _6\"></span>289<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs67\">-1,557,44<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs68\">-30,032,8<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs69\">-92,021<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6b\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 9<span class=\"_ _6\"></span> <span class=\"_ _fd\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6c\">8,346,27<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6d\">31,712,0<span class=\"_ _6\"></span>75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6e\">338,666<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6f\">40,397,0<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs70\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>uni<span class=\"_ _6\"></span>t-<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>-lin<span class=\"_ _1\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _20\"> </span>8,525,331<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs71\">-8,346,27<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs72\">-179,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs73\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs74\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fe\"> </span>2,067,18<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs75\">-1,378<span class=\"_ _6\"></span>,020<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs76\">-3,194<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs77\">-336,0<span class=\"_ _6\"></span>42<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs78\">349,932<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs79\">Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _ff\"> </span>1,377,53<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7a\">-1,377,53<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7c\">Non<span class=\"_ _6\"></span>-un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rwr<span class=\"_ _6\"></span>itin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _60\"> </span>689,657<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7d\">-489<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7e\">-336,042<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7f\">353,126<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs80\">Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _100\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs81\">-3,194<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs82\">-3,194<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs83\">Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _101\"> </span>135,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs84\">135,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs85\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ates<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>276,913<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs86\">276,913<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs87\">Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>ntr<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s <span class=\"_ _103\"> </span>1,564,60<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs88\">201,804<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs89\">1,766,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8a\">Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>' <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>erw<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ing <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 4<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>1,564,605<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8b\">-1,564,60<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8d\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>  <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _104\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8e\">114,156<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8f\">114,156<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs90\">Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tra<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs91\">1,652,25<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs92\">1,652,25<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs93\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>2,378,28<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs94\">-878<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs95\">2,377,40<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs96\">Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>equ<span class=\"_ _1\"></span>ipm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> <span class=\"_ _107\"> </span>472,303<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs97\">114,433<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs98\">586,736<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs99\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _108\"> </span>390,893<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9a\">-176,654<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9b\">-113,934<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9c\">100,305<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9d\">Go<span class=\"_ _6\"></span>odwi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _109\"> </span>1,260,22<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9e\">1,260,22<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9f\">Int<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span>483,943<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa0\">-14,607<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa1\">-48<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa2\">469,288<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa3\">Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span> <span class=\"_ _10b\"> </span>311,447<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa4\">274,416<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa5\">585,863<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa6\">Righ<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>-of<span class=\"_ _6\"></span>-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _90\"> </span>173,348<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa7\">173,348<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa8\">Total<span class=\"_ _6\"></span> assets <span class=\"_ _10c\"> </span>52,178,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa9\">-2,924<span class=\"_ _6\"></span>,922<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsaa\">1,675,18<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsab\">277,491<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsac\">51,205,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gsad\">*The main<span class=\"_ _7\"></span> adjustments are discus<span class=\"_ _7\"></span>sed in the chapter \u201cChan<span class=\"_ _7\"></span>ges in accounting policies\u201d starting <span class=\"_ _7\"></span>on page <span class=\"_ _6\"></span>51 of these consolidated <span class=\"_ _7\"></span>financi<span class=\"_ _7\"></span>al state<span class=\"_ _6\"></span>ments.<span class=\"_ _3d5\"> </span> </div>Liabilities<span class=\"_ _6\"></span> and consol<span class=\"_ _6\"></span>idate<span class=\"_ _6\"></span>d share<span class=\"_ _6\"></span>holder<span class=\"_ _6\"></span>s' equity<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span><span class=\"fsf\"> </span>Type of adju<span class=\"_ _6\"></span>stments / re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>sificat<span class=\"_ _6\"></span>ions <span class=\"_ _e1\"> </span>   <span class=\"_ _54\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2021<span class=\"_ _3d5\"> </span></span>IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Other*<span class=\"_ _3d5\"> </span>01/01/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>e<span class=\"_ _1\"></span>s an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>yab<span class=\"_ _6\"></span>le<span class=\"_ _1\"></span>s <span class=\"_ _10e\"> </span>1,738,51<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,002<span class=\"_ _6\"></span>,395<span class=\"_ _3d5\"> </span>3,075<span class=\"_ _3d5\"> </span>739,193<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _ff\"> </span>1,166,27<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-1,166,27<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rwr<span class=\"_ _6\"></span>itin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _60\"> </span>572,243<span class=\"_ _3d5\"> </span>163,875<span class=\"_ _3d5\"> </span>3,075<span class=\"_ _3d5\"> </span>739,193<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _8c\"> </span>243,3<span class=\"_ _6\"></span>82<span class=\"_ _3d5\"> </span>243,382<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _51\"> </span>2,623<span class=\"_ _6\"></span>,053<span class=\"_ _3d5\"> </span>747<span class=\"_ _3d5\"> </span>643<span class=\"_ _3d5\"> </span>2,624,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _10f\"> </span>131,168<span class=\"_ _3d5\"> </span>-70,852<span class=\"_ _3d5\"> </span>60,316<span class=\"_ _3d5\"> </span>Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>ntr<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s <span class=\"_ _110\"> </span>40,735,0<span class=\"_ _6\"></span>20<span class=\"_ _3d5\"> </span>279,867<span class=\"_ _3d5\"> </span>41,014,8<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>isio<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>4<span class=\"_ _6\"></span> <span class=\"_ _111\"> </span>32,546,2<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span>-32,546,2<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>erw<span class=\"_ _1\"></span>ritin<span class=\"_ _1\"></span>g p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>isio<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it-<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>ind<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x-li<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>4<span class=\"_ _6\"></span> <span class=\"_ _112\"> </span>8,188,79<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-8,188,79<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>ssu<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>17<span class=\"_ _6\"></span> <span class=\"_ _113\"> </span> 40,950,3<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>40,950,3<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tra<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>ilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>17<span class=\"_ _6\"></span> <span class=\"_ _eb\"> </span> 64,585<span class=\"_ _3d5\"> </span>64,585<span class=\"_ _3d5\"> </span>Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _114\"> </span>890,189<span class=\"_ _3d5\"> </span>-32,307<span class=\"_ _3d5\"> </span>857,882<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>lit<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _115\"> </span>218,884<span class=\"_ _3d5\"> </span>138,614<span class=\"_ _3d5\"> </span>357,498<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs'<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>5,597,94<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-2,099,98<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>1,674,53<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>135,802<span class=\"_ _3d5\"> </span>5,308,30<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Total<span class=\"_ _6\"></span> assets <span class=\"_ _10c\"> </span>52,178,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>-2,924<span class=\"_ _6\"></span>,922<span class=\"_ _3d5\"> </span>1,675,18<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>277,491<span class=\"_ _3d5\"> </span>51,205,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span>*The main<span class=\"_ _7\"></span> adjustments are discus<span class=\"_ _7\"></span>sed in the chapter \u201cChan<span class=\"_ _7\"></span>ges in accounting policies\u201d starting <span class=\"_ _7\"></span>on page <span class=\"_ _6\"></span>51 of these consolidated <span class=\"_ _7\"></span>financi<span class=\"_ _7\"></span>al state<span class=\"_ _6\"></span>ments. Compariso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of consoli<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ated c<span class=\"_ _7\"></span>ash flow<span class=\"_ _7\"></span> statements<span class=\"_ _2\"></span>   <span class=\"_ _117\"> </span><span class=\"fsf\">2022 </span>  <span class=\"_ _118\"> </span><span class=\"fsf\">Adjusted<span class=\"_ _3d5\"> </span></span>1<span class=\"_ _3d5\"> </span>As published <span class=\"_ _6\"></span>within the Group Report<span class=\"_ _3d5\"> </span>Ame<span class=\"_ _6\"></span>ndment due to erro<span class=\"_ _6\"></span>r identi<span class=\"_ _6\"></span>ficatio<span class=\"_ _6\"></span>n<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _119\"> </span>464,003<span class=\"_ _3d5\"> </span>464,291<span class=\"_ _3d5\"> </span>464,291<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cti<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _11a\"> </span>-403,996<span class=\"_ _3d5\"> </span>624,982<span class=\"_ _3d5\"> </span>304,759<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>inv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>tiv<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>22,407<span class=\"_ _3d5\"> </span>-1,001,35<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-681,133<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ing <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ivi<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _11b\"> </span>-32,469<span class=\"_ _3d5\"> </span>-24,050<span class=\"_ _3d5\"> </span>-24,050<span class=\"_ _3d5\"> </span>Change in ca<span class=\"_ _6\"></span>sh and ca<span class=\"_ _6\"></span>sh equival<span class=\"_ _6\"></span>ents<span class=\"_ _6\"></span> <span class=\"_ _11c\"> </span>-414,0<span class=\"_ _6\"></span>58<span class=\"_ _3d5\"> </span>-400,4<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span>-400,4<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>For ad<span class=\"_ _7\"></span>ditional information <span class=\"_ _7\"></span>o<span class=\"_ _6\"></span>n the <span class=\"_ _7\"></span>initial application of IFRS 9 an<span class=\"_ _7\"></span>d IFRS 17, please refer to th<span class=\"_ _7\"></span>e<span class=\"_ _6\"></span> chapter <span class=\"_ _7\"></span>\u201cC<span class=\"_ _6\"></span>hanges in<span class=\"_ _7\"></span> accounting policies\u201d startin<span class=\"_ _7\"></span>g o<span class=\"_ _6\"></span>n page 51. 2 <span class=\"_ _3\"> </span>Information <span class=\"_ _7\"></span>about error iden<span class=\"_ _7\"></span>tification can be found fr<span class=\"_ _7\"></span>om<span class=\"_ _6\"></span> page 52 onward<span class=\"_ _7\"></span>s. Cash an<span class=\"_ _7\"></span>d cash eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ivalents<span class=\"_ _2\"></span> Cash <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>cash <span class=\"_ _1\"></span>equiva<span class=\"_ _6\"></span>le<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>amoun<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>EUR 2,456,333,00<span class=\"_ _7\"></span>0 <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>December<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>2021 <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>re <span class=\"_ _6\"></span>reported <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p Annual <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>eport <span class=\"_ _1\"></span>2022. <span class=\"_ _6\"></span>Due <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>modified <span class=\"_ _6\"></span>definit<span class=\"_ _6\"></span>ion, <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>holding <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>djusted <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>1 <span class=\"_ _6\"></span>Jan<span class=\"_ _6\"></span>uary <span class=\"_ _1\"></span>2022 <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ow <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>mounts <span class=\"_ _6\"></span>to EUR 2,727,<span class=\"_ _7\"></span>407,000. The reason for the<span class=\"_ _6\"></span> modified defi<span class=\"_ _7\"></span>nit<span class=\"_ _6\"></span>ion is presented on<span class=\"_ _6\"></span> page 51.   Compariso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of ear<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ings pe<span class=\"_ _7\"></span>r share<span class=\"_ _7\"></span>   <span class=\"_ _11d\"> </span><span class=\"fsf\">  <span class=\"_ _11e\"> </span>2022 </span>  <span class=\"_ _11d\"> </span><span class=\"fsf\">  <span class=\"_ _ed\"> </span>Adjus<span class=\"_ _7\"></span>ted<span class=\"_ _3d5\"> </span></span>1<span class=\"_ _3d5\"> </span>As published <span class=\"_ _6\"></span>within the Group Report<span class=\"_ _3d5\"> </span>Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _11a\"> </span>EUR '00<span class=\"_ _6\"></span>0 <span class=\"_ _e7\"> </span>4<span class=\"_ _6\"></span>64,003<span class=\"_ _3d5\"> </span>464,291<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>roll<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>eres<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in<span class=\"_ _1\"></span> ne<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span>EU<span class=\"_ _6\"></span>R '00<span class=\"_ _6\"></span>0 <span class=\"_ _37\"> </span>8,334<span class=\"_ _3d5\"> </span>1,650<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d le<span class=\"_ _1\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>no<span class=\"_ _6\"></span>n-co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>rol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng i<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _11f\"> </span>EUR '000<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>472,337<span class=\"_ _3d5\"> </span>465,941<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or th<span class=\"_ _1\"></span>e h<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>br<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>cap<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>EUR<span class=\"_ _6\"></span> '000 <span class=\"_ _37\"> </span>7,4<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span>7,469<span class=\"_ _3d5\"> </span>Att<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>but<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _11b\"> </span>EUR '000 <span class=\"_ _e7\"> </span>464<span class=\"_ _6\"></span>,868<span class=\"_ _3d5\"> </span>458,472<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _1\"></span>er o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>sh<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _121\"> </span>units <span class=\"_ _43\"> </span>128,000,000<span class=\"_ _3d5\"> </span>128,000,<span class=\"_ _6\"></span>000<span class=\"_ _3d5\"> </span>Earnings per s<span class=\"_ _6\"></span>hare<span class=\"_ _3d5\"> </span>2 <span class=\"_ _122\"> </span>EUR <span class=\"_ _123\"> </span>3.63<span class=\"_ _3d5\"> </span>3.58<span class=\"_ _3d5\"> </span>1 For add<span class=\"_ _7\"></span>itional information <span class=\"_ _7\"></span>o<span class=\"_ _6\"></span>n the <span class=\"_ _7\"></span>initial<span class=\"_ _6\"></span> appli<span class=\"_ _7\"></span>cation of IFRS 9 and IFR<span class=\"_ _7\"></span>S 17, please refer to the chapter \u201cChanges in <span class=\"_ _7\"></span>accounting policies\u201d startin<span class=\"_ _7\"></span>g o<span class=\"_ _6\"></span>n page 51. 2 <span class=\"_ _3\"> </span>The u<span class=\"_ _7\"></span>ndiluted earnings p<span class=\"_ _7\"></span>er share equals the diluted earnings per<span class=\"_ _7\"></span> share (in EUR).<span class=\"_ _3d5\"> </span> <div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs12b\">IFRS 9 FIN<span class=\"_ _7\"></span>ANCIA<span class=\"_ _7\"></span>L INST<span class=\"_ _7\"></span>R<span class=\"_ _6\"></span>UMEN<span class=\"_ _7\"></span>TS </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs12c\">General infor<span class=\"_ _2\"></span>m<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs12d\">As <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>art <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>itial <span class=\"_ _10\"></span>applicatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tation <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>financ<span class=\"_ _7\"></span>ial <span class=\"_ _10\"></span>instruments <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>unit-linked <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>index-li<span class=\"_ _7\"></span>nked <span class=\"_ _2\"></span>life <span class=\"_ _10\"></span>insurance </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs12e\">was <span class=\"_ _0\"></span>harmo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _1\"></span>with <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>balance <span class=\"_ _1\"></span>sheet <span class=\"_ _0\"></span>stru<span class=\"_ _7\"></span>cture<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>underwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ties. <span class=\"_ _0\"></span>Fina<span class=\"_ _7\"></span>ncial <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>unit-l<span class=\"_ _7\"></span>inked <span class=\"_ _0\"></span>and<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs12f\">index-li<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ked <span class=\"_ _7\"></span>lif<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>cov<span class=\"_ _7\"></span>er <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>it-link<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>ndex-link<span class=\"_ _7\"></span>ed l<span class=\"_ _7\"></span>ife <span class=\"_ _2\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>technical<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>ovisions.<span class=\"_ _2\"></span> Th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>endowme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs130\">and <span class=\"_ _1\"></span>surr<span class=\"_ _7\"></span>ende<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>paym<span class=\"_ _2\"></span>ents <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>thes<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>poli<span class=\"_ _7\"></span>cies <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>linked <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>performa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>associa<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _6\"></span>assets. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs131\">fro<span class=\"_ _7\"></span>m <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>ese <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>also<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>credi<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>full<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>the <span class=\"_ _0\"></span>polic<span class=\"_ _7\"></span>yholders.<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>As<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sult,<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>pol<span class=\"_ _7\"></span>icyhold<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs <span class=\"_ _0\"></span>bear <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _0\"></span>associa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs132\">forma<span class=\"_ _7\"></span>nce of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese i<span class=\"_ _7\"></span>nvestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. A<span class=\"_ _7\"></span>ccor<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span> to I<span class=\"_ _7\"></span>FRS 17, <span class=\"_ _7\"></span>thes<span class=\"_ _7\"></span>e l<span class=\"_ _7\"></span>ife insu<span class=\"_ _7\"></span>rance p<span class=\"_ _7\"></span>rod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cts wil<span class=\"_ _7\"></span>l no lo<span class=\"_ _2\"></span>nger be s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>own s<span class=\"_ _2\"></span>eparately o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs133\">the <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties <span class=\"_ _4\"></span>si<span class=\"_ _7\"></span>de, <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hich <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hy <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>esent<span class=\"_ _7\"></span>ation <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>oach <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>also <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>siste<span class=\"_ _7\"></span>ntly <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>mpleme<span class=\"_ _7\"></span>nted <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ssets <span class=\"_ _0\"></span>side <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs134\">consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs135\">This <span class=\"_ _2\"></span>means that <span class=\"_ _2\"></span>the co<span class=\"_ _7\"></span>rres<span class=\"_ _7\"></span>pondi<span class=\"_ _7\"></span>ng fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>instruments <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>shown <span class=\"_ _7\"></span>in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>solidat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>balan<span class=\"_ _7\"></span>ce sh<span class=\"_ _7\"></span>eet <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>part <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e ass<span class=\"_ _2\"></span>ets </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs136\">meas<span class=\"_ _7\"></span>ured <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>AC <span class=\"_ _2\"></span>or <span class=\"_ _10\"></span>FVtPL. <span class=\"_ _2\"></span>In <span class=\"_ _10\"></span>addition <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>that, <span class=\"_ _10\"></span>receiv<span class=\"_ _7\"></span>ables <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>these <span class=\"_ _7\"></span>typ<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cts <span class=\"_ _10\"></span>were <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>up<span class=\"_ _6\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs137\">to existing positio<span class=\"_ _7\"></span>ns (e.g. <span class=\"_ _6\"></span>oth<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r receiv<span class=\"_ _7\"></span>ables, oth<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>liabi<span class=\"_ _7\"></span>liti<span class=\"_ _7\"></span>es, rece<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ables fro<span class=\"_ _7\"></span>m other fees). The classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of the unit- and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs138\">index-li<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ked <span class=\"_ _7\"></span>lif<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>nsurance\u2019<span class=\"_ _5\"></span>s fi<span class=\"_ _7\"></span>nancial ass<span class=\"_ _2\"></span>ets i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>basically <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d at <span class=\"_ _2\"></span>FVtPL, <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xcept <span class=\"_ _2\"></span>for c<span class=\"_ _7\"></span>ash <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>qui<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alents <span class=\"_ _2\"></span>and t<span class=\"_ _7\"></span>erm </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs139\">deposits. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l assets <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured <span class=\"_ _2\"></span>at AC. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs13a\">Primarily<span class=\"_ _e\"></span>, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>FVtOCI o<span class=\"_ _2\"></span>ption <span class=\"_ _7\"></span>used f<span class=\"_ _7\"></span>or IF<span class=\"_ _7\"></span>RS 17 li<span class=\"_ _7\"></span>abi<span class=\"_ _7\"></span>lities, <span class=\"_ _7\"></span>other d<span class=\"_ _2\"></span>ebt assets<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e m<span class=\"_ _7\"></span>easu<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> at <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _7\"></span>CI. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs13b\">By taking th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> FVt<span class=\"_ _7\"></span>OCI optio<span class=\"_ _7\"></span>n, VIG endea<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ours to ke<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>p the co<span class=\"_ _7\"></span>nsequen<span class=\"_ _7\"></span>ces of a<span class=\"_ _7\"></span>n asset-liabi<span class=\"_ _7\"></span>lity mis<span class=\"_ _7\"></span>match to <span class=\"_ _7\"></span>a minimum. T<span class=\"_ _2\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs13c\">foll<span class=\"_ _7\"></span>owing criteria <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e als<span class=\"_ _7\"></span>o consid<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>ed<span class=\"ff4e\">:<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs13d\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ls t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t compatibl<span class=\"_ _7\"></span>e wi<span class=\"_ _7\"></span>th t<span class=\"_ _7\"></span>he FVtOCI c<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ego<span class=\"_ _7\"></span>ry:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs13e\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>An <span class=\"_ _6\"></span>example would <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sent the <span class=\"_ _1\"></span>loa<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>portfol<span class=\"_ _7\"></span>io, <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>due <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>its <span class=\"_ _6\"></span>illi<span class=\"_ _7\"></span>quidity <span class=\"_ _1\"></span>held <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>ma<span class=\"_ _7\"></span>turity<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>This <span class=\"_ _6\"></span>portfo<span class=\"_ _7\"></span>lio fu<span class=\"_ _6\"></span>lfi<span class=\"_ _7\"></span>ls <span class=\"_ _6\"></span>both </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs13f\">the <span class=\"_ _4\"></span>SP<span class=\"_ _7\"></span>PI <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>riterion <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>well <span class=\"_ _4\"></span>as <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>d<span class=\"_ _6\"></span>efinitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>\u201c<span class=\"_ _6\"></span>Held <span class=\"_ _4\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Coll<span class=\"_ _7\"></span>ect\u201d <span class=\"_ _4\"> </span>busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>el <span class=\"_ _4\"></span>(<span class=\"_ _7\"></span>hold <span class=\"_ _4\"></span>st<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ategy<span class=\"_ _7\"></span>) <span class=\"_ _4\"></span>and <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs140\">classif<span class=\"_ _7\"></span>ied as me<span class=\"_ _7\"></span>asur<span class=\"_ _7\"></span>ed at AC.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs141\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments <span class=\"_ _7\"></span>that <span class=\"_ _7\"></span>are cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>ed based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> local <span class=\"_ _2\"></span>GAAP as \u201cHeld <span class=\"_ _7\"></span>to M<span class=\"_ _7\"></span>aturity\u201d <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>umed to f<span class=\"_ _7\"></span>ulfil <span class=\"_ _7\"></span>both the SP<span class=\"_ _7\"></span>PI </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs142\">criterion <span class=\"_ _7\"></span>as well<span class=\"_ _7\"></span> as t<span class=\"_ _7\"></span>he IFRS 9 <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>old str<span class=\"_ _7\"></span>ategy <span class=\"_ _7\"></span>and ar<span class=\"_ _2\"></span>e therefo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> classif<span class=\"_ _7\"></span>ied as m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at AC. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs143\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments fo<span class=\"_ _2\"></span>r which the <span class=\"_ _7\"></span>test on <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>actual cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows (So<span class=\"_ _7\"></span>lel<span class=\"_ _7\"></span>y Payme<span class=\"_ _7\"></span>nts of P<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>incipal <span class=\"_ _7\"></span>and I<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st T<span class=\"_ _5\"></span>est (SPPI </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs144\">test)) s<span class=\"_ _7\"></span>hows th<span class=\"_ _7\"></span>at the SP<span class=\"_ _7\"></span>PI crite<span class=\"_ _7\"></span>rion is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot me<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>at FVtPL. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is i<span class=\"_ _7\"></span>ncludes <span class=\"_ _7\"></span>mutual<span class=\"_ _7\"></span> funds, fo<span class=\"_ _7\"></span>r exampl<span class=\"_ _2\"></span>e. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs145\">The <span class=\"_ _1\"></span>appro<span class=\"_ _2\"></span>ach <span class=\"_ _6\"></span>set<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>out <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bo<span class=\"_ _7\"></span>ve <span class=\"_ _1\"></span>may <span class=\"_ _6\"></span>diff<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>if <span class=\"_ _6\"></span>manageme<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>comes t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>jus<span class=\"_ _7\"></span>tified <span class=\"_ _6\"></span>conclusio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>accord<span class=\"_ _2\"></span>ance<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>ith <span class=\"_ _1\"></span>IF<span class=\"_ _7\"></span>RS <span class=\"_ _7\"></span>9 </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs146\">another <span class=\"_ _7\"></span>classif<span class=\"_ _7\"></span>ication ap<span class=\"_ _2\"></span>proach is m<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e approp<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iate f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e underlyi<span class=\"_ _7\"></span>ng tra<span class=\"_ _7\"></span>nsaction.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs147\">The <span class=\"_ _1\"></span>decisi<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>instrum<span class=\"_ _7\"></span>ents, <span class=\"_ _6\"></span>includi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>participations, <span class=\"_ _6\"></span>co<span class=\"_ _7\"></span>nsiders <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>pectati<span class=\"_ _7\"></span>ons <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bo<span class=\"_ _7\"></span>ut <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>future<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs148\">price <span class=\"_ _0\"></span>returns, <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>pos<span class=\"_ _7\"></span>sible<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>impa<span class=\"_ _7\"></span>cts <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ncome<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>statem<span class=\"_ _7\"></span>ent, <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>bu<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ness <span class=\"_ _0\"></span>model. <span class=\"_ _0\"></span>Meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>F<span class=\"_ _7\"></span>VtOCI <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>not </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs149\">applicabl<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>or <span class=\"_ _2\"></span>tradi<span class=\"_ _7\"></span>ng po<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>os. <span class=\"_ _2\"></span>The cl<span class=\"_ _2\"></span>assification <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>equity <span class=\"_ _2\"></span>instrume<span class=\"_ _7\"></span>nts <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>done o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>instr<span class=\"_ _7\"></span>ument-b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>-instr<span class=\"_ _7\"></span>ument <span class=\"_ _2\"></span>basis<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs14a\">The classi<span class=\"_ _7\"></span>ficatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> is i<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>evoc<span class=\"_ _7\"></span>able, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d th<span class=\"_ _7\"></span>e decis<span class=\"_ _7\"></span>ion i<span class=\"_ _7\"></span>s tak<span class=\"_ _7\"></span>en b<span class=\"_ _7\"></span>y ea<span class=\"_ _7\"></span>ch Gr<span class=\"_ _7\"></span>oup co<span class=\"_ _2\"></span>mpany its<span class=\"_ _7\"></span>elf. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e class<span class=\"_ _7\"></span>ifi<span class=\"_ _7\"></span>cation is<span class=\"_ _7\"></span> base<span class=\"_ _2\"></span>d on the<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs14b\">investme<span class=\"_ _7\"></span>nt str<span class=\"_ _7\"></span>ategy <span class=\"_ _7\"></span>which cor<span class=\"_ _7\"></span>relat<span class=\"_ _7\"></span>es to t<span class=\"_ _7\"></span>he res<span class=\"_ _2\"></span>pective i<span class=\"_ _7\"></span>nsurance po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>o risk.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs14c\">The dif<span class=\"_ _7\"></span>fer<span class=\"_ _2\"></span>ences res<span class=\"_ _2\"></span>ulting from <span class=\"_ _7\"></span>the ap<span class=\"_ _2\"></span>plication of I<span class=\"_ _7\"></span>FRS 9 com<span class=\"_ _2\"></span>pared to IA<span class=\"_ _7\"></span>S 39 <span class=\"_ _2\"></span>have bee<span class=\"_ _7\"></span>n re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed in r<span class=\"_ _7\"></span>etain<span class=\"_ _7\"></span>ed ea<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nings.<span class=\"_ _2\"></span> </div>Changes<span class=\"_ _7\"></span> to cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>cation and m<span class=\"_ _7\"></span>easureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t  T<span class=\"_ _e\"></span>o <span class=\"_ _6\"></span>dete<span class=\"_ _7\"></span>rmine th<span class=\"_ _7\"></span>e classifi<span class=\"_ _7\"></span>cation and measu<span class=\"_ _2\"></span>rement cat<span class=\"_ _7\"></span>egory<span class=\"_ _10\"></span>, IFRS 9<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ires al<span class=\"_ _7\"></span>l financial<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> be a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>esse<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>based<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span> combin<span class=\"_ _7\"></span>ation of the entity\u2019<span class=\"_ _e\"></span>s<span class=\"_ _7\"></span> business mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>l for managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the assets a<span class=\"_ _7\"></span>nd the <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sp<span class=\"_ _7\"></span>ective instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ment\u2019<span class=\"_ _e\"></span>s cont<span class=\"_ _7\"></span>ractual cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _2\"></span>ow characteristi<span class=\"_ _7\"></span>cs.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>In contr<span class=\"_ _7\"></span>ast to that, the class<span class=\"_ _7\"></span>ification<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>fina<span class=\"_ _7\"></span>ncial liabili<span class=\"_ _7\"></span>ties does not follo<span class=\"_ _7\"></span>w th<span class=\"_ _6\"></span>is app<span class=\"_ _2\"></span>roach and<span class=\"_ _7\"></span> does n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>fer signif<span class=\"_ _7\"></span>icantly fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>hat und<span class=\"_ _7\"></span>er IAS 39<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> When IF<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>S 9 is<span class=\"_ _7\"></span> applie<span class=\"_ _7\"></span>d, the p<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>vious <span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n for \u201cFina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial ins<span class=\"_ _7\"></span>trum<span class=\"_ _7\"></span>ents a<span class=\"_ _7\"></span>vailable fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> sale<span class=\"_ _7\"></span>\u201d is no lo<span class=\"_ _2\"></span>nger allow<span class=\"_ _7\"></span>ed. In t<span class=\"_ _7\"></span>his categor<span class=\"_ _7\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>changes <span class=\"_ _e\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _2\"></span>directl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>compr<span class=\"_ _7\"></span>ehe<span class=\"_ _7\"></span>nsive <span class=\"_ _2\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>(rese<span class=\"_ _7\"></span>rves <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>unreali<span class=\"_ _7\"></span>sed <span class=\"_ _2\"></span>gai<span class=\"_ _7\"></span>ns and <span class=\"_ _1\"></span>losses).<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>In <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>case <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>disposals, <span class=\"_ _6\"></span>unre<span class=\"_ _7\"></span>alised <span class=\"_ _1\"></span>g<span class=\"_ _7\"></span>ains <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>losses <span class=\"_ _1\"></span>were<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>eclassif<span class=\"_ _7\"></span>ied <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ofit <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>loss <span class=\"_ _6\"></span>(Recycling<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>. <span class=\"_ _1\"></span>IFRS <span class=\"_ _2\"></span>9<span class=\"_ _6\"></span> makes <span class=\"_ _2\"></span>a dis<span class=\"_ _7\"></span>tinctio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>betw<span class=\"_ _7\"></span>een <span class=\"_ _2\"></span>equity <span class=\"_ _2\"></span>and d<span class=\"_ _7\"></span>ebt <span class=\"_ _2\"></span>instrume<span class=\"_ _7\"></span>nts i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>fair <span class=\"_ _2\"></span>value m<span class=\"_ _2\"></span>easur<span class=\"_ _7\"></span>ement. <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>nstr<span class=\"_ _7\"></span>uments <span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>ld <span class=\"_ _2\"></span>for <span class=\"_ _7\"></span>tradi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g are<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied throug<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt at <span class=\"_ _6\"></span>FVtPL. F<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>equit<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nstr<span class=\"_ _7\"></span>uments<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>are not h<span class=\"_ _6\"></span>eld for <span class=\"_ _6\"></span>trading, the <span class=\"_ _6\"></span>irrevo<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>able FVtOCI option <span class=\"_ _2\"></span>(design<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _10\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>FVtOCI) <span class=\"_ _2\"></span>ca<span class=\"_ _7\"></span>n b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>used <span class=\"_ _2\"></span>upon i<span class=\"_ _2\"></span>nitial <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n. <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _10\"></span>these <span class=\"_ _7\"></span>fina<span class=\"_ _7\"></span>ncial <span class=\"_ _2\"></span>instrume<span class=\"_ _7\"></span>nts, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>unrealis<span class=\"_ _2\"></span>ed gains <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>losses <span class=\"_ _6\"></span>recognise<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>nder <span class=\"_ _0\"></span>other <span class=\"_ _1\"></span>compr<span class=\"_ _2\"></span>ehensive <span class=\"_ _0\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>(OCI) <span class=\"_ _0\"></span>will <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>long<span class=\"_ _7\"></span>er <span class=\"_ _0\"></span>be <span class=\"_ _0\"></span>transfe<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the period, <span class=\"_ _6\"></span>but <span class=\"_ _6\"></span>must <span class=\"_ _6\"></span>instead be <span class=\"_ _1\"></span>transfe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>tained earn<span class=\"_ _6\"></span>ings as <span class=\"_ _1\"></span>part <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>eholders\u2019 equity <span class=\"_ _6\"></span>(no <span class=\"_ _6\"></span>recycl<span class=\"_ _7\"></span>ing <span class=\"_ _6\"></span>allowed<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>In the case<span class=\"_ _2\"></span> of debt i<span class=\"_ _2\"></span>nstrume<span class=\"_ _7\"></span>nts suc<span class=\"_ _7\"></span>h as <span class=\"_ _2\"></span>bonds or<span class=\"_ _7\"></span> loa<span class=\"_ _7\"></span>ns, simi<span class=\"_ _7\"></span>lar pr<span class=\"_ _2\"></span>ovisio<span class=\"_ _7\"></span>ns suc<span class=\"_ _7\"></span>h as t<span class=\"_ _7\"></span>hose <span class=\"_ _2\"></span>under IAS 39<span class=\"_ _2\"></span> \u201cFinancial<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>trum<span class=\"_ _7\"></span>ents available f<span class=\"_ _7\"></span>or s<span class=\"_ _7\"></span>ale\u201d apply<span class=\"_ _e\"></span>.  VIG <span class=\"_ _7\"></span>uses <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>centr<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _7\"></span>subl<span class=\"_ _7\"></span>edger <span class=\"_ _2\"></span>(tool) f<span class=\"_ _7\"></span>or <span class=\"_ _2\"></span>the m<span class=\"_ _2\"></span>easur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ment<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n of<span class=\"_ _7\"></span> f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets b<span class=\"_ _2\"></span>ased on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e SP<span class=\"_ _7\"></span>PI <span class=\"_ _2\"></span>cr<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>eria <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as b<span class=\"_ _2\"></span>een almo<span class=\"_ _7\"></span>st <span class=\"_ _2\"></span>entirely <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>utomat<span class=\"_ _7\"></span>ed. M<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>st <span class=\"_ _7\"></span>investme<span class=\"_ _7\"></span>nts r<span class=\"_ _2\"></span>elevant <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>IF<span class=\"_ _7\"></span>RS 9 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> c<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ently m<span class=\"_ _2\"></span>anaged <span class=\"_ _2\"></span>in t<span class=\"_ _7\"></span>his tool. T<span class=\"_ _7\"></span>his ma<span class=\"_ _7\"></span>kes it <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>ossi<span class=\"_ _7\"></span>ble <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up-wide<span class=\"_ _7\"></span> to <span class=\"_ _7\"></span>consist<span class=\"_ _7\"></span>ently appl<span class=\"_ _2\"></span>y IFRS 9, i<span class=\"_ _7\"></span>ncludi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g th<span class=\"_ _7\"></span>e calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lation <span class=\"_ _7\"></span>of EC<span class=\"_ _7\"></span>L. T<span class=\"_ _7\"></span>he impl<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n of <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 9 <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>governed <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Group Gu<span class=\"_ _6\"></span>id<span class=\"_ _7\"></span>elines, which<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>re used <span class=\"_ _1\"></span>for <span class=\"_ _6\"></span>uniform <span class=\"_ _6\"></span>impleme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tation <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>IFRS 9. <span class=\"_ _6\"></span>Unde<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>IFRS <span class=\"_ _7\"></span>9, financial <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>ets t<span class=\"_ _6\"></span>hat h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>bee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>ide<span class=\"_ _7\"></span>ntified a<span class=\"_ _6\"></span>s \u201cSPPI <span class=\"_ _1\"></span>fail\u201d (SPPI criterion n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>met<span class=\"_ _7\"></span>) <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ust <span class=\"_ _1\"></span>be classifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>meas<span class=\"_ _7\"></span>ured at <span class=\"_ _6\"></span>FVtPL. Illi<span class=\"_ _7\"></span>quid <span class=\"_ _0\"></span>portfoli<span class=\"_ _7\"></span>os <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>old <span class=\"_ _1\"></span>strategy <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>used <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>normall<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>AC. <span class=\"_ _0\"></span>This <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>loans <span class=\"_ _1\"></span>in particul<span class=\"_ _7\"></span>ar<span class=\"_ _10\"></span>. F<span class=\"_ _6\"></span>ina<span class=\"_ _7\"></span>ncial <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _6\"></span>that bot<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>satisfy the <span class=\"_ _6\"></span>SPPI criterio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(SPPI pass) and are <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ubject to <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>\u201chold to c<span class=\"_ _6\"></span>ollec<span class=\"_ _7\"></span>t and <span class=\"_ _6\"></span>sell<span class=\"_ _7\"></span>\u201d<span class=\"_ _6\"></span> business m<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>el ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> to b<span class=\"_ _7\"></span>e catego<span class=\"_ _7\"></span>rised <span class=\"_ _7\"></span>as me<span class=\"_ _7\"></span>asured<span class=\"_ _2\"></span> at<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>FVtO<span class=\"_ _2\"></span>CI. F<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>that ar<span class=\"_ _7\"></span>e not <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompli<span class=\"_ _7\"></span>ant <span class=\"_ _7\"></span>with SPP<span class=\"_ _7\"></span>I (SPP<span class=\"_ _7\"></span>I f<span class=\"_ _7\"></span>ail) or do <span class=\"_ _7\"></span>not meet <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e abo<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e-me<span class=\"_ _7\"></span>ntioned b<span class=\"_ _7\"></span>usi<span class=\"_ _7\"></span>ness mod<span class=\"_ _7\"></span>els are r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>as measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>at F<span class=\"_ _7\"></span>VtPL.<span class=\"_ _7\"></span> The r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>ning fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial ass<span class=\"_ _7\"></span>ets (e.g. <span class=\"_ _7\"></span>debt i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts) <span class=\"_ _7\"></span>are m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>inly cat<span class=\"_ _7\"></span>egoris<span class=\"_ _7\"></span>ed to m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asure<span class=\"_ _2\"></span>d at<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>FVtOCI <span class=\"_ _2\"></span>under IFRS 9.<span class=\"_ _7\"></span> Changes<span class=\"_ _7\"></span> to the im<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>airment c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulation The <span class=\"_ _6\"></span>adoptio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of I<span class=\"_ _6\"></span>FRS 9 has <span class=\"_ _6\"></span>fundame<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tall<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>changed the accounti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>for impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>loss<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>for debt<span class=\"_ _6\"></span> instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts measur<span class=\"_ _2\"></span>ed at FVtOCI o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> at A<span class=\"_ _7\"></span>C b<span class=\"_ _7\"></span>y repl<span class=\"_ _7\"></span>acing IAS 3<span class=\"_ _7\"></span>9\u2019<span class=\"_ _e\"></span>s i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>curr<span class=\"_ _7\"></span>ed lo<span class=\"_ _7\"></span>ss wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> a fo<span class=\"_ _7\"></span>rward<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>looki<span class=\"_ _7\"></span>ng expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted lo<span class=\"_ _7\"></span>ss app<span class=\"_ _7\"></span>roac<span class=\"_ _7\"></span>h. An expect<span class=\"_ _7\"></span>ed credi<span class=\"_ _7\"></span>t loss <span class=\"_ _7\"></span>allowanc<span class=\"_ _7\"></span>e has to be r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised for <span class=\"_ _2\"></span>all debt instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts that <span class=\"_ _7\"></span>are not me<span class=\"_ _2\"></span>asured at F<span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>tPL. Fo<span class=\"_ _7\"></span>r debt instrume<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>without <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>significa<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>incr<span class=\"_ _7\"></span>ease <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>credit <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _1\"></span>since <span class=\"_ _0\"></span>acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>n, <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>ECL <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>based <span class=\"_ _1\"></span>on <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>portio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>lifetime ECLs that would r<span class=\"_ _7\"></span>esult from<span class=\"_ _7\"></span> default e<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ents on a <span class=\"_ _6\"></span>fin<span class=\"_ _7\"></span>ancial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t that are possibl<span class=\"_ _7\"></span>e within<span class=\"_ _7\"></span> 12 <span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>nths after the re<span class=\"_ _7\"></span>porting date. <span class=\"_ _0\"></span>Howeve<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>, <span class=\"_ _0\"></span>when <span class=\"_ _0\"></span>ther<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>ha<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>si<span class=\"_ _7\"></span>gnificant <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>cr<span class=\"_ _7\"></span>ease<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>redit <span class=\"_ _0\"></span>risk <span class=\"_ _0\"></span>sinc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>issuance <span class=\"_ _0\"></span>or <span class=\"_ _0\"></span>purc<span class=\"_ _7\"></span>hase <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts, <span class=\"_ _0\"></span>the allowa<span class=\"_ _7\"></span>nce is base<span class=\"_ _2\"></span>d on<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the full l<span class=\"_ _7\"></span>ifetime EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>. The d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>bt i<span class=\"_ _2\"></span>nstruments<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at <span class=\"_ _2\"></span>FVtOCI <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r at <span class=\"_ _7\"></span>AC <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>rim<span class=\"_ _7\"></span>arily ma<span class=\"_ _2\"></span>de <span class=\"_ _7\"></span>up of <span class=\"_ _2\"></span>investm<span class=\"_ _7\"></span>ent-grad<span class=\"_ _7\"></span>e bo<span class=\"_ _2\"></span>nds, so<span class=\"_ _7\"></span> h<span class=\"_ _7\"></span>ave <span class=\"_ _7\"></span>a l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>w cr<span class=\"_ _2\"></span>edit risk. Und<span class=\"_ _7\"></span>er IFRS 9<span class=\"_ _7\"></span>, s<span class=\"_ _7\"></span>uch instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>can b<span class=\"_ _7\"></span>e measu<span class=\"_ _7\"></span>red o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span> 12-month <span class=\"_ _7\"></span>ECL basis.<span class=\"_ _2\"></span> <div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs172\">VIG\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>definition<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>default <span class=\"_ _6\"></span>cove<span class=\"_ _7\"></span>rs a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>l<span class=\"_ _7\"></span>east <span class=\"_ _6\"></span>two <span class=\"_ _6\"></span>dime<span class=\"_ _7\"></span>nsions,<span class=\"_ _7\"></span> namely <span class=\"_ _6\"></span>one r<span class=\"_ _6\"></span>ating-<span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _6\"></span>dim<span class=\"_ _2\"></span>en<span class=\"_ _6\"></span>sio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>(C, D) <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>well <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>one <span class=\"_ _6\"></span>days </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs173\">past due <span class=\"_ _7\"></span>(90 d<span class=\"_ _7\"></span>ays past d<span class=\"_ _7\"></span>ue) b<span class=\"_ _7\"></span>ased c<span class=\"_ _7\"></span>riterion. Ho<span class=\"_ _2\"></span>wever<span class=\"_ _e\"></span>, in ce<span class=\"_ _7\"></span>rtain cases, f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial asse<span class=\"_ _7\"></span>ts c<span class=\"_ _7\"></span>an be consi<span class=\"_ _7\"></span>der<span class=\"_ _7\"></span>ed to b<span class=\"_ _2\"></span>e in defa<span class=\"_ _7\"></span>ult </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs174\">when <span class=\"_ _6\"></span>one <span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>mor<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>events <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>have <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>detriment<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>impact <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>tur<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>cash <span class=\"_ _6\"></span>flows <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>that<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>financial<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sset <span class=\"_ _6\"></span>have </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs175\">occurr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. <span class=\"_ _7\"></span>Suc<span class=\"_ _7\"></span>h e<span class=\"_ _7\"></span>vents ar<span class=\"_ _2\"></span>e esp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ially <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>war <span class=\"_ _7\"></span>in U<span class=\"_ _7\"></span>krain<span class=\"_ _7\"></span>e and <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ulting sa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ctio<span class=\"_ _7\"></span>ns i<span class=\"_ _7\"></span>mposed <span class=\"_ _2\"></span>on n<span class=\"_ _7\"></span>umer<span class=\"_ _7\"></span>ous <span class=\"_ _2\"></span>Ru<span class=\"_ _6\"></span>ssia<span class=\"_ _7\"></span>n i<span class=\"_ _7\"></span>ssue<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs176\">in the fin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ncial y<span class=\"_ _7\"></span>ears 202<span class=\"_ _7\"></span>2 a<span class=\"_ _7\"></span>nd 2023.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs177\">The a<span class=\"_ _7\"></span>doptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the EC<span class=\"_ _7\"></span>L r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ements <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>asso<span class=\"_ _7\"></span>ciated <span class=\"_ _2\"></span>new sys<span class=\"_ _7\"></span>tem r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ulted <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>an <span class=\"_ _7\"></span>incr<span class=\"_ _7\"></span>ease <span class=\"_ _2\"></span>in the <span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span> al<span class=\"_ _7\"></span>lowanc<span class=\"_ _7\"></span>es </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs178\">relat<span class=\"_ _7\"></span>ed to <span class=\"_ _7\"></span>debt<span class=\"_ _7\"></span> inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts. With t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e initi<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>applic<span class=\"_ _7\"></span>ation of<span class=\"_ _7\"></span> IFR<span class=\"_ _7\"></span>S 9, these<span class=\"_ _2\"></span> effec<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>were r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>r shar<span class=\"_ _2\"></span>eholders\u2019 e<span class=\"_ _2\"></span>quity </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs179\">in ret<span class=\"_ _7\"></span>ained <span class=\"_ _7\"></span>earnings, t<span class=\"_ _7\"></span>aking i<span class=\"_ _7\"></span>nto consid<span class=\"_ _2\"></span>eration the asso<span class=\"_ _2\"></span>ciate<span class=\"_ _7\"></span>d deferr<span class=\"_ _7\"></span>ed tax<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs17a\">The <span class=\"_ _6\"></span>simpli<span class=\"_ _7\"></span>fied appro<span class=\"_ _2\"></span>ach <span class=\"_ _6\"></span>is used for trade re<span class=\"_ _7\"></span>ceivables a<span class=\"_ _7\"></span>nd <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>eceiv<span class=\"_ _7\"></span>ables from leases i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>acco<span class=\"_ _7\"></span>rda<span class=\"_ _7\"></span>nce with IFRS 9.5.5<span class=\"_ _7\"></span>.15. As<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs17b\">result, country-sp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cific <span class=\"_ _6\"></span>loss r<span class=\"_ _6\"></span>ates <span class=\"_ _6\"></span>have <span class=\"_ _1\"></span>been <span class=\"_ _6\"></span>calc<span class=\"_ _7\"></span>ulated <span class=\"_ _6\"></span>based <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>istoric<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>proba<span class=\"_ _7\"></span>biliti<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>fault <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>futur<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>par<span class=\"_ _7\"></span>amete<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs17c\">for <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ning <span class=\"_ _6\"></span>the corr<span class=\"_ _7\"></span>esponding<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>risk <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>ns. <span class=\"_ _6\"></span>Further<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ore, <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ceiv<span class=\"_ _7\"></span>ables whose <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ractually<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>agree<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>payme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e 90<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs17d\">days past <span class=\"_ _2\"></span>due are cl<span class=\"_ _2\"></span>assified as b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ing in <span class=\"_ _7\"></span>default.<span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs17e\">Changes<span class=\"_ _7\"></span> to disc<span class=\"_ _7\"></span>los<span class=\"_ _7\"></span>ure<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> requir<span class=\"_ _7\"></span>ed unde<span class=\"_ _7\"></span>r IFRS<span class=\"_ _7\"></span> 7 </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs17f\">T<span class=\"_ _e\"></span>o <span class=\"_ _6\"></span>refl<span class=\"_ _7\"></span>ect the <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferences bet<span class=\"_ _7\"></span>ween IFRS 9 and IAS 39, IFRS <span class=\"_ _7\"></span>7 F<span class=\"_ _6\"></span>inan<span class=\"_ _7\"></span>cial Instrum<span class=\"_ _7\"></span>ents: Disclos<span class=\"_ _7\"></span>ures has also been amende<span class=\"_ _2\"></span>d. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs180\">VIG <span class=\"_ _4\"> </span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>amen<span class=\"_ _7\"></span>ded <span class=\"_ _4\"></span>discl<span class=\"_ _7\"></span>osur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>r<span class=\"_ _7\"></span>equirem<span class=\"_ _2\"></span>ents, <span class=\"_ _4\"> </span>toget<span class=\"_ _2\"></span>her <span class=\"_ _4\"> </span>with <span class=\"_ _4\"> </span>IFRS 9, <span class=\"_ _4\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>yea<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>beginning <span class=\"_ _4\"></span>1<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>Janua<span class=\"_ _7\"></span>ry <span class=\"_ _4\"> </span>2023. <span class=\"_ _4\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs181\">changes i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>e transiti<span class=\"_ _7\"></span>on di<span class=\"_ _7\"></span>sclosur<span class=\"_ _2\"></span>es as sho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>n in t<span class=\"_ _7\"></span>he T<span class=\"_ _e\"></span>rans<span class=\"_ _7\"></span>ition secti<span class=\"_ _7\"></span>on belo<span class=\"_ _7\"></span>w<span class=\"_ _2\"></span>.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs182\">Reconci<span class=\"_ _7\"></span>liations <span class=\"_ _2\"></span>for t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>CL <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>adjustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>IAS<span class=\"_ _7\"></span> 39 <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>losi<span class=\"_ _7\"></span>ng bala<span class=\"_ _2\"></span>nce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 9 <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>pening <span class=\"_ _2\"></span>balance <span class=\"_ _2\"></span>sheet <span class=\"_ _2\"></span>are </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs183\">prese<span class=\"_ _7\"></span>nted i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the No<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>es st<span class=\"_ _7\"></span>arting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 44<span class=\"_ _7\"></span>.  <span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs184\">T<span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>ansiti<span class=\"_ _7\"></span>on<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs185\">VIG <span class=\"_ _1\"></span>ha<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>applied <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Classifi<span class=\"_ _7\"></span>cation <span class=\"_ _1\"></span>Overla<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>Approac<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>cla<span class=\"_ _2\"></span>ssifying <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>instr<span class=\"_ _7\"></span>uments, <span class=\"_ _6\"></span>and <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>ublishes <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>compar<span class=\"_ _7\"></span>ative </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs186\">informatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>as if<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>IFRS 9<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>gul<span class=\"_ _7\"></span>ations <span class=\"_ _2\"></span>had <span class=\"_ _2\"></span>alread<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> b<span class=\"_ _2\"></span>een <span class=\"_ _7\"></span>app<span class=\"_ _2\"></span>lied i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>the fi<span class=\"_ _7\"></span>rst <span class=\"_ _2\"></span>compa<span class=\"_ _7\"></span>rative <span class=\"_ _2\"></span>period <span class=\"_ _2\"></span>2022.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>her<span class=\"_ _2\"></span>e is <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>obli<span class=\"_ _7\"></span>gati<span class=\"_ _7\"></span>on </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs187\">to appl<span class=\"_ _7\"></span>y the imp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>irment <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isi<span class=\"_ _7\"></span>ons when <span class=\"_ _7\"></span>taki<span class=\"_ _7\"></span>ng this app<span class=\"_ _2\"></span>roac<span class=\"_ _7\"></span>h, how<span class=\"_ _7\"></span>ever VI<span class=\"_ _7\"></span>G has d<span class=\"_ _7\"></span>ecided to <span class=\"_ _2\"></span>apply this<span class=\"_ _7\"></span> appr<span class=\"_ _7\"></span>oach <span class=\"_ _7\"></span>alre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dy in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs188\">the <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pariso<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>period <span class=\"_ _7\"></span>2022, <span class=\"_ _10\"></span>too. <span class=\"_ _7\"></span>An<span class=\"_ _7\"></span>y di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>nce <span class=\"_ _7\"></span>betwee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the pr<span class=\"_ _2\"></span>evious <span class=\"_ _2\"></span>carrying<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt of<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> fi<span class=\"_ _7\"></span>nancial <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _7\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs189\">resulti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he applic<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ion of t<span class=\"_ _2\"></span>he appro<span class=\"_ _7\"></span>ach h<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ve b<span class=\"_ _7\"></span>een re<span class=\"_ _2\"></span>cognised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> equit<span class=\"_ _7\"></span>y under <span class=\"_ _7\"></span>retai<span class=\"_ _7\"></span>ned <span class=\"_ _7\"></span>earnings. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs18a\">As <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>rule, <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ncial <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>I<span class=\"_ _7\"></span>FRS 9 <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>sub-di<span class=\"_ _7\"></span>vided <span class=\"_ _1\"></span>into <span class=\"_ _1\"></span>debt <span class=\"_ _0\"></span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>and <span class=\"_ _1\"></span>eq<span class=\"_ _7\"></span>uity <span class=\"_ _0\"></span>instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments. <span class=\"_ _1\"></span>The<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs18b\">foll<span class=\"_ _7\"></span>owing ta<span class=\"_ _6\"></span>ble shows the classifica<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion of <span class=\"_ _6\"></span>debt instr<span class=\"_ _7\"></span>uments accor<span class=\"_ _7\"></span>ding to both IAS 39 and <span class=\"_ _6\"></span>IFRS 9<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>s of <span class=\"_ _6\"></span>the transitio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>da<span class=\"_ _7\"></span>te </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs18c\">1 Janu<span class=\"_ _7\"></span>ary 2022:<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs18d\">Debt instr<span class=\"_ _6\"></span>uments<span class=\"_ _6\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs18e\">IAS 39 <span class=\"_ _124\"> </span><span class=\"fsf\">IFRS <span class=\"_ _6\"></span>9 </span></div><div class=\"t m0 h29 ff48 fsf fca sc0 ls5 ws2 gs18f\">SPPI-pass <span class=\"_ _125\"> </span>SPPI-fail<span class=\"_ _6\"></span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs190\"> <span class=\"_ _cb\"> </span>Business <span class=\"_ _6\"></span>model <span class=\"_ _126\"> </span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs191\"> <span class=\"_ _127\"> </span>Hold t<span class=\"_ _6\"></span>o coll<span class=\"_ _6\"></span>ect* <span class=\"_ _128\"> </span>Hold t<span class=\"_ _6\"></span>o coll<span class=\"_ _6\"></span>ect and sell* <span class=\"_ _af\"> </span>Neither <span class=\"_ _3e\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs192\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>ot<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _129\"> </span>measured at A<span class=\"_ _6\"></span>C <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12b\"> </span>measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs193\">Held<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to m<span class=\"_ _1\"></span>at<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y (<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl.<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ifi<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>m<span class=\"_ _6\"></span>easured at A<span class=\"_ _6\"></span>C <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12b\"> </span>measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs194\">Ava<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>le f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _12c\"> </span>measured at A<span class=\"_ _6\"></span>C <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12b\"> </span>measured at FVtPL<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs195\">Re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>r va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>h p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>measured at AC <span class=\"_ _4d\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _12a\"> </span>measured<span class=\"_ _6\"></span> at FVtPL <span class=\"_ _12b\"> </span>measured<span class=\"_ _6\"></span> at FVtPL </div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs196\">*Expected credit l<span class=\"_ _7\"></span>oss (ECL) must be <span class=\"_ _7\"></span>calculated for SPP<span class=\"_ _6\"></span>I-pass debt in<span class=\"_ _7\"></span>struments.<span class=\"_ _3d5\"> </span> </div>VI<span class=\"_ _2\"></span>G h<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>hos<span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>to<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>rr<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ca<span class=\"_ _2\"></span>bly <span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>as<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>tra<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>gic<span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>y h<span class=\"_ _7\"></span>el<span class=\"_ _2\"></span>d e<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>ty i<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>tru<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ea<span class=\"_ _2\"></span>sur<span class=\"_ _10\"></span>ed <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>FVt<span class=\"_ _2\"></span>OC<span class=\"_ _7\"></span>I.<span class=\"_ _2\"></span> An<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>tr<span class=\"_ _7\"></span>um<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>ed f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>non<span class=\"_ _2\"></span>-s<span class=\"_ _7\"></span>tr<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>c p<span class=\"_ _2\"></span>urp<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>es <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>asu<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>at<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>FVt<span class=\"_ _2\"></span>PL.<span class=\"_ _7\"></span> Equity instr<span class=\"_ _6\"></span>umen<span class=\"_ _6\"></span>sts IAS 39 <span class=\"_ _124\"> </span><span class=\"fsf\">I<span class=\"_ _6\"></span>FRS 9<span class=\"_ _6\"></span> </span> <span class=\"_ _b4\"> </span>Held f<span class=\"_ _6\"></span>or t<span class=\"_ _6\"></span>rading <span class=\"_ _12d\"> </span>FVtOCI-Optio<span class=\"_ _6\"></span>n Ava<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>le f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _12e\"> </span>measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12f\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> Re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>r va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>h p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _12d\"> </span>meas<span class=\"_ _6\"></span>ured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _12f\"> </span>measured at FVt<span class=\"_ _6\"></span>OCI T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nit<span class=\"_ _2\"></span>ial <span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>pli<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>on of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>IF<span class=\"_ _7\"></span>RS<span class=\"_ _2\"></span> 9 r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> in <span class=\"_ _7\"></span>cha<span class=\"_ _2\"></span>nge<span class=\"_ _2\"></span>s to I<span class=\"_ _2\"></span>FRS<span class=\"_ _2\"></span> 7 \u2013 F<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> in<span class=\"_ _7\"></span>st<span class=\"_ _2\"></span>rum<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>: Di<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>clo<span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>s,<span class=\"_ _7\"></span> as<span class=\"_ _7\"></span> a r<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span>ult of<span class=\"_ _2\"></span> wh<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ch VI<span class=\"_ _2\"></span>G has ad<span class=\"_ _2\"></span>ju<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>ati<span class=\"_ _2\"></span>ve b<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>anc<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>of 1<span class=\"_ _7\"></span> J<span class=\"_ _2\"></span>anu<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>2. With<span class=\"_ _6\"></span> rega<span class=\"_ _2\"></span>rd to additio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al adjustme<span class=\"_ _2\"></span>nts, please r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fer to the ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pter \u201cChanges i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies\u201d s<span class=\"_ _2\"></span>tarting o<span class=\"_ _7\"></span>n page 51.<span class=\"_ _2\"></span> Categories a<span class=\"_ _6\"></span>nd reco<span class=\"_ _6\"></span>ncilia<span class=\"_ _6\"></span>tion boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>21<span class=\"_ _3d5\"> </span></span>Adjustments<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>01/01/2022  <span class=\"_ _131\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok </span>value<span class=\"_ _3d5\"> </span>Reclassifi-<span class=\"_ _3d5\"> </span>catio<span class=\"_ _6\"></span>n IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span>Reclassifi-<span class=\"_ _3d5\"> </span>catio<span class=\"_ _6\"></span>n<span class=\"_ _3d5\"> </span>Valuati<span class=\"_ _6\"></span>on<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span>in<span class=\"_ _3d5\"> </span>EUR<span class=\"_ _3d5\"> </span>'000 Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Am<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span> <span class=\"_ _132\"> </span>8,605,67<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-105,5<span class=\"_ _6\"></span>07<span class=\"_ _3d5\"> </span>-3,027<span class=\"_ _6\"></span>,957<span class=\"_ _3d5\"> </span>-25,70<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>5,446,50<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ad<span class=\"_ _6\"></span>ditio<span class=\"_ _1\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _133\"> </span> From<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ll a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o mat<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y - <span class=\"_ _6\"></span>IF<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>9:<span class=\"_ _6\"></span> Ri<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ovis<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>ogn<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span> -25,704<span class=\"_ _3d5\"> </span>-25,704<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>vale<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> \u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _1\"></span> 3<span class=\"_ _6\"></span>9: <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>- and <span class=\"_ _6\"></span>ind<span class=\"_ _1\"></span>ex-<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e 271,074<span class=\"_ _3d5\"> </span>271,074<span class=\"_ _3d5\"> </span>Dis<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>s <span class=\"_ _134\"> </span> To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l as<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o m<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _135\"> </span> -1,762,41<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-1,762,41<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r in<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _136\"> </span> -1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>To <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>s m<span class=\"_ _6\"></span>and<span class=\"_ _1\"></span>at<span class=\"_ _6\"></span>ori<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> \u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>oan<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> -3,500<span class=\"_ _3d5\"> </span>-3,500<span class=\"_ _3d5\"> </span>To p<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>cy <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>s u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 17<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>\u2013 <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r in<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _93\"> </span> -17,027<span class=\"_ _3d5\"> </span>-17,027<span class=\"_ _3d5\"> </span>To d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>7 <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9: <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>oan<span class=\"_ _6\"></span>s and <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>the<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> -88,480<span class=\"_ _3d5\"> </span>-88,480<span class=\"_ _3d5\"> </span>Wit<span class=\"_ _6\"></span>hin<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _5d\"> </span> -68,734<span class=\"_ _3d5\"> </span>-68,734<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _137\"> </span>25,849,0<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,248<span class=\"_ _6\"></span>,763<span class=\"_ _3d5\"> </span>56,466<span class=\"_ _3d5\"> </span>24,656,7<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>25,078,1<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-720,3<span class=\"_ _6\"></span>26<span class=\"_ _3d5\"> </span>49,666<span class=\"_ _3d5\"> </span>24,407,4<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> h<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o m<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _13a\"> </span> 1,762,41<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>49,666<span class=\"_ _3d5\"> </span>1,812,07<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _13b\"> </span> 1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,464,38<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>ug<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span>*<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span> 40,804<span class=\"_ _3d5\"> </span>40,804<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _13d\"> </span> To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sign<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 39<span class=\"_ _6\"></span>:<span class=\"_ _6\"></span> Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span> -294,032<span class=\"_ _3d5\"> </span>-294,032<span class=\"_ _3d5\"> </span>To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>man<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L \u2013<span class=\"_ _1\"></span> IA<span class=\"_ _6\"></span>S 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> -920,971<span class=\"_ _3d5\"> </span>-920,971<span class=\"_ _3d5\"> </span>To <span class=\"_ _6\"></span>fund<span class=\"_ _1\"></span>s m<span class=\"_ _6\"></span>and<span class=\"_ _1\"></span>at<span class=\"_ _6\"></span>ori<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL <span class=\"_ _6\"></span>\u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>:<span class=\"_ _6\"></span> Fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span> -2,772,92<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,772,92<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _13e\"> </span>770,933<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-528,4<span class=\"_ _6\"></span>37<span class=\"_ _3d5\"> </span>6,800<span class=\"_ _3d5\"> </span>249,296<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>ug<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span>*<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span> 388<span class=\"_ _3d5\"> </span>102<span class=\"_ _3d5\"> </span>490<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _13d\"> </span> To <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> ma<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>L \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts ava<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or s<span class=\"_ _1\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span> -455,448<span class=\"_ _3d5\"> </span>-455,448<span class=\"_ _3d5\"> </span>To <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>cip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>pan<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>man<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>tor<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L \u2013<span class=\"_ _6\"></span> IAS <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>vai<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le -45,299<span class=\"_ _3d5\"> </span>-45,299<span class=\"_ _3d5\"> </span>Categories a<span class=\"_ _6\"></span>nd reco<span class=\"_ _6\"></span>ncilia<span class=\"_ _6\"></span>tion boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>21<span class=\"_ _3d5\"> </span></span>Adjustments<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>0<span class=\"_ _6\"></span>1/01/2022  <span class=\"_ _131\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok </span>value<span class=\"_ _3d5\"> </span>Reclassifi-<span class=\"_ _3d5\"> </span>catio<span class=\"_ _6\"></span>n IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span>Reclassifi-<span class=\"_ _3d5\"> </span>catio<span class=\"_ _6\"></span>n<span class=\"_ _3d5\"> </span>Valuati<span class=\"_ _6\"></span>on<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span>in EU<span class=\"_ _1\"></span>R '<span class=\"_ _6\"></span>00<span class=\"_ _6\"></span>0 <span class=\"_ _6\"></span> To <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iat<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s m<span class=\"_ _6\"></span>and<span class=\"_ _1\"></span>ato<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L <span class=\"_ _6\"></span>\u2013 <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ilab<span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> -28,078<span class=\"_ _3d5\"> </span>6,698<span class=\"_ _3d5\"> </span>-21,380<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _115\"> </span>8,772,<span class=\"_ _6\"></span>540<span class=\"_ _3d5\"> </span>-10,58<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>4,300,39<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>216,330<span class=\"_ _3d5\"> </span>13,278,6<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>8,64<span class=\"_ _6\"></span>5,446<span class=\"_ _3d5\"> </span>-10,58<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>4,006,36<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>164,093<span class=\"_ _3d5\"> </span>12,805,3<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> From<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _13b\"> </span> 3,500<span class=\"_ _3d5\"> </span>251<span class=\"_ _3d5\"> </span>3,751<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span> 920,971<span class=\"_ _3d5\"> </span>163,617<span class=\"_ _3d5\"> </span>1,084,58<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span> 455,448<span class=\"_ _3d5\"> </span>455,448<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>icip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>ale<span class=\"_ _6\"></span> <span class=\"_ _141\"> </span> 45,299<span class=\"_ _3d5\"> </span>91<span class=\"_ _3d5\"> </span>45,390<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>fili<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pan<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or s<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _3c\"> </span> 28,078<span class=\"_ _3d5\"> </span>1,211<span class=\"_ _3d5\"> </span>29,289<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>ds <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span> 2,772,92<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-3,192<span class=\"_ _3d5\"> </span>2,769,73<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>og<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>h p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>s*<span class=\"_ _6\"></span> <span class=\"_ _142\"> </span> 2,115<span class=\"_ _3d5\"> </span>2,115<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _13d\"> </span> To b<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI \u2013<span class=\"_ _6\"></span> IA<span class=\"_ _1\"></span>S <span class=\"_ _6\"></span>39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l as<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>gni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at fair<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>hr<span class=\"_ _6\"></span>ough<span class=\"_ _1\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>fit<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>s*<span class=\"_ _6\"></span> -40,804<span class=\"_ _3d5\"> </span>-40,804<span class=\"_ _3d5\"> </span>To <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 39<span class=\"_ _6\"></span>: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>-l<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>fe i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _143\"> </span> -179,053<span class=\"_ _3d5\"> </span>-179,053<span class=\"_ _3d5\"> </span>To d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>7 <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IAS<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>9: Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>uni<span class=\"_ _6\"></span>t-<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>-lin<span class=\"_ _1\"></span>ked<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> -10,589<span class=\"_ _3d5\"> </span>-10,589<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>1<span class=\"_ _6\"></span>27,094<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>294,032<span class=\"_ _3d5\"> </span>52,237<span class=\"_ _3d5\"> </span>473,363<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _139\"> </span> From<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span> 294,032<span class=\"_ _3d5\"> </span>52,237<span class=\"_ _3d5\"> </span>346,269<span class=\"_ _3d5\"> </span>Total<span class=\"_ _6\"></span> financia<span class=\"_ _6\"></span>l assets acc. t<span class=\"_ _6\"></span>o IF<span class=\"_ _6\"></span>RS 9 <span class=\"_ _144\"> </span>43,227,2<span class=\"_ _6\"></span>81<span class=\"_ _3d5\"> </span>-116,0<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>23,675<span class=\"_ _3d5\"> </span>247,092<span class=\"_ _3d5\"> </span>43,381,9<span class=\"_ _6\"></span>52<span class=\"_ _3d5\"> </span>*Inclu<span class=\"_ _7\"></span>ding held for tradin<span class=\"_ _7\"></span>g<span class=\"_ _6\"></span> Categories a<span class=\"_ _6\"></span>nd reco<span class=\"_ _6\"></span>ncilia<span class=\"_ _6\"></span>tion boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>21<span class=\"_ _3d5\"> </span></span>Adjustments<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>0<span class=\"_ _6\"></span>1/01/2022  <span class=\"_ _131\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok </span>value<span class=\"_ _3d5\"> </span>Re-<span class=\"_ _3d5\"> </span>classificat<span class=\"_ _6\"></span>ion IFRS <span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span>Re-<span class=\"_ _3d5\"> </span>classificat<span class=\"_ _6\"></span>ion<span class=\"_ _3d5\"> </span>Valuati<span class=\"_ _6\"></span>on<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> fa<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> <span class=\"_ _145\"> </span>2,705<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>643<span class=\"_ _3d5\"> </span>524<span class=\"_ _3d5\"> </span>3,872<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ily <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>asu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _ed\"> </span>2,705<span class=\"_ _3d5\"> </span>524<span class=\"_ _3d5\"> </span>3,229<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sign<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _146\"> </span> 643<span class=\"_ _3d5\"> </span>643<span class=\"_ _3d5\"> </span>At <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d co<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span> <span class=\"_ _51\"> </span>2,939,987<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>219,046<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,159,03<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _147\"> </span>2,620,34<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>222<span class=\"_ _3d5\"> </span>2,620,56<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _148\"> </span>319,640<span class=\"_ _3d5\"> </span>218,824<span class=\"_ _3d5\"> </span>538,464<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,942,69<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>219,689<span class=\"_ _3d5\"> </span>524<span class=\"_ _3d5\"> </span>3,162,90<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>The fo<span class=\"_ _7\"></span>llowi<span class=\"_ _2\"></span>ng t<span class=\"_ _7\"></span>able s<span class=\"_ _2\"></span>hows <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>econcili<span class=\"_ _7\"></span>ation o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idat<span class=\"_ _2\"></span>ed op<span class=\"_ _7\"></span>ening <span class=\"_ _2\"></span>loan <span class=\"_ _7\"></span>loss <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>ovision<span class=\"_ _2\"></span> allowa<span class=\"_ _7\"></span>nces <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>IAS 39 <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the ECL allo<span class=\"_ _7\"></span>wances <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>r IFRS 9.<span class=\"_ _7\"></span> Reconciliation<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>mpairment<span class=\"_ _6\"></span> provis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _fe\"> </span><span class=\"fsf\">IAS 3<span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k </span>value as of<span class=\"_ _6\"></span> 31/12/2021<span class=\"_ _3d5\"> </span>Adjustments<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value as of 01<span class=\"_ _6\"></span>/01/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span> <span class=\"_ _14a\"> </span>12,968<span class=\"_ _3d5\"> </span>48,164<span class=\"_ _3d5\"> </span>61,132<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at f<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue t<span class=\"_ _1\"></span>hr<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>gh<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>rof<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>* <span class=\"_ _fa\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o c<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>teg<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _14b\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>vai<span class=\"_ _6\"></span>la<span class=\"_ _1\"></span>ble<span class=\"_ _6\"></span> fo<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> sa<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _14c\"> </span>12,968<span class=\"_ _3d5\"> </span>48,162<span class=\"_ _3d5\"> </span>61,130<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o c<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>teg<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>12,968<span class=\"_ _3d5\"> </span>48,162<span class=\"_ _3d5\"> </span>61,130<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>(loa<span class=\"_ _1\"></span>ns<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>s,<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>hel<span class=\"_ _6\"></span>d to<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>atu<span class=\"_ _6\"></span>rit<span class=\"_ _1\"></span>y, A<span class=\"_ _1\"></span>C)<span class=\"_ _6\"></span> <span class=\"_ _14d\"> </span>15,508<span class=\"_ _3d5\"> </span>10,196<span class=\"_ _3d5\"> </span>25,704<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o c<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>teg<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry: <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C <span class=\"_ _14e\"> </span>15,508<span class=\"_ _3d5\"> </span>10,196<span class=\"_ _3d5\"> </span>25,704<span class=\"_ _3d5\"> </span>*Inclu<span class=\"_ _7\"></span>ding held for tradin<span class=\"_ _7\"></span>g<span class=\"_ _6\"></span> The <span class=\"_ _2\"></span>following <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>res <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>cat<span class=\"_ _7\"></span>egories <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>financial <span class=\"_ _2\"></span>instrumen<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>IAS 39 <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>IFRS 9 <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>sis <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>carrying amounts: <span class=\"_ _0\"></span>The <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ated <span class=\"_ _0\"></span>b<span class=\"_ _6\"></span>oo<span class=\"_ _2\"></span>k <span class=\"_ _4\"> </span>values <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>catego<span class=\"_ _7\"></span>ry <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>financial <span class=\"_ _0\"></span>instrumen<span class=\"_ _7\"></span>ts <span class=\"_ _4\"></span>me<span class=\"_ _2\"></span>asured <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>AC <span class=\"_ _0\"></span>diff<span class=\"_ _7\"></span>er <span class=\"_ _4\"></span>ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>two valuatio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>standards<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>becaus<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>provisi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>mu<span class=\"_ _6\"></span>st <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>consi<span class=\"_ _7\"></span>der<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>book <span class=\"_ _10\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _2\"></span>accor<span class=\"_ _7\"></span>ding <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>IFRS 9. <span class=\"_ _10\"></span>It <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hould <span class=\"_ _10\"></span>also <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>noted that <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>Grou<span class=\"_ _2\"></span>p <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>switc<span class=\"_ _7\"></span>hed <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>\u201cdirty <span class=\"_ _6\"></span>value\u201d <span class=\"_ _1\"></span>acco<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>ing under <span class=\"_ _1\"></span>IF<span class=\"_ _7\"></span>RS 9. <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>those <span class=\"_ _6\"></span>categories <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>financial <span class=\"_ _6\"></span>instrum<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts are<span class=\"_ _7\"></span> measur<span class=\"_ _7\"></span>ed at fair value, th<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ference in the book<span class=\"_ _7\"></span> values<span class=\"_ _7\"></span> is <span class=\"_ _6\"></span>likewise<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>attribut<span class=\"_ _7\"></span>able to dirty val<span class=\"_ _7\"></span>ue accou<span class=\"_ _7\"></span>nting. F<span class=\"_ _7\"></span>ur<span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>er infor<span class=\"_ _10\"></span>-<span class=\"_ _3d5\"> </span>mation o<span class=\"_ _7\"></span>n the c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ange<span class=\"_ _7\"></span>d acco<span class=\"_ _7\"></span>unting m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thod c<span class=\"_ _7\"></span>an be fo<span class=\"_ _2\"></span>und starti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _7\"></span>e 51.  <span class=\"_ _2\"></span> Categories a<span class=\"_ _6\"></span>nd boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _14f\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-catego<span class=\"_ _6\"></span>ry <span class=\"_ _150\"> </span>IFRS <span class=\"_ _6\"></span>9-cat<span class=\"_ _6\"></span>egory <span class=\"_ _151\"> </span>IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok value<span class=\"_ _6\"></span> as of </span>31/12/2021<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value a<span class=\"_ _6\"></span>s of 01/01/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _153\"> </span>2,635,38<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,727,40<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Cash and<span class=\"_ _6\"></span> cash equivalents<span class=\"_ _6\"></span> <span class=\"_ _154\"> </span>Cash and<span class=\"_ _6\"></span> cash equivalents<span class=\"_ _6\"></span> <span class=\"_ _155\"> </span>2,456,33<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,558,99<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Financial instrumen<span class=\"_ _6\"></span>ts for unit- an<span class=\"_ _6\"></span>d index-linked life insurance<span class=\"_ _6\"></span> Cash and<span class=\"_ _6\"></span> cash equivalents<span class=\"_ _6\"></span> 179,053<span class=\"_ _3d5\"> </span>168,413<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _45\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>40,017,9<span class=\"_ _6\"></span>77<span class=\"_ _3d5\"> </span>40,397,0<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _153\"> </span>2,156,06<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>691,930<span class=\"_ _3d5\"> </span>Loans <span class=\"_ _130\"> </span>M<span class=\"_ _6\"></span>easured at A<span class=\"_ _6\"></span>C <span class=\"_ _157\"> </span>2,152,56<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>688,179<span class=\"_ _3d5\"> </span>Loans <span class=\"_ _130\"> </span>M<span class=\"_ _6\"></span>easured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _158\"> </span>3,500<span class=\"_ _3d5\"> </span>3,751<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>25,926,034<span class=\"_ _3d5\"> </span>28,260,8<span class=\"_ _6\"></span>37<span class=\"_ _3d5\"> </span>Financial assets he<span class=\"_ _6\"></span>ld to maturity<span class=\"_ _6\"></span> Measured at A<span class=\"_ _6\"></span>C 529,794<span class=\"_ _3d5\"> </span>1,063,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Financial assets he<span class=\"_ _6\"></span>ld to maturity<span class=\"_ _6\"></span> Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 2,027,92<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,137,44<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 21,090,2<span class=\"_ _6\"></span>10<span class=\"_ _3d5\"> </span>22,229,2<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVtPL<span class=\"_ _6\"></span> 1,215,00<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,449,64<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Financial instrumen<span class=\"_ _6\"></span>ts for unit- an<span class=\"_ _6\"></span>d index-linked life insurance<span class=\"_ _6\"></span> Measured at FVtPL<span class=\"_ _6\"></span> 929,771<span class=\"_ _3d5\"> </span>1,247,37<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 40,804<span class=\"_ _3d5\"> </span>40,804<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVtPL<span class=\"_ _6\"></span> 92,526<span class=\"_ _3d5\"> </span>92,526<span class=\"_ _3d5\"> </span>Categories a<span class=\"_ _6\"></span>nd boo<span class=\"_ _6\"></span>k values<span class=\"_ _6\"></span> <span class=\"_ _14f\"> </span><span class=\"fsf\">IAS<span class=\"_ _6\"></span> 39-catego<span class=\"_ _6\"></span>ry <span class=\"_ _150\"> </span>IFRS <span class=\"_ _6\"></span>9-cat<span class=\"_ _6\"></span>egory <span class=\"_ _151\"> </span>IAS<span class=\"_ _6\"></span> 39-Bo<span class=\"_ _6\"></span>ok value<span class=\"_ _6\"></span> as of </span>31/12/2021<span class=\"_ _3d5\"> </span>IFRS <span class=\"_ _6\"></span>9-Boo<span class=\"_ _6\"></span>k value a<span class=\"_ _6\"></span>s of 01/01/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ae\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _2f\"> </span>872,227<span class=\"_ _3d5\"> </span>709,568<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>10,255,045<span class=\"_ _3d5\"> </span>9,831,02<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVtPL<span class=\"_ _6\"></span> 2,772,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,769,73<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Financial instrumen<span class=\"_ _6\"></span>ts for unit- an<span class=\"_ _6\"></span>d index-linked life insurance<span class=\"_ _6\"></span> Measured at FVtPL<span class=\"_ _6\"></span> 7,404,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>6,984,15<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVtPL<span class=\"_ _6\"></span> 77,144<span class=\"_ _3d5\"> </span>77,144<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVtPL<span class=\"_ _6\"></span> 30,066<span class=\"_ _3d5\"> </span>32,181<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _15b\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _15c\"> </span>778,541<span class=\"_ _3d5\"> </span>871,475<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _15c\"> </span>499,025<span class=\"_ _3d5\"> </span>583,857<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 35,968<span class=\"_ _3d5\"> </span>35,968<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVtPL<span class=\"_ _6\"></span> 455,449<span class=\"_ _3d5\"> </span>541,221<span class=\"_ _3d5\"> </span>Financial instrumen<span class=\"_ _6\"></span>ts for unit- an<span class=\"_ _6\"></span>d index-linked life insurance<span class=\"_ _6\"></span> Measured at FVtPL<span class=\"_ _6\"></span> 940<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 388<span class=\"_ _3d5\"> </span>388<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>recogn<span class=\"_ _6\"></span>ised at fair value th<span class=\"_ _6\"></span>rough <span class=\"_ _6\"></span>profit and loss* Measured at FVtPL<span class=\"_ _6\"></span> 6,280<span class=\"_ _3d5\"> </span>6,280<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _15d\"> </span>96,163<span class=\"_ _3d5\"> </span>96,356<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 50,864<span class=\"_ _3d5\"> </span>50,966<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVtPL<span class=\"_ _6\"></span> 45,299<span class=\"_ _3d5\"> </span>45,390<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>   <span class=\"_ _152\"> </span>  <span class=\"_ _15c\"> </span>183,353<span class=\"_ _3d5\"> </span>191,262<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> 155,275<span class=\"_ _3d5\"> </span>161,973<span class=\"_ _3d5\"> </span>Financial assets <span class=\"_ _6\"></span>availab<span class=\"_ _6\"></span>le for sale Measured at FVtPL<span class=\"_ _6\"></span> 28,078<span class=\"_ _3d5\"> </span>29,289<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> Loans, receivables <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d measured at A<span class=\"_ _6\"></span>C Measured at A<span class=\"_ _6\"></span>C 574,276<span class=\"_ _3d5\"> </span>257,526<span class=\"_ _3d5\"> </span>Total<span class=\"_ _6\"></span> financia<span class=\"_ _6\"></span>l assets acc. t<span class=\"_ _6\"></span>o IF<span class=\"_ _6\"></span>RS 9 <span class=\"_ _15e\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _156\"> </span>43,227,639<span class=\"_ _3d5\"> </span>43,381,9<span class=\"_ _6\"></span>52<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _141\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _153\"> </span>2,939,98<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>3,159,03<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>Measured<span class=\"_ _6\"></span> at AC <span class=\"_ _15a\"> </span>Measu<span class=\"_ _6\"></span>red at AC <span class=\"_ _157\"> </span>1,46<span class=\"_ _6\"></span>1,286<span class=\"_ _3d5\"> </span>1,493,59<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _ad\"> </span>M<span class=\"_ _6\"></span>easured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _2f\"> </span>351,087<span class=\"_ _3d5\"> </span>351,087<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured<span class=\"_ _6\"></span> at AC <span class=\"_ _2f\"> </span>594,614<span class=\"_ _3d5\"> </span>594,836<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _157\"> </span>Measured at A<span class=\"_ _6\"></span>C <span class=\"_ _15a\"> </span>Measured <span class=\"_ _6\"></span>at AC <span class=\"_ _2f\"> </span>181,048<span class=\"_ _3d5\"> </span>181,048<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Measu<span class=\"_ _6\"></span>red at AC <span class=\"_ _15a\"> </span>Measu<span class=\"_ _6\"></span>red at AC <span class=\"_ _2f\"> </span>351,95<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>538,463<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _152\"> </span>  <span class=\"_ _152\"> </span>  <span class=\"_ _160\"> </span>2,705<span class=\"_ _3d5\"> </span>3,872<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _161\"> </span>Measured at f<span class=\"_ _6\"></span>air value<span class=\"_ _6\"></span> <span class=\"_ _162\"> </span>Measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _158\"> </span>2,705<span class=\"_ _3d5\"> </span>3,229<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _128\"> </span>M<span class=\"_ _6\"></span>easured at fair v<span class=\"_ _6\"></span>alue<span class=\"_ _6\"></span> <span class=\"_ _162\"> </span>Measured at FVtPL<span class=\"_ _6\"></span> <span class=\"_ _163\"> </span> 643<span class=\"_ _3d5\"> </span>Total<span class=\"_ _6\"></span> financia<span class=\"_ _6\"></span>l lia<span class=\"_ _6\"></span>bilities acc. t<span class=\"_ _6\"></span>o IFRS 9 <span class=\"_ _a6\"> </span>  <span class=\"_ _13c\"> </span>  <span class=\"_ _153\"> </span>2,9<span class=\"_ _6\"></span>42,692<span class=\"_ _3d5\"> </span>3,162,90<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>*Inclu<span class=\"_ _7\"></span>ding held for tradin<span class=\"_ _7\"></span>g<span class=\"_ _6\"></span> In the cas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of de<span class=\"_ _7\"></span>bt ins<span class=\"_ _7\"></span>trum<span class=\"_ _7\"></span>ents t<span class=\"_ _7\"></span>hat have t<span class=\"_ _2\"></span>hus far been <span class=\"_ _7\"></span>desi<span class=\"_ _7\"></span>gnated <span class=\"_ _7\"></span>as me<span class=\"_ _7\"></span>asured <span class=\"_ _2\"></span>at fair valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> thro<span class=\"_ _2\"></span>ugh prof<span class=\"_ _7\"></span>it a<span class=\"_ _7\"></span>nd loss <span class=\"_ _2\"></span>under IAS 39 (IAS 3<span class=\"_ _7\"></span>9 categor<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>: financial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts meas<span class=\"_ _7\"></span>ured at fair value th<span class=\"_ _7\"></span>roug<span class=\"_ _7\"></span>h profi<span class=\"_ _7\"></span>t and loss), a che<span class=\"_ _7\"></span>ck <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ust be perform<span class=\"_ _7\"></span>ed<span class=\"_ _3d5\"> </span> as <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>whether <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>criterio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>or r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition as <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed at <span class=\"_ _2\"></span>AC <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>at <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtOC<span class=\"_ _7\"></span>I h<span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>been m<span class=\"_ _2\"></span>et. If <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _7\"></span>bee<span class=\"_ _7\"></span>n me<span class=\"_ _2\"></span>t and, <span class=\"_ _10\"></span>du<span class=\"_ _6\"></span>e to <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _f\"> </span>mo<span class=\"_ _7\"></span>del,<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>these <span class=\"_ _4\"> </span>instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts <span class=\"_ _4\"> </span>were <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>anaged<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>on <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>fai<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>v<span class=\"_ _6\"></span>alue <span class=\"_ _f\"> </span>b<span class=\"_ _2\"></span>asis, <span class=\"_ _f\"> </span>they <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>re <span class=\"_ _f\"> </span>cat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gorise<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>as <span class=\"_ _4\"> </span>FVtPL <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>a mandato<span class=\"_ _7\"></span>ry basis.<span class=\"_ _2\"></span> Reconciliation<span class=\"_ _6\"></span> Designate<span class=\"_ _6\"></span>d measu<span class=\"_ _6\"></span>red at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> Mandatori<span class=\"_ _6\"></span>ly measured at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _3d5\"> </span>Designat<span class=\"_ _6\"></span>ed measured at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _3d5\"> </span>Mandatori<span class=\"_ _6\"></span>ly measured at F<span class=\"_ _6\"></span>VtPL<span class=\"_ _3d5\"> </span>Designat<span class=\"_ _6\"></span>ed measured at F<span class=\"_ _6\"></span>VtPL<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span>40,804<span class=\"_ _3d5\"> </span>388<span class=\"_ _3d5\"> </span>206,017<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _a4\"> </span>40,804<span class=\"_ _3d5\"> </span>92,526<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _164\"> </span> 77,144<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span> 30,066<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span> 388<span class=\"_ _3d5\"> </span>6,281<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _51\"> </span> 3,229<span class=\"_ _3d5\"> </span>643<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _167\"> </span> 3,229<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _168\"> </span> 643<span class=\"_ _3d5\"> </span>Material esti<span class=\"_ _7\"></span>mates a<span class=\"_ _7\"></span>nd discretio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ary decisions<span class=\"_ _2\"></span> T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ma<span class=\"_ _2\"></span>ter<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>es<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>ma<span class=\"_ _7\"></span>tes<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _e\"></span>dis<span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>eti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ry <span class=\"_ _e\"></span>de<span class=\"_ _7\"></span>ci<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>ns <span class=\"_ _e\"></span>ma<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _e\"></span>co<span class=\"_ _7\"></span>nnec<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _e\"></span>wit<span class=\"_ _2\"></span>h <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ia<span class=\"_ _7\"></span>l <span class=\"_ _10\"></span>i<span class=\"_ _7\"></span>nst<span class=\"_ _2\"></span>rum<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _10\"></span>pr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _e\"></span>Not<span class=\"_ _7\"></span>e <span class=\"_ _e\"></span>24.2<span class=\"_ _2\"></span>. Impairm<span class=\"_ _7\"></span>ent los<span class=\"_ _7\"></span>ses on fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssets st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>45.<span class=\"_ _2\"></span> IFRS 17 INS<span class=\"_ _2\"></span>UR<span class=\"_ _6\"></span>AN<span class=\"_ _7\"></span>CE CONT<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>ACTS<span class=\"_ _7\"></span> General infor<span class=\"_ _2\"></span>m<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n The <span class=\"_ _f\"> </span>IASB <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ssued <span class=\"_ _f\"> </span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>accou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ting <span class=\"_ _f\"> </span>st<span class=\"_ _7\"></span>andar<span class=\"_ _2\"></span>d <span class=\"_ _3\"> </span>for <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _f\"> </span>cont<span class=\"_ _7\"></span>racts<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>(IFRS 17<span class=\"_ _7\"></span>) <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>25 <span class=\"_ _f\"> </span>J<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ne <span class=\"_ _f\"> </span>2020. <span class=\"_ _4\"> </span>As <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>res<span class=\"_ _7\"></span>ult, <span class=\"_ _f\"> </span>IFRS <span class=\"_ _2\"></span>17<span class=\"_ _6\"></span> supersedes <span class=\"_ _7\"></span>the previo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s standar<span class=\"_ _2\"></span>d, <span class=\"_ _6\"></span>IFRS 4, in <span class=\"_ _6\"></span>the EU <span class=\"_ _6\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> annual periods begi<span class=\"_ _7\"></span>nning on <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>after<span class=\"_ _7\"></span> 1 <span class=\"_ _6\"></span>January<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>2023.<span class=\"_ _7\"></span> IFRS 4 did not <span class=\"_ _0\"></span>prescrib<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>measur<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>inst<span class=\"_ _7\"></span>ead <span class=\"_ _0\"></span>allowed <span class=\"_ _0\"></span>compa<span class=\"_ _7\"></span>nies <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>la<span class=\"_ _7\"></span>rgely <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>loc<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting<span class=\"_ _7\"></span> req<span class=\"_ _7\"></span>uirem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt of<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts. <span class=\"_ _7\"></span>VIG appl<span class=\"_ _7\"></span>ied <span class=\"_ _7\"></span>that <span class=\"_ _7\"></span>accounti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g choic<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. The IAS<span class=\"_ _2\"></span>B impos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s unif<span class=\"_ _7\"></span>orm accounti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g poli<span class=\"_ _7\"></span>cies for ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts fo<span class=\"_ _7\"></span>r the f<span class=\"_ _7\"></span>irst time i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> IFRS 17.<span class=\"_ _7\"></span>  VIG <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>rest<span class=\"_ _7\"></span>ated <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>arati<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>informa<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>appl<span class=\"_ _7\"></span>ying <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>tra<span class=\"_ _7\"></span>nsitional<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>visions <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>Appe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dix <span class=\"_ _10\"></span>C <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>IF<span class=\"_ _7\"></span>RS 17. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>natur<span class=\"_ _7\"></span>e of the ch<span class=\"_ _7\"></span>anges in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting poli<span class=\"_ _7\"></span>cies <span class=\"_ _7\"></span>can b<span class=\"_ _7\"></span>e summ<span class=\"_ _7\"></span>arised, a<span class=\"_ _2\"></span>s follo<span class=\"_ _7\"></span>ws:  Changes<span class=\"_ _7\"></span> to cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>cation and m<span class=\"_ _7\"></span>easureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t  The <span class=\"_ _10\"></span>adoptio<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>IF<span class=\"_ _6\"></span>RS 17 <span class=\"_ _10\"></span>did <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>change <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>prin<span class=\"_ _7\"></span>cipal <span class=\"_ _10\"></span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>insurance <span class=\"_ _10\"></span>contra<span class=\"_ _7\"></span>cts. <span class=\"_ _10\"></span>This <span class=\"_ _10\"></span>standar<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>establis<span class=\"_ _7\"></span>hes <span class=\"_ _10\"></span>specif<span class=\"_ _7\"></span>ic principles <span class=\"_ _7\"></span>for th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> and m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ement of ins<span class=\"_ _2\"></span>urance <span class=\"_ _7\"></span>contracts is<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ued and r<span class=\"_ _7\"></span>eins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s. The steps f<span class=\"_ _7\"></span>or det<span class=\"_ _7\"></span>ermi<span class=\"_ _7\"></span>ning w<span class=\"_ _7\"></span>hether a co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>ct qualifi<span class=\"_ _7\"></span>es as <span class=\"_ _7\"></span>an IFRS 1<span class=\"_ _7\"></span>7 ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Identificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of w<span class=\"_ _7\"></span>hether <span class=\"_ _7\"></span>the co<span class=\"_ _7\"></span>ntract i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cludes <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> signif<span class=\"_ _7\"></span>icant in<span class=\"_ _7\"></span>surance ris<span class=\"_ _7\"></span>k of a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>other pa<span class=\"_ _7\"></span>rty (po<span class=\"_ _7\"></span>licyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>). F<span class=\"_ _7\"></span>urthermo<span class=\"_ _7\"></span>re, <span class=\"_ _2\"></span>a check is p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rfo<span class=\"_ _7\"></span>rmed as to <span class=\"_ _2\"></span>whether an obl<span class=\"_ _7\"></span>igatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> to <span class=\"_ _7\"></span>compens<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>e th<span class=\"_ _7\"></span>e policy<span class=\"_ _7\"></span>holder is <span class=\"_ _7\"></span>includ<span class=\"_ _7\"></span>ed if a d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed, u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>certain, future i<span class=\"_ _2\"></span>nsured <span class=\"_ _7\"></span>event disa<span class=\"_ _2\"></span>dvantages t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e polic<span class=\"_ _2\"></span>yholder;<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Specified <span class=\"_ _7\"></span>embedde<span class=\"_ _2\"></span>d derivatives,<span class=\"_ _7\"></span> distin<span class=\"_ _7\"></span>ct i<span class=\"_ _7\"></span>nvestmen<span class=\"_ _7\"></span>t compo<span class=\"_ _7\"></span>nents <span class=\"_ _7\"></span>and distin<span class=\"_ _7\"></span>ct goods o<span class=\"_ _2\"></span>r services <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>eed to <span class=\"_ _2\"></span>be separated fro<span class=\"_ _7\"></span>m insura<span class=\"_ _7\"></span>nce co<span class=\"_ _7\"></span>ntracts. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese s<span class=\"_ _7\"></span>pecif<span class=\"_ _7\"></span>ied compo<span class=\"_ _2\"></span>nents ha<span class=\"_ _7\"></span>ve to be <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nted i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance <span class=\"_ _7\"></span>with other st<span class=\"_ _2\"></span>andards, such as <span class=\"_ _7\"></span>IFRS 9 or <span class=\"_ _2\"></span>IFRS 15.<span class=\"_ _7\"></span> The <span class=\"_ _4\"> </span>default <span class=\"_ _4\"></span>meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ement <span class=\"_ _4\"> </span>appro<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>h <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>scope <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>IFRS 17 <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>general <span class=\"_ _4\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement <span class=\"_ _4\"> </span>mod<span class=\"_ _7\"></span>el <span class=\"_ _4\"> </span>(GMM). <span class=\"_ _4\"></span>T<span class=\"_ _e\"></span>o meas<span class=\"_ _7\"></span>ure a gr<span class=\"_ _2\"></span>oup of ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts wit<span class=\"_ _7\"></span>h this a<span class=\"_ _2\"></span>pproac<span class=\"_ _7\"></span>h, the foll<span class=\"_ _7\"></span>owi<span class=\"_ _7\"></span>ng principles <span class=\"_ _7\"></span>sho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld b<span class=\"_ _7\"></span>e obse<span class=\"_ _7\"></span>rved:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>A risk-adj<span class=\"_ _7\"></span>usted pr<span class=\"_ _2\"></span>esent v<span class=\"_ _7\"></span>alue of th<span class=\"_ _7\"></span>e futur<span class=\"_ _2\"></span>e fulfilmen<span class=\"_ _7\"></span>t cash flo<span class=\"_ _2\"></span>ws will be r<span class=\"_ _2\"></span>ecognised. <span class=\"_ _2\"></span>Futur<span class=\"_ _7\"></span>e cash flo<span class=\"_ _7\"></span>ws tak<span class=\"_ _7\"></span>e into <span class=\"_ _7\"></span>acco<span class=\"_ _7\"></span>unt all availa<span class=\"_ _7\"></span>ble inform<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> that is co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sist<span class=\"_ _7\"></span>ent wit<span class=\"_ _7\"></span>h obser<span class=\"_ _7\"></span>vable m<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ket i<span class=\"_ _7\"></span>nformatio<span class=\"_ _2\"></span>n.<span class=\"_ _3d5\"> </span> <div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3b5\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Additionally<span class=\"_ _e\"></span>, an <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt re<span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nting t<span class=\"_ _7\"></span>he un<span class=\"_ _7\"></span>earned pr<span class=\"_ _7\"></span>ofit at i<span class=\"_ _2\"></span>nception (Co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al Ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ice Margi<span class=\"_ _2\"></span>n (<span class=\"_ _6\"></span>CSM<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>) in t<span class=\"_ _7\"></span>he gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3b6\">insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts is r<span class=\"_ _2\"></span>ecog<span class=\"_ _7\"></span>nised. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3b7\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The pro<span class=\"_ _7\"></span>fit fr<span class=\"_ _2\"></span>om a gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts is<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>cognis<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d f<span class=\"_ _7\"></span>or the p<span class=\"_ _7\"></span>eriod of tim<span class=\"_ _7\"></span>e for <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce se<span class=\"_ _7\"></span>rvices ar<span class=\"_ _2\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3b8\">made. If <span class=\"_ _7\"></span>a gro<span class=\"_ _2\"></span>up of cont<span class=\"_ _7\"></span>racts is exp<span class=\"_ _2\"></span>ected to be o<span class=\"_ _2\"></span>nerous fo<span class=\"_ _2\"></span>r the r<span class=\"_ _7\"></span>emaini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g co<span class=\"_ _7\"></span>verage pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e loss <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> be re<span class=\"_ _7\"></span>cognise<span class=\"_ _7\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3b9\">immedi<span class=\"_ _7\"></span>ately as <span class=\"_ _7\"></span>an exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nse.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3ba\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>If insuranc<span class=\"_ _7\"></span>e acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n costs ar<span class=\"_ _2\"></span>e paid or i<span class=\"_ _7\"></span>ncurr<span class=\"_ _2\"></span>ed befor<span class=\"_ _7\"></span>e the<span class=\"_ _2\"></span> u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>rlying co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as bee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> alloc<span class=\"_ _7\"></span>ated to a g<span class=\"_ _2\"></span>roup of<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3bb\">insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts, a<span class=\"_ _7\"></span>n asset is <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised i<span class=\"_ _7\"></span>n the bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet. Aft<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract has b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>en assig<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>to a gro<span class=\"_ _2\"></span>up, the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3bc\">insuranc<span class=\"_ _7\"></span>e acq<span class=\"_ _7\"></span>uisition costs <span class=\"_ _2\"></span>are i<span class=\"_ _7\"></span>ncluded i<span class=\"_ _7\"></span>n the co<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>spo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ation a<span class=\"_ _7\"></span>nd the di<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ctly at<span class=\"_ _7\"></span>tributabl<span class=\"_ _7\"></span>e asset t<span class=\"_ _2\"></span>hat was </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3bd\">originally r<span class=\"_ _2\"></span>ecognised is<span class=\"_ _7\"></span> d<span class=\"_ _7\"></span>erecog<span class=\"_ _2\"></span>nised.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3be\">For all <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts i<span class=\"_ _7\"></span>n th<span class=\"_ _7\"></span>e l<span class=\"_ _7\"></span>ife <span class=\"_ _7\"></span>business <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>at ar<span class=\"_ _2\"></span>e elig<span class=\"_ _7\"></span>ible <span class=\"_ _2\"></span>for dir<span class=\"_ _7\"></span>ect <span class=\"_ _2\"></span>profit <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>rticipatio<span class=\"_ _7\"></span>n, t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>Va<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iable <span class=\"_ _2\"></span>Fee Appr<span class=\"_ _2\"></span>oach <span class=\"_ _7\"></span>(VF<span class=\"_ _2\"></span>A) <span class=\"_ _7\"></span>me<span class=\"_ _7\"></span>asur<span class=\"_ _2\"></span>e-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3bf\">ment mo<span class=\"_ _7\"></span>del <span class=\"_ _7\"></span>is applied.<span class=\"_ _2\"></span> Initial r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition tak<span class=\"_ _7\"></span>es pla<span class=\"_ _7\"></span>ce in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e GMM. <span class=\"_ _7\"></span>In s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bseq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ent m<span class=\"_ _7\"></span>easu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt, <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>owever<span class=\"_ _e\"></span>, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3c0\">the VF<span class=\"_ _2\"></span>A dif<span class=\"_ _2\"></span>fers from<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e GMM i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> that t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>be adju<span class=\"_ _7\"></span>sted by t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pr<span class=\"_ _7\"></span>ofit pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ticip<span class=\"_ _7\"></span>ation. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3c1\">Compar<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>MM, t<span class=\"_ _2\"></span>he Pr<span class=\"_ _7\"></span>emium<span class=\"_ _7\"></span> All<span class=\"_ _7\"></span>ocatio<span class=\"_ _7\"></span>n Appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach (P<span class=\"_ _e\"></span>AA) sim<span class=\"_ _7\"></span>plif<span class=\"_ _7\"></span>ies the c<span class=\"_ _7\"></span>alculatio<span class=\"_ _2\"></span>n of th<span class=\"_ _7\"></span>e m<span class=\"_ _7\"></span>athemati<span class=\"_ _7\"></span>cal r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>erve (<span class=\"_ _7\"></span>Liability<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3c2\">for Re<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>aining Co<span class=\"_ _7\"></span>verage (LRC)). This model can be u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>for<span class=\"_ _7\"></span> sh<span class=\"_ _6\"></span>ort-t<span class=\"_ _7\"></span>erm <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance con<span class=\"_ _7\"></span>tracts and insura<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts with </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3c3\">simi<span class=\"_ _7\"></span>lar mea<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>ent results compar<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>to the G<span class=\"_ _6\"></span>MM. In <span class=\"_ _6\"></span>its primary n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-lif<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>business, VIG applies the P<span class=\"_ _10\"></span>AA <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>all contrac<span class=\"_ _7\"></span>ts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3c4\">with a <span class=\"_ _6\"></span>coverage perio<span class=\"_ _7\"></span>d of <span class=\"_ _6\"></span>12 month<span class=\"_ _6\"></span>s or less. Furthermor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, if the <span class=\"_ _6\"></span>rel<span class=\"_ _7\"></span>evant eligibil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>criteria in accord<span class=\"_ _7\"></span>ance with IFRS 17 are </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3c5\">fulfil<span class=\"_ _7\"></span>led, the P<span class=\"_ _10\"></span>AA is also<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>applied for m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lti-<span class=\"_ _7\"></span>year co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts.<span class=\"_ _7\"></span>  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3c6\">The <span class=\"_ _6\"></span>P<span class=\"_ _10\"></span>AA <span class=\"_ _6\"></span>meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>prin<span class=\"_ _7\"></span>ciples <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>fer <span class=\"_ _6\"></span>from <span class=\"_ _6\"></span>the unearned premium<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>appro<span class=\"_ _2\"></span>ach <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>accor<span class=\"_ _2\"></span>dance w<span class=\"_ _6\"></span>ith <span class=\"_ _6\"></span>IFRS<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>4 <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>followi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3c7\">key ar<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s:<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3c8\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The LRC co<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>res<span class=\"_ _2\"></span>ponds to t<span class=\"_ _7\"></span>he premi<span class=\"_ _2\"></span>ums r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ceive<span class=\"_ _7\"></span>d less def<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>n costs l<span class=\"_ _7\"></span>ess a<span class=\"_ _7\"></span>ny<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unts alre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dy r<span class=\"_ _2\"></span>ecognised </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3c9\">as incom<span class=\"_ _7\"></span>e in th<span class=\"_ _7\"></span>e insur<span class=\"_ _7\"></span>ance ser<span class=\"_ _7\"></span>vice r<span class=\"_ _7\"></span>esult.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3ca\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Measurem<span class=\"_ _2\"></span>ent of t<span class=\"_ _7\"></span>he LIC i<span class=\"_ _7\"></span>ncludes <span class=\"_ _7\"></span>an adj<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>stment fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> the tim<span class=\"_ _2\"></span>e value of <span class=\"_ _7\"></span>mo<span class=\"_ _7\"></span>ney<span class=\"_ _10\"></span>. It also <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flects t<span class=\"_ _7\"></span>he ef<span class=\"_ _7\"></span>fect o<span class=\"_ _7\"></span>f fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>risk </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3cb\">wher<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> the p<span class=\"_ _7\"></span>remi<span class=\"_ _2\"></span>um due dat<span class=\"_ _7\"></span>e and t<span class=\"_ _7\"></span>he rela<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod of<span class=\"_ _7\"></span> servi<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>es ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> mor<span class=\"_ _2\"></span>e than 12 m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nths apa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>t.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3cc\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>T<span class=\"_ _e\"></span>o calculate <span class=\"_ _2\"></span>a loss compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent, <span class=\"_ _7\"></span>when me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>suring <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>LRC fo<span class=\"_ _7\"></span>r onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s co<span class=\"_ _7\"></span>ntracts a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> expl<span class=\"_ _7\"></span>icit e<span class=\"_ _7\"></span>valuatio<span class=\"_ _7\"></span>n of risk a<span class=\"_ _2\"></span>dju<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3cd\">is i<span class=\"_ _7\"></span>ncluded for <span class=\"_ _7\"></span>non-fin<span class=\"_ _7\"></span>ancial risks.<span class=\"_ _7\"></span> A p<span class=\"_ _7\"></span>rovisi<span class=\"_ _7\"></span>on fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> expec<span class=\"_ _7\"></span>ted l<span class=\"_ _7\"></span>osses wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld ha<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e been r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>under the s<span class=\"_ _7\"></span>ame </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3ce\">conditio<span class=\"_ _7\"></span>ns in ac<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>ance with I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 4. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3cf\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Measurem<span class=\"_ _2\"></span>ent of t<span class=\"_ _7\"></span>he liability fo<span class=\"_ _2\"></span>r incurre<span class=\"_ _7\"></span>d claims<span class=\"_ _7\"></span> (LIC<span class=\"_ _7\"></span>) is de<span class=\"_ _7\"></span>term<span class=\"_ _7\"></span>ined on a <span class=\"_ _2\"></span>discounted <span class=\"_ _7\"></span>prob<span class=\"_ _2\"></span>ability-weig<span class=\"_ _7\"></span>hted ex<span class=\"_ _7\"></span>pected <span class=\"_ _7\"></span>value </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3d0\">basis a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d includ<span class=\"_ _7\"></span>es a ris<span class=\"_ _7\"></span>k adj<span class=\"_ _7\"></span>ustment f<span class=\"_ _7\"></span>or non<span class=\"_ _7\"></span>-finan<span class=\"_ _7\"></span>cial risk. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> liabil<span class=\"_ _7\"></span>ity th<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>efor<span class=\"_ _7\"></span>e inclu<span class=\"_ _7\"></span>des the o<span class=\"_ _2\"></span>b<span class=\"_ _6\"></span>lig<span class=\"_ _7\"></span>ation to pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> othe<span class=\"_ _7\"></span>r </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3d1\">incurr<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>nsurance se<span class=\"_ _2\"></span>rvice expe<span class=\"_ _7\"></span>nses (a<span class=\"_ _7\"></span>cc. to I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 4 i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>curr<span class=\"_ _7\"></span>ed bu<span class=\"_ _7\"></span>t not r<span class=\"_ _7\"></span>eport<span class=\"_ _7\"></span>ed clai<span class=\"_ _7\"></span>ms (IBNR<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>), outs<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>andi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g claims <span class=\"_ _7\"></span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3d2\">claims ha<span class=\"_ _7\"></span>ndli<span class=\"_ _7\"></span>ng costs.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3d3\">VI<span class=\"_ _2\"></span>G <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>loc<span class=\"_ _2\"></span>ate<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>acq<span class=\"_ _2\"></span>uis<span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>ts <span class=\"_ _10\"></span>to<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>oup<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>anc<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>ntr<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>ued<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>or <span class=\"_ _10\"></span>exp<span class=\"_ _2\"></span>ect<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _10\"></span>sys<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ati<span class=\"_ _2\"></span>c <span class=\"_ _2\"></span>and<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3d4\">ra<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>l bas<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>. <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>suranc<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _1\"></span>costs <span class=\"_ _6\"></span>inclu<span class=\"_ _7\"></span>de <span class=\"_ _1\"></span>thos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>direc<span class=\"_ _7\"></span>tly <span class=\"_ _6\"></span>attributable to <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>and t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>futur<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>ups <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>at </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3d5\">are <span class=\"_ _2\"></span>expect<span class=\"_ _7\"></span>ed to<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>rise f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ene<span class=\"_ _7\"></span>wals o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up. <span class=\"_ _2\"></span>Where<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>h ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce a<span class=\"_ _2\"></span>cquisition <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> p<span class=\"_ _2\"></span>aid o<span class=\"_ _2\"></span>r a <span class=\"_ _7\"></span>lia<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3d6\">has <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>cognised <span class=\"_ _10\"></span>before <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>gro<span class=\"_ _2\"></span>up <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>contracts <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>recog<span class=\"_ _7\"></span>nised, <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _10\"></span>acquisition <span class=\"_ _2\"></span>cos<span class=\"_ _7\"></span>ts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3d7\">is <span class=\"_ _1\"></span>accounted <span class=\"_ _6\"></span>for<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>meas<span class=\"_ _7\"></span>ured, <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>attribut<span class=\"_ _7\"></span>able <span class=\"_ _1\"></span>portio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>this <span class=\"_ _1\"></span>asset <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>derecog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3d8\">subsumed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>into <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>initi<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>related<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>gro<span class=\"_ _7\"></span>up\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>LRC. <span class=\"_ _6\"></span>The acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>costs recognise<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs3d9\">LRC ar<span class=\"_ _2\"></span>e subject to r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>gular im<span class=\"_ _7\"></span>pai<span class=\"_ _7\"></span>rment testi<span class=\"_ _2\"></span>ng.<span class=\"_ _3d5\"> </span> </div>Changes<span class=\"_ _7\"></span> to prese<span class=\"_ _7\"></span>ntation an<span class=\"_ _7\"></span>d disc<span class=\"_ _7\"></span>los<span class=\"_ _7\"></span>ure  With <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>egar<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sentati<span class=\"_ _7\"></span>on <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated <span class=\"_ _4\"></span>balance <span class=\"_ _4\"></span>sheet, <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"> </span>summa<span class=\"_ _7\"></span>rises <span class=\"_ _f\"> </span>(<span class=\"_ _2\"></span>re-) <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"> </span>contracts <span class=\"_ _4\"> </span>issued <span class=\"_ _4\"> </span>and reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts held as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of (r<span class=\"_ _7\"></span>e-) ins<span class=\"_ _7\"></span>urance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts iss<span class=\"_ _7\"></span>ued tha<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e ass<span class=\"_ _7\"></span>ets,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at are <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of (r<span class=\"_ _7\"></span>e-) ins<span class=\"_ _7\"></span>urance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts iss<span class=\"_ _7\"></span>ued tha<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e liabil<span class=\"_ _7\"></span>ities, and <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Portfolio<span class=\"_ _7\"></span>s of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at are li<span class=\"_ _7\"></span>abi<span class=\"_ _7\"></span>lities.<span class=\"_ _7\"></span>  Portfoli<span class=\"_ _7\"></span>os <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>insurance contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>rei<span class=\"_ _7\"></span>nsurance contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>asset <span class=\"_ _6\"></span>positi<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sen<span class=\"_ _7\"></span>ted <span class=\"_ _6\"></span>separ<span class=\"_ _7\"></span>ately <span class=\"_ _6\"></span>from those <span class=\"_ _6\"></span>in a liabil<span class=\"_ _7\"></span>ity positio<span class=\"_ _7\"></span>n. Netting is<span class=\"_ _7\"></span> not permitt<span class=\"_ _7\"></span>ed in acco<span class=\"_ _2\"></span>rdance wit<span class=\"_ _7\"></span>h IF<span class=\"_ _7\"></span>RS 17, this is<span class=\"_ _7\"></span> a key dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>n pres<span class=\"_ _7\"></span>entati<span class=\"_ _7\"></span>on in the bala<span class=\"_ _2\"></span>nce sheet com<span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IFRS 4, <span class=\"_ _2\"></span>where n<span class=\"_ _7\"></span>etting <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as possi<span class=\"_ _7\"></span>ble.<span class=\"_ _7\"></span> As <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>new <span class=\"_ _1\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>balanc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet, <span class=\"_ _1\"></span>ther<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>also <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nge <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>items<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t. <span class=\"_ _1\"></span>These <span class=\"_ _6\"></span>dif<span class=\"_ _7\"></span>fer <span class=\"_ _6\"></span>from <span class=\"_ _6\"></span>those <span class=\"_ _6\"></span>show<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>under <span class=\"_ _6\"></span>IFRS <span class=\"_ _1\"></span>4 <span class=\"_ _6\"></span>with <span class=\"_ _1\"></span>reg<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rd <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>both <span class=\"_ _1\"></span>their n<span class=\"_ _6\"></span>ame <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>their <span class=\"_ _1\"></span>conten<span class=\"_ _7\"></span>t. <span class=\"_ _6\"></span>The <span class=\"_ _1\"></span>items <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e now pres<span class=\"_ _2\"></span>ented as fo<span class=\"_ _7\"></span>llows <span class=\"_ _2\"></span>under IFRS 17: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e re<span class=\"_ _7\"></span>venue <span class=\"ff4e fs14\">\u2013</span> i<span class=\"_ _7\"></span>ssued b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sin<span class=\"_ _7\"></span>ess, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e expens<span class=\"_ _7\"></span>es <span class=\"ff4e fs14\">\u2013 </span>iss<span class=\"_ _7\"></span>ued b<span class=\"_ _7\"></span>usiness,<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance fi<span class=\"_ _2\"></span>nancial r<span class=\"_ _7\"></span>esult a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e res<span class=\"_ _7\"></span>ult <span class=\"ff4e fs14\">\u2013</span> r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance h<span class=\"_ _7\"></span>eld.<span class=\"_ _7\"></span> Discount rate<span class=\"_ _7\"></span> The inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>rate <span class=\"_ _7\"></span>applied for <span class=\"_ _7\"></span>disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting of <span class=\"_ _7\"></span>cash flo<span class=\"_ _2\"></span>ws is as fo<span class=\"_ _7\"></span>llows f<span class=\"_ _7\"></span>or the first-<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ime a<span class=\"_ _7\"></span>pplicatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>: Spot rates*<span class=\"_ _6\"></span> <span class=\"_ _85\"> </span><span class=\"fsf\">1 year<span class=\"_ _3d5\"> </span></span>3 years<span class=\"_ _3d5\"> </span>5 years<span class=\"_ _3d5\"> </span>10 years<span class=\"_ _3d5\"> </span>20 years<span class=\"_ _3d5\"> </span>30 years<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>ALL<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>-0.58<span class=\"_ _3d5\"> </span>-0.25<span class=\"_ _3d5\"> </span>-0.08<span class=\"_ _3d5\"> </span>0.21<span class=\"_ _3d5\"> </span>0.46<span class=\"_ _3d5\"> </span>1.05<span class=\"_ _3d5\"> </span>BAM<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>-0.64<span class=\"_ _3d5\"> </span>-0.30<span class=\"_ _3d5\"> </span>-0.13<span class=\"_ _3d5\"> </span>0.15<span class=\"_ _3d5\"> </span>0.40<span class=\"_ _3d5\"> </span>1.01<span class=\"_ _3d5\"> </span>BGN<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>-0.<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>-0.30<span class=\"_ _3d5\"> </span>-0.13<span class=\"_ _3d5\"> </span>0.15<span class=\"_ _3d5\"> </span>0.40<span class=\"_ _3d5\"> </span>1.01<span class=\"_ _3d5\"> </span>CHF<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>-0.80<span class=\"_ _3d5\"> </span>-0.48<span class=\"_ _3d5\"> </span>-0.33<span class=\"_ _3d5\"> </span>-0.01<span class=\"_ _3d5\"> </span>-0.01<span class=\"_ _3d5\"> </span>0.32<span class=\"_ _3d5\"> </span>CZK<span class=\"_ _6\"></span> <span class=\"_ _f0\"> </span>4.63<span class=\"_ _3d5\"> </span>4.13<span class=\"_ _3d5\"> </span>3.71<span class=\"_ _3d5\"> </span>3.09<span class=\"_ _3d5\"> </span>2.96<span class=\"_ _3d5\"> </span>3.06<span class=\"_ _3d5\"> </span>EUR<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>-0.58<span class=\"_ _3d5\"> </span>-0.25<span class=\"_ _3d5\"> </span>-0.08<span class=\"_ _3d5\"> </span>0.21<span class=\"_ _3d5\"> </span>0.46<span class=\"_ _3d5\"> </span>1.05<span class=\"_ _3d5\"> </span>GBP<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>0.78<span class=\"_ _3d5\"> </span>1.20<span class=\"_ _3d5\"> </span>1.20<span class=\"_ _3d5\"> </span>1.11<span class=\"_ _3d5\"> </span>1.05<span class=\"_ _3d5\"> </span>1.00<span class=\"_ _3d5\"> </span>GEL<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>7.78<span class=\"_ _3d5\"> </span>8.13<span class=\"_ _3d5\"> </span>8.13<span class=\"_ _3d5\"> </span>8.07<span class=\"_ _3d5\"> </span>7.87<span class=\"_ _3d5\"> </span>7.34<span class=\"_ _3d5\"> </span>HRK<span class=\"_ _6\"></span> <span class=\"_ _16b\"> </span>-0.18<span class=\"_ _3d5\"> </span>0.01<span class=\"_ _3d5\"> </span>0.19<span class=\"_ _3d5\"> </span>0.82<span class=\"_ _3d5\"> </span>1.72<span class=\"_ _3d5\"> </span>2.21<span class=\"_ _3d5\"> </span>HUF<span class=\"_ _6\"></span> <span class=\"_ _16c\"> </span>3.49<span class=\"_ _3d5\"> </span>4.13<span class=\"_ _3d5\"> </span>4.29<span class=\"_ _3d5\"> </span>4.43<span class=\"_ _3d5\"> </span>4.66<span class=\"_ _3d5\"> </span>4.69<span class=\"_ _3d5\"> </span>MDL<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>-0.58<span class=\"_ _3d5\"> </span>-0.25<span class=\"_ _3d5\"> </span>-0.08<span class=\"_ _3d5\"> </span>0.21<span class=\"_ _3d5\"> </span>0.46<span class=\"_ _3d5\"> </span>1.05<span class=\"_ _3d5\"> </span>MKD<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>-0.58<span class=\"_ _3d5\"> </span>-0.25<span class=\"_ _3d5\"> </span>-0.08<span class=\"_ _3d5\"> </span>0.21<span class=\"_ _3d5\"> </span>0.46<span class=\"_ _3d5\"> </span>1.05<span class=\"_ _3d5\"> </span>PLN<span class=\"_ _6\"></span> <span class=\"_ _16c\"> </span>2.66<span class=\"_ _3d5\"> </span>3.60<span class=\"_ _3d5\"> </span>3.73<span class=\"_ _3d5\"> </span>3.57<span class=\"_ _3d5\"> </span>3.49<span class=\"_ _3d5\"> </span>3.47<span class=\"_ _3d5\"> </span>RON<span class=\"_ _6\"></span> <span class=\"_ _13e\"> </span>3<span class=\"_ _6\"></span>.93<span class=\"_ _3d5\"> </span>4.52<span class=\"_ _3d5\"> </span>4.68<span class=\"_ _3d5\"> </span>5.07<span class=\"_ _3d5\"> </span>5.01<span class=\"_ _3d5\"> </span>4.68<span class=\"_ _3d5\"> </span>RSD<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>2.21<span class=\"_ _3d5\"> </span>2.76<span class=\"_ _3d5\"> </span>3.29<span class=\"_ _3d5\"> </span>4.01<span class=\"_ _3d5\"> </span>4.17<span class=\"_ _3d5\"> </span>4.06<span class=\"_ _3d5\"> </span>TRY<span class=\"_ _1\"></span> <span class=\"_ _116\"> </span>2<span class=\"_ _6\"></span>1.64<span class=\"_ _3d5\"> </span>24.35<span class=\"_ _3d5\"> </span>25.35<span class=\"_ _3d5\"> </span>24.27<span class=\"_ _3d5\"> </span>20.71<span class=\"_ _3d5\"> </span>16.92<span class=\"_ _3d5\"> </span>UAH<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>11.43<span class=\"_ _3d5\"> </span>12.73<span class=\"_ _3d5\"> </span>12.68<span class=\"_ _3d5\"> </span>10.14<span class=\"_ _3d5\"> </span>7.58<span class=\"_ _3d5\"> </span>6.82<span class=\"_ _3d5\"> </span>USD<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>0.44<span class=\"_ _3d5\"> </span>1.08<span class=\"_ _3d5\"> </span>1.28<span class=\"_ _3d5\"> </span>1.50<span class=\"_ _3d5\"> </span>1.67<span class=\"_ _3d5\"> </span>1.64<span class=\"_ _3d5\"> </span>*Without il<span class=\"_ _7\"></span>liquidity adjustment Illiquidity<span class=\"_ _6\"></span> adjustme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _16e\"> </span><span class=\"fsf\">31/12/2021<span class=\"_ _3d5\"> </span></span>in basis p<span class=\"_ _6\"></span>oints<span class=\"_ _3d5\"> </span>Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _16f\"> </span>100<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _170\"> </span>45<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _171\"> </span>15<span class=\"_ _3d5\"> </span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> (HR<span class=\"_ _1\"></span>K) <span class=\"_ _172\"> </span>9<span class=\"_ _3d5\"> </span>Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _173\"> </span>15<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _174\"> </span>15<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _175\"> </span>63<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _176\"> </span>200<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _175\"> </span>8<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _177\"> </span>29<span class=\"_ _3d5\"> </span>T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _178\"> </span>26<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _170\"> </span>19<span class=\"_ _3d5\"> </span>T<span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>ansiti<span class=\"_ _7\"></span>on  T<span class=\"_ _e\"></span>o apply I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 17, <span class=\"_ _7\"></span>at th<span class=\"_ _7\"></span>e transi<span class=\"_ _7\"></span>tion date, 1 <span class=\"_ _2\"></span>January 2022,<span class=\"_ _7\"></span> VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> has:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identified, <span class=\"_ _7\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ise<span class=\"_ _7\"></span>d and m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asure<span class=\"_ _2\"></span>d each gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> as if IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ad alw<span class=\"_ _7\"></span>ays be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n applie<span class=\"_ _2\"></span>d (unless impractica<span class=\"_ _2\"></span>ble)<span class=\"_ _6\"></span>; <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identified, <span class=\"_ _7\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ise<span class=\"_ _7\"></span>d and m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asure<span class=\"_ _2\"></span>d assets fo<span class=\"_ _7\"></span>r insu<span class=\"_ _7\"></span>rance a<span class=\"_ _7\"></span>cquisi<span class=\"_ _7\"></span>tion cos<span class=\"_ _7\"></span>ts as if <span class=\"_ _7\"></span>IFRS 17 <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ad alw<span class=\"_ _2\"></span>ays bee<span class=\"_ _7\"></span>n appli<span class=\"_ _7\"></span>ed. Howeve<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>, no r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rabili<span class=\"_ _7\"></span>ty assess<span class=\"_ _7\"></span>ment <span class=\"_ _7\"></span>was pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>forme<span class=\"_ _7\"></span>d befo<span class=\"_ _7\"></span>re t<span class=\"_ _7\"></span>he transitio<span class=\"_ _2\"></span>n date. At tr<span class=\"_ _7\"></span>ansitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> date, <span class=\"_ _7\"></span>a re<span class=\"_ _7\"></span>cove<span class=\"_ _7\"></span>rability assessme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t was <span class=\"_ _7\"></span>perfo<span class=\"_ _7\"></span>rmed, a<span class=\"_ _7\"></span>nd no im<span class=\"_ _7\"></span>pai<span class=\"_ _7\"></span>rment loss<span class=\"_ _7\"></span> was i<span class=\"_ _7\"></span>dentified;<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>derecog<span class=\"_ _2\"></span>nised any existi<span class=\"_ _2\"></span>ng balances t<span class=\"_ _2\"></span>hat would <span class=\"_ _7\"></span>not exi<span class=\"_ _7\"></span>st if IF<span class=\"_ _7\"></span>RS 17 had <span class=\"_ _2\"></span>always bee<span class=\"_ _7\"></span>n appli<span class=\"_ _7\"></span>ed; an<span class=\"_ _7\"></span>d \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>recog<span class=\"_ _7\"></span>nised an<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>esulting <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>et di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nce in equit<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>. The dis<span class=\"_ _7\"></span>count r<span class=\"_ _7\"></span>ates us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d for g<span class=\"_ _2\"></span>roups of<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>were d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termin<span class=\"_ _7\"></span>ed at t<span class=\"_ _2\"></span>he transitio<span class=\"_ _7\"></span>n dat<span class=\"_ _7\"></span>e. T<span class=\"_ _7\"></span>herefor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>the lock<span class=\"_ _2\"></span>ed-in discou<span class=\"_ _7\"></span>nt rates, f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e measur<span class=\"_ _2\"></span>ement of f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows <span class=\"_ _2\"></span>of a group of<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nsurance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts at t<span class=\"_ _7\"></span>he date o<span class=\"_ _7\"></span>f transitio<span class=\"_ _2\"></span>n, are the weighted<span class=\"_ _7\"></span> average rates appl<span class=\"_ _7\"></span>icabl<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>at the date of <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nitial r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of the u<span class=\"_ _7\"></span>nderlying cont<span class=\"_ _7\"></span>racts. The disco<span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>t rate used for the a<span class=\"_ _7\"></span>ccr<span class=\"_ _7\"></span>etio<span class=\"_ _7\"></span>n of inter<span class=\"_ _7\"></span>est o<span class=\"_ _7\"></span>n the CS<span class=\"_ _7\"></span>M <span class=\"_ _7\"></span>was determi<span class=\"_ _7\"></span>ned <span class=\"_ _7\"></span>usi<span class=\"_ _7\"></span>ng the bo<span class=\"_ _7\"></span>ttom-up <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>oach at i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ceptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>.  Full retros<span class=\"_ _7\"></span>pectiv<span class=\"_ _7\"></span>e appro<span class=\"_ _7\"></span>ach (<span class=\"_ _7\"></span>FRA) VIG <span class=\"_ _2\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>IFRS 17<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>retr<span class=\"_ _7\"></span>ospe<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>vely <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>alternative <span class=\"_ _10\"></span>trans<span class=\"_ _7\"></span>ition <span class=\"_ _2\"></span>methods <span class=\"_ _10\"></span>only <span class=\"_ _10\"></span>where <span class=\"_ _e\"></span>the <span class=\"_ _2\"></span>FRA <span class=\"_ _2\"></span>was <span class=\"_ _10\"></span>impracti<span class=\"_ _7\"></span>cable <span class=\"_ _10\"></span>or <span class=\"_ _2\"></span>woul<span class=\"_ _7\"></span>d have involv<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>disp<span class=\"_ _2\"></span>roportio<span class=\"_ _7\"></span>nate costs<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _7\"></span> e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fort. This appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach was used<span class=\"_ _7\"></span> primarily for no<span class=\"_ _7\"></span>n-life insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>or reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts iss<span class=\"_ _7\"></span>ued and <span class=\"_ _7\"></span>held th<span class=\"_ _7\"></span>at i<span class=\"_ _7\"></span>n pr<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ciple f<span class=\"_ _7\"></span>all u<span class=\"_ _7\"></span>nder th<span class=\"_ _7\"></span>e appli<span class=\"_ _7\"></span>cation of<span class=\"_ _7\"></span> the P<span class=\"_ _10\"></span>AA.<span class=\"_ _2\"></span> The <span class=\"_ _0\"></span>appro<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ch <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quir<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>historic<span class=\"_ _2\"></span>al <span class=\"_ _0\"></span>da<span class=\"_ _6\"></span>ta <span class=\"_ _0\"></span>sinc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>initial <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cogniti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>insurance <span class=\"_ _1\"></span>contract <span class=\"_ _0\"></span>to <span class=\"_ _1\"></span>b<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>obtain<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>all <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _1\"></span>of<span class=\"_ _6\"></span> contracts.<span class=\"_ _2\"></span> VIG<span class=\"_ _2\"></span> has <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>all r<span class=\"_ _2\"></span>easonable<span class=\"_ _2\"></span> and<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>suppor<span class=\"_ _7\"></span>tabl<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>nfor<span class=\"_ _2\"></span>mat<span class=\"_ _6\"></span>ion<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>its<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>existing<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>eporting s<span class=\"_ _2\"></span>ystems <span class=\"_ _10\"></span>to ob<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ai<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>los<span class=\"_ _2\"></span>est outcome <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>full <span class=\"_ _6\"></span>retros<span class=\"_ _2\"></span>pective <span class=\"_ _6\"></span>appro<span class=\"_ _7\"></span>ach. <span class=\"_ _6\"></span>However<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>insuf<span class=\"_ _2\"></span>ficient <span class=\"_ _1\"></span>avail<span class=\"_ _7\"></span>ability <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>istorical <span class=\"_ _6\"></span>data <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ain <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>ason <span class=\"_ _6\"></span>why <span class=\"_ _1\"></span>the FRA is imp<span class=\"_ _2\"></span>racticable fo<span class=\"_ _7\"></span>r VI<span class=\"_ _7\"></span>G\u2019<span class=\"_ _e\"></span>s long-te<span class=\"_ _7\"></span>rm busi<span class=\"_ _7\"></span>ness, pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ticula<span class=\"_ _7\"></span>rl<span class=\"_ _7\"></span>y for: \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>most of<span class=\"_ _7\"></span> its li<span class=\"_ _7\"></span>fe portfoli<span class=\"_ _7\"></span>o as well as i<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>health simi<span class=\"_ _7\"></span>la<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>-to-l<span class=\"_ _7\"></span>ife por<span class=\"_ _7\"></span>tfoli<span class=\"_ _7\"></span>os and  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>non-life i<span class=\"_ _7\"></span>nsurance po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>os that <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured i<span class=\"_ _7\"></span>n ac<span class=\"_ _7\"></span>cord<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>e with the <span class=\"_ _7\"></span>GMM. <span class=\"_ _2\"></span> For each gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of contr<span class=\"_ _7\"></span>acts for w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich the full<span class=\"_ _7\"></span> retro<span class=\"_ _7\"></span>spec<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ive appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach was i<span class=\"_ _7\"></span>mpractic<span class=\"_ _7\"></span>able, the fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> value appr<span class=\"_ _2\"></span>oach has be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n applied. <span class=\"_ _2\"></span> Fair v<span class=\"_ _7\"></span>a<span class=\"_ _7\"></span>lue appr<span class=\"_ _7\"></span>oach (<span class=\"_ _7\"></span>FV<span class=\"_ _2\"></span>A) The <span class=\"_ _1\"></span>fair v<span class=\"_ _6\"></span>alue <span class=\"_ _6\"></span>approa<span class=\"_ _2\"></span>ch <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>simpli<span class=\"_ _7\"></span>fied <span class=\"_ _1\"></span>method <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>determini<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>CSM <span class=\"_ _6\"></span>and/or <span class=\"_ _1\"></span>loss c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>insurance contracts <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _10\"></span>date. <span class=\"_ _10\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>CSM <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>ompon<span class=\"_ _7\"></span>ent <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>LRC <span class=\"_ _10\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transitio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>date <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>determin<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>dif<span class=\"_ _7\"></span>ference<span class=\"_ _2\"></span> between <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _3\"> </span>co<span class=\"_ _7\"></span>ntrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>fulfilm<span class=\"_ _7\"></span>ent <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>flows <span class=\"_ _f\"> </span>measu<span class=\"_ _2\"></span>red <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>date. <span class=\"_ _f\"> </span>In determini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the f<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ir <span class=\"_ _7\"></span>value, the <span class=\"_ _7\"></span>req<span class=\"_ _7\"></span>uir<span class=\"_ _7\"></span>ements of<span class=\"_ _7\"></span> IFRS 13 <span class=\"_ _2\"></span>Fair V<span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue Meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rem<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>wer<span class=\"_ _7\"></span>e appli<span class=\"_ _7\"></span>ed; exce<span class=\"_ _7\"></span>pt for <span class=\"_ _7\"></span>the appl<span class=\"_ _7\"></span>icatio<span class=\"_ _2\"></span>n of IFRS 13.4<span class=\"_ _7\"></span>7 reg<span class=\"_ _2\"></span>ardi<span class=\"_ _7\"></span>ng the ch<span class=\"_ _7\"></span>aracte<span class=\"_ _7\"></span>ristic of <span class=\"_ _7\"></span>short-<span class=\"_ _7\"></span>term r<span class=\"_ _7\"></span>etrie<span class=\"_ _7\"></span>vabili<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>. When <span class=\"_ _7\"></span>applying <span class=\"_ _2\"></span>the fair v<span class=\"_ _7\"></span>alue a<span class=\"_ _7\"></span>ppro<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ch a<span class=\"_ _7\"></span>t the <span class=\"_ _7\"></span>transi<span class=\"_ _7\"></span>tion dat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>it is pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>miss<span class=\"_ _7\"></span>ible to agg<span class=\"_ _2\"></span>reg<span class=\"_ _7\"></span>ate co<span class=\"_ _7\"></span>ntracts i<span class=\"_ _7\"></span>ssued mo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>an o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e year apa<span class=\"_ _7\"></span>rt. Reason<span class=\"_ _7\"></span>able an<span class=\"_ _7\"></span>d suppor<span class=\"_ _7\"></span>tabl<span class=\"_ _7\"></span>e inform<span class=\"_ _7\"></span>ation t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at was <span class=\"_ _7\"></span>available <span class=\"_ _2\"></span>at<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>transitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> date <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as use<span class=\"_ _7\"></span>d for t<span class=\"_ _7\"></span>he follo<span class=\"_ _7\"></span>wing: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identify gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ups of ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>determine <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>het<span class=\"_ _7\"></span>her any co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts a<span class=\"_ _2\"></span>re dir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ct pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ticip<span class=\"_ _7\"></span>ating i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identify a<span class=\"_ _7\"></span>ny discr<span class=\"_ _2\"></span>etionary c<span class=\"_ _7\"></span>ash fl<span class=\"_ _7\"></span>ows for ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ithout <span class=\"_ _7\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t parti<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ipatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> featur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>determine <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>het<span class=\"_ _7\"></span>her an inv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stme<span class=\"_ _7\"></span>nt co<span class=\"_ _7\"></span>ntract me<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts the <span class=\"_ _7\"></span>definiti<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span> of a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> inves<span class=\"_ _7\"></span>tment co<span class=\"_ _7\"></span>ntract <span class=\"_ _7\"></span>with dis<span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>etionar<span class=\"_ _7\"></span>y participatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> fea<span class=\"_ _7\"></span>tures <span class=\"_ _2\"></span>as defined i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> IFRS 17.<span class=\"_ _2\"></span> VIG divides insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce finance effe<span class=\"_ _2\"></span>ct<span class=\"_ _6\"></span>s into amou<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised thro<span class=\"_ _2\"></span>ugh <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it and loss and a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>s recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ise<span class=\"_ _7\"></span>d directly<span class=\"_ _2\"></span> in<span class=\"_ _6\"></span> equity<span class=\"_ _e\"></span>. The <span class=\"_ _4\"></span>cos<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>capit<span class=\"_ _7\"></span>al <span class=\"_ _4\"></span>appro<span class=\"_ _2\"></span>ach <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>determin<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>fair <span class=\"_ _0\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _0\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>alculat<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>insu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ance <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _0\"></span>liabilities <span class=\"_ _0\"></span>at <span class=\"_ _4\"> </span>the transition <span class=\"_ _7\"></span>date. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is was <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>alcula<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows: \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> eco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>omic<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lly c<span class=\"_ _7\"></span>alculat<span class=\"_ _7\"></span>ed best-<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>e liabil<span class=\"_ _7\"></span>ity witho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t ta<span class=\"_ _7\"></span>king into <span class=\"_ _7\"></span>account <span class=\"_ _7\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng re<span class=\"_ _7\"></span>quir<span class=\"_ _7\"></span>ements; <span class=\"_ _2\"></span>plus \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>a profi<span class=\"_ _7\"></span>t margi<span class=\"_ _7\"></span>n in li<span class=\"_ _7\"></span>ne wit<span class=\"_ _7\"></span>h the mark<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t. Changes i<span class=\"_ _7\"></span>n account<span class=\"_ _2\"></span>ing polici<span class=\"_ _7\"></span>es<span class=\"ff47\"> </span>DEFINI<span class=\"_ _7\"></span>TION OF CAS<span class=\"_ _2\"></span>H AND <span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>ASH <span class=\"_ _7\"></span>EQUI<span class=\"_ _2\"></span>VALENTS<span class=\"_ _2\"></span> Befor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>IFRS 1<span class=\"_ _7\"></span>7, <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS <span class=\"_ _0\"></span>4 <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>de <span class=\"_ _0\"></span>it <span class=\"_ _4\"></span>possi<span class=\"_ _7\"></span>bl<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>accou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>for <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>nderwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>tems <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>accord<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>wit<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>lo<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>al legisl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion. <span class=\"_ _6\"></span>Under consideratio<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>egulatio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>appli<span class=\"_ _7\"></span>cable <span class=\"_ _6\"></span>for example <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>Aust<span class=\"_ _7\"></span>ria <span class=\"_ _6\"></span>(V<span class=\"_ _2\"></span>ersich<span class=\"_ _7\"></span>erungsa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>fsichtsg<span class=\"_ _7\"></span>esetz (V<span class=\"_ _2\"></span>AG)), investme<span class=\"_ _7\"></span>nts that <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>erve to <span class=\"_ _6\"></span>cove<span class=\"_ _7\"></span>r underwriting pr<span class=\"_ _7\"></span>ovisions fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>-linked and index-l<span class=\"_ _7\"></span>inked life insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce were also subj<span class=\"_ _7\"></span>ect to these r<span class=\"_ _2\"></span>eporting r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ulations. As a result, VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> Insu<span class=\"_ _7\"></span>rance Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p decid<span class=\"_ _2\"></span>ed under IFRS 4 to r<span class=\"_ _2\"></span>eport the term an<span class=\"_ _7\"></span>d the definitio<span class=\"_ _2\"></span>n of cash and cash equi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alents<span class=\"_ _7\"></span> in <span class=\"_ _4\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _0\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>per<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>ns. <span class=\"_ _4\"></span>Accor<span class=\"_ _2\"></span>dingly<span class=\"_ _e\"></span>, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>egulatory <span class=\"_ _0\"></span>investme<span class=\"_ _7\"></span>nts <span class=\"_ _4\"></span>for <span class=\"_ _0\"></span>unit-linke<span class=\"_ _7\"></span>d <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>index-l<span class=\"_ _7\"></span>inked <span class=\"_ _0\"></span>lif<span class=\"_ _7\"></span>e<span class=\"_ _6\"></span> insuranc<span class=\"_ _7\"></span>e wer<span class=\"_ _2\"></span>e n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t includ<span class=\"_ _7\"></span>ed in th<span class=\"_ _7\"></span>e item <span class=\"_ _7\"></span>cash and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quivale<span class=\"_ _7\"></span>nts i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance with I<span class=\"_ _7\"></span>FRS.<span class=\"_ _2\"></span> IFRS 9 <span class=\"_ _1\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>IFRS 17 h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ow <span class=\"_ _1\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>tim<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>these <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _1\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _1\"></span>stat<span class=\"_ _7\"></span>ements.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>The <span class=\"_ _6\"></span>regulati<span class=\"_ _2\"></span>ons also lead to a <span class=\"_ _6\"></span>look-t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>gh of assets<span class=\"_ _7\"></span> in<span class=\"_ _6\"></span> unit-link<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d and index<span class=\"_ _7\"></span>-linked life insuran<span class=\"_ _7\"></span>ce. As local reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>ns no <span class=\"_ _6\"></span>long<span class=\"_ _7\"></span>er have any weight <span class=\"_ _6\"></span>under I<span class=\"_ _6\"></span>FRS, <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Group ha<span class=\"_ _6\"></span>s a <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>assess<span class=\"_ _7\"></span>ment <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>porting <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>theref<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>defi<span class=\"_ _7\"></span>nition <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>ca<span class=\"_ _7\"></span>sh and <span class=\"_ _3\"> </span>cash <span class=\"_ _f\"> </span>e<span class=\"_ _6\"></span>quiv<span class=\"_ _7\"></span>alents <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>c<span class=\"_ _6\"></span>omp<span class=\"_ _7\"></span>ariso<span class=\"_ _7\"></span>n <span class=\"_ _3\"> </span>to <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>past, <span class=\"_ _f\"> </span>w<span class=\"_ _6\"></span>hich <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>a<span class=\"_ _6\"></span>ccompanie<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>by <span class=\"_ _3\"> </span>an <span class=\"_ _3\"> </span>IAS 8 <span class=\"_ _f\"> </span>change <span class=\"_ _3\"> </span>in <span class=\"_ _f\"> </span>a<span class=\"_ _6\"></span>ccou<span class=\"_ _7\"></span>nting <span class=\"_ _3\"> </span>poli<span class=\"_ _7\"></span>cy<span class=\"_ _10\"></span>. Consequ<span class=\"_ _7\"></span>ently<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>pre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ious <span class=\"_ _6\"></span>year\u2019<span class=\"_ _e\"></span>s <span class=\"_ _1\"></span>figu<span class=\"_ _2\"></span>res <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>flow <span class=\"_ _6\"></span>stateme<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>balance <span class=\"_ _6\"></span>sheet <span class=\"_ _6\"></span>item <span class=\"_ _6\"></span>\u2018cas<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>and cash eq<span class=\"_ _7\"></span>uivale<span class=\"_ _7\"></span>nts\u2019 have <span class=\"_ _7\"></span>been <span class=\"_ _7\"></span>adjuste<span class=\"_ _7\"></span>d in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith IA<span class=\"_ _2\"></span>S 8. CHANGE <span class=\"_ _7\"></span>FROM C<span class=\"_ _7\"></span>LEAN<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>VALU<span class=\"_ _7\"></span>E TO<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>DIR<span class=\"_ _7\"></span>TY <span class=\"_ _10\"></span>VALUE<span class=\"_ _2\"></span> ACCO<span class=\"_ _7\"></span>UNTING<span class=\"_ _2\"></span> In <span class=\"_ _6\"></span>additio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>the changes in c<span class=\"_ _6\"></span>onn<span class=\"_ _7\"></span>ection with <span class=\"_ _6\"></span>the initial a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ication <span class=\"_ _6\"></span>of IFRS 9, financi<span class=\"_ _7\"></span>al instruments are n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>w <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised at the <span class=\"_ _0\"></span>dirty<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _0\"></span>means <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>\u2013 <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>cont<span class=\"_ _7\"></span>rast <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>IAS<span class=\"_ _7\"></span> 39 <span class=\"_ _0\"></span>ac<span class=\"_ _2\"></span>counting <span class=\"_ _0\"></span>\u2013 <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>accrued <span class=\"_ _1\"></span>inter<span class=\"_ _7\"></span>est <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>longe<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>a separate i<span class=\"_ _7\"></span>tem i<span class=\"_ _7\"></span>n the bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet, b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t is li<span class=\"_ _7\"></span>sted as pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>t of t<span class=\"_ _7\"></span>he book <span class=\"_ _2\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue.  ALLOCA<span class=\"_ _10\"></span>TING INTER<span class=\"_ _7\"></span>EST<span class=\"_ _5\"></span>, <span class=\"_ _7\"></span>T<span class=\"_ _10\"></span>AXES <span class=\"_ _2\"></span>AND DIVIDEND<span class=\"_ _7\"></span>S<span class=\"_ _7\"></span> Due <span class=\"_ _6\"></span>to the amended accounti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>prin<span class=\"_ _7\"></span>ciples from<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>lean to <span class=\"_ _6\"></span>dirty value, interes<span class=\"_ _7\"></span>t, ta<span class=\"_ _6\"></span>xes and dividends can now be<span class=\"_ _6\"></span> split <span class=\"_ _6\"></span>in the consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flow st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t acco<span class=\"_ _7\"></span>rding <span class=\"_ _2\"></span>to their orig<span class=\"_ _7\"></span>ins (o<span class=\"_ _7\"></span>perating, i<span class=\"_ _2\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent and fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nce).<span class=\"_ _3d5\"> </span>26.<span class=\"ff4a\"> </span>NEW ST<span class=\"_ _10\"></span>ANDARDS NOT <span class=\"_ _2\"></span>YET <span class=\"_ _2\"></span>APPLICABLE <span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>ND <span class=\"_ _7\"></span>AME<span class=\"_ _7\"></span>NDMENTS <span class=\"_ _2\"></span>TO EXISTI<span class=\"_ _2\"></span>N<span class=\"_ _6\"></span>G ST<span class=\"_ _2\"></span>ANDARDS<span class=\"_ _2\"></span> Standard<span class=\"_ _6\"></span> <span class=\"_ _e6\"> </span>Short de<span class=\"_ _6\"></span>scription<span class=\"_ _6\"></span> <span class=\"_ _1ff\"> </span><span class=\"fsf\">Applicable<span class=\"_ _6\"></span> as of<span class=\"_ _6\"></span>*<span class=\"_ _3d5\"> </span></span>Tho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> al<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>dy <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>pte<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> by<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>  <span class=\"_ _1a8\"> </span> Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>16<span class=\"_ _6\"></span> <span class=\"_ _20b\"> </span>Lease liabilit<span class=\"_ _6\"></span>ies for sa<span class=\"_ _6\"></span>le and leaseb<span class=\"_ _6\"></span>ack t<span class=\"_ _6\"></span>ransaction<span class=\"_ _6\"></span>s <span class=\"_ _1e9\"> </span>01/01/202<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> <span class=\"_ _1f6\"> </span>Classification of liab<span class=\"_ _6\"></span>ilities as <span class=\"_ _6\"></span>current o<span class=\"_ _6\"></span>r non<span class=\"_ _6\"></span>-current<span class=\"_ _6\"></span> <span class=\"_ _12c\"> </span>01<span class=\"_ _6\"></span>/01/2024<span class=\"_ _3d5\"> </span>Tho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>whic<span class=\"_ _6\"></span>h <span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> no<span class=\"_ _6\"></span>t o<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>not<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>yet a<span class=\"_ _1\"></span>do<span class=\"_ _6\"></span>pt<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span> <span class=\"_ _3a4\"> </span>  <span class=\"_ _1a8\"> </span> IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>4<span class=\"_ _6\"></span> <span class=\"_ _3a5\"> </span>Regu<span class=\"_ _6\"></span>latory Deferral Ac<span class=\"_ _6\"></span>counts EU d<span class=\"_ _6\"></span>ecided this st<span class=\"_ _6\"></span>andard sh<span class=\"_ _6\"></span>all not be trans<span class=\"_ _6\"></span>ferred into EU<span class=\"_ _6\"></span> law<span class=\"_ _3d5\"> </span>Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>10<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>28<span class=\"_ _6\"></span> Sale or contribu<span class=\"_ _6\"></span>tion of assets <span class=\"_ _6\"></span>between an<span class=\"_ _6\"></span> inv<span class=\"_ _6\"></span>estor and its<span class=\"_ _6\"></span> asso<span class=\"_ _6\"></span>ciate or joint venture<span class=\"_ _6\"></span> First-time appli<span class=\"_ _6\"></span>cation defer<span class=\"_ _6\"></span>red for an indefin<span class=\"_ _6\"></span>ite period<span class=\"_ _3d5\"> </span>Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 7<span class=\"_ _6\"></span> <span class=\"_ _1f6\"> </span>Disclosures: Sup<span class=\"_ _6\"></span>plier F<span class=\"_ _6\"></span>inance Arrangem<span class=\"_ _6\"></span>ents<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>01/01/2024<span class=\"_ _3d5\"> </span>Amen<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _1e2\"> </span>R<span class=\"_ _6\"></span>estrictions on the <span class=\"_ _6\"></span>convertibi<span class=\"_ _6\"></span>lity of curren<span class=\"_ _6\"></span>cies<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>01/01/2025<span class=\"_ _3d5\"> </span>*Unless other<span class=\"_ _7\"></span>wise specifi<span class=\"_ _7\"></span>ed<span class=\"_ _6\"></span>, the VIG Ins<span class=\"_ _7\"></span>urance Group is not planning earl<span class=\"_ _7\"></span>y adoption of the provisions listed in <span class=\"_ _7\"></span>the table. Unless <span class=\"_ _f\"> </span>ot<span class=\"_ _7\"></span>herwis<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>stated <span class=\"_ _f\"> </span>b<span class=\"_ _7\"></span>elow<span class=\"_ _2\"></span>, <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _3\"> </span>s<span class=\"_ _7\"></span>tand<span class=\"_ _7\"></span>ards <span class=\"_ _f\"> </span>list<span class=\"_ _2\"></span>ed <span class=\"_ _3\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>table <span class=\"_ _4\"> </span>are <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>ex<span class=\"_ _7\"></span>pecte<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>have <span class=\"_ _4\"> </span>a <span class=\"_ _3\"> </span>ma<span class=\"_ _7\"></span>terial <span class=\"_ _f\"> </span>impa<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>the<span class=\"_ _7\"></span> amendme<span class=\"_ _7\"></span>nts ar<span class=\"_ _2\"></span>e not rel<span class=\"_ _2\"></span>evant.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-4": {
   "value": "IAS 29 FINAN<span class=\"_ _7\"></span>CIAL <span class=\"_ _7\"></span>REPOR<span class=\"_ _7\"></span>TIN<span class=\"_ _7\"></span>G IN HYP<span class=\"_ _7\"></span>ERINFL<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>ION<span class=\"_ _2\"></span>ARY ECONOM<span class=\"_ _7\"></span>IES<span class=\"_ _2\"></span> In <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>ese<span class=\"_ _2\"></span>nt c<span class=\"_ _2\"></span>onso<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>date<span class=\"_ _2\"></span>d fi<span class=\"_ _2\"></span>nan<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>sta<span class=\"_ _2\"></span>tem<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts, <span class=\"_ _2\"></span>VI<span class=\"_ _7\"></span>G <span class=\"_ _2\"></span>has f<span class=\"_ _2\"></span>ully<span class=\"_ _2\"></span> co<span class=\"_ _7\"></span>nsol<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>two<span class=\"_ _7\"></span> T<span class=\"_ _5\"></span>urki<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>h c<span class=\"_ _7\"></span>om<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ani<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>hat <span class=\"_ _2\"></span>pre<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>thei<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>ncial st<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts in th<span class=\"_ _7\"></span>e fun<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nal<span class=\"_ _7\"></span> cur<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ency TR<span class=\"_ _2\"></span>Y<span class=\"_ _e\"></span>. The ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t of ap<span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>yin<span class=\"_ _2\"></span>g <span class=\"_ _6\"></span>IAS<span class=\"_ _2\"></span> 29 i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e pr<span class=\"_ _2\"></span>ece<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng fi<span class=\"_ _2\"></span>nanci<span class=\"_ _2\"></span>al ye<span class=\"_ _7\"></span>ar was as<span class=\"_ _2\"></span>sess<span class=\"_ _2\"></span>ed, b<span class=\"_ _2\"></span>ut <span class=\"_ _6\"></span>it was<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>fo<span class=\"_ _2\"></span>und<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>that<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>it <span class=\"_ _e\"></span>woul<span class=\"_ _7\"></span>d <span class=\"_ _e\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _e\"></span>have <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>any <span class=\"_ _10\"></span>ma<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>al <span class=\"_ _10\"></span>eff<span class=\"_ _2\"></span>ect<span class=\"_ _7\"></span>s <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>Gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _5\"></span>s <span class=\"_ _e\"></span>net <span class=\"_ _10\"></span>ass<span class=\"_ _2\"></span>ets,<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>nanci<span class=\"_ _2\"></span>al <span class=\"_ _10\"></span>posi<span class=\"_ _2\"></span>tion<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>and <span class=\"_ _e\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>erati<span class=\"_ _2\"></span>ons<span class=\"_ _7\"></span>. Despite co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tinuo<span class=\"_ _7\"></span>usly rising infla<span class=\"_ _7\"></span>tion, t<span class=\"_ _7\"></span>he analysis<span class=\"_ _7\"></span> for the curr<span class=\"_ _2\"></span>en<span class=\"_ _6\"></span>t finan<span class=\"_ _7\"></span>cial year did <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot show a<span class=\"_ _7\"></span>ny material<span class=\"_ _7\"></span> cumulati<span class=\"_ _7\"></span>ve effec<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s on the co<span class=\"_ _2\"></span>nsolidated b<span class=\"_ _2\"></span>alance shee<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>, b<span class=\"_ _7\"></span>ut it di<span class=\"_ _7\"></span>d s<span class=\"_ _7\"></span>how a m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teri<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l ef<span class=\"_ _2\"></span>fect<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>n the co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>com<span class=\"_ _7\"></span>e statem<span class=\"_ _2\"></span>ent, caused<span class=\"_ _7\"></span> mai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly by <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>full-<span class=\"_ _7\"></span>year <span class=\"_ _10\"></span>inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>usion <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Viennalif<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>(T<span class=\"_ _10\"></span>\u00fcr<span class=\"_ _6\"></span>ki<span class=\"_ _7\"></span>ye). <span class=\"_ _10\"></span>Furthermo<span class=\"_ _2\"></span>re, <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>develo<span class=\"_ _7\"></span>pment <span class=\"_ _10\"></span>cannot <span class=\"_ _10\"></span>be <span class=\"_ _e\"></span>predicte<span class=\"_ _7\"></span>d. <span class=\"_ _10\"></span>For <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>reaso<span class=\"_ _2\"></span>ns, VIG <span class=\"_ _7\"></span>appl<span class=\"_ _7\"></span>ied <span class=\"_ _7\"></span>IAS 29 <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nancial <span class=\"_ _2\"></span>Reporti<span class=\"_ _7\"></span>ng i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>Hyperinflatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ary <span class=\"_ _2\"></span>Economies <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>first <span class=\"_ _2\"></span>time <span class=\"_ _2\"></span>in th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>sent <span class=\"_ _2\"></span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _2\"></span>financial stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts.<span class=\"_ _3d5\"> </span>The necessar<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>adjustme<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>acco<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span> for <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in <span class=\"_ _6\"></span>pur<span class=\"_ _7\"></span>chasing powe<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>of th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fun<span class=\"_ _7\"></span>ctional curr<span class=\"_ _7\"></span>ency was <span class=\"_ _6\"></span>made as <span class=\"_ _6\"></span>of the repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting da<span class=\"_ _2\"></span>te in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e appli<span class=\"_ _7\"></span>cable<span class=\"_ _2\"></span> measuring<span class=\"_ _2\"></span> unit befor<span class=\"_ _2\"></span>e con<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>rsion to<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e Gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up c<span class=\"_ _7\"></span>urre<span class=\"_ _7\"></span>ncy<span class=\"_ _10\"></span>. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>nflatio<span class=\"_ _7\"></span>n eff<span class=\"_ _7\"></span>ects <span class=\"_ _2\"></span>resulting<span class=\"_ _2\"></span> both fro<span class=\"_ _7\"></span>m <span class=\"_ _7\"></span>initial <span class=\"_ _2\"></span>recogniti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n a<span class=\"_ _7\"></span>nd <span class=\"_ _2\"></span>from <span class=\"_ _2\"></span>measur<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>in s<span class=\"_ _2\"></span>ubseque<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>periods <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulated <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>b<span class=\"_ _6\"></span>asis <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>historical <span class=\"_ _2\"></span>cost <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _2\"></span>the Cons<span class=\"_ _7\"></span>umer Pric<span class=\"_ _7\"></span>e Index <span class=\"_ _7\"></span>publi<span class=\"_ _7\"></span>shed b<span class=\"_ _7\"></span>y the C<span class=\"_ _7\"></span>entral Ba<span class=\"_ _7\"></span>nk of t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>Republic of <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>\u00fcrkiye (C<span class=\"_ _7\"></span>BRT). <span class=\"_ _7\"></span> The <span class=\"_ _0\"></span>first-time <span class=\"_ _1\"></span>applic<span class=\"_ _7\"></span>ation <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fect <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>amount <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nd <span class=\"_ _0\"></span>EU<span class=\"_ _7\"></span>R 2,717,0<span class=\"_ _7\"></span>00 <span class=\"_ _0\"></span>was <span class=\"_ _1\"></span>recognis<span class=\"_ _2\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>cu<span class=\"_ _7\"></span>rren<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>y <span class=\"_ _0\"></span>rese<span class=\"_ _2\"></span>rve<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ensive <span class=\"_ _6\"></span>income. <span class=\"_ _1\"></span>Mon<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>tary <span class=\"_ _0\"></span>it<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ms <span class=\"_ _6\"></span>were<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>adj<span class=\"_ _7\"></span>usted <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>IAS 29.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>accor<span class=\"_ _7\"></span>dance <span class=\"_ _6\"></span>with IAS 21.4<span class=\"_ _7\"></span>2 li<span class=\"_ _7\"></span>t. b, the pr<span class=\"_ _2\"></span>ev<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s year\u2019<span class=\"_ _5\"></span>s figur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s r<span class=\"_ _2\"></span>emained u<span class=\"_ _7\"></span>naff<span class=\"_ _7\"></span>ec<span class=\"_ _7\"></span>ted by t<span class=\"_ _7\"></span>he IAS 29<span class=\"_ _7\"></span> ef<span class=\"_ _7\"></span>fects i<span class=\"_ _7\"></span>n the Gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up.<span class=\"_ _7\"></span> The gain or lo<span class=\"_ _7\"></span>ss in the net mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>etary posi<span class=\"_ _7\"></span>tion upo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> measur<span class=\"_ _2\"></span>ement i<span class=\"_ _7\"></span>n subseq<span class=\"_ _7\"></span>uent periods i<span class=\"_ _7\"></span>s recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised in t<span class=\"_ _7\"></span>he item of Ot<span class=\"_ _7\"></span>her income <span class=\"_ _7\"></span>and ex<span class=\"_ _7\"></span>penses i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed i<span class=\"_ _7\"></span>ncome sta<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t. The two T<span class=\"_ _e\"></span>urkish s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bsidia<span class=\"_ _7\"></span>ries ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> transla<span class=\"_ _7\"></span>ted i<span class=\"_ _7\"></span>nto the Gro<span class=\"_ _2\"></span>up curre<span class=\"_ _7\"></span>ncy at th<span class=\"_ _7\"></span>e end-of-<span class=\"_ _7\"></span>period exc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>e rate. T<span class=\"_ _7\"></span>he same ap<span class=\"_ _7\"></span>plies for the in<span class=\"_ _7\"></span>come st<span class=\"_ _7\"></span>ateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t val<span class=\"_ _7\"></span>ues. Additional di<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>closur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s can <span class=\"_ _7\"></span>be foun<span class=\"_ _2\"></span>d under Note <span class=\"_ _2\"></span>17. Hyperi<span class=\"_ _7\"></span>nfl<span class=\"_ _7\"></span>ation on pag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 125.<span class=\"_ _3d5\"> </span>17.<span class=\"ff4a\"> </span>HYPERINFLA<span class=\"_ _10\"></span>TION As <span class=\"_ _2\"></span>soon as <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>umula<span class=\"_ _7\"></span>tive <span class=\"_ _2\"></span>three-<span class=\"_ _7\"></span>year i<span class=\"_ _2\"></span>nflation <span class=\"_ _2\"></span>exceeds 1<span class=\"_ _7\"></span>00<span class=\"_ _2\"></span>%<span class=\"_ _6\"></span>, t<span class=\"_ _2\"></span>hat is<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>nsidered <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span> o<span class=\"_ _2\"></span>ne of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>dic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>ns f<span class=\"_ _7\"></span>or t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pplic<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>on of <span class=\"_ _0\"></span>IAS 29 <span class=\"_ _4\"></span>\u2013 <span class=\"_ _1\"></span>F<span class=\"_ _6\"></span>ina<span class=\"_ _7\"></span>ncial <span class=\"_ _0\"></span>Reporti<span class=\"_ _7\"></span>ng <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>H<span class=\"_ _7\"></span>yperinfla<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span>ary <span class=\"_ _0\"></span>Ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nomi<span class=\"_ _7\"></span>es. <span class=\"_ _0\"></span>Th<span class=\"_ _6\"></span>is <span class=\"_ _0\"></span>indicati<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>pr<span class=\"_ _7\"></span>ese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>se <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>T<span class=\"_ _5\"></span>\u00fcrkiye. <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he prese<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>consolida<span class=\"_ _7\"></span>ted <span class=\"_ _1\"></span>fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _6\"></span>statem<span class=\"_ _7\"></span>ents, <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _6\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>full<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>idates <span class=\"_ _6\"></span>two <span class=\"_ _6\"></span>T<span class=\"_ _10\"></span>urkish <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>anies <span class=\"_ _1\"></span>that prep<span class=\"_ _7\"></span>are<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>their <span class=\"_ _6\"></span>financi<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>statements<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>f<span class=\"_ _7\"></span>unctional <span class=\"_ _6\"></span>cu<span class=\"_ _7\"></span>rrenc<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>TRY<span class=\"_ _5\"></span>. <span class=\"_ _1\"></span>Due <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>changes <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>the general <span class=\"_ _6\"></span>pur<span class=\"_ _7\"></span>chasing<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>power <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the functional<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>currency<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>pr<span class=\"_ _7\"></span>esent <span class=\"_ _1\"></span>financi<span class=\"_ _7\"></span>al <span class=\"_ _1\"></span>statements <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>T<span class=\"_ _e\"></span>u<span class=\"_ _6\"></span>rkish <span class=\"_ _0\"></span>ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>nies <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ave <span class=\"_ _1\"></span>been <span class=\"_ _1\"></span>adjusted. <span class=\"_ _6\"></span>They <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e now <span class=\"_ _1\"></span>stated <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>curr<span class=\"_ _7\"></span>ent <span class=\"_ _1\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ring <span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>it <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>bal<span class=\"_ _7\"></span>ance <span class=\"_ _1\"></span>sheet <span class=\"_ _6\"></span>date. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>appr<span class=\"_ _7\"></span>oach <span class=\"_ _6\"></span>applied <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>purpos<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>based <span class=\"_ _6\"></span>on historical<span class=\"_ _7\"></span> acquisiti<span class=\"_ _7\"></span>on costs<span class=\"_ _7\"></span>. For <span class=\"_ _6\"></span>the repo<span class=\"_ _7\"></span>rting period, the Consumer Price Index publis<span class=\"_ _7\"></span>hed by<span class=\"_ _6\"></span> the T<span class=\"_ _10\"></span>urkish Nation<span class=\"_ _7\"></span>al B<span class=\"_ _6\"></span>ank changed by 64.77% over the period u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der r<span class=\"_ _2\"></span>ev<span class=\"_ _6\"></span>iew fr<span class=\"_ _2\"></span>om D<span class=\"_ _7\"></span>ecembe<span class=\"_ _7\"></span>r 2022 to D<span class=\"_ _7\"></span>ecem<span class=\"_ _2\"></span>ber 202<span class=\"_ _7\"></span>3.   <span class=\"_ _359\"> </span><span class=\"fsf\">  <span class=\"_ _49\"> </span>2<span class=\"_ _6\"></span>023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>CPI <span class=\"_ _6\"></span>(2<span class=\"_ _6\"></span>00<span class=\"_ _6\"></span>3 <span class=\"_ _6\"></span>=<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span>00<span class=\"_ _6\"></span>%)<span class=\"_ _6\"></span> <span class=\"_ _2ae\"> </span>in % <span class=\"_ _ee\"> </span>1,85<span class=\"_ _6\"></span>9.4<span class=\"_ _3d5\"> </span>1,128.5<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y it<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _9d\"> </span>in<span class=\"_ _6\"></span> EUR<span class=\"_ _6\"></span> \u2018000 <span class=\"_ _1ce\"> </span>31<span class=\"_ _6\"></span>,547",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-526": {
   "value": "Changes i<span class=\"_ _7\"></span>n account<span class=\"_ _2\"></span>ing polici<span class=\"_ _7\"></span>es<span class=\"ff47\"> </span>DEFINI<span class=\"_ _7\"></span>TION OF CAS<span class=\"_ _2\"></span>H AND <span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>ASH <span class=\"_ _7\"></span>EQUI<span class=\"_ _2\"></span>VALENTS<span class=\"_ _2\"></span> Befor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>IFRS 1<span class=\"_ _7\"></span>7, <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS <span class=\"_ _0\"></span>4 <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>de <span class=\"_ _0\"></span>it <span class=\"_ _4\"></span>possi<span class=\"_ _7\"></span>bl<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>accou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>for <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>nderwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>tems <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>accord<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>wit<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>lo<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>al legisl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion. <span class=\"_ _6\"></span>Under consideratio<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>egulatio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>appli<span class=\"_ _7\"></span>cable <span class=\"_ _6\"></span>for example <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>Aust<span class=\"_ _7\"></span>ria <span class=\"_ _6\"></span>(V<span class=\"_ _2\"></span>ersich<span class=\"_ _7\"></span>erungsa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>fsichtsg<span class=\"_ _7\"></span>esetz (V<span class=\"_ _2\"></span>AG)), investme<span class=\"_ _7\"></span>nts that <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>erve to <span class=\"_ _6\"></span>cove<span class=\"_ _7\"></span>r underwriting pr<span class=\"_ _7\"></span>ovisions fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>-linked and index-l<span class=\"_ _7\"></span>inked life insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce were also subj<span class=\"_ _7\"></span>ect to these r<span class=\"_ _2\"></span>eporting r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ulations. As a result, VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> Insu<span class=\"_ _7\"></span>rance Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p decid<span class=\"_ _2\"></span>ed under IFRS 4 to r<span class=\"_ _2\"></span>eport the term an<span class=\"_ _7\"></span>d the definitio<span class=\"_ _2\"></span>n of cash and cash equi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alents<span class=\"_ _7\"></span> in <span class=\"_ _4\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _0\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>per<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>ns. <span class=\"_ _4\"></span>Accor<span class=\"_ _2\"></span>dingly<span class=\"_ _e\"></span>, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>egulatory <span class=\"_ _0\"></span>investme<span class=\"_ _7\"></span>nts <span class=\"_ _4\"></span>for <span class=\"_ _0\"></span>unit-linke<span class=\"_ _7\"></span>d <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>index-l<span class=\"_ _7\"></span>inked <span class=\"_ _0\"></span>lif<span class=\"_ _7\"></span>e<span class=\"_ _6\"></span> insuranc<span class=\"_ _7\"></span>e wer<span class=\"_ _2\"></span>e n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t includ<span class=\"_ _7\"></span>ed in th<span class=\"_ _7\"></span>e item <span class=\"_ _7\"></span>cash and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quivale<span class=\"_ _7\"></span>nts i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance with I<span class=\"_ _7\"></span>FRS.<span class=\"_ _2\"></span> IFRS 9 <span class=\"_ _1\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>IFRS 17 h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ow <span class=\"_ _1\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>tim<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>these <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _1\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _1\"></span>stat<span class=\"_ _7\"></span>ements.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>The <span class=\"_ _6\"></span>regulati<span class=\"_ _2\"></span>ons also lead to a <span class=\"_ _6\"></span>look-t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>gh of assets<span class=\"_ _7\"></span> in<span class=\"_ _6\"></span> unit-link<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d and index<span class=\"_ _7\"></span>-linked life insuran<span class=\"_ _7\"></span>ce. As local reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>ns no <span class=\"_ _6\"></span>long<span class=\"_ _7\"></span>er have any weight <span class=\"_ _6\"></span>under I<span class=\"_ _6\"></span>FRS, <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Group ha<span class=\"_ _6\"></span>s a <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>assess<span class=\"_ _7\"></span>ment <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>porting <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>theref<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>defi<span class=\"_ _7\"></span>nition <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>ca<span class=\"_ _7\"></span>sh and <span class=\"_ _3\"> </span>cash <span class=\"_ _f\"> </span>e<span class=\"_ _6\"></span>quiv<span class=\"_ _7\"></span>alents <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>c<span class=\"_ _6\"></span>omp<span class=\"_ _7\"></span>ariso<span class=\"_ _7\"></span>n <span class=\"_ _3\"> </span>to <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>past, <span class=\"_ _f\"> </span>w<span class=\"_ _6\"></span>hich <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>a<span class=\"_ _6\"></span>ccompanie<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>by <span class=\"_ _3\"> </span>an <span class=\"_ _3\"> </span>IAS 8 <span class=\"_ _f\"> </span>change <span class=\"_ _3\"> </span>in <span class=\"_ _f\"> </span>a<span class=\"_ _6\"></span>ccou<span class=\"_ _7\"></span>nting <span class=\"_ _3\"> </span>poli<span class=\"_ _7\"></span>cy<span class=\"_ _10\"></span>. Consequ<span class=\"_ _7\"></span>ently<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>pre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ious <span class=\"_ _6\"></span>year\u2019<span class=\"_ _e\"></span>s <span class=\"_ _1\"></span>figu<span class=\"_ _2\"></span>res <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>flow <span class=\"_ _6\"></span>stateme<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>balance <span class=\"_ _6\"></span>sheet <span class=\"_ _6\"></span>item <span class=\"_ _6\"></span>\u2018cas<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>and cash eq<span class=\"_ _7\"></span>uivale<span class=\"_ _7\"></span>nts\u2019 have <span class=\"_ _7\"></span>been <span class=\"_ _7\"></span>adjuste<span class=\"_ _7\"></span>d in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith IA<span class=\"_ _2\"></span>S 8. CHANGE <span class=\"_ _7\"></span>FROM C<span class=\"_ _7\"></span>LEAN<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>VALU<span class=\"_ _7\"></span>E TO<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>DIR<span class=\"_ _7\"></span>TY <span class=\"_ _10\"></span>VALUE<span class=\"_ _2\"></span> ACCO<span class=\"_ _7\"></span>UNTING<span class=\"_ _2\"></span> In <span class=\"_ _6\"></span>additio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>the changes in c<span class=\"_ _6\"></span>onn<span class=\"_ _7\"></span>ection with <span class=\"_ _6\"></span>the initial a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ication <span class=\"_ _6\"></span>of IFRS 9, financi<span class=\"_ _7\"></span>al instruments are n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>w <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised at the <span class=\"_ _0\"></span>dirty<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _0\"></span>means <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>\u2013 <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>cont<span class=\"_ _7\"></span>rast <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>IAS<span class=\"_ _7\"></span> 39 <span class=\"_ _0\"></span>ac<span class=\"_ _2\"></span>counting <span class=\"_ _0\"></span>\u2013 <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>accrued <span class=\"_ _1\"></span>inter<span class=\"_ _7\"></span>est <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>longe<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>a separate i<span class=\"_ _7\"></span>tem i<span class=\"_ _7\"></span>n the bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet, b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t is li<span class=\"_ _7\"></span>sted as pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>t of t<span class=\"_ _7\"></span>he book <span class=\"_ _2\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue.  ALLOCA<span class=\"_ _10\"></span>TING INTER<span class=\"_ _7\"></span>EST<span class=\"_ _5\"></span>, <span class=\"_ _7\"></span>T<span class=\"_ _10\"></span>AXES <span class=\"_ _2\"></span>AND DIVIDEND<span class=\"_ _7\"></span>S<span class=\"_ _7\"></span> Due <span class=\"_ _6\"></span>to the amended accounti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>prin<span class=\"_ _7\"></span>ciples from<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>lean to <span class=\"_ _6\"></span>dirty value, interes<span class=\"_ _7\"></span>t, ta<span class=\"_ _6\"></span>xes and dividends can now be<span class=\"_ _6\"></span> split <span class=\"_ _6\"></span>in the consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flow st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t acco<span class=\"_ _7\"></span>rding <span class=\"_ _2\"></span>to their orig<span class=\"_ _7\"></span>ins (o<span class=\"_ _7\"></span>perating, i<span class=\"_ _2\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent and fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nce).<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-496": {
   "value": "Changes i<span class=\"_ _7\"></span>n account<span class=\"_ _2\"></span>ing polici<span class=\"_ _7\"></span>es<span class=\"ff47\"> </span>DEFINI<span class=\"_ _7\"></span>TION OF CAS<span class=\"_ _2\"></span>H AND <span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>ASH <span class=\"_ _7\"></span>EQUI<span class=\"_ _2\"></span>VALENTS<span class=\"_ _2\"></span> Befor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>IFRS 1<span class=\"_ _7\"></span>7, <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS <span class=\"_ _0\"></span>4 <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>de <span class=\"_ _0\"></span>it <span class=\"_ _4\"></span>possi<span class=\"_ _7\"></span>bl<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>accou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>for <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>nderwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>tems <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>accord<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>wit<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>lo<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>al legisl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion. <span class=\"_ _6\"></span>Under consideratio<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>egulatio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>appli<span class=\"_ _7\"></span>cable <span class=\"_ _6\"></span>for example <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>Aust<span class=\"_ _7\"></span>ria <span class=\"_ _6\"></span>(V<span class=\"_ _2\"></span>ersich<span class=\"_ _7\"></span>erungsa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>fsichtsg<span class=\"_ _7\"></span>esetz (V<span class=\"_ _2\"></span>AG)), investme<span class=\"_ _7\"></span>nts that <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>erve to <span class=\"_ _6\"></span>cove<span class=\"_ _7\"></span>r underwriting pr<span class=\"_ _7\"></span>ovisions fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>-linked and index-l<span class=\"_ _7\"></span>inked life insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce were also subj<span class=\"_ _7\"></span>ect to these r<span class=\"_ _2\"></span>eporting r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ulations. As a result, VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> Insu<span class=\"_ _7\"></span>rance Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p decid<span class=\"_ _2\"></span>ed under IFRS 4 to r<span class=\"_ _2\"></span>eport the term an<span class=\"_ _7\"></span>d the definitio<span class=\"_ _2\"></span>n of cash and cash equi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alents<span class=\"_ _7\"></span> in <span class=\"_ _4\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _0\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>per<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>ns. <span class=\"_ _4\"></span>Accor<span class=\"_ _2\"></span>dingly<span class=\"_ _e\"></span>, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>egulatory <span class=\"_ _0\"></span>investme<span class=\"_ _7\"></span>nts <span class=\"_ _4\"></span>for <span class=\"_ _0\"></span>unit-linke<span class=\"_ _7\"></span>d <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>index-l<span class=\"_ _7\"></span>inked <span class=\"_ _0\"></span>lif<span class=\"_ _7\"></span>e<span class=\"_ _6\"></span> insuranc<span class=\"_ _7\"></span>e wer<span class=\"_ _2\"></span>e n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t includ<span class=\"_ _7\"></span>ed in th<span class=\"_ _7\"></span>e item <span class=\"_ _7\"></span>cash and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quivale<span class=\"_ _7\"></span>nts i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance with I<span class=\"_ _7\"></span>FRS.<span class=\"_ _2\"></span> IFRS 9 <span class=\"_ _1\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>IFRS 17 h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ow <span class=\"_ _1\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>tim<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>these <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _1\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _1\"></span>stat<span class=\"_ _7\"></span>ements.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>The <span class=\"_ _6\"></span>regulati<span class=\"_ _2\"></span>ons also lead to a <span class=\"_ _6\"></span>look-t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>gh of assets<span class=\"_ _7\"></span> in<span class=\"_ _6\"></span> unit-link<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d and index<span class=\"_ _7\"></span>-linked life insuran<span class=\"_ _7\"></span>ce. As local reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>ns no <span class=\"_ _6\"></span>long<span class=\"_ _7\"></span>er have any weight <span class=\"_ _6\"></span>under I<span class=\"_ _6\"></span>FRS, <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Group ha<span class=\"_ _6\"></span>s a <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>assess<span class=\"_ _7\"></span>ment <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>porting <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>theref<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>defi<span class=\"_ _7\"></span>nition <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>ca<span class=\"_ _7\"></span>sh and <span class=\"_ _3\"> </span>cash <span class=\"_ _f\"> </span>e<span class=\"_ _6\"></span>quiv<span class=\"_ _7\"></span>alents <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>c<span class=\"_ _6\"></span>omp<span class=\"_ _7\"></span>ariso<span class=\"_ _7\"></span>n <span class=\"_ _3\"> </span>to <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>past, <span class=\"_ _f\"> </span>w<span class=\"_ _6\"></span>hich <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>a<span class=\"_ _6\"></span>ccompanie<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>by <span class=\"_ _3\"> </span>an <span class=\"_ _3\"> </span>IAS 8 <span class=\"_ _f\"> </span>change <span class=\"_ _3\"> </span>in <span class=\"_ _f\"> </span>a<span class=\"_ _6\"></span>ccou<span class=\"_ _7\"></span>nting <span class=\"_ _3\"> </span>poli<span class=\"_ _7\"></span>cy<span class=\"_ _10\"></span>. Consequ<span class=\"_ _7\"></span>ently<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>pre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ious <span class=\"_ _6\"></span>year\u2019<span class=\"_ _e\"></span>s <span class=\"_ _1\"></span>figu<span class=\"_ _2\"></span>res <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>flow <span class=\"_ _6\"></span>stateme<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>balance <span class=\"_ _6\"></span>sheet <span class=\"_ _6\"></span>item <span class=\"_ _6\"></span>\u2018cas<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>and cash eq<span class=\"_ _7\"></span>uivale<span class=\"_ _7\"></span>nts\u2019 have <span class=\"_ _7\"></span>been <span class=\"_ _7\"></span>adjuste<span class=\"_ _7\"></span>d in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith IA<span class=\"_ _2\"></span>S 8. CHANGE <span class=\"_ _7\"></span>FROM C<span class=\"_ _7\"></span>LEAN<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>VALU<span class=\"_ _7\"></span>E TO<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>DIR<span class=\"_ _7\"></span>TY <span class=\"_ _10\"></span>VALUE<span class=\"_ _2\"></span> ACCO<span class=\"_ _7\"></span>UNTING<span class=\"_ _2\"></span> In <span class=\"_ _6\"></span>additio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>the changes in c<span class=\"_ _6\"></span>onn<span class=\"_ _7\"></span>ection with <span class=\"_ _6\"></span>the initial a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ication <span class=\"_ _6\"></span>of IFRS 9, financi<span class=\"_ _7\"></span>al instruments are n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>w <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised at the <span class=\"_ _0\"></span>dirty<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _0\"></span>means <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>\u2013 <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>cont<span class=\"_ _7\"></span>rast <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>IAS<span class=\"_ _7\"></span> 39 <span class=\"_ _0\"></span>ac<span class=\"_ _2\"></span>counting <span class=\"_ _0\"></span>\u2013 <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>accrued <span class=\"_ _1\"></span>inter<span class=\"_ _7\"></span>est <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>longe<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>a separate i<span class=\"_ _7\"></span>tem i<span class=\"_ _7\"></span>n the bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet, b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t is li<span class=\"_ _7\"></span>sted as pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>t of t<span class=\"_ _7\"></span>he book <span class=\"_ _2\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue.  ALLOCA<span class=\"_ _10\"></span>TING INTER<span class=\"_ _7\"></span>EST<span class=\"_ _5\"></span>, <span class=\"_ _7\"></span>T<span class=\"_ _10\"></span>AXES <span class=\"_ _2\"></span>AND DIVIDEND<span class=\"_ _7\"></span>S<span class=\"_ _7\"></span> Due <span class=\"_ _6\"></span>to the amended accounti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>prin<span class=\"_ _7\"></span>ciples from<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>lean to <span class=\"_ _6\"></span>dirty value, interes<span class=\"_ _7\"></span>t, ta<span class=\"_ _6\"></span>xes and dividends can now be<span class=\"_ _6\"></span> split <span class=\"_ _6\"></span>in the consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flow st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t acco<span class=\"_ _7\"></span>rding <span class=\"_ _2\"></span>to their orig<span class=\"_ _7\"></span>ins (o<span class=\"_ _7\"></span>perating, i<span class=\"_ _2\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent and fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nce).<span class=\"_ _3d5\"> </span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-471": {
   "value": "<div class=\"c wd h5b gs4b7\"><div class=\"t m0 x0 h23 y334 ff45 fsf fc3 sc0 ls5 ws2\">5<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs4b8\">A<span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _6\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _6\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs4b9\">Identificat<span class=\"_ _7\"></span>ion of <span class=\"_ _7\"></span>errors<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ba\">As <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>art <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>audit <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Oe<span class=\"_ _6\"></span>P<span class=\"_ _7\"></span>R <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>accord<span class=\"_ _2\"></span>ance <span class=\"_ _2\"></span>with <span class=\"_ _7\"></span>\u00a7 2 (1<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>RL-KG, <span class=\"_ _2\"></span>it <span class=\"_ _2\"></span>was <span class=\"_ _2\"></span>establi<span class=\"_ _7\"></span>shed <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _2\"></span>financial <span class=\"_ _10\"></span>(<span class=\"_ _6\"></span>inte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>im) </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4bb\">stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _10\"></span>2022 <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>VIENNA <span class=\"_ _e\"></span>I<span class=\"_ _6\"></span>NSU<span class=\"_ _2\"></span>RANCE <span class=\"_ _10\"></span>GROUP <span class=\"_ _10\"></span>AG <span class=\"_ _10\"></span>W<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ener <span class=\"_ _10\"></span>V<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>heru<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>Gruppe <span class=\"_ _e\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>fau<span class=\"_ _6\"></span>lt<span class=\"_ _7\"></span>y <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>follo<span class=\"_ _7\"></span>wing <span class=\"_ _10\"></span>reasons:<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4bc\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>In the co<span class=\"_ _7\"></span>nsolidate<span class=\"_ _7\"></span>d cash fl<span class=\"_ _7\"></span>ow s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt for t<span class=\"_ _7\"></span>he fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _7\"></span>year 2022, pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ments i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> con<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ection <span class=\"_ _7\"></span>with in<span class=\"_ _7\"></span>tangibl<span class=\"_ _7\"></span>e assets f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4bd\">compan<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> acq<span class=\"_ _7\"></span>uisitions w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>unted twi<span class=\"_ _7\"></span>ce; and<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4be\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>In the co<span class=\"_ _7\"></span>nsolidate<span class=\"_ _7\"></span>d finan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial stat<span class=\"_ _7\"></span>ements <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s of 3<span class=\"_ _7\"></span>1/12/<span class=\"_ _7\"></span>2022 <span class=\"_ _7\"></span>as well<span class=\"_ _7\"></span> as in <span class=\"_ _7\"></span>the co<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>nterim fi<span class=\"_ _7\"></span>nancial stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nts as </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4bf\">of 30<span class=\"_ _7\"></span>/06/<span class=\"_ _7\"></span>2022, the disclo<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ure of t<span class=\"_ _7\"></span>he p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rchas<span class=\"_ _7\"></span>e price fo<span class=\"_ _2\"></span>r acquiring A<span class=\"_ _2\"></span>egon H<span class=\"_ _7\"></span>ungary a<span class=\"_ _7\"></span>nd Aego<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> T<span class=\"_ _e\"></span>\u00fcrkiye w<span class=\"_ _7\"></span>as omitte<span class=\"_ _7\"></span>d.<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs4c0\">CONSOLIDA<span class=\"_ _e\"></span>TED CASH FLO<span class=\"_ _2\"></span>W<span class=\"_ _6\"></span> ST<span class=\"_ _10\"></span>A<span class=\"_ _2\"></span>TEMENT </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4c1\">On the o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e hand, <span class=\"_ _2\"></span>the acquisi<span class=\"_ _7\"></span>tion was ta<span class=\"_ _2\"></span>ken into acco<span class=\"_ _2\"></span>unt in the item <span class=\"_ _7\"></span>\u201cPaym<span class=\"_ _7\"></span>ents fo<span class=\"_ _7\"></span>r the a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quis<span class=\"_ _7\"></span>ition of s<span class=\"_ _7\"></span>ubsidia<span class=\"_ _7\"></span>ries\u201d and,<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4c2\">the other <span class=\"_ _7\"></span>hand, in the it<span class=\"_ _7\"></span>em \u201cPayme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts for t<span class=\"_ _7\"></span>he acquisi<span class=\"_ _7\"></span>tion of i<span class=\"_ _7\"></span>ntangible ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts\u201d. As bot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> items a<span class=\"_ _7\"></span>re in<span class=\"_ _7\"></span>cluded in t<span class=\"_ _7\"></span>he cas<span class=\"_ _7\"></span>h flow </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4c3\">fro<span class=\"_ _7\"></span>m <span class=\"_ _6\"></span>investment ac<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>vities, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>outflow <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>investme<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>activities <span class=\"_ _6\"></span>was <span class=\"_ _6\"></span>ove<span class=\"_ _7\"></span>rstated by<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>EUR 320.2 millio<span class=\"_ _7\"></span>n. <span class=\"_ _1\"></span>By <span class=\"_ _6\"></span>contras<span class=\"_ _7\"></span>t, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4c4\">the <span class=\"_ _4\"></span>cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>flo<span class=\"_ _7\"></span>w <span class=\"_ _4\"></span>fr<span class=\"_ _7\"></span>om <span class=\"_ _0\"></span>operati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>ac<span class=\"_ _7\"></span>tivities <span class=\"_ _0\"></span>included <span class=\"_ _0\"></span>this <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>gur<span class=\"_ _7\"></span>e. <span class=\"_ _0\"></span>After <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>corr<span class=\"_ _2\"></span>ection, <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>cash <span class=\"_ _0\"></span>flow <span class=\"_ _0\"></span>from <span class=\"_ _0\"></span>operati<span class=\"_ _7\"></span>ng <span class=\"_ _4\"></span>activiti<span class=\"_ _2\"></span>es </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4c5\">compar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>to the fin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ncial y<span class=\"_ _7\"></span>ear 2021<span class=\"_ _7\"></span> sho<span class=\"_ _7\"></span>ws a de<span class=\"_ _7\"></span>cline of <span class=\"_ _2\"></span>EUR 217.4 mi<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>on instead of a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> incr<span class=\"_ _7\"></span>ease of<span class=\"_ _7\"></span> EU<span class=\"_ _7\"></span>R 102.8 m<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ion. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-441": {
   "value": "<div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs4c7\">T<span class=\"_ _10\"></span>axes </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs4c8\">CHANGES<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>IN <span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>AX RA<span class=\"_ _2\"></span>TES </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4c9\">As a <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>esult <span class=\"_ _6\"></span>of the 2022 tax r<span class=\"_ _7\"></span>eform, the corpo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate income tax<span class=\"_ _7\"></span> r<span class=\"_ _6\"></span>ate in Austria will be red<span class=\"_ _7\"></span>uced <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>stages fro<span class=\"_ _7\"></span>m 25% to 24<span class=\"_ _7\"></span>% in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ca\">2023 <span class=\"_ _7\"></span>and then to 23<span class=\"_ _2\"></span>%<span class=\"_ _6\"></span> in 2024. <span class=\"_ _7\"></span>The r<span class=\"_ _2\"></span>eduction in t<span class=\"_ _7\"></span>he corpo<span class=\"_ _7\"></span>rate incom<span class=\"_ _7\"></span>e tax r<span class=\"_ _7\"></span>ate in Aus<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ria r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ulted in a re<span class=\"_ _2\"></span>duction of<span class=\"_ _7\"></span> around<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4cb\">EUR 1.5 mi<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>on in cu<span class=\"_ _7\"></span>rrent <span class=\"_ _7\"></span>taxes f<span class=\"_ _7\"></span>or the <span class=\"_ _7\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4cc\">The cor<span class=\"_ _7\"></span>porate<span class=\"_ _7\"></span> incom<span class=\"_ _7\"></span>e tax i<span class=\"_ _2\"></span>n T<span class=\"_ _10\"></span>\u00fcrkiye <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _7\"></span>raised f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>25<span class=\"_ _7\"></span>% to 3<span class=\"_ _7\"></span>0% i<span class=\"_ _7\"></span>n 2023. T<span class=\"_ _2\"></span>his change<span class=\"_ _7\"></span> of tax<span class=\"_ _2\"></span> rate incr<span class=\"_ _2\"></span>eased c<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t tax<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4cd\">by aro<span class=\"_ _7\"></span>und EU<span class=\"_ _7\"></span>R 3.0 mi<span class=\"_ _7\"></span>llio<span class=\"_ _7\"></span>n and i<span class=\"_ _7\"></span>ncreas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d d<span class=\"_ _7\"></span>eferre<span class=\"_ _2\"></span>d ta<span class=\"_ _6\"></span>x li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>by aro<span class=\"_ _2\"></span>und EUR 4.4<span class=\"_ _7\"></span> mil<span class=\"_ _7\"></span>lion.<span class=\"ff4e fs14\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ce\">Furthermor<span class=\"_ _2\"></span>e, th<span class=\"_ _7\"></span>e corpo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _7\"></span>tax <span class=\"_ _7\"></span>rate i<span class=\"_ _7\"></span>n the C<span class=\"_ _2\"></span>zech <span class=\"_ _7\"></span>Republic<span class=\"_ _7\"></span> was r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> by 19<span class=\"_ _2\"></span>% to 21<span class=\"_ _2\"></span>% as of <span class=\"_ _7\"></span>1 J<span class=\"_ _7\"></span>anuary 20<span class=\"_ _7\"></span>24.<span class=\"_ _7\"></span> This l<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>an </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4cf\">incr<span class=\"_ _7\"></span>ease in d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ferr<span class=\"_ _7\"></span>ed tax <span class=\"_ _2\"></span>assets in t<span class=\"_ _7\"></span>his repo<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng period o<span class=\"_ _7\"></span>f aro<span class=\"_ _2\"></span>und EUR 15.<span class=\"_ _7\"></span>5 mil<span class=\"_ _7\"></span>lio<span class=\"_ _7\"></span>n.<span class=\"_ _3d5\"> </span><span class=\"ff4e fs14\"> </span></div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs4d1\">ADDITIONAL<span class=\"_ _2\"></span> T<span class=\"_ _2\"></span>AX ON INS<span class=\"_ _2\"></span>URANCE P<span class=\"_ _7\"></span>REMIUMS<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>IN HUN<span class=\"_ _7\"></span>GAR<span class=\"_ _7\"></span>Y </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d2\">An <span class=\"_ _0\"></span>additional <span class=\"_ _0\"></span>tax<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>wa<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ntrod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ced <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>compani<span class=\"_ _7\"></span>es <span class=\"_ _4\"></span>op<span class=\"_ _2\"></span>erating <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>H<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ngary<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>(Gove<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nme<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>D<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cr<span class=\"_ _7\"></span>ee <span class=\"_ _0\"></span>on </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d3\">Extra-Prof<span class=\"_ _7\"></span>it <span class=\"_ _6\"></span>T<span class=\"_ _5\"></span>a<span class=\"_ _6\"></span>xes <span class=\"_ _6\"></span>from June<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>2022, <span class=\"_ _6\"></span>amended <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>Decemb<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> 2022 <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>May <span class=\"_ _6\"></span>2023). <span class=\"_ _6\"></span>This <span class=\"_ _6\"></span>additional <span class=\"_ _6\"></span>tax <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>progr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ssiv<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ax </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d4\">based <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>gross<span class=\"_ _7\"></span> in<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce p<span class=\"_ _6\"></span>remi<span class=\"_ _2\"></span>ums <span class=\"_ _6\"></span>for both<span class=\"_ _6\"></span> life a<span class=\"_ _6\"></span>nd non-life insurance lines of <span class=\"_ _6\"></span>business <span class=\"_ _6\"></span>for the <span class=\"_ _6\"></span>period of 1 <span class=\"_ _6\"></span>July <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d5\">31 Decem<span class=\"_ _2\"></span>ber 2024.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d6\">This decr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>e has result<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>in a significa<span class=\"_ _7\"></span>nt incre<span class=\"_ _7\"></span>ase <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>tax bur<span class=\"_ _2\"></span>den <span class=\"_ _6\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>H<span class=\"_ _7\"></span>un<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>arian VIG insu<span class=\"_ _7\"></span>rance comp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nies. Base<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>on the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d7\">curre<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>values <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>Unio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>Biztos\u00ed<span class=\"_ _7\"></span>t\u00f3 <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>Alfa <span class=\"_ _6\"></span>(formerl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>Aego<span class=\"_ _7\"></span>n),<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _7\"></span>unt <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>EU<span class=\"_ _7\"></span>R 26.5 <span class=\"_ _6\"></span>mill<span class=\"_ _7\"></span>ion <span class=\"_ _6\"></span>was <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _6\"></span>paid <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>peri<span class=\"_ _7\"></span>od </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d8\">fro<span class=\"_ _7\"></span>m 1 <span class=\"_ _6\"></span>July <span class=\"_ _6\"></span>2022 to 31 Decemb<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>2022 and EU<span class=\"_ _7\"></span>R 48.4 mill<span class=\"_ _7\"></span>ion <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>the period fro<span class=\"_ _7\"></span>m 1 <span class=\"_ _6\"></span>Jan<span class=\"_ _7\"></span>uary 2023 to <span class=\"_ _6\"></span>31 Decemb<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>20<span class=\"_ _7\"></span>23. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d9\">According<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>to<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>th<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ilab<span class=\"_ _6\"></span>le <span class=\"_ _f\"> </span>budgeted<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>figures, <span class=\"_ _4\"> </span>VI<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>ca<span class=\"_ _6\"></span>n <span class=\"_ _4\"> </span>e<span class=\"_ _6\"></span>xpec<span class=\"_ _6\"></span>t <span class=\"_ _4\"> </span>an<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>iona<span class=\"_ _6\"></span>l <span class=\"_ _f\"> </span>tax <span class=\"_ _4\"> </span>bu<span class=\"_ _6\"></span>rden <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>mou<span class=\"_ _6\"></span>nting<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>to<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>pp<span class=\"_ _6\"></span>roximate<span class=\"_ _6\"></span>ly<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4da\">EUR 55.1<span class=\"_ _6\"></span> mi<span class=\"_ _6\"></span>llion<span class=\"_ _6\"></span> for th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2024 <span class=\"_ _6\"></span>finan<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> year<span class=\"_ _10\"></span>.<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4db\">Or<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>nall<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ad<span class=\"_ _2\"></span>diti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l t<span class=\"_ _2\"></span>ax <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n i<span class=\"_ _2\"></span>ns<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>anc<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>wa<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>cti<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> p<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>1 <span class=\"_ _7\"></span>J<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>y 2<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>22<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>oug<span class=\"_ _2\"></span>h 3<span class=\"_ _7\"></span>1 <span class=\"_ _2\"></span>De<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>ber <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>3. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>Ma<span class=\"_ _7\"></span>y 2<span class=\"_ _2\"></span>023<span class=\"_ _7\"></span>, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4dc\">this <span class=\"_ _10\"></span>wa<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>extended<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>further <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>unt<span class=\"_ _6\"></span>il <span class=\"_ _10\"></span>31 <span class=\"_ _2\"></span>Dec<span class=\"_ _7\"></span>ember <span class=\"_ _10\"></span>2024. <span class=\"_ _10\"></span>VIG <span class=\"_ _2\"></span>classifi<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _10\"></span>extensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span>tax <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>trigge<span class=\"_ _7\"></span>ring </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4dd\">event and perform<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d an impai<span class=\"_ _7\"></span>rment test for the Hu<span class=\"_ _7\"></span>ngary ca<span class=\"_ _7\"></span>sh-gener<span class=\"_ _7\"></span>ating unit as of <span class=\"_ _6\"></span>30 <span class=\"_ _2\"></span>June 2023, which did not<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4de\">any ne<span class=\"_ _7\"></span>cessar<span class=\"_ _7\"></span>y impairm<span class=\"_ _7\"></span>ent of g<span class=\"_ _7\"></span>oodwill<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs4df\">The war i<span class=\"_ _7\"></span>n Ukrain<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e0\">The invasio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of the Russia<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Federatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> armed for<span class=\"_ _2\"></span>ces in Ukrai<span class=\"_ _7\"></span>ne marked th<span class=\"_ _7\"></span>e outbre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>k of wa<span class=\"_ _7\"></span>r between thes<span class=\"_ _7\"></span>e two cou<span class=\"_ _7\"></span>ntries </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e1\">on <span class=\"_ _6\"></span>24<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>February<span class=\"_ _7\"></span> 2022. In doing<span class=\"_ _7\"></span> so, <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>da<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gers asso<span class=\"_ _7\"></span>ciated with the<span class=\"_ _7\"></span> well-bei<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> the emplo<span class=\"_ _7\"></span>yees and the oper<span class=\"_ _7\"></span>ational bu<span class=\"_ _2\"></span>si-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e2\">ness (e.g. o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fice infrastr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ctur<span class=\"_ _7\"></span>e, ene<span class=\"_ _7\"></span>rgy<span class=\"_ _10\"></span>, comm<span class=\"_ _2\"></span>unications, IT sec<span class=\"_ _7\"></span>urity) r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>esent sig<span class=\"_ _7\"></span>nifica<span class=\"_ _7\"></span>nt, dir<span class=\"_ _7\"></span>ect risks <span class=\"_ _7\"></span>for the Ukrai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e insu<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e3\">ance com<span class=\"_ _7\"></span>panies of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>VIG. For VI<span class=\"_ _7\"></span>G Ins<span class=\"_ _7\"></span>urance <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is coul<span class=\"_ _7\"></span>d cause <span class=\"_ _7\"></span>a ra<span class=\"_ _7\"></span>nge of risks <span class=\"_ _2\"></span>to materialis<span class=\"_ _7\"></span>e w<span class=\"_ _7\"></span>hich will<span class=\"_ _7\"></span> be addr<span class=\"_ _2\"></span>essed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e4\">and handl<span class=\"_ _7\"></span>ed usi<span class=\"_ _7\"></span>ng a sus<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ai<span class=\"_ _7\"></span>ned risk ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t. </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs4e5\">BUSINESS<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>OPERA<span class=\"_ _10\"></span>TIONS IN<span class=\"_ _7\"></span> UKRAIN<span class=\"_ _7\"></span>E </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e6\">VI<span class=\"_ _10\"></span>G I<span class=\"_ _2\"></span>nsu<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>n<span class=\"_ _7\"></span>ce<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>up<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>epr<span class=\"_ _10\"></span>es<span class=\"_ _2\"></span>e<span class=\"_ _7\"></span>n<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n t<span class=\"_ _2\"></span>he U<span class=\"_ _10\"></span>kr<span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span>nia<span class=\"_ _10\"></span>n m<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ke<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>thr<span class=\"_ _10\"></span>ee<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>mp<span class=\"_ _10\"></span>an<span class=\"_ _2\"></span>ie<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>t <span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>un<span class=\"_ _7\"></span>d E<span class=\"_ _2\"></span>U<span class=\"_ _2\"></span>R 1<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span> mi<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>on i<span class=\"_ _2\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e7\">as<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>31 <span class=\"_ _2\"></span>D<span class=\"_ _7\"></span>ec<span class=\"_ _7\"></span>em<span class=\"_ _2\"></span>be<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>3. <span class=\"_ _2\"></span>In <span class=\"_ _10\"></span>vie<span class=\"_ _7\"></span>w <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>ex<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ec<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>nves<span class=\"_ _2\"></span>tm<span class=\"_ _2\"></span>ent <span class=\"_ _10\"></span>cos<span class=\"_ _2\"></span>ts, <span class=\"_ _10\"></span>pa<span class=\"_ _7\"></span>rti<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>arl<span class=\"_ _2\"></span>y i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>co<span class=\"_ _7\"></span>unt<span class=\"_ _2\"></span>ry\u2019<span class=\"_ _5\"></span>s <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>fra<span class=\"_ _2\"></span>st<span class=\"_ _7\"></span>ru<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ono<span class=\"_ _2\"></span>my<span class=\"_ _e\"></span>, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e8\">an<span class=\"_ _7\"></span> al<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>wa<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r e<span class=\"_ _7\"></span>x<span class=\"_ _7\"></span>pe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d cr<span class=\"_ _10\"></span>edi<span class=\"_ _7\"></span>t l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ss<span class=\"_ _2\"></span>es o<span class=\"_ _7\"></span>n s<span class=\"_ _2\"></span>ov<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>eig<span class=\"_ _2\"></span>n b<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> and<span class=\"_ _2\"></span> ban<span class=\"_ _7\"></span>k <span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>po<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> in <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unt o<span class=\"_ _2\"></span>f<span class=\"_ _7\"></span> EU<span class=\"_ _7\"></span>R <span class=\"_ _2\"></span>53.<span class=\"_ _2\"></span>2 mi<span class=\"_ _7\"></span>ll<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span> was<span class=\"_ _2\"></span> re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e9\">ni<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> as of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>31 D<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>be<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> 20<span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>3. E<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>n i<span class=\"_ _2\"></span>n the<span class=\"_ _7\"></span> ca<span class=\"_ _2\"></span>se of<span class=\"_ _2\"></span> a com<span class=\"_ _2\"></span>ple<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span> los<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>he Uk<span class=\"_ _2\"></span>rain<span class=\"_ _2\"></span>ia<span class=\"_ _7\"></span>n a<span class=\"_ _7\"></span>cti<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>, n<span class=\"_ _2\"></span>o neg<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> ef<span class=\"_ _7\"></span>f<span class=\"_ _2\"></span>ect<span class=\"_ _7\"></span> on p<span class=\"_ _2\"></span>ro<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>t <span class=\"_ _6\"></span>or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ea\">l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ss <span class=\"_ _2\"></span>wo<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>d a<span class=\"_ _7\"></span>ris<span class=\"_ _2\"></span>e.<span class=\"_ _7\"></span> T<span class=\"_ _2\"></span>his<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>p <span class=\"_ _7\"></span>cr<span class=\"_ _2\"></span>ea<span class=\"_ _7\"></span>tes<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>t p<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ssi<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e s<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>rti<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>n f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n a<span class=\"_ _2\"></span>fte<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> e<span class=\"_ _2\"></span>nd o<span class=\"_ _2\"></span>f <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>war<span class=\"_ _7\"></span> f<span class=\"_ _2\"></span>or t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>VIG </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4eb\">In<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> Gr<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>up<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he U<span class=\"_ _2\"></span>krai<span class=\"_ _2\"></span>ne C<span class=\"_ _2\"></span>GU do<span class=\"_ _2\"></span>es n<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>t hol<span class=\"_ _2\"></span>d any<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nta<span class=\"_ _7\"></span>ngib<span class=\"_ _2\"></span>le a<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>ets th<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>ubj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>to a<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>ent t<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span> ac<span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>dance<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ec\">wi<span class=\"_ _2\"></span>th <span class=\"_ _2\"></span>IA<span class=\"_ _2\"></span>S 3<span class=\"_ _2\"></span>6. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ed\">The <span class=\"_ _1\"></span>VIG <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>anies <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Ukraine <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>mainly ac<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ve <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>west<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>regi<span class=\"_ _7\"></span>ons <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>country<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>so <span class=\"_ _6\"></span>business <span class=\"_ _6\"></span>operatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ee\">have thus f<span class=\"_ _7\"></span>ar only been dir<span class=\"_ _7\"></span>ectl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> impacted to a l<span class=\"_ _7\"></span>imi<span class=\"_ _7\"></span>ted extent<span class=\"_ _2\"></span>. In<span class=\"_ _6\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tly aff<span class=\"_ _7\"></span>ecte<span class=\"_ _7\"></span>d, howe<span class=\"_ _7\"></span>ver<span class=\"_ _10\"></span>, are t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e lines of busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess outsi<span class=\"_ _7\"></span>de </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ef\">the <span class=\"_ _6\"></span>motor vehicle lin<span class=\"_ _7\"></span>es of <span class=\"_ _6\"></span>business. T<span class=\"_ _7\"></span>his is <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>fact that, at <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>pres<span class=\"_ _7\"></span>ent time, certain prop<span class=\"_ _7\"></span>erty insuran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>lines (s<span class=\"_ _7\"></span>uch </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f0\">as for certai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> regio<span class=\"_ _7\"></span>ns of t<span class=\"_ _7\"></span>he country<span class=\"_ _7\"></span>) can be unde<span class=\"_ _7\"></span>rwritten o<span class=\"_ _2\"></span>nly to a very limited ex<span class=\"_ _7\"></span>tent. The a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tivities of<span class=\"_ _7\"></span> the Ukr<span class=\"_ _7\"></span>ainian ins<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f1\">ance companies h<span class=\"_ _7\"></span>ave n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>demo<span class=\"_ _7\"></span>nstr<span class=\"_ _7\"></span>ated any significa<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>imp<span class=\"_ _7\"></span>act that can <span class=\"_ _6\"></span>be attribut<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>to the sanctio<span class=\"_ _7\"></span>ns against Russia. As </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f2\">of the <span class=\"_ _6\"></span>edi<span class=\"_ _7\"></span>torial deadl<span class=\"_ _7\"></span>ine, the Ukrai<span class=\"_ _7\"></span>nian ins<span class=\"_ _7\"></span>urance comp<span class=\"_ _7\"></span>anies<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>have <span class=\"_ _6\"></span>bee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> able to <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>aintain<span class=\"_ _7\"></span> operations<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>with <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ccasio<span class=\"_ _7\"></span>nal limi<span class=\"_ _7\"></span>ta-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f3\">tions despit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> the cur<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>nt conditio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. Due to th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> curr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt dif<span class=\"_ _2\"></span>ficult situatio<span class=\"_ _7\"></span>n in Ukrai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e, VIG is r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ularly exami<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ing wh<span class=\"_ _7\"></span>ether t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f4\">Ukrai<span class=\"_ _7\"></span>nian comp<span class=\"_ _7\"></span>anies co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tinu<span class=\"_ _7\"></span>e to sati<span class=\"_ _7\"></span>sfy t<span class=\"_ _7\"></span>he req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>irem<span class=\"_ _2\"></span>ents as a go<span class=\"_ _7\"></span>ing co<span class=\"_ _7\"></span>ncern.<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs4f6\">R<span class=\"_ _6\"></span>USSIAN<span class=\"_ _7\"></span> BONDS<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f7\">At the <span class=\"_ _6\"></span>balance sheet date, the VIG <span class=\"_ _6\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p held Russia<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>governmen<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>and corpo<span class=\"_ _7\"></span>rate <span class=\"_ _6\"></span>bo<span class=\"_ _7\"></span>nds with a <span class=\"_ _6\"></span>book value of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f8\">EUR 19.2 <span class=\"_ _6\"></span>mil<span class=\"_ _7\"></span>lion <span class=\"_ _6\"></span>(nomin<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue: <span class=\"_ _6\"></span>EUR 62.1 <span class=\"_ _6\"></span>milli<span class=\"_ _7\"></span>on), <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>its <span class=\"_ _6\"></span>books<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>which <span class=\"_ _6\"></span>no <span class=\"_ _6\"></span>active <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>arket <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>basically available. <span class=\"_ _6\"></span>Never<span class=\"_ _10\"></span>-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f9\">theless, <span class=\"_ _1\"></span>bonds <span class=\"_ _1\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>nomi<span class=\"_ _7\"></span>nal <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>EU<span class=\"_ _7\"></span>R 100.9 <span class=\"_ _1\"></span>milli<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>sold <span class=\"_ _0\"></span>duri<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>course <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>2023. <span class=\"_ _0\"></span>D<span class=\"_ _7\"></span>ue <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>impai<span class=\"_ _7\"></span>rment </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4fa\">loss<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>recog<span class=\"_ _7\"></span>nised <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>2022 <span class=\"_ _2\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _e\"></span>year <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>con<span class=\"_ _7\"></span>nection <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>Russian <span class=\"_ _10\"></span>gove<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>corporate<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>bonds, <span class=\"_ _e\"></span>a <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>ain <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>appro<span class=\"_ _2\"></span>xi-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4fb\">matel<span class=\"_ _7\"></span>y EUR 21.2<span class=\"_ _7\"></span> mil<span class=\"_ _7\"></span>lion fr<span class=\"_ _2\"></span>om the sale <span class=\"_ _7\"></span>was pos<span class=\"_ _7\"></span>ted in t<span class=\"_ _7\"></span>he co<span class=\"_ _2\"></span>nsolidated i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt. </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs4fc\">Risks r<span class=\"_ _7\"></span>elated to<span class=\"_ _7\"></span> the geopo<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>itical<span class=\"_ _7\"></span> situation<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _7\"></span> the curre<span class=\"_ _7\"></span>nt macro<span class=\"_ _2\"></span>economic<span class=\"_ _7\"></span> environm<span class=\"_ _7\"></span>ent  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4fd\">Despite <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>ongoi<span class=\"_ _7\"></span>ng <span class=\"_ _4\"> </span>war <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>aggressio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>against <span class=\"_ _4\"></span>Ukrai<span class=\"_ _7\"></span>ne, <span class=\"_ _4\"></span>the <span class=\"_ _f\"> </span>ma<span class=\"_ _2\"></span>croeco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>omic <span class=\"_ _4\"></span>situatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>impro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"> </span>year<span class=\"_ _10\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4fe\">Howeve<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>, <span class=\"_ _7\"></span>the co<span class=\"_ _2\"></span>nflict i<span class=\"_ _7\"></span>n T<span class=\"_ _5\"></span>a<span class=\"_ _6\"></span>iw<span class=\"_ _7\"></span>an <span class=\"_ _7\"></span>repr<span class=\"_ _2\"></span>esented <span class=\"_ _7\"></span>a po<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span>ntial <span class=\"_ _7\"></span>latent <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>at to <span class=\"_ _2\"></span>the gl<span class=\"_ _7\"></span>obal <span class=\"_ _2\"></span>economy <span class=\"_ _2\"></span>and t<span class=\"_ _7\"></span>he t<span class=\"_ _7\"></span>erro<span class=\"_ _7\"></span>r at<span class=\"_ _7\"></span>tack <span class=\"_ _7\"></span>on Is<span class=\"_ _2\"></span>rae<span class=\"_ _6\"></span>l <span class=\"_ _7\"></span>in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ff\">Octobe<span class=\"_ _7\"></span>r 2023 f<span class=\"_ _7\"></span>ollo<span class=\"_ _7\"></span>wed by th<span class=\"_ _7\"></span>e escalatio<span class=\"_ _2\"></span>n in the Middl<span class=\"_ _7\"></span>e East <span class=\"_ _2\"></span>repr<span class=\"_ _7\"></span>esented a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ac<span class=\"_ _7\"></span>ute thr<span class=\"_ _7\"></span>eat to <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he glo<span class=\"_ _7\"></span>bal eco<span class=\"_ _2\"></span>nomy<span class=\"_ _10\"></span>.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs500\">Altho<span class=\"_ _7\"></span>ugh <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>inflatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>dynamic<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>weake<span class=\"_ _7\"></span>ned <span class=\"_ _1\"></span>consid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rably<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>nearly <span class=\"_ _6\"></span>all <span class=\"_ _1\"></span>markets <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _1\"></span>oper<span class=\"_ _7\"></span>ates, <span class=\"_ _6\"></span>it <span class=\"_ _1\"></span>rem<span class=\"_ _7\"></span>ained <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>high </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs501\">level. The fut<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>e developm<span class=\"_ _2\"></span>ent of financial <span class=\"_ _7\"></span>markets a<span class=\"_ _7\"></span>nd the e<span class=\"_ _7\"></span>conom<span class=\"_ _7\"></span>y in general i<span class=\"_ _7\"></span>s stil<span class=\"_ _7\"></span>l fraught wit<span class=\"_ _7\"></span>h con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rable <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ncert<span class=\"_ _7\"></span>ainty </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs502\">and so this r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sents o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e of t<span class=\"_ _7\"></span>he mos<span class=\"_ _7\"></span>t critic<span class=\"_ _2\"></span>al risks for V<span class=\"_ _7\"></span>IG.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs503\">Financial ma<span class=\"_ _7\"></span>rkets can be imp<span class=\"_ _7\"></span>acted by furthe<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>geopo<span class=\"_ _7\"></span>litical te<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sions su<span class=\"_ _7\"></span>ch a<span class=\"_ _6\"></span>s the war i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>Isra<span class=\"_ _7\"></span>el and Gaza, the T<span class=\"_ _5\"></span>a<span class=\"_ _6\"></span>iwan<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nflict </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs504\">and t<span class=\"_ _7\"></span>he war in Uk<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ai<span class=\"_ _7\"></span>ne. Thes<span class=\"_ _7\"></span>e risks a<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>also being <span class=\"_ _2\"></span>address<span class=\"_ _2\"></span>ed within t<span class=\"_ _7\"></span>he scop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of s<span class=\"_ _7\"></span>ustained <span class=\"_ _2\"></span>risk manag<span class=\"_ _7\"></span>ement.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs505\">As <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>bal<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce s<span class=\"_ _2\"></span>hee<span class=\"_ _7\"></span>t d<span class=\"_ _2\"></span>ate,<span class=\"_ _2\"></span> VI<span class=\"_ _7\"></span>G <span class=\"_ _2\"></span>held<span class=\"_ _2\"></span> Is<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>aeli<span class=\"_ _2\"></span> go<span class=\"_ _2\"></span>vernm<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>rpor<span class=\"_ _7\"></span>ate<span class=\"_ _2\"></span> bo<span class=\"_ _7\"></span>nds<span class=\"_ _2\"></span> wi<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span> a <span class=\"_ _2\"></span>boo<span class=\"_ _7\"></span>k <span class=\"_ _2\"></span>val<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span> of<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>oun<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>EU<span class=\"_ _2\"></span>R 78.<span class=\"_ _2\"></span>5 m<span class=\"_ _7\"></span>illi<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs506\">(nomi<span class=\"_ _7\"></span>nal value: EU<span class=\"_ _2\"></span>R 86.1 mil<span class=\"_ _7\"></span>lion).<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs26d7\">24.<span class=\"ff4a\"> </span>MA<span class=\"_ _2\"></span>TERIAL ESTIMA<span class=\"_ _10\"></span>TES <span class=\"_ _2\"></span>AND DISCRETI<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>NARY<span class=\"_ _7\"></span> DECISI<span class=\"_ _7\"></span>ON<span class=\"_ _6\"></span>S </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs26d8\">24.1.<span class=\"ff4a\"> </span>(Re-) insuranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> contract<span class=\"_ _7\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26d9\">The <span class=\"_ _1\"></span>assumptio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _1\"></span>estim<span class=\"_ _7\"></span>ates <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>b<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ll <span class=\"_ _1\"></span>param<span class=\"_ _7\"></span>eters <span class=\"_ _1\"></span>available <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _1\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _1\"></span>stateme<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>were<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26da\">prep<span class=\"_ _7\"></span>are<span class=\"_ _7\"></span>d. <span class=\"_ _4\"> </span>Futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>develo<span class=\"_ _7\"></span>pments <span class=\"_ _4\"></span>ma<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>change <span class=\"_ _4\"></span>d<span class=\"_ _7\"></span>ue <span class=\"_ _f\"> </span>to <span class=\"_ _4\"></span>ma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ket <span class=\"_ _4\"></span>changes <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>circums<span class=\"_ _2\"></span>tances <span class=\"_ _4\"></span>arising <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>outside <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26db\">influenc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>Ins<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. <span class=\"_ _0\"></span>Suc<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>are <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>efle<span class=\"_ _7\"></span>cted <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>when <span class=\"_ _0\"></span>they <span class=\"_ _0\"></span>oc<span class=\"_ _7\"></span>cur<span class=\"_ _e\"></span>. <span class=\"_ _4\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>inform<span class=\"_ _7\"></span>ation <span class=\"_ _0\"></span>is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26dc\">disaggr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ated <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>disclose <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 17 <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>ment <span class=\"_ _0\"></span>models<span class=\"_ _7\"></span>, <span class=\"_ _0\"></span>na<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ely <span class=\"_ _0\"></span>GMM, <span class=\"_ _1\"></span>VF<span class=\"_ _7\"></span>A <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>P<span class=\"_ _10\"></span>AA. <span class=\"_ _0\"></span>This <span class=\"_ _0\"></span>disaggr<span class=\"_ _2\"></span>egation <span class=\"_ _0\"></span>clos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ly </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26dd\">foll<span class=\"_ _7\"></span>ows the str<span class=\"_ _7\"></span>uctur<span class=\"_ _7\"></span>e of t<span class=\"_ _7\"></span>he IFRS 17<span class=\"_ _7\"></span> po<span class=\"_ _7\"></span>rtfolio<span class=\"_ _7\"></span>s at VIG, <span class=\"_ _7\"></span>which ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> generall<span class=\"_ _7\"></span>y be d<span class=\"_ _7\"></span>escribe<span class=\"_ _2\"></span>d a<span class=\"_ _6\"></span>s fol<span class=\"_ _7\"></span>lows: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26de\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Unit-linked l<span class=\"_ _7\"></span>ife ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts, pa<span class=\"_ _7\"></span>rticipating l<span class=\"_ _7\"></span>ife ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts <span class=\"_ _7\"></span>and t<span class=\"_ _7\"></span>he Aust<span class=\"_ _7\"></span>rian healt<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> insu<span class=\"_ _7\"></span>rance b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>by </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26df\">type of l<span class=\"_ _7\"></span>ife i<span class=\"_ _7\"></span>nsurance a<span class=\"_ _7\"></span>re me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>VF<span class=\"_ _2\"></span>A method,<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e0\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty and c<span class=\"_ _7\"></span>asualt<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>os will<span class=\"_ _7\"></span> primarily b<span class=\"_ _7\"></span>e measu<span class=\"_ _7\"></span>red <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h P<span class=\"_ _10\"></span>AA and  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e1\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Lon<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>-duratio<span class=\"_ _2\"></span>n proper<span class=\"_ _7\"></span>ty a<span class=\"_ _7\"></span>nd casualt<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> not fulf<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ing the P<span class=\"_ _10\"></span>AA crit<span class=\"_ _7\"></span>eria, life ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e2\">fulfil<span class=\"_ _7\"></span>ling the VF<span class=\"_ _2\"></span>A crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ria, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>will be m<span class=\"_ _2\"></span>easure<span class=\"_ _7\"></span>d using t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e GMM.<span class=\"_ _2\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs26e3\">The metho<span class=\"_ _7\"></span>ds us<span class=\"_ _7\"></span>ed to mea<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span>ure i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce contra<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ts in the<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>life an<span class=\"_ _7\"></span>d hea<span class=\"_ _7\"></span>lth busin<span class=\"_ _7\"></span>ess<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e4\">The <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sent <span class=\"_ _0\"></span>value <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>fut<span class=\"_ _7\"></span>ure <span class=\"_ _0\"></span>cash <span class=\"_ _4\"></span>fl<span class=\"_ _7\"></span>ows <span class=\"_ _4\"></span>will<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>be <span class=\"_ _0\"></span>de<span class=\"_ _6\"></span>termin<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>by <span class=\"_ _4\"> </span>dif<span class=\"_ _7\"></span>ferent <span class=\"_ _0\"></span>appro<span class=\"_ _7\"></span>aches <span class=\"_ _0\"></span>depending <span class=\"_ _0\"></span>on <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>decis<span class=\"_ _7\"></span>ion <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>lo<span class=\"_ _7\"></span>cal </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e5\">companies. Bo<span class=\"_ _7\"></span>th <span class=\"_ _6\"></span>stoc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>astic <span class=\"_ _6\"></span>mod<span class=\"_ _7\"></span>elling and deterministi<span class=\"_ _7\"></span>c <span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>ojection <span class=\"_ _6\"></span>are used within the <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. In <span class=\"_ _6\"></span>contrast to <span class=\"_ _6\"></span>dete<span class=\"_ _7\"></span>rminis<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ic </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e6\">proj<span class=\"_ _7\"></span>ection tech<span class=\"_ _7\"></span>niques, stoch<span class=\"_ _7\"></span>astic modell<span class=\"_ _7\"></span>ing appl<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>tec<span class=\"_ _7\"></span>hnique<span class=\"_ _7\"></span>s to <span class=\"_ _6\"></span>genera<span class=\"_ _7\"></span>te a <span class=\"_ _6\"></span>large n<span class=\"_ _7\"></span>umber of <span class=\"_ _6\"></span>possi<span class=\"_ _7\"></span>ble economi<span class=\"_ _7\"></span>c scen<span class=\"_ _7\"></span>arios </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e7\">for market <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ariables s<span class=\"_ _2\"></span>uch as in<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>es and <span class=\"_ _7\"></span>equity r<span class=\"_ _2\"></span>eturns to pr<span class=\"_ _2\"></span>oject futur<span class=\"_ _2\"></span>e cas<span class=\"_ _7\"></span>h flows. <span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs26e8\">ASSUMP<span class=\"_ _7\"></span>TIONS US<span class=\"_ _7\"></span>ED <span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>O <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>STIMA<span class=\"_ _10\"></span>TE FUTUR<span class=\"_ _7\"></span>E CASH<span class=\"_ _7\"></span> FLOWS<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs26e9\">Mortality<span class=\"_ _e\"></span>, morbi<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ity an<span class=\"_ _7\"></span>d longevity r<span class=\"_ _7\"></span>ates  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26ea\">Assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> base<span class=\"_ _2\"></span>d on <span class=\"_ _7\"></span>stan<span class=\"_ _7\"></span>dar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>indust<span class=\"_ _7\"></span>ry and <span class=\"_ _2\"></span>nation<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>tables, <span class=\"_ _2\"></span>acc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rding <span class=\"_ _2\"></span>to t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ype <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>contract <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ritte<span class=\"_ _7\"></span>n a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e t<span class=\"_ _7\"></span>errito<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26eb\">in which the ins<span class=\"_ _7\"></span>ured perso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> resid<span class=\"_ _2\"></span>es. <span class=\"_ _6\"></span>The<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>eflec<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cent hist<span class=\"_ _2\"></span>orical experie<span class=\"_ _7\"></span>nce and are<span class=\"_ _7\"></span> adjusted w<span class=\"_ _7\"></span>hen appr<span class=\"_ _7\"></span>opri<span class=\"_ _7\"></span>ate to refle<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26ec\">the <span class=\"_ _7\"></span>local <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>panies <span class=\"_ _2\"></span>experienc<span class=\"_ _7\"></span>es. <span class=\"_ _7\"></span>An <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>opriate, <span class=\"_ _2\"></span>but <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>excessiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>allow<span class=\"_ _7\"></span>ance i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>de <span class=\"_ _2\"></span>for ex<span class=\"_ _2\"></span>pected <span class=\"_ _7\"></span>futur<span class=\"_ _2\"></span>e impr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>veme<span class=\"_ _7\"></span>nts. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26ed\">The assum<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>ions <span class=\"_ _2\"></span>diff<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>, for exam<span class=\"_ _7\"></span>ple, de<span class=\"_ _7\"></span>pendi<span class=\"_ _7\"></span>ng on th<span class=\"_ _7\"></span>e insu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lass a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d type o<span class=\"_ _7\"></span>f co<span class=\"_ _7\"></span>ntract. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26ee\">An <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span>cre<span class=\"_ _7\"></span>ase <span class=\"_ _0\"></span>in <span class=\"_ _6\"></span>expected <span class=\"_ _1\"></span>mortali<span class=\"_ _7\"></span>ty <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>morbidity <span class=\"_ _1\"></span>rates <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>inc<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ase <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted <span class=\"_ _1\"></span>claim <span class=\"_ _1\"></span>cost <span class=\"_ _6\"></span>which<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>reduce <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>future </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26ef\">CSM as a <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>equenc<span class=\"_ _7\"></span>e. </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs26f0\">Expenses <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26f1\">Administr<span class=\"_ _7\"></span>ative <span class=\"_ _3\"> </span>expenses <span class=\"_ _d\"> </span>ass<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>ns  r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fle<span class=\"_ _7\"></span>ct  th<span class=\"_ _7\"></span>e  pr<span class=\"_ _2\"></span>ojected <span class=\"_ _d\"> </span>costs<span class=\"_ _7\"></span>  of <span class=\"_ _d\"> </span>mai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>taining<span class=\"_ _7\"></span>  and<span class=\"_ _2\"></span>  servicing  i<span class=\"_ _2\"></span>n-for<span class=\"_ _7\"></span>ce  pol<span class=\"_ _7\"></span>icies  a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26f2\">associat<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>overhead <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>penses. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>curre<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>level <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>expenses<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>taken<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>appr<span class=\"_ _7\"></span>op<span class=\"_ _7\"></span>riate <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>xpens<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>for <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>uture <span class=\"_ _2\"></span>expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ses,<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26f3\">adjusted fo<span class=\"_ _7\"></span>r exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cted <span class=\"_ _7\"></span>expense i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>flation, i<span class=\"_ _7\"></span>f appr<span class=\"_ _2\"></span>opriate.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26f4\">An incre<span class=\"_ _2\"></span>ase in the <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed le<span class=\"_ _7\"></span>vel of exp<span class=\"_ _7\"></span>enses <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> reduce f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ture <span class=\"_ _2\"></span>expected p<span class=\"_ _7\"></span>rof<span class=\"_ _7\"></span>its. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26f5\">The <span class=\"_ _1\"></span>cash <span class=\"_ _6\"></span>flows w<span class=\"_ _6\"></span>ithi<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _6\"></span>boundary <span class=\"_ _6\"></span>includ<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>allocatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>fixed <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>var<span class=\"_ _6\"></span>ia<span class=\"_ _7\"></span>ble <span class=\"_ _6\"></span>overheads <span class=\"_ _6\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tly <span class=\"_ _6\"></span>attributabl<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26f6\">fulfil<span class=\"_ _7\"></span>ling <span class=\"_ _2\"></span>insu<span class=\"_ _6\"></span>rance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts. <span class=\"_ _2\"></span>Such o<span class=\"_ _7\"></span>verheads<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>are <span class=\"_ _2\"></span>allocated <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>gro<span class=\"_ _7\"></span>ups of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>insurance <span class=\"_ _2\"></span>contracts <span class=\"_ _2\"></span>(GICs) <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _2\"></span>methods t<span class=\"_ _2\"></span>hat a<span class=\"_ _7\"></span>re </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26f7\">systematic <span class=\"_ _2\"></span>and rational<span class=\"_ _7\"></span>. These m<span class=\"_ _2\"></span>ethods ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>consisten<span class=\"_ _7\"></span>tly ap<span class=\"_ _2\"></span>plied to all costs t<span class=\"_ _2\"></span>hat have sim<span class=\"_ _7\"></span>ilar <span class=\"_ _7\"></span>characte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>istics.<span class=\"_ _3d5\"> </span> <span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs26f9\">Lapse and s<span class=\"_ _7\"></span>urrend<span class=\"_ _7\"></span>er rates  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26fa\">Lapses <span class=\"_ _6\"></span>relat<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ation <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>policies<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>due<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>non-pa<span class=\"_ _7\"></span>ymen<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>premiu<span class=\"_ _2\"></span>ms <span class=\"_ _1\"></span>where<span class=\"_ _7\"></span>as <span class=\"_ _1\"></span>surr<span class=\"_ _7\"></span>enders<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rela<span class=\"_ _7\"></span>te <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>volunta<span class=\"_ _7\"></span>ry </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26fb\">terminatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>polici<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>policy<span class=\"_ _7\"></span>holders. <span class=\"_ _6\"></span>Poli<span class=\"_ _7\"></span>cy <span class=\"_ _1\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ation assumptions <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>dete<span class=\"_ _7\"></span>rmined using <span class=\"_ _1\"></span>statis<span class=\"_ _7\"></span>tical<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26fc\">on experi<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nces <span class=\"_ _7\"></span>and var<span class=\"_ _7\"></span>y by p<span class=\"_ _7\"></span>rod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ct type, po<span class=\"_ _7\"></span>lic<span class=\"_ _7\"></span>y duratio<span class=\"_ _2\"></span>n and sales tr<span class=\"_ _2\"></span>ends.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26fd\">An incre<span class=\"_ _2\"></span>ase in can<span class=\"_ _7\"></span>cellatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> rates wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld t<span class=\"_ _7\"></span>end to r<span class=\"_ _2\"></span>educe t<span class=\"_ _7\"></span>he fut<span class=\"_ _7\"></span>ure CS<span class=\"_ _7\"></span>M.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26fe\">The sensiti<span class=\"_ _2\"></span>vities ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esent<span class=\"_ _7\"></span>ed in Note <span class=\"_ _2\"></span>1.8. Insu<span class=\"_ _7\"></span>rance a<span class=\"_ _7\"></span>nd mark<span class=\"_ _7\"></span>et risks <span class=\"_ _7\"></span>\u2013 sensi<span class=\"_ _7\"></span>tivity a<span class=\"_ _7\"></span>nalysis <span class=\"_ _7\"></span>starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 84<span class=\"_ _7\"></span>. <span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs26ff\">THE MET<span class=\"_ _7\"></span>HODS US<span class=\"_ _7\"></span>ED <span class=\"_ _2\"></span>TO MEASUR<span class=\"_ _2\"></span>E<span class=\"_ _6\"></span> INSUR<span class=\"_ _7\"></span>ANCE <span class=\"_ _7\"></span>CONTRA<span class=\"_ _7\"></span>CTS IN<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>HE NON<span class=\"_ _7\"></span>-LIFE BUSIN<span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>SS </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2700\">The <span class=\"_ _f\"> </span>significan<span class=\"_ _6\"></span>t <span class=\"_ _f\"> </span>assu<span class=\"_ _6\"></span>mptions <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>non-life <span class=\"_ _f\"> </span>busine<span class=\"_ _6\"></span>ss <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>covered <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>Note <span class=\"_ _f\"> </span>Liability <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>In<span class=\"_ _6\"></span>cur<span class=\"_ _6\"></span>red <span class=\"_ _f\"> </span>Claims <span class=\"_ _f\"> </span>(LIC) <span class=\"_ _f\"> </span>sta<span class=\"_ _6\"></span>rting <span class=\"_ _f\"> </span>on<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs127d\">page 145.  </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2701\">DISCOUN<span class=\"_ _7\"></span>T RA<span class=\"_ _10\"></span>TES </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2702\">All <span class=\"_ _4\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _4\"> </span>cont<span class=\"_ _7\"></span>ract <span class=\"_ _4\"> </span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _4\"></span>(ex<span class=\"_ _7\"></span>cept <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>liability<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>r<span class=\"_ _7\"></span>emaining <span class=\"_ _0\"></span>coverage <span class=\"_ _4\"> </span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>und<span class=\"_ _7\"></span>er <span class=\"_ _4\"> </span>P<span class=\"_ _10\"></span>AA) <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lculat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>by </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2703\">discou<span class=\"_ _7\"></span>nting exp<span class=\"_ _7\"></span>ected f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ture <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash fl<span class=\"_ _7\"></span>ows <span class=\"_ _7\"></span>at risk-f<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>e interes<span class=\"_ _2\"></span>t rates pl<span class=\"_ _7\"></span>us an ill<span class=\"_ _7\"></span>iquidity cor<span class=\"_ _2\"></span>rection.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2704\">Ri<span class=\"_ _2\"></span>sk<span class=\"_ _2\"></span>-fr<span class=\"_ _2\"></span>ee <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nt<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>t r<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>es <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>ete<span class=\"_ _2\"></span>rmi<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>by<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>a b<span class=\"_ _2\"></span>ott<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>-u<span class=\"_ _7\"></span>p a<span class=\"_ _2\"></span>pp<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>ach <span class=\"_ _7\"></span>wi<span class=\"_ _2\"></span>th <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ef<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>to s<span class=\"_ _2\"></span>wa<span class=\"_ _7\"></span>p r<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>s i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>cur<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>cy<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nsu<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2705\">co<span class=\"_ _2\"></span>ntr<span class=\"_ _2\"></span>act<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>abi<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>, <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>gov<span class=\"_ _7\"></span>ernm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> b<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>wher<span class=\"_ _10\"></span>e s<span class=\"_ _2\"></span>wa<span class=\"_ _7\"></span>p <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ca<span class=\"_ _7\"></span>nno<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nsi<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>d s<span class=\"_ _7\"></span>uf<span class=\"_ _2\"></span>fi<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t,<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>nsp<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2706\">The <span class=\"_ _6\"></span>illi<span class=\"_ _7\"></span>quidit<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>adjustm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt to <span class=\"_ _6\"></span>the rel<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>va<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>risk-f<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>inter<span class=\"_ _2\"></span>est <span class=\"_ _6\"></span>rates is based on the risk-corr<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ted spr<span class=\"_ _7\"></span>ead bet<span class=\"_ _7\"></span>ween the <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tere<span class=\"_ _2\"></span>st </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2707\">rate <span class=\"_ _6\"></span>that cou<span class=\"_ _6\"></span>ld<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>earned <span class=\"_ _1\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> refer<span class=\"_ _7\"></span>ence <span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rtfolio and <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>risk<span class=\"_ _7\"></span>-free<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>inter<span class=\"_ _7\"></span>est r<span class=\"_ _6\"></span>ates. Refere<span class=\"_ _2\"></span>nce <span class=\"_ _6\"></span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>o we<span class=\"_ _6\"></span>igh<span class=\"_ _7\"></span>ts a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2708\">calculat<span class=\"_ _7\"></span>ed consid<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng all of<span class=\"_ _7\"></span> VIGs applic<span class=\"_ _2\"></span>able investme<span class=\"_ _2\"></span>nts gr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>ped b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> cou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>try<span class=\"_ _e\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2709\">Interes<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>rates <span class=\"_ _2\"></span>applied <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>discounting <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>future <span class=\"_ _10\"></span>cash <span class=\"_ _2\"></span>flows <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>present<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>Not<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>1.2. <span class=\"_ _2\"></span>Assumptions <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>starting <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>page 6<span class=\"_ _2\"></span>3. </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs270a\">RISK <span class=\"_ _2\"></span>ADJUSTMEN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> FOR<span class=\"_ _7\"></span> NON-FINAN<span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>IAL RI<span class=\"_ _7\"></span>SKS<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs270b\">The <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>dj<span class=\"_ _7\"></span>ustmen<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>on-fina<span class=\"_ _7\"></span>ncial <span class=\"_ _0\"></span>risks <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>eprese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>compe<span class=\"_ _7\"></span>nsation <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>equir<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>earing <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>unce<span class=\"_ _7\"></span>rtaint<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>about <span class=\"_ _0\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4c7\">amount and <span class=\"_ _6\"></span>timing of the <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>flows of GICs <span class=\"_ _6\"></span>and covers insurance risk, lapse r<span class=\"_ _6\"></span>isk and e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ense r<span class=\"_ _6\"></span>isk. The risk <span class=\"_ _6\"></span>adj<span class=\"_ _7\"></span>ustme<span class=\"_ _7\"></span>nt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4c8\">therefor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>refl<span class=\"_ _7\"></span>ects <span class=\"_ _6\"></span>an amount <span class=\"_ _6\"></span>that an <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>pany <span class=\"_ _6\"></span>would <span class=\"_ _6\"></span>pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>remo<span class=\"_ _7\"></span>ve <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>unce<span class=\"_ _7\"></span>rtaint<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>about whe<span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>futur<span class=\"_ _7\"></span>e c<span class=\"_ _6\"></span>ash </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs270c\">flows wil<span class=\"_ _2\"></span>l exceed the best <span class=\"_ _2\"></span>estimate. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs270d\">The <span class=\"_ _1\"></span>risk <span class=\"_ _6\"></span>adjustm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>estimatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>was <span class=\"_ _6\"></span>carried <span class=\"_ _6\"></span>out <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>cos<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>capital <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ech<span class=\"_ _7\"></span>nique <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>CoC <span class=\"_ _6\"></span>tech<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ique). <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>CoC <span class=\"_ _1\"></span>techniq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs270e\">req<span class=\"_ _7\"></span>uires estim<span class=\"_ _7\"></span>ating th<span class=\"_ _7\"></span>e proba<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>distrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tion of the fulfil<span class=\"_ _7\"></span>ment cash flows and<span class=\"_ _7\"></span> the ad<span class=\"_ _6\"></span>ditio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al capi<span class=\"_ _7\"></span>tal that it requir<span class=\"_ _2\"></span>es <span class=\"_ _6\"></span>at ea<span class=\"_ _7\"></span>ch </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs270f\">future <span class=\"_ _2\"></span>da<span class=\"_ _6\"></span>te i<span class=\"_ _7\"></span>n the c<span class=\"_ _7\"></span>ash flow <span class=\"_ _2\"></span>projectio<span class=\"_ _7\"></span>n to com<span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>y with eco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>mic capit<span class=\"_ _7\"></span>al req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nts.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs12a5\">A<span class=\"_ _7\"></span> C<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>C ra<span class=\"_ _2\"></span>te i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> ap<span class=\"_ _2\"></span>plie<span class=\"_ _2\"></span>d t<span class=\"_ _7\"></span>o t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> ad<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nal<span class=\"_ _2\"></span> capi<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>l r<span class=\"_ _2\"></span>eq<span class=\"_ _2\"></span>uir<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span> futu<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>epo<span class=\"_ _2\"></span>rt<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> peri<span class=\"_ _2\"></span>ods<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>of c<span class=\"_ _2\"></span>api<span class=\"_ _2\"></span>tal<span class=\"_ _2\"></span> r<span class=\"_ _7\"></span>epr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e r<span class=\"_ _10\"></span>eturn<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs12a6\">r<span class=\"_ _2\"></span>equ<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>by<span class=\"_ _7\"></span> a <span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span> fo<span class=\"_ _2\"></span>r <span class=\"_ _7\"></span>exp<span class=\"_ _2\"></span>osu<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> non<span class=\"_ _2\"></span>-f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ris<span class=\"_ _2\"></span>ks.<span class=\"_ _2\"></span> Th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cal<span class=\"_ _2\"></span>cu<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ed r<span class=\"_ _2\"></span>isk<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>dj<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>tme<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span> a<span class=\"_ _2\"></span>t f<span class=\"_ _2\"></span>utur<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>ms <span class=\"_ _2\"></span>is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs12a7\">di<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> to<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>por<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>ng <span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>at<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>disc<span class=\"_ _2\"></span>oun<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e,<span class=\"_ _7\"></span> to<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>e h<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ld<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>as<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span> p<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> to<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>l l<span class=\"_ _7\"></span>if<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>nsu<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>ct <span class=\"_ _2\"></span>li<span class=\"_ _7\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _7\"></span>ty<span class=\"_ _5\"></span>.<span class=\"_ _3d5\"> </span>  </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2711\">AMOR<span class=\"_ _7\"></span>TISA<span class=\"_ _10\"></span>T<span class=\"_ _6\"></span>ION<span class=\"_ _7\"></span> OF <span class=\"_ _2\"></span>THE CON<span class=\"_ _7\"></span>TRACTUA<span class=\"_ _7\"></span>L SERVI<span class=\"_ _7\"></span>CE MAR<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>IN (CSM<span class=\"_ _7\"></span>) </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2712\">The <span class=\"_ _f\"> </span>C<span class=\"_ _7\"></span>SM <span class=\"_ _4\"> </span>is <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>com<span class=\"_ _2\"></span>pone<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>asse<span class=\"_ _2\"></span>t <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>lia<span class=\"_ _2\"></span>bility <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>the<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>gr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>p <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"> </span>contracts <span class=\"_ _4\"> </span>that <span class=\"_ _4\"> </span>repres<span class=\"_ _2\"></span>ents <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>u<span class=\"_ _7\"></span>nearned <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2713\">prof<span class=\"_ _7\"></span>it a <span class=\"_ _6\"></span>company will recognis<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>it pro<span class=\"_ _7\"></span>vides services in <span class=\"_ _6\"></span>the future. In <span class=\"_ _6\"></span>eac<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>period, an amou<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>CSM for <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2714\">insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts is r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised in profi<span class=\"_ _7\"></span>t and lo<span class=\"_ _7\"></span>ss as ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance se<span class=\"_ _7\"></span>rvice r<span class=\"_ _2\"></span>evenue to ref<span class=\"_ _7\"></span>lect the i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>contract ser<span class=\"_ _7\"></span>vices </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2715\">provid<span class=\"_ _2\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>under t<span class=\"_ _7\"></span>he gro<span class=\"_ _7\"></span>up of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce cont<span class=\"_ _7\"></span>racts i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> that pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod. This <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt is de<span class=\"_ _7\"></span>termin<span class=\"_ _7\"></span>ed by:<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2716\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identifying t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erage u<span class=\"_ _7\"></span>nits in <span class=\"_ _7\"></span>the gro<span class=\"_ _2\"></span>up;  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2717\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>allocating <span class=\"_ _7\"></span>the CSM <span class=\"_ _2\"></span>at<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>end of <span class=\"_ _7\"></span>the period <span class=\"_ _2\"></span>equally to<span class=\"_ _7\"></span> eac<span class=\"_ _7\"></span>h cov<span class=\"_ _7\"></span>erage <span class=\"_ _7\"></span>unit pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ided i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>curr<span class=\"_ _7\"></span>ent p<span class=\"_ _7\"></span>eriod o<span class=\"_ _7\"></span>r expected to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2718\">be pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ided i<span class=\"_ _7\"></span>n th<span class=\"_ _7\"></span>e futur<span class=\"_ _7\"></span>e. All<span class=\"_ _7\"></span>ocatio<span class=\"_ _7\"></span>n takes <span class=\"_ _7\"></span>place befor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> amo<span class=\"_ _7\"></span>unts t<span class=\"_ _7\"></span>hat refl<span class=\"_ _7\"></span>ect t<span class=\"_ _7\"></span>he insura<span class=\"_ _7\"></span>nce s<span class=\"_ _7\"></span>ervice exp<span class=\"_ _2\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e made in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2719\">period ar<span class=\"_ _7\"></span>e r<span class=\"_ _2\"></span>ecognised <span class=\"_ _7\"></span>thro<span class=\"_ _2\"></span>ugh<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>ofit and los<span class=\"_ _7\"></span>s;<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs271a\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>recog<span class=\"_ _7\"></span>nising t<span class=\"_ _7\"></span>hro<span class=\"_ _7\"></span>ugh pro<span class=\"_ _7\"></span>fit a<span class=\"_ _7\"></span>nd loss t<span class=\"_ _2\"></span>he amou<span class=\"_ _7\"></span>nt alloc<span class=\"_ _7\"></span>ated to <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>overage <span class=\"_ _2\"></span>units pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ided i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs271b\">In <span class=\"_ _6\"></span>or<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>er to <span class=\"_ _6\"></span>dete<span class=\"_ _7\"></span>rmine the number of cover<span class=\"_ _7\"></span>age un<span class=\"_ _6\"></span>its in a <span class=\"_ _6\"></span>gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of insura<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts, the numb<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>of benefits<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span>d to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs271c\">the <span class=\"_ _3\"> </span>poli<span class=\"_ _7\"></span>cyhold<span class=\"_ _7\"></span>er <span class=\"_ _3\"> </span>whic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _3\"> </span>combi<span class=\"_ _7\"></span>nes <span class=\"_ _3\"> </span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _f\"> </span>coverage <span class=\"_ _f\"> </span>services <span class=\"_ _f\"> </span>and <span class=\"_ _3\"> </span>in<span class=\"_ _7\"></span>vestme<span class=\"_ _7\"></span>nt <span class=\"_ _3\"> </span>servic<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _3\"> </span>has <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be<span class=\"_ _6\"></span> <span class=\"_ _3\"> </span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed. <span class=\"_ _3\"> </span>When<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs271d\">weighting <span class=\"_ _10\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ervices,<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>consolid<span class=\"_ _7\"></span>ated <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up g<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nerall<span class=\"_ _7\"></span>y co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>rs <span class=\"_ _2\"></span>the spl<span class=\"_ _7\"></span>it <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>prese<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>value <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>premi<span class=\"_ _7\"></span>um i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>risk <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs271e\">savings pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ts to wei<span class=\"_ _7\"></span>ght the r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>ease compo<span class=\"_ _2\"></span>nents. Ho<span class=\"_ _7\"></span>wever<span class=\"_ _e\"></span>, in some c<span class=\"_ _7\"></span>ases the<span class=\"_ _7\"></span>re mig<span class=\"_ _7\"></span>ht also<span class=\"_ _7\"></span> be th<span class=\"_ _7\"></span>e need to weig<span class=\"_ _2\"></span>ht<span class=\"_ _6\"></span> dif<span class=\"_ _2\"></span>ferent<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs271f\">insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>cove<span class=\"_ _7\"></span>rages <span class=\"_ _6\"></span>when determining the <span class=\"_ _6\"></span>number <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>coverage units. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>premi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ms <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>each <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2720\">coverage i<span class=\"_ _7\"></span>s used f<span class=\"_ _7\"></span>or this.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2721\">The quan<span class=\"_ _7\"></span>tity of b<span class=\"_ _7\"></span>enefits <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>coverage <span class=\"_ _2\"></span>units for its mai<span class=\"_ _2\"></span>n prod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ct li<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>es is as f<span class=\"_ _7\"></span>ollo<span class=\"_ _7\"></span>ws: </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2722\">For portfol<span class=\"_ _7\"></span>ios f<span class=\"_ _7\"></span>or the<span class=\"_ _6\"></span> non-lif<span class=\"_ _7\"></span>e, healt<span class=\"_ _7\"></span>h and non<span class=\"_ _7\"></span>-life r<span class=\"_ _7\"></span>einsuran<span class=\"_ _7\"></span>ce is<span class=\"_ _7\"></span>sued appro<span class=\"_ _7\"></span>ximat<span class=\"_ _7\"></span>e the ins<span class=\"_ _7\"></span>urance ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span>d with t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2723\">proj<span class=\"_ _7\"></span>ected e<span class=\"_ _6\"></span>arned <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>emium.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>majorit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>thes<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>services<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _6\"></span>cov<span class=\"_ _7\"></span>erage. <span class=\"_ _6\"></span>The<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage unit <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>therefo<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2724\">proj<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>earned premi<span class=\"_ _2\"></span>um. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2725\">For <span class=\"_ _4\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _4\"> </span>of <span class=\"_ _0\"></span>life <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nnuities <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts, <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>q<span class=\"_ _6\"></span>ua<span class=\"_ _7\"></span>ntity <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>be<span class=\"_ _7\"></span>nefi<span class=\"_ _7\"></span>ts <span class=\"_ _4\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _4\"></span>both <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ance <span class=\"_ _0\"></span>coverage <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestm<span class=\"_ _7\"></span>ent <span class=\"_ _4\"></span>se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vice <span class=\"_ _0\"></span>are </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2726\">mathema<span class=\"_ _7\"></span>tical reser<span class=\"_ _7\"></span>ves, <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>the c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage unit is <span class=\"_ _6\"></span>also th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>mathema<span class=\"_ _7\"></span>tical reser<span class=\"_ _7\"></span>ve. For<span class=\"_ _6\"></span> term <span class=\"_ _6\"></span>life insuranc<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>without surre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2727\">value a<span class=\"_ _6\"></span>nd riders, <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>only<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>provide <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>coverag<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>quantit<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>be<span class=\"_ _7\"></span>nefits <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>ctually agreed<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>sum <span class=\"_ _6\"></span>insur<span class=\"_ _2\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2728\">over <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>contract.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>For <span class=\"_ _2\"></span>these <span class=\"_ _10\"></span>pro<span class=\"_ _7\"></span>ducts, <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _10\"></span>unit <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>efore <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>lso <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>contract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ally <span class=\"_ _10\"></span>agreed <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>um <span class=\"_ _2\"></span>insur<span class=\"_ _2\"></span>ed. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2729\">For <span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>it- <span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>index-li<span class=\"_ _7\"></span>nked <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>qu<span class=\"_ _7\"></span>antity o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestm<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ervice i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>etermi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _7\"></span>by f<span class=\"_ _2\"></span>und <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue, <span class=\"_ _2\"></span>therefor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the f<span class=\"_ _2\"></span>und <span class=\"_ _2\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs272a\">is used <span class=\"_ _7\"></span>as co<span class=\"_ _7\"></span>verage u<span class=\"_ _7\"></span>nit.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs272b\">For <span class=\"_ _2\"></span>endowme<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>witho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span>rs a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>term i<span class=\"_ _2\"></span>nsurance <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>surre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>a m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>e for <span class=\"_ _2\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>coverage<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>ri<span class=\"_ _7\"></span>sk </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs272c\">and <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>meas<span class=\"_ _7\"></span>ure <span class=\"_ _0\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>service <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>athematic<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _0\"></span>rese<span class=\"_ _7\"></span>rve. <span class=\"_ _0\"></span>The <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>um <span class=\"_ _0\"></span>assur<span class=\"_ _2\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>used <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>coverage <span class=\"_ _1\"></span>unit, <span class=\"_ _0\"></span>since<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>it </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs272d\">repr<span class=\"_ _2\"></span>esents <span class=\"_ _14\"> </span>both <span class=\"_ _12\"> </span>compon<span class=\"_ _7\"></span>ents: <span class=\"_ _12\"> </span>the <span class=\"_ _14\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _14\"> </span>com<span class=\"_ _7\"></span>ponent<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>par<span class=\"_ _6\"></span>t <span class=\"_ _14\"> </span>(sum <span class=\"_ _12\"> </span>at <span class=\"_ _14\"> </span>r<span class=\"_ _6\"></span>isk<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _14\"> </span>and <span class=\"_ _12\"> </span>the <span class=\"_ _14\"> </span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _14\"> </span>compo<span class=\"_ _2\"></span>nent <span class=\"_ _14\"> </span>part </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs272e\">(mathem<span class=\"_ _7\"></span>atical r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>erve or fu<span class=\"_ _7\"></span>nd val<span class=\"_ _7\"></span>ue). I<span class=\"_ _7\"></span>n this cas<span class=\"_ _7\"></span>e no f<span class=\"_ _7\"></span>urther <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>eig<span class=\"_ _7\"></span>hting is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ecessa<span class=\"_ _7\"></span>ry<span class=\"_ _10\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs272f\">For <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>held, <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>number <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _6\"></span>uni<span class=\"_ _7\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>group <span class=\"_ _6\"></span>ref<span class=\"_ _7\"></span>lects <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>expected <span class=\"_ _6\"></span>patt<span class=\"_ _7\"></span>ern<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>under<span class=\"_ _7\"></span>writing of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2730\">the und<span class=\"_ _7\"></span>erlying co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>because th<span class=\"_ _7\"></span>e level o<span class=\"_ _7\"></span>f service <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed depends o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>numb<span class=\"_ _7\"></span>er of unde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>lyi<span class=\"_ _7\"></span>ng cont<span class=\"_ _7\"></span>racts in for<span class=\"_ _2\"></span>ce.<span class=\"_ _3d5\"> </span>  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2732\">The total cov<span class=\"_ _7\"></span>erage units o<span class=\"_ _7\"></span>f each gro<span class=\"_ _2\"></span>up of (re-) insu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts i<span class=\"_ _7\"></span>s reassess<span class=\"_ _7\"></span>ed at t<span class=\"_ _7\"></span>he end of each re<span class=\"_ _2\"></span>por<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng period. T<span class=\"_ _7\"></span>his </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2733\">adjusts <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>red<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ction <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>remaining <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>over<span class=\"_ _7\"></span>age <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>laims<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>paid, <span class=\"_ _10\"></span>expe<span class=\"_ _6\"></span>cte<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>lapses <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>cancellatio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ontracts <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>period. </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2734\">LIABILIT<span class=\"_ _7\"></span>Y FOR R<span class=\"_ _7\"></span>EMAININ<span class=\"_ _7\"></span>G COVERAG<span class=\"_ _2\"></span>E (LRC) </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2735\">The <span class=\"_ _0\"></span>cal<span class=\"_ _7\"></span>culatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>LRC <span class=\"_ _1\"></span>involves <span class=\"_ _6\"></span>many <span class=\"_ _0\"></span>disc<span class=\"_ _7\"></span>retio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>fig<span class=\"_ _7\"></span>ures, <span class=\"_ _6\"></span>inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>uding <span class=\"_ _1\"></span>discou<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>rates, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>cash <span class=\"_ _1\"></span>flows <span class=\"_ _1\"></span>assumed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2736\">calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on costs <span class=\"_ _7\"></span>and fulfi<span class=\"_ _7\"></span>lment c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sh flows f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>contracts.<span class=\"_ _2\"></span><span class=\"ff4f\"> </span></div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs2737\">Insura<span class=\"_ _7\"></span>nce acq<span class=\"_ _7\"></span>uisition costs <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2738\">Insurance<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>acquisi<span class=\"_ _7\"></span>tion c<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>ts are all<span class=\"_ _7\"></span>ocated to r<span class=\"_ _7\"></span>elated gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps o<span class=\"_ _7\"></span>f insurance contr<span class=\"_ _7\"></span>acts re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the consol<span class=\"_ _7\"></span>idat<span class=\"_ _7\"></span>ed balance </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2739\">sheet <span class=\"_ _7\"></span>(incl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ding <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>e g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _7\"></span>tha<span class=\"_ _7\"></span>t wil<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>include <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ntracts ex<span class=\"_ _2\"></span>pected <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>aris<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>rom <span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>wals). <span class=\"_ _2\"></span>An <span class=\"_ _7\"></span>asset <span class=\"_ _2\"></span>for ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs273a\">acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>costs <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>acquisi<span class=\"_ _7\"></span>tion <span class=\"_ _0\"></span>costs <span class=\"_ _0\"></span>incurr<span class=\"_ _2\"></span>ed <span class=\"_ _4\"></span>befo<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>rel<span class=\"_ _7\"></span>ated <span class=\"_ _0\"></span>grou<span class=\"_ _7\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>insuranc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>has <span class=\"_ _0\"></span>been </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs273b\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised. <span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs273c\">Groups of<span class=\"_ _7\"></span> onero<span class=\"_ _7\"></span>us insura<span class=\"_ _7\"></span>nce contr<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cts <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs273d\">For <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>co<span class=\"_ _7\"></span>ntracts, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>rem<span class=\"_ _7\"></span>aining coverage <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>det<span class=\"_ _7\"></span>ermined<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>the fu<span class=\"_ _6\"></span>lfi<span class=\"_ _7\"></span>lment <span class=\"_ _6\"></span>cash<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>flows. <span class=\"_ _6\"></span>Any <span class=\"_ _6\"></span>loss-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs273e\">reco<span class=\"_ _7\"></span>very <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"></span>determi<span class=\"_ _7\"></span>ned <span class=\"_ _4\"></span>wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>efer<span class=\"_ _7\"></span>ence <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>oss <span class=\"_ _0\"></span>component <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>unde<span class=\"_ _7\"></span>rlying <span class=\"_ _0\"></span>contracts <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs273f\">reco<span class=\"_ _7\"></span>very exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cted o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>uch claims f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>einsur<span class=\"_ _7\"></span>ance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trac<span class=\"_ _2\"></span>ts he<span class=\"_ _6\"></span>ld. <span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs2740\">Time<span class=\"_ _7\"></span> value<span class=\"_ _7\"></span> of money<span class=\"_ _7\"></span>  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2741\">Fo<span class=\"_ _2\"></span>r al<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>od<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>t li<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>, the<span class=\"_ _2\"></span> boo<span class=\"_ _2\"></span>k val<span class=\"_ _2\"></span>ue o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> li<span class=\"_ _2\"></span>abi<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>ty f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r r<span class=\"_ _7\"></span>em<span class=\"_ _2\"></span>ain<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng c<span class=\"_ _2\"></span>ove<span class=\"_ _2\"></span>rag<span class=\"_ _2\"></span>e is <span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>cou<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> to r<span class=\"_ _2\"></span>efl<span class=\"_ _2\"></span>ec<span class=\"_ _7\"></span>t th<span class=\"_ _7\"></span>e ti<span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>e v<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>ney<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2742\">th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>ef<span class=\"_ _10\"></span>fe<span class=\"_ _2\"></span>ct <span class=\"_ _6\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ia<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>sk.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>Ex<span class=\"_ _7\"></span>cl<span class=\"_ _7\"></span>ud<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>tho<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>ea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>und<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>P<span class=\"_ _10\"></span>A<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>tha<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e not<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>on<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>. <span class=\"_ _6\"></span>Fo<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>int<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>s <span class=\"_ _6\"></span>ap<span class=\"_ _7\"></span>pli<span class=\"_ _2\"></span>ed, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2743\">di<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>re<span class=\"_ _2\"></span>fle<span class=\"_ _2\"></span>ct <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>cha<span class=\"_ _2\"></span>rac<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>ri<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>cs <span class=\"_ _10\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>cas<span class=\"_ _2\"></span>h f<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ws o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>gro<span class=\"_ _2\"></span>up<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>s <span class=\"_ _10\"></span>at <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>it<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>ec<span class=\"_ _2\"></span>og<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>used<span class=\"_ _2\"></span>.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2744\">The applied <span class=\"_ _2\"></span>discount ra<span class=\"_ _7\"></span>tes ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> be see<span class=\"_ _7\"></span>n i<span class=\"_ _7\"></span>n Note <span class=\"_ _2\"></span>1.2. Assumptions <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed s<span class=\"_ _7\"></span>tarting o<span class=\"_ _7\"></span>n page 63.<span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs2745\">Discretion<span class=\"_ _7\"></span>ar<span class=\"_ _6\"></span>y cas<span class=\"_ _2\"></span>h flows for indirect<span class=\"_ _7\"></span> profi<span class=\"_ _7\"></span>t participati<span class=\"_ _7\"></span>ng contr<span class=\"_ _7\"></span>acts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2746\">T<span class=\"_ _e\"></span>o determin<span class=\"_ _7\"></span>e how to ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tify changes i<span class=\"_ _7\"></span>n discr<span class=\"_ _7\"></span>etio<span class=\"_ _7\"></span>nary cas<span class=\"_ _7\"></span>h flows fo<span class=\"_ _7\"></span>r insurance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>with discr<span class=\"_ _7\"></span>etio<span class=\"_ _7\"></span>nary feat<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>which </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2747\">do <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>meet <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>defi<span class=\"_ _7\"></span>nition <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>profit <span class=\"_ _6\"></span>parti<span class=\"_ _7\"></span>cipatio<span class=\"_ _7\"></span>n, <span class=\"_ _6\"></span>local <span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>ities <span class=\"_ _6\"></span>sp<span class=\"_ _7\"></span>ecify <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>asis <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>which <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>ey <span class=\"_ _6\"></span>expect <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>determi<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2748\">their commi<span class=\"_ _7\"></span>tment und<span class=\"_ _7\"></span>er the contrac<span class=\"_ _7\"></span>t. <span class=\"_ _6\"></span>Ho<span class=\"_ _7\"></span>wever<span class=\"_ _10\"></span>, the<span class=\"_ _7\"></span> e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fects <span class=\"_ _7\"></span>of market variabl<span class=\"_ _7\"></span>es (e.g. investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t r<span class=\"_ _7\"></span>eturns) on <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> cash flows </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2749\">should s<span class=\"_ _7\"></span>till <span class=\"_ _7\"></span>flow thro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>h P&amp;L or be o<span class=\"_ _2\"></span>ptionally r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> OCI a<span class=\"_ _7\"></span>nd sho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld <span class=\"_ _7\"></span>not lead to <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> adjus<span class=\"_ _2\"></span>tment of t<span class=\"_ _7\"></span>he CSM.<span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs274a\">ASSETS FO<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> INSURAN<span class=\"_ _2\"></span>CE <span class=\"_ _7\"></span>ACQUISITION<span class=\"_ _2\"></span> COSTS </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs274b\">VIG <span class=\"_ _2\"></span>appli<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>discr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>tionar<span class=\"_ _7\"></span>y <span class=\"_ _10\"></span>decision <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>determi<span class=\"_ _7\"></span>ning <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>puts <span class=\"_ _10\"></span>used <span class=\"_ _2\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thodolo<span class=\"_ _7\"></span>gy <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>systematic<span class=\"_ _2\"></span>ally <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>ration<span class=\"_ _7\"></span>ally <span class=\"_ _10\"></span>allocate </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs274c\">acquisiti<span class=\"_ _7\"></span>on cos<span class=\"_ _7\"></span>ts to gro<span class=\"_ _2\"></span>ups of ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts to d<span class=\"_ _7\"></span>eter<span class=\"_ _7\"></span>mine:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs274d\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>whether ins<span class=\"_ _2\"></span>urance cont<span class=\"_ _7\"></span>racts a<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>expecte<span class=\"_ _7\"></span>d to aris<span class=\"_ _7\"></span>e as a r<span class=\"_ _2\"></span>esult of<span class=\"_ _7\"></span> renew<span class=\"_ _7\"></span>als of<span class=\"_ _7\"></span> existing i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs274e\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>if appli<span class=\"_ _7\"></span>cable, wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> resp<span class=\"_ _7\"></span>ect to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt to b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> alloca<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed to g<span class=\"_ _2\"></span>roups, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uding fut<span class=\"_ _7\"></span>ure r<span class=\"_ _2\"></span>enewals<span class=\"_ _7\"></span>,  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs274f\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>as well <span class=\"_ _7\"></span>as with r<span class=\"_ _7\"></span>espe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t to th<span class=\"_ _7\"></span>e vol<span class=\"_ _7\"></span>ume of ex<span class=\"_ _7\"></span>pecte<span class=\"_ _7\"></span>d re<span class=\"_ _7\"></span>newals<span class=\"_ _7\"></span> fr<span class=\"_ _7\"></span>om new <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts iss<span class=\"_ _7\"></span>ued in t<span class=\"_ _7\"></span>he pe<span class=\"_ _7\"></span>riod.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2751\">At <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>each <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>eporting<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>period, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ssum<span class=\"_ _7\"></span>ptions<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>made <span class=\"_ _10\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>adju<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>allocate <span class=\"_ _e\"></span>ac<span class=\"_ _6\"></span>quisi<span class=\"_ _7\"></span>tion <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>cont<span class=\"_ _7\"></span>ract <span class=\"_ _10\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2752\">Wher<span class=\"_ _7\"></span>e necess<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _7\"></span>the amo<span class=\"_ _7\"></span>unts of <span class=\"_ _7\"></span>assets a<span class=\"_ _2\"></span>re r<span class=\"_ _7\"></span>evised f<span class=\"_ _7\"></span>or i<span class=\"_ _7\"></span>nsurance a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quisi<span class=\"_ _7\"></span>tion costs <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ngly<span class=\"_ _e\"></span>.  </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2753\">LIABILIT<span class=\"_ _7\"></span>Y FOR INCU<span class=\"_ _7\"></span>RRED<span class=\"_ _7\"></span> CLAIMS <span class=\"_ _7\"></span>(LIC) </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2754\">For the <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-li<span class=\"_ _7\"></span>fe busi<span class=\"_ _7\"></span>ness, the LI<span class=\"_ _7\"></span>C is <span class=\"_ _7\"></span>a major <span class=\"_ _7\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of t<span class=\"_ _7\"></span>he recog<span class=\"_ _2\"></span>nition of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce con<span class=\"_ _7\"></span>tracts.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2755\">Here, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>ultim<span class=\"_ _7\"></span>ate <span class=\"_ _f\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>outstandi<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>claims <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>estimated <span class=\"_ _f\"> </span>by <span class=\"_ _f\"> </span>using <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>range <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>standard <span class=\"_ _f\"> </span>actu<span class=\"_ _7\"></span>arial <span class=\"_ _f\"> </span>claim<span class=\"_ _7\"></span>s <span class=\"_ _f\"> </span>proj<span class=\"_ _7\"></span>ection </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2756\">techniqu<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>ain <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>nderlying<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>thes<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>techniq<span class=\"_ _7\"></span>ues <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>use <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>pa<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>claims <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>elopme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>experi<span class=\"_ _2\"></span>ences <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>proj<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>t </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2757\">future <span class=\"_ _0\"></span>claims<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>de<span class=\"_ _7\"></span>velopm<span class=\"_ _7\"></span>ent <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>ence <span class=\"_ _0\"></span>ultimat<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>claims<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>cos<span class=\"_ _2\"></span>ts. <span class=\"_ _0\"></span>Th<span class=\"_ _6\"></span>es<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>met<span class=\"_ _7\"></span>hods <span class=\"_ _0\"></span>extrapolate <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>paid <span class=\"_ _0\"></span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2758\">incurr<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>losses, <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>verage<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>costs <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>claim <span class=\"_ _0\"></span>(includi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>cl<span class=\"_ _2\"></span>aims <span class=\"_ _0\"></span>handling <span class=\"_ _0\"></span>costs), <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>claim <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>umbe<span class=\"_ _7\"></span>rs <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>ased <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>obs<span class=\"_ _2\"></span>erve<span class=\"_ _7\"></span>d<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2759\">developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>of earlier y<span class=\"_ _6\"></span>ears and <span class=\"_ _1\"></span>expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted <span class=\"_ _6\"></span>loss <span class=\"_ _6\"></span>ratios<span class=\"_ _7\"></span>. <span class=\"_ _6\"></span>Historical <span class=\"_ _6\"></span>claims developm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>mainly <span class=\"_ _6\"></span>analyse<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>claims years, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs275a\">but <span class=\"_ _7\"></span>can<span class=\"_ _7\"></span> al<span class=\"_ _7\"></span>so<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>be <span class=\"_ _2\"></span>further <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nalys<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>by g<span class=\"_ _7\"></span>eog<span class=\"_ _7\"></span>raphi<span class=\"_ _7\"></span>cal <span class=\"_ _2\"></span>area, <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>well <span class=\"_ _2\"></span>as b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>ig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ificant <span class=\"_ _2\"></span>busi<span class=\"_ _7\"></span>ness l<span class=\"_ _7\"></span>ines <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>claim <span class=\"_ _7\"></span>typ<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>Large <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>aims </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs275b\">are <span class=\"_ _4\"> </span>usually <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>eparately <span class=\"_ _4\"> </span>addresse<span class=\"_ _2\"></span>d, <span class=\"_ _f\"> </span>eithe<span class=\"_ _7\"></span>r <span class=\"_ _f\"> </span>b<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>bei<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>eserved <span class=\"_ _4\"> </span>at <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>f<span class=\"_ _2\"></span>ace <span class=\"_ _f\"> </span>valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>ss <span class=\"_ _f\"> </span>adj<span class=\"_ _7\"></span>uster <span class=\"_ _4\"> </span>estimates <span class=\"_ _4\"> </span>or <span class=\"_ _f\"> </span>sep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rat<span class=\"_ _7\"></span>ely </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs275c\">proj<span class=\"_ _7\"></span>ected i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r to r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flec<span class=\"_ _7\"></span>t their f<span class=\"_ _7\"></span>utur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> dev<span class=\"_ _7\"></span>elopme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs275d\">Additional qualitati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>discr<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>ion<span class=\"_ _7\"></span>ary <span class=\"_ _6\"></span>decision<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>assess<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>exte<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>past <span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>ends <span class=\"_ _6\"></span>may<span class=\"_ _7\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>apply <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fut<span class=\"_ _7\"></span>ure </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs275e\">and <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>arri<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ltima<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>cost o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>claims<span class=\"_ _2\"></span> that <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>ent th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>obabili<span class=\"_ _7\"></span>ty <span class=\"_ _2\"></span>weighted<span class=\"_ _7\"></span> exp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ted<span class=\"_ _2\"></span> valu<span class=\"_ _7\"></span>e o<span class=\"_ _2\"></span>utc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>me </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs275f\">fro<span class=\"_ _7\"></span>m the r<span class=\"_ _7\"></span>ange of po<span class=\"_ _7\"></span>ssibl<span class=\"_ _7\"></span>e outcom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, ta<span class=\"_ _7\"></span>king <span class=\"_ _7\"></span>account of al<span class=\"_ _7\"></span>l t<span class=\"_ _7\"></span>he uncert<span class=\"_ _7\"></span>ainties i<span class=\"_ _7\"></span>nvolv<span class=\"_ _7\"></span>ed.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2760\">Such tr<span class=\"_ _2\"></span>ends could be, fo<span class=\"_ _2\"></span>r example, on<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>-of<span class=\"_ _7\"></span>f occ<span class=\"_ _7\"></span>urre<span class=\"_ _7\"></span>nces, c<span class=\"_ _7\"></span>hang<span class=\"_ _7\"></span>es in exte<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nal or ma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ket fac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ors s<span class=\"_ _7\"></span>uch as p<span class=\"_ _7\"></span>ublic attit<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>des to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2761\">claiming, economi<span class=\"_ _7\"></span>c <span class=\"_ _1\"></span>conditi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns, <span class=\"_ _1\"></span>levels of <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>laims inflation, <span class=\"_ _6\"></span>judi<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>dec<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>legislatio<span class=\"_ _7\"></span>n, <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>well <span class=\"_ _6\"></span>as <span class=\"_ _1\"></span>inte<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>factors <span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>ch </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2762\">as portf<span class=\"_ _7\"></span>olio<span class=\"_ _7\"></span> mix,<span class=\"_ _7\"></span> policy featur<span class=\"_ _7\"></span>es a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d cl<span class=\"_ _7\"></span>aims handli<span class=\"_ _2\"></span>ng pro<span class=\"_ _7\"></span>cedures.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2763\">The e<span class=\"_ _7\"></span>nfor<span class=\"_ _2\"></span>ce<span class=\"_ _6\"></span>abil<span class=\"_ _7\"></span>ity a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d col<span class=\"_ _7\"></span>lectabil<span class=\"_ _7\"></span>ity o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>salvage r<span class=\"_ _2\"></span>ecoveries <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>subrog<span class=\"_ _7\"></span>ation r<span class=\"_ _2\"></span>eimb<span class=\"_ _7\"></span>urseme<span class=\"_ _7\"></span>nts ar<span class=\"_ _2\"></span>e co<span class=\"_ _7\"></span>nsider<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d as <span class=\"_ _10\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>allow<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2764\">in the me<span class=\"_ _7\"></span>asur<span class=\"_ _7\"></span>eme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t of ultima<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span> cl<span class=\"_ _7\"></span>aims costs<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2765\">Other key cir<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ums<span class=\"_ _7\"></span>tances aff<span class=\"_ _7\"></span>ecting<span class=\"_ _7\"></span> the reliabil<span class=\"_ _7\"></span>ity of assumpti<span class=\"_ _2\"></span>ons <span class=\"_ _6\"></span>include v<span class=\"_ _7\"></span>ariatio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>in inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st rates, dela<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>s in settlem<span class=\"_ _7\"></span>ent and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2766\">changes i<span class=\"_ _7\"></span>n for<span class=\"_ _2\"></span>eign curr<span class=\"_ _2\"></span>ency<span class=\"_ _6\"></span> exc<span class=\"_ _2\"></span>hange rates.<span class=\"_ _2\"></span> </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2767\">24.2.<span class=\"ff4a\"> </span>Impairm<span class=\"_ _7\"></span>ent losses <span class=\"_ _7\"></span>on financial ass<span class=\"_ _7\"></span>ets </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2768\">The <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t losses acc. to IFRS 9 acr<span class=\"_ _2\"></span>oss rele<span class=\"_ _7\"></span>vant <span class=\"_ _6\"></span>fin<span class=\"_ _7\"></span>ancial assets r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>es discr<span class=\"_ _2\"></span>etionary decisio<span class=\"_ _7\"></span>ns, in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2769\">particul<span class=\"_ _7\"></span>ar <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>estimati<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>amount <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>timing <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>future <span class=\"_ _1\"></span>cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>flows <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>determini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>impai<span class=\"_ _7\"></span>rment <span class=\"_ _6\"></span>losses <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>the<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs276a\">assessme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of a significa<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ncreas<span class=\"_ _7\"></span>e in<span class=\"_ _6\"></span> cre<span class=\"_ _7\"></span>dit r<span class=\"_ _6\"></span>isk. T<span class=\"_ _7\"></span>hese est<span class=\"_ _7\"></span>imates are drive<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> by <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>utcome of modell<span class=\"_ _7\"></span>ed ECL scenari<span class=\"_ _7\"></span>os </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs276b\">and t<span class=\"_ _7\"></span>he rele<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ant inpu<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s used <span class=\"_ _2\"></span>as describ<span class=\"_ _7\"></span>ed in c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>apter Imp<span class=\"_ _2\"></span>airment of<span class=\"_ _7\"></span> fina<span class=\"_ _7\"></span>ncial assets s<span class=\"_ _7\"></span>tar<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>n page 167.<span class=\"_ _3d5\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 hc4 ff53 fs10 fc3 sc0 ls5 ws2 gs276d\">24.3.<span class=\"ff54\"> </span>F<span class=\"_ _7\"></span>inancial instru<span class=\"_ _7\"></span>ments recognis<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d at fair value<span class=\"_ _7\"></span> (Level 3) </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs276e\">The <span class=\"_ _4\"> </span>fair<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>fi<span class=\"_ _2\"></span>nancial <span class=\"_ _4\"> </span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _4\"> </span>not <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>raded <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>an <span class=\"_ _4\"> </span>a<span class=\"_ _7\"></span>ctive <span class=\"_ _4\"> </span>mark<span class=\"_ _7\"></span>et <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>de<span class=\"_ _7\"></span>termin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>by <span class=\"_ _4\"> </span>a<span class=\"_ _7\"></span>pplyi<span class=\"_ _7\"></span>ng <span class=\"_ _4\"> </span>appro<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>ia<span class=\"_ _7\"></span>te <span class=\"_ _4\"> </span>valu<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>on </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs276f\">techniqu<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>The<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>assump<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>used <span class=\"_ _10\"></span>here<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>on <span class=\"_ _10\"></span>market<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>da<span class=\"_ _6\"></span>ta <span class=\"_ _e\"></span>available <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>repor<span class=\"_ _7\"></span>ting<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>date, <span class=\"_ _10\"></span>if <span class=\"_ _2\"></span>available.<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>VIG<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Insura<span class=\"_ _7\"></span>nce </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2770\">Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p uses<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>esent val<span class=\"_ _7\"></span>ue met<span class=\"_ _7\"></span>hods w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ilst ta<span class=\"_ _7\"></span>king i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to <span class=\"_ _7\"></span>considerati<span class=\"_ _7\"></span>on suit<span class=\"_ _2\"></span>able inter<span class=\"_ _7\"></span>est r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te m<span class=\"_ _7\"></span>odels to<span class=\"_ _2\"></span> determin<span class=\"_ _7\"></span>e the f<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ir <span class=\"_ _7\"></span>value </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2771\">of <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>umero<span class=\"_ _2\"></span>us fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>not activ<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ly t<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>aded <span class=\"_ _2\"></span>on m<span class=\"_ _7\"></span>arke<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>Further <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nformati<span class=\"_ _7\"></span>on a<span class=\"_ _2\"></span>b<span class=\"_ _6\"></span>out <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>aluatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pr<span class=\"_ _7\"></span>oc<span class=\"_ _7\"></span>ess <span class=\"_ _7\"></span>can </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2772\">be found i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Not<span class=\"_ _7\"></span>e 16. Calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>19. Th<span class=\"_ _7\"></span>e impairm<span class=\"_ _2\"></span>ent of fina<span class=\"_ _7\"></span>ncial assets i<span class=\"_ _7\"></span>s ex<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>lain<span class=\"_ _7\"></span>ed in 24<span class=\"_ _7\"></span>.2. </div><div class=\"t m0 hc5 ff51 fse fc3 sc0 ls5 ws2 gs2773\">Impairm<span class=\"_ _7\"></span>ent los<span class=\"_ _7\"></span>ses on fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssets.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span><span class=\"fs2d\"> </span></div><div class=\"t m0 hc4 ff53 fs10 fc3 sc0 ls5 ws2 gs2774\">24.4.<span class=\"ff54\"> </span>Impairm<span class=\"_ _7\"></span>ent of go<span class=\"_ _7\"></span>odwill </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2775\">In <span class=\"_ _4\"> </span>accor<span class=\"_ _7\"></span>dance <span class=\"_ _4\"> </span>wit<span class=\"_ _7\"></span>h <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>methods <span class=\"_ _4\"> </span>expl<span class=\"_ _7\"></span>ained <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>chapt<span class=\"_ _7\"></span>er <span class=\"_ _4\"> </span>25.5. <span class=\"_ _4\"> </span>Goodwill<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>starting <span class=\"_ _4\"> </span>on <span class=\"_ _4\"> </span>page 171, <span class=\"_ _4\"> </span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>least <span class=\"_ _4\"> </span>once <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>year <span class=\"_ _4\"> </span>it <span class=\"_ _4\"> </span>is </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2776\">determin<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>whether <span class=\"_ _0\"></span>an <span class=\"_ _4\"> </span>im<span class=\"_ _7\"></span>pairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>of <span class=\"_ _4\"> </span>goo<span class=\"_ _7\"></span>dwil<span class=\"_ _7\"></span>l <span class=\"_ _0\"></span>e<span class=\"_ _6\"></span>xists.<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>Es<span class=\"_ _7\"></span>timates<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>this <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>a <span class=\"_ _0\"></span>concern <span class=\"_ _0\"></span>above <span class=\"_ _0\"></span>all <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lati<span class=\"_ _7\"></span>ons <span class=\"_ _4\"> </span>for<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>the </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2777\">underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>planned <span class=\"_ _0\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lts <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>respec<span class=\"_ _7\"></span>tive <span class=\"_ _0\"></span>CGUs <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>specific <span class=\"_ _1\"></span>pa<span class=\"_ _6\"></span>rame<span class=\"_ _7\"></span>ters, <span class=\"_ _0\"></span>especi<span class=\"_ _7\"></span>ally <span class=\"_ _0\"></span>grow<span class=\"_ _7\"></span>th <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>discou<span class=\"_ _7\"></span>nt <span class=\"_ _4\"> </span>ra<span class=\"_ _7\"></span>tes. <span class=\"_ _0\"></span>Any </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2778\">sensitiviti<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s associ<span class=\"_ _2\"></span>ated with t<span class=\"_ _7\"></span>hese p<span class=\"_ _7\"></span>arameters <span class=\"_ _2\"></span>are pr<span class=\"_ _7\"></span>ese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted<span class=\"_ _7\"></span> in Note <span class=\"_ _7\"></span>3. Good<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill <span class=\"_ _7\"></span>starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 10<span class=\"_ _7\"></span>0.<span class=\"_ _7\"></span> </div><div class=\"t m0 hc4 ff53 fs10 fc3 sc0 ls5 ws2 gs2779\">24.5.<span class=\"ff54\"> </span>V<span class=\"_ _2\"></span>alue of de<span class=\"_ _6\"></span>ferr<span class=\"_ _7\"></span>ed tax assets<span class=\"_ _2\"></span> </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs277a\">Income <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ax<span class=\"_ _7\"></span>es m<span class=\"_ _7\"></span>ust be <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>timated <span class=\"_ _2\"></span>for ea<span class=\"_ _7\"></span>ch t<span class=\"_ _7\"></span>ax j<span class=\"_ _7\"></span>urisdicti<span class=\"_ _7\"></span>on i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>hich <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>oper<span class=\"_ _7\"></span>ates. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>curr<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>incom<span class=\"_ _7\"></span>e tax <span class=\"_ _2\"></span>expected <span class=\"_ _2\"></span>for e<span class=\"_ _7\"></span>ach </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs277b\">taxable e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tity must <span class=\"_ _2\"></span>b<span class=\"_ _6\"></span>e calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated a<span class=\"_ _7\"></span>nd the tempo<span class=\"_ _2\"></span>rary dif<span class=\"_ _2\"></span>feren<span class=\"_ _7\"></span>ces due to dif<span class=\"_ _2\"></span>fer<span class=\"_ _7\"></span>ences b<span class=\"_ _7\"></span>etween <span class=\"_ _7\"></span>the tax <span class=\"_ _7\"></span>and IFRS t<span class=\"_ _7\"></span>rea<span class=\"_ _7\"></span>tment <span class=\"_ _7\"></span>of </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs277c\">certai<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>ba<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ance <span class=\"_ _0\"></span>sheet <span class=\"_ _0\"></span>it<span class=\"_ _7\"></span>ems <span class=\"_ _0\"></span>mus<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>be <span class=\"_ _0\"></span>assess<span class=\"_ _7\"></span>ed. <span class=\"_ _0\"></span>If <span class=\"_ _0\"></span>tempor<span class=\"_ _7\"></span>ary <span class=\"_ _0\"></span>dif<span class=\"_ _7\"></span>fer<span class=\"_ _2\"></span>ences <span class=\"_ _0\"></span>exist, <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>rule, <span class=\"_ _0\"></span>they <span class=\"_ _0\"></span>lead <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition <span class=\"_ _1\"></span>of </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs277d\">deferred<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tax <span class=\"_ _0\"></span>assets<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>liabi<span class=\"_ _7\"></span>lities <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _0\"></span>stat<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>based <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>tax <span class=\"_ _0\"></span>rate <span class=\"_ _1\"></span>for <span class=\"_ _0\"></span>each <span class=\"_ _1\"></span>count<span class=\"_ _7\"></span>ry<span class=\"_ _10\"></span>. <span class=\"_ _0\"></span>The <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>unt <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>the </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs277e\">expecte<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>deferr<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>tax <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>or <span class=\"_ _4\"> </span>ass<span class=\"_ _2\"></span>et <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>eflects <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>best <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>taking <span class=\"_ _0\"></span>into <span class=\"_ _1\"></span>accou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>tax <span class=\"_ _0\"></span>uncertai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ties <span class=\"_ _0\"></span>and, </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs277f\">conseq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ently<span class=\"_ _10\"></span>, t<span class=\"_ _7\"></span>he appl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n of IFRIC 23<span class=\"_ _7\"></span>. </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2780\">The <span class=\"_ _0\"></span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _1\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>must <span class=\"_ _1\"></span>make <span class=\"_ _1\"></span>assessm<span class=\"_ _7\"></span>ents <span class=\"_ _1\"></span>and, <span class=\"_ _1\"></span>ta<span class=\"_ _6\"></span>ki<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>acc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>unt <span class=\"_ _1\"></span>tax <span class=\"_ _1\"></span>uncertainties,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>jud<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ements <span class=\"_ _1\"></span>when <span class=\"_ _1\"></span>calc<span class=\"_ _7\"></span>ulating </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2781\">curre<span class=\"_ _7\"></span>nt and <span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>atent taxes. Defe<span class=\"_ _7\"></span>rred tax ass<span class=\"_ _7\"></span>ets ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nly <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ecognised to the exten<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>it is proba<span class=\"_ _2\"></span>ble <span class=\"_ _6\"></span>they can be utilised. T<span class=\"_ _7\"></span>he </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2782\">utilisation of<span class=\"_ _2\"></span> deferr<span class=\"_ _2\"></span>ed tax <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>depe<span class=\"_ _7\"></span>nds o<span class=\"_ _7\"></span>n the li<span class=\"_ _7\"></span>kelihoo<span class=\"_ _2\"></span>d of ac<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ieving s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>ficient <span class=\"_ _7\"></span>taxable<span class=\"_ _2\"></span> inc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>me of <span class=\"_ _2\"></span>a particul<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r tax <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ype f<span class=\"_ _2\"></span>or </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2783\">a <span class=\"_ _4\"> </span>pa<span class=\"_ _7\"></span>rticular <span class=\"_ _0\"></span>ta<span class=\"_ _6\"></span>x <span class=\"_ _0\"></span>jurisdictio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _4\"> </span>w<span class=\"_ _7\"></span>hile <span class=\"_ _4\"> </span>ta<span class=\"_ _7\"></span>king <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nto <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y <span class=\"_ _4\"> </span>s<span class=\"_ _7\"></span>tatutory <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>estrictions <span class=\"_ _0\"></span>conce<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>ing <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span>aximum <span class=\"_ _4\"> </span>l<span class=\"_ _7\"></span>oss <span class=\"_ _0\"></span>carryfo<span class=\"_ _7\"></span>rwar<span class=\"_ _2\"></span>d </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2784\">periods. <span class=\"_ _7\"></span> </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2785\">The fo<span class=\"_ _7\"></span>llowing<span class=\"_ _2\"></span> facto<span class=\"_ _7\"></span>rs a<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>when ass<span class=\"_ _7\"></span>essi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>bability <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>being <span class=\"_ _2\"></span>able to <span class=\"_ _10\"></span>ut<span class=\"_ _6\"></span>ili<span class=\"_ _7\"></span>se d<span class=\"_ _2\"></span>eferred <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>assets i<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>utur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>: </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2786\">\u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>past r<span class=\"_ _7\"></span>esults of op<span class=\"_ _2\"></span>eratio<span class=\"_ _7\"></span>n,  </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2787\">\u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>operating <span class=\"_ _7\"></span>plans, <span class=\"_ _2\"></span> </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2788\">\u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>loss car<span class=\"_ _7\"></span>ry<span class=\"_ _6\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ward p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>iods, <span class=\"_ _2\"></span> </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2789\">\u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>tax plan<span class=\"_ _7\"></span>ning stra<span class=\"_ _7\"></span>tegies <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs278a\">\u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>existing d<span class=\"_ _7\"></span>eferr<span class=\"_ _7\"></span>ed tax l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties. </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs278b\">T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>on<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>tax<span class=\"_ _2\"></span> g<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>ou<span class=\"_ _2\"></span>p <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nsis<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Au<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tri<span class=\"_ _2\"></span>an <span class=\"_ _10\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>me <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>fo<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>ig<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ani<span class=\"_ _2\"></span>es.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Refe<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>nce<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ega<span class=\"_ _2\"></span>rd<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>pa<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>e 1<span class=\"_ _2\"></span>80.  </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs278c\">If actu<span class=\"_ _7\"></span>al eve<span class=\"_ _7\"></span>nts div<span class=\"_ _2\"></span>erg<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fr<span class=\"_ _7\"></span>om the esti<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s or <span class=\"_ _6\"></span>the esti<span class=\"_ _2\"></span>mat<span class=\"_ _7\"></span>es m<span class=\"_ _7\"></span>ust <span class=\"_ _6\"></span>be adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>fu<span class=\"_ _2\"></span>tur<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>pe<span class=\"_ _7\"></span>rio<span class=\"_ _2\"></span>ds, this<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>uld hav<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> an <span class=\"_ _6\"></span>ad<span class=\"_ _7\"></span>vers<span class=\"_ _7\"></span>e </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs278d\">ef<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span> on n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>ets<span class=\"_ _7\"></span>, fi<span class=\"_ _2\"></span>nan<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>si<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>n an<span class=\"_ _7\"></span>d r<span class=\"_ _2\"></span>esul<span class=\"_ _2\"></span>ts of<span class=\"_ _7\"></span> op<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns.<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>If t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> of t<span class=\"_ _2\"></span>he r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>abil<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>ty of<span class=\"_ _7\"></span> def<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed tax<span class=\"_ _2\"></span> ass<span class=\"_ _2\"></span>ets </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs278e\">ch<span class=\"_ _7\"></span>ang<span class=\"_ _2\"></span>es,<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> b<span class=\"_ _6\"></span>oo<span class=\"_ _2\"></span>k valu<span class=\"_ _7\"></span>e must be<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span>uced<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or inc<span class=\"_ _2\"></span>rea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ed and th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> chan<span class=\"_ _2\"></span>ge re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nis<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n the <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>om<span class=\"_ _7\"></span>e st<span class=\"_ _7\"></span>ate<span class=\"_ _7\"></span>men<span class=\"_ _2\"></span>t <span class=\"_ _6\"></span>or ch<span class=\"_ _7\"></span>arg<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>or </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs278f\">cr<span class=\"_ _7\"></span>edi<span class=\"_ _2\"></span>ted <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>eq<span class=\"_ _7\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>pendi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _e\"></span>tr<span class=\"_ _2\"></span>eatme<span class=\"_ _2\"></span>nt <span class=\"_ _10\"></span>used <span class=\"_ _e\"></span>when<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _e\"></span>def<span class=\"_ _7\"></span>err<span class=\"_ _2\"></span>ed <span class=\"_ _10\"></span>tax <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>et <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>origi<span class=\"_ _2\"></span>nal<span class=\"_ _2\"></span>ly <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>sed<span class=\"_ _2\"></span>. <span class=\"_ _10\"></span>Furth<span class=\"_ _7\"></span>er <span class=\"_ _10\"></span>i<span class=\"_ _7\"></span>nfor<span class=\"_ _2\"></span>mati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n </div><div class=\"t m0 h1a ff51 fse fc3 sc0 ls5 ws2 gs2790\">ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> b<span class=\"_ _2\"></span>e fo<span class=\"_ _2\"></span>und i<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>hapt<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span> A<span class=\"_ _7\"></span>cco<span class=\"_ _2\"></span>unti<span class=\"_ _2\"></span>ng po<span class=\"_ _2\"></span>li<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>es i<span class=\"_ _2\"></span>n 25<span class=\"_ _7\"></span>.1<span class=\"_ _7\"></span>3.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>T<span class=\"_ _5\"></span>axes<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>tarti<span class=\"_ _2\"></span>ng o<span class=\"_ _2\"></span>n p<span class=\"_ _7\"></span>age<span class=\"_ _2\"></span> 179 <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>Not<span class=\"_ _7\"></span>e 1<span class=\"_ _7\"></span>1.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>ax<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 1<span class=\"_ _2\"></span>12.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2792\">24.6.<span class=\"ff4a\"> </span>Method <span class=\"_ _2\"></span>o<span class=\"_ _6\"></span>f consolidation </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2793\">Discr<span class=\"_ _7\"></span>etionar<span class=\"_ _7\"></span>y decisi<span class=\"_ _7\"></span>ons by the Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g Boar<span class=\"_ _7\"></span>d prima<span class=\"_ _7\"></span>rily co<span class=\"_ _7\"></span>ncern d<span class=\"_ _6\"></span>ete<span class=\"_ _7\"></span>rmini<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e scope of consol<span class=\"_ _7\"></span>idati<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> consolid<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ted </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2794\">subsidia<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2795\">Subsidia<span class=\"_ _7\"></span>ries <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>material <span class=\"_ _10\"></span>importa<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>tim<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>first <span class=\"_ _2\"></span>consolida<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>generall<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>contin<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>to <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>included <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>scope </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2796\">of <span class=\"_ _1\"></span>consolida<span class=\"_ _7\"></span>tion.<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>Circ<span class=\"_ _7\"></span>umstances<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>could <span class=\"_ _6\"></span>arise, h<span class=\"_ _6\"></span>owever<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>that lead<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>Managi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>discr<span class=\"_ _2\"></span>etion <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>perform<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2797\">reass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ssme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>entire<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>scope<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsolidatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>This <span class=\"_ _6\"></span>cou<span class=\"_ _2\"></span>ld <span class=\"_ _1\"></span>res<span class=\"_ _7\"></span>ult <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>non-mate<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2798\">the <span class=\"_ _4\"></span>past<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>being <span class=\"_ _0\"></span>remo<span class=\"_ _7\"></span>ved <span class=\"_ _4\"></span>fr<span class=\"_ _2\"></span>om <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>scop<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsolidation <span class=\"_ _0\"></span>again. <span class=\"_ _4\"></span>Co<span class=\"_ _2\"></span>mpanies <span class=\"_ _0\"></span>that, <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>their <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>activiti<span class=\"_ _7\"></span>es, <span class=\"_ _0\"></span>have </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2799\">reve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ues that are primaril<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>gen<span class=\"_ _7\"></span>erated and <span class=\"_ _6\"></span>ch<span class=\"_ _7\"></span>arged withi<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the Gro<span class=\"_ _7\"></span>up and <span class=\"_ _6\"></span>do not generate any significa<span class=\"_ _7\"></span>nt profits<span class=\"_ _7\"></span> or<span class=\"_ _6\"></span> losses<span class=\"_ _7\"></span>, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs279a\">are <span class=\"_ _7\"></span>not i<span class=\"_ _7\"></span>ncluded i<span class=\"_ _7\"></span>n the scop<span class=\"_ _2\"></span>e of consol<span class=\"_ _7\"></span>idation <span class=\"_ _7\"></span>unless t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _7\"></span>have cros<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>-bord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r ope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>ns. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs279b\">Thres<span class=\"_ _7\"></span>holds<span class=\"_ _7\"></span> cal<span class=\"_ _7\"></span>culated b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pr<span class=\"_ _7\"></span>evious<span class=\"_ _2\"></span> quarterly<span class=\"_ _7\"></span> fina<span class=\"_ _7\"></span>ncial <span class=\"_ _2\"></span>stat<span class=\"_ _6\"></span>em<span class=\"_ _7\"></span>ents <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>the la<span class=\"_ _7\"></span>test a<span class=\"_ _2\"></span>nnual fin<span class=\"_ _7\"></span>ancial s<span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs279c\">to determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e th<span class=\"_ _7\"></span>e curr<span class=\"_ _7\"></span>ent s<span class=\"_ _7\"></span>cope of <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>onsoli<span class=\"_ _7\"></span>dation.<span class=\"_ _2\"></span> </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs279d\">24.7.<span class=\"ff4a\"> </span>Materiality of<span class=\"_ _7\"></span> Notes and the<span class=\"_ _7\"></span> associated account<span class=\"_ _7\"></span>ing poli<span class=\"_ _7\"></span>cies </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs279e\">Accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IAS 1.31, <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly <span class=\"_ _f\"> </span>mate<span class=\"_ _7\"></span>rial <span class=\"_ _f\"> </span>informati<span class=\"_ _7\"></span>on <span class=\"_ _f\"> </span>should <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>disclo<span class=\"_ _7\"></span>sed <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>st<span class=\"_ _7\"></span>ateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>even <span class=\"_ _f\"> </span>when <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>Stand<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs279f\">presc<span class=\"_ _7\"></span>ribes certai<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>requir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents or <span class=\"_ _6\"></span>minimum req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>irem<span class=\"_ _2\"></span>ents. Th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>goal of th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>IASB in <span class=\"_ _6\"></span>this paragrap<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in c<span class=\"_ _6\"></span>ombin<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>with a<span class=\"_ _6\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27a0\">of<span class=\"_ _2\"></span>ficially <span class=\"_ _7\"></span>published <span class=\"_ _10\"></span>Practice <span class=\"_ _7\"></span>S<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _2\"></span>subject <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>create <span class=\"_ _10\"></span>a cl<span class=\"_ _7\"></span>ear <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pre<span class=\"_ _7\"></span>hensible<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>basi<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>for <span class=\"_ _2\"></span>financial <span class=\"_ _10\"></span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27a1\">utilisi<span class=\"_ _7\"></span>ng the most i<span class=\"_ _7\"></span>mpo<span class=\"_ _7\"></span>rtant i<span class=\"_ _7\"></span>nformatio<span class=\"_ _2\"></span>n. The decisi<span class=\"_ _7\"></span>on as <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>whether a<span class=\"_ _7\"></span>ny giv<span class=\"_ _7\"></span>en discl<span class=\"_ _7\"></span>osur<span class=\"_ _7\"></span>e constit<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tes m<span class=\"_ _7\"></span>ate<span class=\"_ _7\"></span>rial or imm<span class=\"_ _7\"></span>ate<span class=\"_ _7\"></span>rial </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27a2\">informatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>is open <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>disc<span class=\"_ _7\"></span>retio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ary <span class=\"_ _6\"></span>judgem<span class=\"_ _2\"></span>ent. The <span class=\"_ _6\"></span>Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>of V<span class=\"_ _6\"></span>IG <span class=\"_ _6\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g h<span class=\"_ _6\"></span>as introd<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ced a <span class=\"_ _6\"></span>thr<span class=\"_ _7\"></span>eshold value for </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27a3\">assessing<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>he m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teriali<span class=\"_ _7\"></span>ty <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>disclo<span class=\"_ _7\"></span>sur<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>and t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>rel<span class=\"_ _7\"></span>ated <span class=\"_ _2\"></span>accounting<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>policies.<span class=\"_ _7\"></span> If<span class=\"_ _2\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _7\"></span>invol<span class=\"_ _2\"></span>ve<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>less <span class=\"_ _2\"></span>than <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>thres<span class=\"_ _7\"></span>hold </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27a4\">value, the informa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion is only publis<span class=\"_ _7\"></span>hed in the Annual Repor<span class=\"_ _2\"></span>t if it <span class=\"_ _6\"></span>has been deemed to be mate<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ial for users of the fina<span class=\"_ _7\"></span>ncial </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27a5\">stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts o<span class=\"_ _7\"></span>n the basis<span class=\"_ _7\"></span> of qu<span class=\"_ _7\"></span>alitati<span class=\"_ _7\"></span>ve criteria d<span class=\"_ _2\"></span>uring the r<span class=\"_ _7\"></span>elease pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>cess.<span class=\"_ _7\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-470": {
   "value": "T<span class=\"_ _10\"></span>axes CHANGES<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>IN <span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>AX RA<span class=\"_ _2\"></span>TES As a <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>esult <span class=\"_ _6\"></span>of the 2022 tax r<span class=\"_ _7\"></span>eform, the corpo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate income tax<span class=\"_ _7\"></span> r<span class=\"_ _6\"></span>ate in Austria will be red<span class=\"_ _7\"></span>uced <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>stages fro<span class=\"_ _7\"></span>m 25% to 24<span class=\"_ _7\"></span>% in 2023 <span class=\"_ _7\"></span>and then to 23<span class=\"_ _2\"></span>%<span class=\"_ _6\"></span> in 2024. <span class=\"_ _7\"></span>The r<span class=\"_ _2\"></span>eduction in t<span class=\"_ _7\"></span>he corpo<span class=\"_ _7\"></span>rate incom<span class=\"_ _7\"></span>e tax r<span class=\"_ _7\"></span>ate in Aus<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ria r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ulted in a re<span class=\"_ _2\"></span>duction of<span class=\"_ _7\"></span> around<span class=\"_ _2\"></span> EUR 1.5 mi<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>on in cu<span class=\"_ _7\"></span>rrent <span class=\"_ _7\"></span>taxes f<span class=\"_ _7\"></span>or the <span class=\"_ _7\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod.<span class=\"_ _2\"></span> The cor<span class=\"_ _7\"></span>porate<span class=\"_ _7\"></span> incom<span class=\"_ _7\"></span>e tax i<span class=\"_ _2\"></span>n T<span class=\"_ _10\"></span>\u00fcrkiye <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _7\"></span>raised f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>25<span class=\"_ _7\"></span>% to 3<span class=\"_ _7\"></span>0% i<span class=\"_ _7\"></span>n 2023. T<span class=\"_ _2\"></span>his change<span class=\"_ _7\"></span> of tax<span class=\"_ _2\"></span> rate incr<span class=\"_ _2\"></span>eased c<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t tax<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s by aro<span class=\"_ _7\"></span>und EU<span class=\"_ _7\"></span>R 3.0 mi<span class=\"_ _7\"></span>llio<span class=\"_ _7\"></span>n and i<span class=\"_ _7\"></span>ncreas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d d<span class=\"_ _7\"></span>eferre<span class=\"_ _2\"></span>d ta<span class=\"_ _6\"></span>x li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>by aro<span class=\"_ _2\"></span>und EUR 4.4<span class=\"_ _7\"></span> mil<span class=\"_ _7\"></span>lion.<span class=\"ff4e fs14\"> </span>Furthermor<span class=\"_ _2\"></span>e, th<span class=\"_ _7\"></span>e corpo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _7\"></span>tax <span class=\"_ _7\"></span>rate i<span class=\"_ _7\"></span>n the C<span class=\"_ _2\"></span>zech <span class=\"_ _7\"></span>Republic<span class=\"_ _7\"></span> was r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> by 19<span class=\"_ _2\"></span>% to 21<span class=\"_ _2\"></span>% as of <span class=\"_ _7\"></span>1 J<span class=\"_ _7\"></span>anuary 20<span class=\"_ _7\"></span>24.<span class=\"_ _7\"></span> This l<span class=\"_ _2\"></span>ed to <span class=\"_ _2\"></span>an incr<span class=\"_ _7\"></span>ease in d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ferr<span class=\"_ _7\"></span>ed tax <span class=\"_ _2\"></span>assets in t<span class=\"_ _7\"></span>his repo<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng period o<span class=\"_ _7\"></span>f aro<span class=\"_ _2\"></span>und EUR 15.<span class=\"_ _7\"></span>5 mil<span class=\"_ _7\"></span>lio<span class=\"_ _7\"></span>n.<span class=\"_ _3d5\"> </span>ADDITIONAL<span class=\"_ _2\"></span> T<span class=\"_ _2\"></span>AX ON INS<span class=\"_ _2\"></span>URANCE P<span class=\"_ _7\"></span>REMIUMS<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>IN HUN<span class=\"_ _7\"></span>GAR<span class=\"_ _7\"></span>Y An <span class=\"_ _0\"></span>additional <span class=\"_ _0\"></span>tax<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>wa<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ntrod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ced <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>compani<span class=\"_ _7\"></span>es <span class=\"_ _4\"></span>op<span class=\"_ _2\"></span>erating <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>H<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ngary<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>(Gove<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nme<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>D<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cr<span class=\"_ _7\"></span>ee <span class=\"_ _0\"></span>on Extra-Prof<span class=\"_ _7\"></span>it <span class=\"_ _6\"></span>T<span class=\"_ _5\"></span>a<span class=\"_ _6\"></span>xes <span class=\"_ _6\"></span>from June<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>2022, <span class=\"_ _6\"></span>amended <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>Decemb<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> 2022 <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>May <span class=\"_ _6\"></span>2023). <span class=\"_ _6\"></span>This <span class=\"_ _6\"></span>additional <span class=\"_ _6\"></span>tax <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>progr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ssiv<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ax based <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>gross<span class=\"_ _7\"></span> in<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce p<span class=\"_ _6\"></span>remi<span class=\"_ _2\"></span>ums <span class=\"_ _6\"></span>for both<span class=\"_ _6\"></span> life a<span class=\"_ _6\"></span>nd non-life insurance lines of <span class=\"_ _6\"></span>business <span class=\"_ _6\"></span>for the <span class=\"_ _6\"></span>period of 1 <span class=\"_ _6\"></span>July <span class=\"_ _6\"></span>2022 <span class=\"_ _6\"></span>to 31 Decem<span class=\"_ _2\"></span>ber 2024.<span class=\"_ _2\"></span> This decr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>e has result<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>in a significa<span class=\"_ _7\"></span>nt incre<span class=\"_ _7\"></span>ase <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>tax bur<span class=\"_ _2\"></span>den <span class=\"_ _6\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>H<span class=\"_ _7\"></span>un<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>arian VIG insu<span class=\"_ _7\"></span>rance comp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nies. Base<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>on the curre<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>values <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>Unio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>Biztos\u00ed<span class=\"_ _7\"></span>t\u00f3 <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>Alfa <span class=\"_ _6\"></span>(formerl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>Aego<span class=\"_ _7\"></span>n),<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _7\"></span>unt <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>EU<span class=\"_ _7\"></span>R 26.5 <span class=\"_ _6\"></span>mill<span class=\"_ _7\"></span>ion <span class=\"_ _6\"></span>was <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _6\"></span>paid <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>peri<span class=\"_ _7\"></span>od fro<span class=\"_ _7\"></span>m 1 <span class=\"_ _6\"></span>July <span class=\"_ _6\"></span>2022 to 31 Decemb<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>2022 and EU<span class=\"_ _7\"></span>R 48.4 mill<span class=\"_ _7\"></span>ion <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>the period fro<span class=\"_ _7\"></span>m 1 <span class=\"_ _6\"></span>Jan<span class=\"_ _7\"></span>uary 2023 to <span class=\"_ _6\"></span>31 Decemb<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>20<span class=\"_ _7\"></span>23. According<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>to<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>th<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ilab<span class=\"_ _6\"></span>le <span class=\"_ _f\"> </span>budgeted<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>figures, <span class=\"_ _4\"> </span>VI<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>ca<span class=\"_ _6\"></span>n <span class=\"_ _4\"> </span>e<span class=\"_ _6\"></span>xpec<span class=\"_ _6\"></span>t <span class=\"_ _4\"> </span>an<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>iona<span class=\"_ _6\"></span>l <span class=\"_ _f\"> </span>tax <span class=\"_ _4\"> </span>bu<span class=\"_ _6\"></span>rden <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>mou<span class=\"_ _6\"></span>nting<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>to<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>pp<span class=\"_ _6\"></span>roximate<span class=\"_ _6\"></span>ly<span class=\"_ _6\"></span> EUR 55.1<span class=\"_ _6\"></span> mi<span class=\"_ _6\"></span>llion<span class=\"_ _6\"></span> for th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2024 <span class=\"_ _6\"></span>finan<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> year<span class=\"_ _10\"></span>.<span class=\"_ _6\"></span> Or<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>nall<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ad<span class=\"_ _2\"></span>diti<span class=\"_ _2\"></span>ona<span class=\"_ _2\"></span>l t<span class=\"_ _2\"></span>ax <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n i<span class=\"_ _2\"></span>ns<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>anc<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>wa<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ef<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span>cti<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> p<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>1 <span class=\"_ _7\"></span>J<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>y 2<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>22<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>oug<span class=\"_ _2\"></span>h 3<span class=\"_ _7\"></span>1 <span class=\"_ _2\"></span>De<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>ber <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>3. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>Ma<span class=\"_ _7\"></span>y 2<span class=\"_ _2\"></span>023<span class=\"_ _7\"></span>, this <span class=\"_ _10\"></span>wa<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>extended<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>further <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>unt<span class=\"_ _6\"></span>il <span class=\"_ _10\"></span>31 <span class=\"_ _2\"></span>Dec<span class=\"_ _7\"></span>ember <span class=\"_ _10\"></span>2024. <span class=\"_ _10\"></span>VIG <span class=\"_ _2\"></span>classifi<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _10\"></span>extensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span>tax <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>trigge<span class=\"_ _7\"></span>ring event and perform<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d an impai<span class=\"_ _7\"></span>rment test for the Hu<span class=\"_ _7\"></span>ngary ca<span class=\"_ _7\"></span>sh-gener<span class=\"_ _7\"></span>ating unit as of <span class=\"_ _6\"></span>30 <span class=\"_ _2\"></span>June 2023, which did not<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt in any ne<span class=\"_ _7\"></span>cessar<span class=\"_ _7\"></span>y impairm<span class=\"_ _7\"></span>ent of g<span class=\"_ _7\"></span>oodwill<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> The war i<span class=\"_ _7\"></span>n Ukrain<span class=\"_ _7\"></span>e The invasio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of the Russia<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Federatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> armed for<span class=\"_ _2\"></span>ces in Ukrai<span class=\"_ _7\"></span>ne marked th<span class=\"_ _7\"></span>e outbre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>k of wa<span class=\"_ _7\"></span>r between thes<span class=\"_ _7\"></span>e two cou<span class=\"_ _7\"></span>ntries on <span class=\"_ _6\"></span>24<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>February<span class=\"_ _7\"></span> 2022. In doing<span class=\"_ _7\"></span> so, <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>da<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gers asso<span class=\"_ _7\"></span>ciated with the<span class=\"_ _7\"></span> well-bei<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> the emplo<span class=\"_ _7\"></span>yees and the oper<span class=\"_ _7\"></span>ational bu<span class=\"_ _2\"></span>si-<span class=\"_ _3d5\"> </span>ness (e.g. o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fice infrastr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ctur<span class=\"_ _7\"></span>e, ene<span class=\"_ _7\"></span>rgy<span class=\"_ _10\"></span>, comm<span class=\"_ _2\"></span>unications, IT sec<span class=\"_ _7\"></span>urity) r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>esent sig<span class=\"_ _7\"></span>nifica<span class=\"_ _7\"></span>nt, dir<span class=\"_ _7\"></span>ect risks <span class=\"_ _7\"></span>for the Ukrai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e insu<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>-<span class=\"_ _3d5\"> </span>ance com<span class=\"_ _7\"></span>panies of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>VIG. For VI<span class=\"_ _7\"></span>G Ins<span class=\"_ _7\"></span>urance <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is coul<span class=\"_ _7\"></span>d cause <span class=\"_ _7\"></span>a ra<span class=\"_ _7\"></span>nge of risks <span class=\"_ _2\"></span>to materialis<span class=\"_ _7\"></span>e w<span class=\"_ _7\"></span>hich will<span class=\"_ _7\"></span> be addr<span class=\"_ _2\"></span>essed and handl<span class=\"_ _7\"></span>ed usi<span class=\"_ _7\"></span>ng a sus<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ai<span class=\"_ _7\"></span>ned risk ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t. BUSINESS<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>OPERA<span class=\"_ _10\"></span>TIONS IN<span class=\"_ _7\"></span> UKRAIN<span class=\"_ _7\"></span>E VI<span class=\"_ _10\"></span>G I<span class=\"_ _2\"></span>nsu<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>n<span class=\"_ _7\"></span>ce<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>up<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>epr<span class=\"_ _10\"></span>es<span class=\"_ _2\"></span>e<span class=\"_ _7\"></span>n<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n t<span class=\"_ _2\"></span>he U<span class=\"_ _10\"></span>kr<span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span>nia<span class=\"_ _10\"></span>n m<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ke<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>thr<span class=\"_ _10\"></span>ee<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>mp<span class=\"_ _10\"></span>an<span class=\"_ _2\"></span>ie<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>t <span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>un<span class=\"_ _7\"></span>d E<span class=\"_ _2\"></span>U<span class=\"_ _2\"></span>R 1<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span> mi<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>on i<span class=\"_ _2\"></span>n as<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>ts <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>31 <span class=\"_ _2\"></span>D<span class=\"_ _7\"></span>ec<span class=\"_ _7\"></span>em<span class=\"_ _2\"></span>be<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>3. <span class=\"_ _2\"></span>In <span class=\"_ _10\"></span>vie<span class=\"_ _7\"></span>w <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>ex<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ec<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>nves<span class=\"_ _2\"></span>tm<span class=\"_ _2\"></span>ent <span class=\"_ _10\"></span>cos<span class=\"_ _2\"></span>ts, <span class=\"_ _10\"></span>pa<span class=\"_ _7\"></span>rti<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>arl<span class=\"_ _2\"></span>y i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>co<span class=\"_ _7\"></span>unt<span class=\"_ _2\"></span>ry\u2019<span class=\"_ _5\"></span>s <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>fra<span class=\"_ _2\"></span>st<span class=\"_ _7\"></span>ru<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>ono<span class=\"_ _2\"></span>my<span class=\"_ _e\"></span>, an<span class=\"_ _7\"></span> al<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>wa<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r e<span class=\"_ _7\"></span>x<span class=\"_ _7\"></span>pe<span class=\"_ _2\"></span>cte<span class=\"_ _2\"></span>d cr<span class=\"_ _10\"></span>edi<span class=\"_ _7\"></span>t l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ss<span class=\"_ _2\"></span>es o<span class=\"_ _7\"></span>n s<span class=\"_ _2\"></span>ov<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>eig<span class=\"_ _2\"></span>n b<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> and<span class=\"_ _2\"></span> ban<span class=\"_ _7\"></span>k <span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>po<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> in <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>unt o<span class=\"_ _2\"></span>f<span class=\"_ _7\"></span> EU<span class=\"_ _7\"></span>R <span class=\"_ _2\"></span>53.<span class=\"_ _2\"></span>2 mi<span class=\"_ _7\"></span>ll<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span> was<span class=\"_ _2\"></span> re<span class=\"_ _2\"></span>cog<span class=\"_ _2\"></span>-<span class=\"_ _3d5\"> </span>ni<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> as of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>31 D<span class=\"_ _2\"></span>ec<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>be<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> 20<span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>3. E<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>n i<span class=\"_ _2\"></span>n the<span class=\"_ _7\"></span> ca<span class=\"_ _2\"></span>se of<span class=\"_ _2\"></span> a com<span class=\"_ _2\"></span>ple<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span> los<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>he Uk<span class=\"_ _2\"></span>rain<span class=\"_ _2\"></span>ia<span class=\"_ _7\"></span>n a<span class=\"_ _7\"></span>cti<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>, n<span class=\"_ _2\"></span>o neg<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> ef<span class=\"_ _7\"></span>f<span class=\"_ _2\"></span>ect<span class=\"_ _7\"></span> on p<span class=\"_ _2\"></span>ro<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>t <span class=\"_ _6\"></span>or l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ss <span class=\"_ _2\"></span>wo<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>d a<span class=\"_ _7\"></span>ris<span class=\"_ _2\"></span>e.<span class=\"_ _7\"></span> T<span class=\"_ _2\"></span>his<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>p <span class=\"_ _7\"></span>cr<span class=\"_ _2\"></span>ea<span class=\"_ _7\"></span>tes<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>t p<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ssi<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e s<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>rti<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>pos<span class=\"_ _2\"></span>itio<span class=\"_ _2\"></span>n f<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n a<span class=\"_ _2\"></span>fte<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> e<span class=\"_ _2\"></span>nd o<span class=\"_ _2\"></span>f <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>war<span class=\"_ _7\"></span> f<span class=\"_ _2\"></span>or t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>VIG In<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> Gr<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>up<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he U<span class=\"_ _2\"></span>krai<span class=\"_ _2\"></span>ne C<span class=\"_ _2\"></span>GU do<span class=\"_ _2\"></span>es n<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>t hol<span class=\"_ _2\"></span>d any<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nta<span class=\"_ _7\"></span>ngib<span class=\"_ _2\"></span>le a<span class=\"_ _2\"></span>ss<span class=\"_ _2\"></span>ets th<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>ubj<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>to a<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>ent t<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span> ac<span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>dance<span class=\"_ _2\"></span> wi<span class=\"_ _2\"></span>th <span class=\"_ _2\"></span>IA<span class=\"_ _2\"></span>S 3<span class=\"_ _2\"></span>6. The <span class=\"_ _1\"></span>VIG <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>anies <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Ukraine <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>mainly ac<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ve <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>west<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>regi<span class=\"_ _7\"></span>ons <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>country<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>so <span class=\"_ _6\"></span>business <span class=\"_ _6\"></span>operatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s have thus f<span class=\"_ _7\"></span>ar only been dir<span class=\"_ _7\"></span>ectl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> impacted to a l<span class=\"_ _7\"></span>imi<span class=\"_ _7\"></span>ted extent<span class=\"_ _2\"></span>. In<span class=\"_ _6\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tly aff<span class=\"_ _7\"></span>ecte<span class=\"_ _7\"></span>d, howe<span class=\"_ _7\"></span>ver<span class=\"_ _10\"></span>, are t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e lines of busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess outsi<span class=\"_ _7\"></span>de the <span class=\"_ _6\"></span>motor vehicle lin<span class=\"_ _7\"></span>es of <span class=\"_ _6\"></span>business. T<span class=\"_ _7\"></span>his is <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>fact that, at <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>pres<span class=\"_ _7\"></span>ent time, certain prop<span class=\"_ _7\"></span>erty insuran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>lines (s<span class=\"_ _7\"></span>uch as for certai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> regio<span class=\"_ _7\"></span>ns of t<span class=\"_ _7\"></span>he country<span class=\"_ _7\"></span>) can be unde<span class=\"_ _7\"></span>rwritten o<span class=\"_ _2\"></span>nly to a very limited ex<span class=\"_ _7\"></span>tent. The a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tivities of<span class=\"_ _7\"></span> the Ukr<span class=\"_ _7\"></span>ainian ins<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>-<span class=\"_ _3d5\"> </span>ance companies h<span class=\"_ _7\"></span>ave n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>demo<span class=\"_ _7\"></span>nstr<span class=\"_ _7\"></span>ated any significa<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>imp<span class=\"_ _7\"></span>act that can <span class=\"_ _6\"></span>be attribut<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>to the sanctio<span class=\"_ _7\"></span>ns against Russia. As of the <span class=\"_ _6\"></span>edi<span class=\"_ _7\"></span>torial deadl<span class=\"_ _7\"></span>ine, the Ukrai<span class=\"_ _7\"></span>nian ins<span class=\"_ _7\"></span>urance comp<span class=\"_ _7\"></span>anies<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>have <span class=\"_ _6\"></span>bee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> able to <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>aintain<span class=\"_ _7\"></span> operations<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>with <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ccasio<span class=\"_ _7\"></span>nal limi<span class=\"_ _7\"></span>ta-<span class=\"_ _3d5\"> </span>tions despit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> the cur<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>nt conditio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. Due to th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> curr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt dif<span class=\"_ _2\"></span>ficult situatio<span class=\"_ _7\"></span>n in Ukrai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e, VIG is r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ularly exami<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ing wh<span class=\"_ _7\"></span>ether t<span class=\"_ _7\"></span>he Ukrai<span class=\"_ _7\"></span>nian comp<span class=\"_ _7\"></span>anies co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tinu<span class=\"_ _7\"></span>e to sati<span class=\"_ _7\"></span>sfy t<span class=\"_ _7\"></span>he req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>irem<span class=\"_ _2\"></span>ents as a go<span class=\"_ _7\"></span>ing co<span class=\"_ _7\"></span>ncern.<span class=\"_ _3d5\"> </span>R<span class=\"_ _6\"></span>USSIAN<span class=\"_ _7\"></span> BONDS<span class=\"_ _2\"></span> At the <span class=\"_ _6\"></span>balance sheet date, the VIG <span class=\"_ _6\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p held Russia<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>governmen<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>and corpo<span class=\"_ _7\"></span>rate <span class=\"_ _6\"></span>bo<span class=\"_ _7\"></span>nds with a <span class=\"_ _6\"></span>book value of EUR 19.2 <span class=\"_ _6\"></span>mil<span class=\"_ _7\"></span>lion <span class=\"_ _6\"></span>(nomin<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue: <span class=\"_ _6\"></span>EUR 62.1 <span class=\"_ _6\"></span>milli<span class=\"_ _7\"></span>on), <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>its <span class=\"_ _6\"></span>books<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>which <span class=\"_ _6\"></span>no <span class=\"_ _6\"></span>active <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>arket <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>basically available. <span class=\"_ _6\"></span>Never<span class=\"_ _10\"></span>-<span class=\"_ _3d5\"> </span>theless, <span class=\"_ _1\"></span>bonds <span class=\"_ _1\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>nomi<span class=\"_ _7\"></span>nal <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>EU<span class=\"_ _7\"></span>R 100.9 <span class=\"_ _1\"></span>milli<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>sold <span class=\"_ _0\"></span>duri<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>course <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>2023. <span class=\"_ _0\"></span>D<span class=\"_ _7\"></span>ue <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>impai<span class=\"_ _7\"></span>rment loss<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>recog<span class=\"_ _7\"></span>nised <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>2022 <span class=\"_ _2\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _e\"></span>year <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>con<span class=\"_ _7\"></span>nection <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>Russian <span class=\"_ _10\"></span>gove<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>corporate<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>bonds, <span class=\"_ _e\"></span>a <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>ain <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>appro<span class=\"_ _2\"></span>xi-<span class=\"_ _3d5\"> </span>matel<span class=\"_ _7\"></span>y EUR 21.2<span class=\"_ _7\"></span> mil<span class=\"_ _7\"></span>lion fr<span class=\"_ _2\"></span>om the sale <span class=\"_ _7\"></span>was pos<span class=\"_ _7\"></span>ted in t<span class=\"_ _7\"></span>he co<span class=\"_ _2\"></span>nsolidated i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt. Risks r<span class=\"_ _7\"></span>elated to<span class=\"_ _7\"></span> the geopo<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>itical<span class=\"_ _7\"></span> situation<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _7\"></span> the curre<span class=\"_ _7\"></span>nt macro<span class=\"_ _2\"></span>economic<span class=\"_ _7\"></span> environm<span class=\"_ _7\"></span>ent  Despite <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>ongoi<span class=\"_ _7\"></span>ng <span class=\"_ _4\"> </span>war <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>aggressio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>against <span class=\"_ _4\"></span>Ukrai<span class=\"_ _7\"></span>ne, <span class=\"_ _4\"></span>the <span class=\"_ _f\"> </span>ma<span class=\"_ _2\"></span>croeco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>omic <span class=\"_ _4\"></span>situatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>impro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ed <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"> </span>year<span class=\"_ _10\"></span>. Howeve<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>, <span class=\"_ _7\"></span>the co<span class=\"_ _2\"></span>nflict i<span class=\"_ _7\"></span>n T<span class=\"_ _5\"></span>a<span class=\"_ _6\"></span>iw<span class=\"_ _7\"></span>an <span class=\"_ _7\"></span>repr<span class=\"_ _2\"></span>esented <span class=\"_ _7\"></span>a po<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span>ntial <span class=\"_ _7\"></span>latent <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>at to <span class=\"_ _2\"></span>the gl<span class=\"_ _7\"></span>obal <span class=\"_ _2\"></span>economy <span class=\"_ _2\"></span>and t<span class=\"_ _7\"></span>he t<span class=\"_ _7\"></span>erro<span class=\"_ _7\"></span>r at<span class=\"_ _7\"></span>tack <span class=\"_ _7\"></span>on Is<span class=\"_ _2\"></span>rae<span class=\"_ _6\"></span>l <span class=\"_ _7\"></span>in Octobe<span class=\"_ _7\"></span>r 2023 f<span class=\"_ _7\"></span>ollo<span class=\"_ _7\"></span>wed by th<span class=\"_ _7\"></span>e escalatio<span class=\"_ _2\"></span>n in the Middl<span class=\"_ _7\"></span>e East <span class=\"_ _2\"></span>repr<span class=\"_ _7\"></span>esented a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ac<span class=\"_ _7\"></span>ute thr<span class=\"_ _7\"></span>eat to <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he glo<span class=\"_ _7\"></span>bal eco<span class=\"_ _2\"></span>nomy<span class=\"_ _10\"></span>.  Altho<span class=\"_ _7\"></span>ugh <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>inflatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>dynamic<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>weake<span class=\"_ _7\"></span>ned <span class=\"_ _1\"></span>consid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rably<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>nearly <span class=\"_ _6\"></span>all <span class=\"_ _1\"></span>markets <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _1\"></span>oper<span class=\"_ _7\"></span>ates, <span class=\"_ _6\"></span>it <span class=\"_ _1\"></span>rem<span class=\"_ _7\"></span>ained <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>high level. The fut<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>e developm<span class=\"_ _2\"></span>ent of financial <span class=\"_ _7\"></span>markets a<span class=\"_ _7\"></span>nd the e<span class=\"_ _7\"></span>conom<span class=\"_ _7\"></span>y in general i<span class=\"_ _7\"></span>s stil<span class=\"_ _7\"></span>l fraught wit<span class=\"_ _7\"></span>h con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rable <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ncert<span class=\"_ _7\"></span>ainty and so this r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sents o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e of t<span class=\"_ _7\"></span>he mos<span class=\"_ _7\"></span>t critic<span class=\"_ _2\"></span>al risks for V<span class=\"_ _7\"></span>IG.  Financial ma<span class=\"_ _7\"></span>rkets can be imp<span class=\"_ _7\"></span>acted by furthe<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>geopo<span class=\"_ _7\"></span>litical te<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sions su<span class=\"_ _7\"></span>ch a<span class=\"_ _6\"></span>s the war i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>Isra<span class=\"_ _7\"></span>el and Gaza, the T<span class=\"_ _5\"></span>a<span class=\"_ _6\"></span>iwan<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nflict and t<span class=\"_ _7\"></span>he war in Uk<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ai<span class=\"_ _7\"></span>ne. Thes<span class=\"_ _7\"></span>e risks a<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>also being <span class=\"_ _2\"></span>address<span class=\"_ _2\"></span>ed within t<span class=\"_ _7\"></span>he scop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of s<span class=\"_ _7\"></span>ustained <span class=\"_ _2\"></span>risk manag<span class=\"_ _7\"></span>ement.<span class=\"_ _7\"></span> As <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>bal<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce s<span class=\"_ _2\"></span>hee<span class=\"_ _7\"></span>t d<span class=\"_ _2\"></span>ate,<span class=\"_ _2\"></span> VI<span class=\"_ _7\"></span>G <span class=\"_ _2\"></span>held<span class=\"_ _2\"></span> Is<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>aeli<span class=\"_ _2\"></span> go<span class=\"_ _2\"></span>vernm<span class=\"_ _2\"></span>ent <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>rpor<span class=\"_ _7\"></span>ate<span class=\"_ _2\"></span> bo<span class=\"_ _7\"></span>nds<span class=\"_ _2\"></span> wi<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span> a <span class=\"_ _2\"></span>boo<span class=\"_ _7\"></span>k <span class=\"_ _2\"></span>val<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span> of<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>oun<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>EU<span class=\"_ _2\"></span>R 78.<span class=\"_ _2\"></span>5 m<span class=\"_ _7\"></span>illi<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>n (nomi<span class=\"_ _7\"></span>nal value: EU<span class=\"_ _2\"></span>R 86.1 mil<span class=\"_ _7\"></span>lion).<span class=\"_ _3d5\"> </span>24.<span class=\"ff4a\"> </span>MA<span class=\"_ _2\"></span>TERIAL ESTIMA<span class=\"_ _10\"></span>TES <span class=\"_ _2\"></span>AND DISCRETI<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>NARY<span class=\"_ _7\"></span> DECISI<span class=\"_ _7\"></span>ON<span class=\"_ _6\"></span>S 24.1.<span class=\"ff4a\"> </span>(Re-) insuranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> contract<span class=\"_ _7\"></span>s The <span class=\"_ _1\"></span>assumptio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _1\"></span>estim<span class=\"_ _7\"></span>ates <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>b<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ll <span class=\"_ _1\"></span>param<span class=\"_ _7\"></span>eters <span class=\"_ _1\"></span>available <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _1\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _1\"></span>stateme<span class=\"_ _7\"></span>nts <span class=\"_ _1\"></span>were<span class=\"_ _2\"></span> prep<span class=\"_ _7\"></span>are<span class=\"_ _7\"></span>d. <span class=\"_ _4\"> </span>Futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>develo<span class=\"_ _7\"></span>pments <span class=\"_ _4\"></span>ma<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>change <span class=\"_ _4\"></span>d<span class=\"_ _7\"></span>ue <span class=\"_ _f\"> </span>to <span class=\"_ _4\"></span>ma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ket <span class=\"_ _4\"></span>changes <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>circums<span class=\"_ _2\"></span>tances <span class=\"_ _4\"></span>arising <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>outside <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he influenc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>Ins<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. <span class=\"_ _0\"></span>Suc<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>are <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>efle<span class=\"_ _7\"></span>cted <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>when <span class=\"_ _0\"></span>they <span class=\"_ _0\"></span>oc<span class=\"_ _7\"></span>cur<span class=\"_ _e\"></span>. <span class=\"_ _4\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>inform<span class=\"_ _7\"></span>ation <span class=\"_ _0\"></span>is disaggr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ated <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>disclose <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 17 <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>ment <span class=\"_ _0\"></span>models<span class=\"_ _7\"></span>, <span class=\"_ _0\"></span>na<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ely <span class=\"_ _0\"></span>GMM, <span class=\"_ _1\"></span>VF<span class=\"_ _7\"></span>A <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>P<span class=\"_ _10\"></span>AA. <span class=\"_ _0\"></span>This <span class=\"_ _0\"></span>disaggr<span class=\"_ _2\"></span>egation <span class=\"_ _0\"></span>clos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ly foll<span class=\"_ _7\"></span>ows the str<span class=\"_ _7\"></span>uctur<span class=\"_ _7\"></span>e of t<span class=\"_ _7\"></span>he IFRS 17<span class=\"_ _7\"></span> po<span class=\"_ _7\"></span>rtfolio<span class=\"_ _7\"></span>s at VIG, <span class=\"_ _7\"></span>which ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> generall<span class=\"_ _7\"></span>y be d<span class=\"_ _7\"></span>escribe<span class=\"_ _2\"></span>d a<span class=\"_ _6\"></span>s fol<span class=\"_ _7\"></span>lows: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Unit-linked l<span class=\"_ _7\"></span>ife ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts, pa<span class=\"_ _7\"></span>rticipating l<span class=\"_ _7\"></span>ife ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts <span class=\"_ _7\"></span>and t<span class=\"_ _7\"></span>he Aust<span class=\"_ _7\"></span>rian healt<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> insu<span class=\"_ _7\"></span>rance b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>by type of l<span class=\"_ _7\"></span>ife i<span class=\"_ _7\"></span>nsurance a<span class=\"_ _7\"></span>re me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>VF<span class=\"_ _2\"></span>A method,<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty and c<span class=\"_ _7\"></span>asualt<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>os will<span class=\"_ _7\"></span> primarily b<span class=\"_ _7\"></span>e measu<span class=\"_ _7\"></span>red <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h P<span class=\"_ _10\"></span>AA and  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Lon<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>-duratio<span class=\"_ _2\"></span>n proper<span class=\"_ _7\"></span>ty a<span class=\"_ _7\"></span>nd casualt<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> not fulf<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ing the P<span class=\"_ _10\"></span>AA crit<span class=\"_ _7\"></span>eria, life ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot fulfil<span class=\"_ _7\"></span>ling the VF<span class=\"_ _2\"></span>A crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ria, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>will be m<span class=\"_ _2\"></span>easure<span class=\"_ _7\"></span>d using t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e GMM.<span class=\"_ _2\"></span> The metho<span class=\"_ _7\"></span>ds us<span class=\"_ _7\"></span>ed to mea<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span>ure i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce contra<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ts in the<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>life an<span class=\"_ _7\"></span>d hea<span class=\"_ _7\"></span>lth busin<span class=\"_ _7\"></span>ess<span class=\"_ _7\"></span> The <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sent <span class=\"_ _0\"></span>value <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>fut<span class=\"_ _7\"></span>ure <span class=\"_ _0\"></span>cash <span class=\"_ _4\"></span>fl<span class=\"_ _7\"></span>ows <span class=\"_ _4\"></span>will<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>be <span class=\"_ _0\"></span>de<span class=\"_ _6\"></span>termin<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>by <span class=\"_ _4\"> </span>dif<span class=\"_ _7\"></span>ferent <span class=\"_ _0\"></span>appro<span class=\"_ _7\"></span>aches <span class=\"_ _0\"></span>depending <span class=\"_ _0\"></span>on <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>decis<span class=\"_ _7\"></span>ion <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>lo<span class=\"_ _7\"></span>cal companies. Bo<span class=\"_ _7\"></span>th <span class=\"_ _6\"></span>stoc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>astic <span class=\"_ _6\"></span>mod<span class=\"_ _7\"></span>elling and deterministi<span class=\"_ _7\"></span>c <span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>ojection <span class=\"_ _6\"></span>are used within the <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. In <span class=\"_ _6\"></span>contrast to <span class=\"_ _6\"></span>dete<span class=\"_ _7\"></span>rminis<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ic proj<span class=\"_ _7\"></span>ection tech<span class=\"_ _7\"></span>niques, stoch<span class=\"_ _7\"></span>astic modell<span class=\"_ _7\"></span>ing appl<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>tec<span class=\"_ _7\"></span>hnique<span class=\"_ _7\"></span>s to <span class=\"_ _6\"></span>genera<span class=\"_ _7\"></span>te a <span class=\"_ _6\"></span>large n<span class=\"_ _7\"></span>umber of <span class=\"_ _6\"></span>possi<span class=\"_ _7\"></span>ble economi<span class=\"_ _7\"></span>c scen<span class=\"_ _7\"></span>arios for market <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ariables s<span class=\"_ _2\"></span>uch as in<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>es and <span class=\"_ _7\"></span>equity r<span class=\"_ _2\"></span>eturns to pr<span class=\"_ _2\"></span>oject futur<span class=\"_ _2\"></span>e cas<span class=\"_ _7\"></span>h flows. <span class=\"_ _2\"></span> ASSUMP<span class=\"_ _7\"></span>TIONS US<span class=\"_ _7\"></span>ED <span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>O <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>STIMA<span class=\"_ _10\"></span>TE FUTUR<span class=\"_ _7\"></span>E CASH<span class=\"_ _7\"></span> FLOWS<span class=\"_ _7\"></span> Mortality<span class=\"_ _e\"></span>, morbi<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ity an<span class=\"_ _7\"></span>d longevity r<span class=\"_ _7\"></span>ates  Assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> base<span class=\"_ _2\"></span>d on <span class=\"_ _7\"></span>stan<span class=\"_ _7\"></span>dar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>indust<span class=\"_ _7\"></span>ry and <span class=\"_ _2\"></span>nation<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>tables, <span class=\"_ _2\"></span>acc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rding <span class=\"_ _2\"></span>to t<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ype <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>contract <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ritte<span class=\"_ _7\"></span>n a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e t<span class=\"_ _7\"></span>errito<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y in which the ins<span class=\"_ _7\"></span>ured perso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> resid<span class=\"_ _2\"></span>es. <span class=\"_ _6\"></span>The<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>eflec<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cent hist<span class=\"_ _2\"></span>orical experie<span class=\"_ _7\"></span>nce and are<span class=\"_ _7\"></span> adjusted w<span class=\"_ _7\"></span>hen appr<span class=\"_ _7\"></span>opri<span class=\"_ _7\"></span>ate to refle<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t the <span class=\"_ _7\"></span>local <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>panies <span class=\"_ _2\"></span>experienc<span class=\"_ _7\"></span>es. <span class=\"_ _7\"></span>An <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>opriate, <span class=\"_ _2\"></span>but <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>excessiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>allow<span class=\"_ _7\"></span>ance i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>de <span class=\"_ _2\"></span>for ex<span class=\"_ _2\"></span>pected <span class=\"_ _7\"></span>futur<span class=\"_ _2\"></span>e impr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>veme<span class=\"_ _7\"></span>nts. The assum<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>ions <span class=\"_ _2\"></span>diff<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>, for exam<span class=\"_ _7\"></span>ple, de<span class=\"_ _7\"></span>pendi<span class=\"_ _7\"></span>ng on th<span class=\"_ _7\"></span>e insu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lass a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d type o<span class=\"_ _7\"></span>f co<span class=\"_ _7\"></span>ntract. <span class=\"_ _2\"></span> An <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span>cre<span class=\"_ _7\"></span>ase <span class=\"_ _0\"></span>in <span class=\"_ _6\"></span>expected <span class=\"_ _1\"></span>mortali<span class=\"_ _7\"></span>ty <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>morbidity <span class=\"_ _1\"></span>rates <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>inc<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ase <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted <span class=\"_ _1\"></span>claim <span class=\"_ _1\"></span>cost <span class=\"_ _6\"></span>which<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>reduce <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>future CSM as a <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>equenc<span class=\"_ _7\"></span>e. Expenses <span class=\"_ _2\"></span> Administr<span class=\"_ _7\"></span>ative <span class=\"_ _3\"> </span>expenses <span class=\"_ _d\"> </span>ass<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>ns  r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fle<span class=\"_ _7\"></span>ct  th<span class=\"_ _7\"></span>e  pr<span class=\"_ _2\"></span>ojected <span class=\"_ _d\"> </span>costs<span class=\"_ _7\"></span>  of <span class=\"_ _d\"> </span>mai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>taining<span class=\"_ _7\"></span>  and<span class=\"_ _2\"></span>  servicing  i<span class=\"_ _2\"></span>n-for<span class=\"_ _7\"></span>ce  pol<span class=\"_ _7\"></span>icies  a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d associat<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>overhead <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>penses. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>curre<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>level <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>expenses<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>taken<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>appr<span class=\"_ _7\"></span>op<span class=\"_ _7\"></span>riate <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>xpens<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>for <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>uture <span class=\"_ _2\"></span>expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ses,<span class=\"_ _7\"></span> adjusted fo<span class=\"_ _7\"></span>r exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cted <span class=\"_ _7\"></span>expense i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>flation, i<span class=\"_ _7\"></span>f appr<span class=\"_ _2\"></span>opriate.<span class=\"_ _2\"></span> An incre<span class=\"_ _2\"></span>ase in the <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed le<span class=\"_ _7\"></span>vel of exp<span class=\"_ _7\"></span>enses <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> reduce f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ture <span class=\"_ _2\"></span>expected p<span class=\"_ _7\"></span>rof<span class=\"_ _7\"></span>its. The <span class=\"_ _1\"></span>cash <span class=\"_ _6\"></span>flows w<span class=\"_ _6\"></span>ithi<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _6\"></span>boundary <span class=\"_ _6\"></span>includ<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>allocatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>fixed <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>var<span class=\"_ _6\"></span>ia<span class=\"_ _7\"></span>ble <span class=\"_ _6\"></span>overheads <span class=\"_ _6\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tly <span class=\"_ _6\"></span>attributabl<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> fulfil<span class=\"_ _7\"></span>ling <span class=\"_ _2\"></span>insu<span class=\"_ _6\"></span>rance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts. <span class=\"_ _2\"></span>Such o<span class=\"_ _7\"></span>verheads<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>are <span class=\"_ _2\"></span>allocated <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>gro<span class=\"_ _7\"></span>ups of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>insurance <span class=\"_ _2\"></span>contracts <span class=\"_ _2\"></span>(GICs) <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _2\"></span>methods t<span class=\"_ _2\"></span>hat a<span class=\"_ _7\"></span>re systematic <span class=\"_ _2\"></span>and rational<span class=\"_ _7\"></span>. These m<span class=\"_ _2\"></span>ethods ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>consisten<span class=\"_ _7\"></span>tly ap<span class=\"_ _2\"></span>plied to all costs t<span class=\"_ _2\"></span>hat have sim<span class=\"_ _7\"></span>ilar <span class=\"_ _7\"></span>characte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>istics.<span class=\"_ _3d5\"> </span>Lapse and s<span class=\"_ _7\"></span>urrend<span class=\"_ _7\"></span>er rates  Lapses <span class=\"_ _6\"></span>relat<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ation <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>policies<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>due<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>non-pa<span class=\"_ _7\"></span>ymen<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>premiu<span class=\"_ _2\"></span>ms <span class=\"_ _1\"></span>where<span class=\"_ _7\"></span>as <span class=\"_ _1\"></span>surr<span class=\"_ _7\"></span>enders<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rela<span class=\"_ _7\"></span>te <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>volunta<span class=\"_ _7\"></span>ry terminatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>polici<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>policy<span class=\"_ _7\"></span>holders. <span class=\"_ _6\"></span>Poli<span class=\"_ _7\"></span>cy <span class=\"_ _1\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ation assumptions <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>dete<span class=\"_ _7\"></span>rmined using <span class=\"_ _1\"></span>statis<span class=\"_ _7\"></span>tical<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed on experi<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nces <span class=\"_ _7\"></span>and var<span class=\"_ _7\"></span>y by p<span class=\"_ _7\"></span>rod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ct type, po<span class=\"_ _7\"></span>lic<span class=\"_ _7\"></span>y duratio<span class=\"_ _2\"></span>n and sales tr<span class=\"_ _2\"></span>ends.<span class=\"_ _2\"></span> An incre<span class=\"_ _2\"></span>ase in can<span class=\"_ _7\"></span>cellatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> rates wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld t<span class=\"_ _7\"></span>end to r<span class=\"_ _2\"></span>educe t<span class=\"_ _7\"></span>he fut<span class=\"_ _7\"></span>ure CS<span class=\"_ _7\"></span>M.<span class=\"_ _7\"></span> The sensiti<span class=\"_ _2\"></span>vities ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esent<span class=\"_ _7\"></span>ed in Note <span class=\"_ _2\"></span>1.8. Insu<span class=\"_ _7\"></span>rance a<span class=\"_ _7\"></span>nd mark<span class=\"_ _7\"></span>et risks <span class=\"_ _7\"></span>\u2013 sensi<span class=\"_ _7\"></span>tivity a<span class=\"_ _7\"></span>nalysis <span class=\"_ _7\"></span>starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 84<span class=\"_ _7\"></span>. <span class=\"_ _7\"></span> THE MET<span class=\"_ _7\"></span>HODS US<span class=\"_ _7\"></span>ED <span class=\"_ _2\"></span>TO MEASUR<span class=\"_ _2\"></span>E<span class=\"_ _6\"></span> INSUR<span class=\"_ _7\"></span>ANCE <span class=\"_ _7\"></span>CONTRA<span class=\"_ _7\"></span>CTS IN<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>HE NON<span class=\"_ _7\"></span>-LIFE BUSIN<span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>SS The <span class=\"_ _f\"> </span>significan<span class=\"_ _6\"></span>t <span class=\"_ _f\"> </span>assu<span class=\"_ _6\"></span>mptions <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>non-life <span class=\"_ _f\"> </span>busine<span class=\"_ _6\"></span>ss <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>covered <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>Note <span class=\"_ _f\"> </span>Liability <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>In<span class=\"_ _6\"></span>cur<span class=\"_ _6\"></span>red <span class=\"_ _f\"> </span>Claims <span class=\"_ _f\"> </span>(LIC) <span class=\"_ _f\"> </span>sta<span class=\"_ _6\"></span>rting <span class=\"_ _f\"> </span>on<span class=\"_ _6\"></span> page 145.  DISCOUN<span class=\"_ _7\"></span>T RA<span class=\"_ _10\"></span>TES All <span class=\"_ _4\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _4\"> </span>cont<span class=\"_ _7\"></span>ract <span class=\"_ _4\"> </span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _4\"></span>(ex<span class=\"_ _7\"></span>cept <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>liability<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>r<span class=\"_ _7\"></span>emaining <span class=\"_ _0\"></span>coverage <span class=\"_ _4\"> </span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>und<span class=\"_ _7\"></span>er <span class=\"_ _4\"> </span>P<span class=\"_ _10\"></span>AA) <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lculat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>by discou<span class=\"_ _7\"></span>nting exp<span class=\"_ _7\"></span>ected f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ture <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash fl<span class=\"_ _7\"></span>ows <span class=\"_ _7\"></span>at risk-f<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>e interes<span class=\"_ _2\"></span>t rates pl<span class=\"_ _7\"></span>us an ill<span class=\"_ _7\"></span>iquidity cor<span class=\"_ _2\"></span>rection.<span class=\"_ _7\"></span> Ri<span class=\"_ _2\"></span>sk<span class=\"_ _2\"></span>-fr<span class=\"_ _2\"></span>ee <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nt<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>t r<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>es <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>ete<span class=\"_ _2\"></span>rmi<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>by<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>a b<span class=\"_ _2\"></span>ott<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>-u<span class=\"_ _7\"></span>p a<span class=\"_ _2\"></span>pp<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>ach <span class=\"_ _7\"></span>wi<span class=\"_ _2\"></span>th <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ef<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>enc<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>to s<span class=\"_ _2\"></span>wa<span class=\"_ _7\"></span>p r<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>s i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>cur<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>cy<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nsu<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ntr<span class=\"_ _2\"></span>act<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>abi<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>, <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>gov<span class=\"_ _7\"></span>ernm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> b<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>wher<span class=\"_ _10\"></span>e s<span class=\"_ _2\"></span>wa<span class=\"_ _7\"></span>p <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ca<span class=\"_ _7\"></span>nno<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nsi<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>d s<span class=\"_ _7\"></span>uf<span class=\"_ _2\"></span>fi<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t,<span class=\"_ _2\"></span> li<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>nsp<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>. The <span class=\"_ _6\"></span>illi<span class=\"_ _7\"></span>quidit<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>adjustm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt to <span class=\"_ _6\"></span>the rel<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>va<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>risk-f<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>inter<span class=\"_ _2\"></span>est <span class=\"_ _6\"></span>rates is based on the risk-corr<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ted spr<span class=\"_ _7\"></span>ead bet<span class=\"_ _7\"></span>ween the <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tere<span class=\"_ _2\"></span>st rate <span class=\"_ _6\"></span>that cou<span class=\"_ _6\"></span>ld<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>earned <span class=\"_ _1\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> refer<span class=\"_ _7\"></span>ence <span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rtfolio and <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>risk<span class=\"_ _7\"></span>-free<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>inter<span class=\"_ _7\"></span>est r<span class=\"_ _6\"></span>ates. Refere<span class=\"_ _2\"></span>nce <span class=\"_ _6\"></span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>o we<span class=\"_ _6\"></span>igh<span class=\"_ _7\"></span>ts a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> calculat<span class=\"_ _7\"></span>ed consid<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng all of<span class=\"_ _7\"></span> VIGs applic<span class=\"_ _2\"></span>able investme<span class=\"_ _2\"></span>nts gr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>ped b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> cou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>try<span class=\"_ _e\"></span>. Interes<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>rates <span class=\"_ _2\"></span>applied <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>discounting <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>future <span class=\"_ _10\"></span>cash <span class=\"_ _2\"></span>flows <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>present<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>Not<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>1.2. <span class=\"_ _2\"></span>Assumptions <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>starting <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>page 6<span class=\"_ _2\"></span>3. RISK <span class=\"_ _2\"></span>ADJUSTMEN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> FOR<span class=\"_ _7\"></span> NON-FINAN<span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>IAL RI<span class=\"_ _7\"></span>SKS<span class=\"_ _7\"></span> The <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>dj<span class=\"_ _7\"></span>ustmen<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>on-fina<span class=\"_ _7\"></span>ncial <span class=\"_ _0\"></span>risks <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>eprese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>compe<span class=\"_ _7\"></span>nsation <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>equir<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>earing <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>unce<span class=\"_ _7\"></span>rtaint<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>about <span class=\"_ _0\"></span>the amount and <span class=\"_ _6\"></span>timing of the <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>flows of GICs <span class=\"_ _6\"></span>and covers insurance risk, lapse r<span class=\"_ _6\"></span>isk and e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ense r<span class=\"_ _6\"></span>isk. The risk <span class=\"_ _6\"></span>adj<span class=\"_ _7\"></span>ustme<span class=\"_ _7\"></span>nt therefor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>refl<span class=\"_ _7\"></span>ects <span class=\"_ _6\"></span>an amount <span class=\"_ _6\"></span>that an <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>pany <span class=\"_ _6\"></span>would <span class=\"_ _6\"></span>pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>remo<span class=\"_ _7\"></span>ve <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>unce<span class=\"_ _7\"></span>rtaint<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>about whe<span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>futur<span class=\"_ _7\"></span>e c<span class=\"_ _6\"></span>ash flows wil<span class=\"_ _2\"></span>l exceed the best <span class=\"_ _2\"></span>estimate. <span class=\"_ _2\"></span> The <span class=\"_ _1\"></span>risk <span class=\"_ _6\"></span>adjustm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>estimatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>was <span class=\"_ _6\"></span>carried <span class=\"_ _6\"></span>out <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>cos<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>capital <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ech<span class=\"_ _7\"></span>nique <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>CoC <span class=\"_ _6\"></span>tech<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ique). <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>CoC <span class=\"_ _1\"></span>techniq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e req<span class=\"_ _7\"></span>uires estim<span class=\"_ _7\"></span>ating th<span class=\"_ _7\"></span>e proba<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>distrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tion of the fulfil<span class=\"_ _7\"></span>ment cash flows and<span class=\"_ _7\"></span> the ad<span class=\"_ _6\"></span>ditio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al capi<span class=\"_ _7\"></span>tal that it requir<span class=\"_ _2\"></span>es <span class=\"_ _6\"></span>at ea<span class=\"_ _7\"></span>ch future <span class=\"_ _2\"></span>da<span class=\"_ _6\"></span>te i<span class=\"_ _7\"></span>n the c<span class=\"_ _7\"></span>ash flow <span class=\"_ _2\"></span>projectio<span class=\"_ _7\"></span>n to com<span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>y with eco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>mic capit<span class=\"_ _7\"></span>al req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nts.  A<span class=\"_ _7\"></span> C<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>C ra<span class=\"_ _2\"></span>te i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> ap<span class=\"_ _2\"></span>plie<span class=\"_ _2\"></span>d t<span class=\"_ _7\"></span>o t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> ad<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nal<span class=\"_ _2\"></span> capi<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>l r<span class=\"_ _2\"></span>eq<span class=\"_ _2\"></span>uir<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span> futu<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>epo<span class=\"_ _2\"></span>rt<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> peri<span class=\"_ _2\"></span>ods<span class=\"_ _2\"></span>. Th<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>of c<span class=\"_ _2\"></span>api<span class=\"_ _2\"></span>tal<span class=\"_ _2\"></span> r<span class=\"_ _7\"></span>epr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e r<span class=\"_ _10\"></span>eturn<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>equ<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>by<span class=\"_ _7\"></span> a <span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>omp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span> fo<span class=\"_ _2\"></span>r <span class=\"_ _7\"></span>exp<span class=\"_ _2\"></span>osu<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> non<span class=\"_ _2\"></span>-f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ris<span class=\"_ _2\"></span>ks.<span class=\"_ _2\"></span> Th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cal<span class=\"_ _2\"></span>cu<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ed r<span class=\"_ _2\"></span>isk<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>dj<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>tme<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span> a<span class=\"_ _2\"></span>t f<span class=\"_ _2\"></span>utur<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>ms <span class=\"_ _2\"></span>is di<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> to<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>por<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>ng <span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>at<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>disc<span class=\"_ _2\"></span>oun<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>e,<span class=\"_ _7\"></span> to<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>e h<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ld<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>as<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span> p<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> to<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>l l<span class=\"_ _7\"></span>if<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>nsu<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _2\"></span>ct <span class=\"_ _2\"></span>li<span class=\"_ _7\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _7\"></span>ty<span class=\"_ _5\"></span>.<span class=\"_ _3d5\"> </span>AMOR<span class=\"_ _7\"></span>TISA<span class=\"_ _10\"></span>T<span class=\"_ _6\"></span>ION<span class=\"_ _7\"></span> OF <span class=\"_ _2\"></span>THE CON<span class=\"_ _7\"></span>TRACTUA<span class=\"_ _7\"></span>L SERVI<span class=\"_ _7\"></span>CE MAR<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>IN (CSM<span class=\"_ _7\"></span>) The <span class=\"_ _f\"> </span>C<span class=\"_ _7\"></span>SM <span class=\"_ _4\"> </span>is <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>com<span class=\"_ _2\"></span>pone<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>asse<span class=\"_ _2\"></span>t <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>lia<span class=\"_ _2\"></span>bility <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>the<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>gr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>p <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"> </span>contracts <span class=\"_ _4\"> </span>that <span class=\"_ _4\"> </span>repres<span class=\"_ _2\"></span>ents <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>u<span class=\"_ _7\"></span>nearned <span class=\"_ _7\"></span> prof<span class=\"_ _7\"></span>it a <span class=\"_ _6\"></span>company will recognis<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>it pro<span class=\"_ _7\"></span>vides services in <span class=\"_ _6\"></span>the future. In <span class=\"_ _6\"></span>eac<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>period, an amou<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>CSM for <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts is r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised in profi<span class=\"_ _7\"></span>t and lo<span class=\"_ _7\"></span>ss as ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance se<span class=\"_ _7\"></span>rvice r<span class=\"_ _2\"></span>evenue to ref<span class=\"_ _7\"></span>lect the i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>contract ser<span class=\"_ _7\"></span>vices provid<span class=\"_ _2\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>under t<span class=\"_ _7\"></span>he gro<span class=\"_ _7\"></span>up of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce cont<span class=\"_ _7\"></span>racts i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> that pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod. This <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt is de<span class=\"_ _7\"></span>termin<span class=\"_ _7\"></span>ed by:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>identifying t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erage u<span class=\"_ _7\"></span>nits in <span class=\"_ _7\"></span>the gro<span class=\"_ _2\"></span>up;  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>allocating <span class=\"_ _7\"></span>the CSM <span class=\"_ _2\"></span>at<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>end of <span class=\"_ _7\"></span>the period <span class=\"_ _2\"></span>equally to<span class=\"_ _7\"></span> eac<span class=\"_ _7\"></span>h cov<span class=\"_ _7\"></span>erage <span class=\"_ _7\"></span>unit pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ided i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>curr<span class=\"_ _7\"></span>ent p<span class=\"_ _7\"></span>eriod o<span class=\"_ _7\"></span>r expected to be pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ided i<span class=\"_ _7\"></span>n th<span class=\"_ _7\"></span>e futur<span class=\"_ _7\"></span>e. All<span class=\"_ _7\"></span>ocatio<span class=\"_ _7\"></span>n takes <span class=\"_ _7\"></span>place befor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> amo<span class=\"_ _7\"></span>unts t<span class=\"_ _7\"></span>hat refl<span class=\"_ _7\"></span>ect t<span class=\"_ _7\"></span>he insura<span class=\"_ _7\"></span>nce s<span class=\"_ _7\"></span>ervice exp<span class=\"_ _2\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e made in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he period ar<span class=\"_ _7\"></span>e r<span class=\"_ _2\"></span>ecognised <span class=\"_ _7\"></span>thro<span class=\"_ _2\"></span>ugh<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>ofit and los<span class=\"_ _7\"></span>s;<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>recog<span class=\"_ _7\"></span>nising t<span class=\"_ _7\"></span>hro<span class=\"_ _7\"></span>ugh pro<span class=\"_ _7\"></span>fit a<span class=\"_ _7\"></span>nd loss t<span class=\"_ _2\"></span>he amou<span class=\"_ _7\"></span>nt alloc<span class=\"_ _7\"></span>ated to <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>overage <span class=\"_ _2\"></span>units pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ided i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod.<span class=\"_ _2\"></span> In <span class=\"_ _6\"></span>or<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>er to <span class=\"_ _6\"></span>dete<span class=\"_ _7\"></span>rmine the number of cover<span class=\"_ _7\"></span>age un<span class=\"_ _6\"></span>its in a <span class=\"_ _6\"></span>gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of insura<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts, the numb<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>of benefits<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span>d to the <span class=\"_ _3\"> </span>poli<span class=\"_ _7\"></span>cyhold<span class=\"_ _7\"></span>er <span class=\"_ _3\"> </span>whic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _3\"> </span>combi<span class=\"_ _7\"></span>nes <span class=\"_ _3\"> </span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _f\"> </span>coverage <span class=\"_ _f\"> </span>services <span class=\"_ _f\"> </span>and <span class=\"_ _3\"> </span>in<span class=\"_ _7\"></span>vestme<span class=\"_ _7\"></span>nt <span class=\"_ _3\"> </span>servic<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _3\"> </span>has <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be<span class=\"_ _6\"></span> <span class=\"_ _3\"> </span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed. <span class=\"_ _3\"> </span>When<span class=\"_ _7\"></span> weighting <span class=\"_ _10\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ervices,<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>consolid<span class=\"_ _7\"></span>ated <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up g<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nerall<span class=\"_ _7\"></span>y co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>rs <span class=\"_ _2\"></span>the spl<span class=\"_ _7\"></span>it <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>prese<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>value <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>premi<span class=\"_ _7\"></span>um i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>risk <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> savings pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ts to wei<span class=\"_ _7\"></span>ght the r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>ease compo<span class=\"_ _2\"></span>nents. Ho<span class=\"_ _7\"></span>wever<span class=\"_ _e\"></span>, in some c<span class=\"_ _7\"></span>ases the<span class=\"_ _7\"></span>re mig<span class=\"_ _7\"></span>ht also<span class=\"_ _7\"></span> be th<span class=\"_ _7\"></span>e need to weig<span class=\"_ _2\"></span>ht<span class=\"_ _6\"></span> dif<span class=\"_ _2\"></span>ferent<span class=\"_ _7\"></span> insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>cove<span class=\"_ _7\"></span>rages <span class=\"_ _6\"></span>when determining the <span class=\"_ _6\"></span>number <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>coverage units. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>premi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ms <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>each <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce coverage i<span class=\"_ _7\"></span>s used f<span class=\"_ _7\"></span>or this.<span class=\"_ _2\"></span> The quan<span class=\"_ _7\"></span>tity of b<span class=\"_ _7\"></span>enefits <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>coverage <span class=\"_ _2\"></span>units for its mai<span class=\"_ _2\"></span>n prod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ct li<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>es is as f<span class=\"_ _7\"></span>ollo<span class=\"_ _7\"></span>ws: For portfol<span class=\"_ _7\"></span>ios f<span class=\"_ _7\"></span>or the<span class=\"_ _6\"></span> non-lif<span class=\"_ _7\"></span>e, healt<span class=\"_ _7\"></span>h and non<span class=\"_ _7\"></span>-life r<span class=\"_ _7\"></span>einsuran<span class=\"_ _7\"></span>ce is<span class=\"_ _7\"></span>sued appro<span class=\"_ _7\"></span>ximat<span class=\"_ _7\"></span>e the ins<span class=\"_ _7\"></span>urance ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span>d with t<span class=\"_ _7\"></span>he proj<span class=\"_ _7\"></span>ected e<span class=\"_ _6\"></span>arned <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>emium.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>majorit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>thes<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>services<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _6\"></span>cov<span class=\"_ _7\"></span>erage. <span class=\"_ _6\"></span>The<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage unit <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>therefo<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the proj<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>earned premi<span class=\"_ _2\"></span>um. For <span class=\"_ _4\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _4\"> </span>of <span class=\"_ _0\"></span>life <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nnuities <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts, <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>q<span class=\"_ _6\"></span>ua<span class=\"_ _7\"></span>ntity <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>be<span class=\"_ _7\"></span>nefi<span class=\"_ _7\"></span>ts <span class=\"_ _4\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _4\"></span>both <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ance <span class=\"_ _0\"></span>coverage <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestm<span class=\"_ _7\"></span>ent <span class=\"_ _4\"></span>se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vice <span class=\"_ _0\"></span>are mathema<span class=\"_ _7\"></span>tical reser<span class=\"_ _7\"></span>ves, <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>the c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage unit is <span class=\"_ _6\"></span>also th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>mathema<span class=\"_ _7\"></span>tical reser<span class=\"_ _7\"></span>ve. For<span class=\"_ _6\"></span> term <span class=\"_ _6\"></span>life insuranc<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>without surre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der value a<span class=\"_ _6\"></span>nd riders, <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>only<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>provide <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>coverag<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>quantit<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>be<span class=\"_ _7\"></span>nefits <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>ctually agreed<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>sum <span class=\"_ _6\"></span>insur<span class=\"_ _2\"></span>ed over <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>contract.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>For <span class=\"_ _2\"></span>these <span class=\"_ _10\"></span>pro<span class=\"_ _7\"></span>ducts, <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _10\"></span>unit <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>efore <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>lso <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>contract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ally <span class=\"_ _10\"></span>agreed <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>um <span class=\"_ _2\"></span>insur<span class=\"_ _2\"></span>ed. For <span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>it- <span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>index-li<span class=\"_ _7\"></span>nked <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>qu<span class=\"_ _7\"></span>antity o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestm<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ervice i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>etermi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _7\"></span>by f<span class=\"_ _2\"></span>und <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue, <span class=\"_ _2\"></span>therefor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the f<span class=\"_ _2\"></span>und <span class=\"_ _2\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue is used <span class=\"_ _7\"></span>as co<span class=\"_ _7\"></span>verage u<span class=\"_ _7\"></span>nit.  For <span class=\"_ _2\"></span>endowme<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>witho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span>rs a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>term i<span class=\"_ _2\"></span>nsurance <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>surre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>a m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>e for <span class=\"_ _2\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>coverage<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>the s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>ri<span class=\"_ _7\"></span>sk and <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>meas<span class=\"_ _7\"></span>ure <span class=\"_ _0\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>service <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>athematic<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _0\"></span>rese<span class=\"_ _7\"></span>rve. <span class=\"_ _0\"></span>The <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>um <span class=\"_ _0\"></span>assur<span class=\"_ _2\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>used <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>coverage <span class=\"_ _1\"></span>unit, <span class=\"_ _0\"></span>since<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>it repr<span class=\"_ _2\"></span>esents <span class=\"_ _14\"> </span>both <span class=\"_ _12\"> </span>compon<span class=\"_ _7\"></span>ents: <span class=\"_ _12\"> </span>the <span class=\"_ _14\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _14\"> </span>com<span class=\"_ _7\"></span>ponent<span class=\"_ _2\"></span> <span class=\"_ _14\"> </span>par<span class=\"_ _6\"></span>t <span class=\"_ _14\"> </span>(sum <span class=\"_ _12\"> </span>at <span class=\"_ _14\"> </span>r<span class=\"_ _6\"></span>isk<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _14\"> </span>and <span class=\"_ _12\"> </span>the <span class=\"_ _14\"> </span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _14\"> </span>compo<span class=\"_ _2\"></span>nent <span class=\"_ _14\"> </span>part (mathem<span class=\"_ _7\"></span>atical r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>erve or fu<span class=\"_ _7\"></span>nd val<span class=\"_ _7\"></span>ue). I<span class=\"_ _7\"></span>n this cas<span class=\"_ _7\"></span>e no f<span class=\"_ _7\"></span>urther <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>eig<span class=\"_ _7\"></span>hting is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ecessa<span class=\"_ _7\"></span>ry<span class=\"_ _10\"></span>. For <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>held, <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>number <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _6\"></span>uni<span class=\"_ _7\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>group <span class=\"_ _6\"></span>ref<span class=\"_ _7\"></span>lects <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>expected <span class=\"_ _6\"></span>patt<span class=\"_ _7\"></span>ern<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>under<span class=\"_ _7\"></span>writing of the und<span class=\"_ _7\"></span>erlying co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>because th<span class=\"_ _7\"></span>e level o<span class=\"_ _7\"></span>f service <span class=\"_ _2\"></span>provid<span class=\"_ _2\"></span>ed depends o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>numb<span class=\"_ _7\"></span>er of unde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>lyi<span class=\"_ _7\"></span>ng cont<span class=\"_ _7\"></span>racts in for<span class=\"_ _2\"></span>ce.<span class=\"_ _3d5\"> </span>The total cov<span class=\"_ _7\"></span>erage units o<span class=\"_ _7\"></span>f each gro<span class=\"_ _2\"></span>up of (re-) insu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts i<span class=\"_ _7\"></span>s reassess<span class=\"_ _7\"></span>ed at t<span class=\"_ _7\"></span>he end of each re<span class=\"_ _2\"></span>por<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng period. T<span class=\"_ _7\"></span>his adjusts <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>red<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ction <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>remaining <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>over<span class=\"_ _7\"></span>age <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>laims<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>paid, <span class=\"_ _10\"></span>expe<span class=\"_ _6\"></span>cte<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>lapses <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>cancellatio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ontracts <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>period. LIABILIT<span class=\"_ _7\"></span>Y FOR R<span class=\"_ _7\"></span>EMAININ<span class=\"_ _7\"></span>G COVERAG<span class=\"_ _2\"></span>E (LRC) The <span class=\"_ _0\"></span>cal<span class=\"_ _7\"></span>culatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>LRC <span class=\"_ _1\"></span>involves <span class=\"_ _6\"></span>many <span class=\"_ _0\"></span>disc<span class=\"_ _7\"></span>retio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>fig<span class=\"_ _7\"></span>ures, <span class=\"_ _6\"></span>inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>uding <span class=\"_ _1\"></span>discou<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>rates, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>cash <span class=\"_ _1\"></span>flows <span class=\"_ _1\"></span>assumed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on costs <span class=\"_ _7\"></span>and fulfi<span class=\"_ _7\"></span>lment c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sh flows f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>contracts.<span class=\"_ _2\"></span><span class=\"ff4f\"> </span>Insura<span class=\"_ _7\"></span>nce acq<span class=\"_ _7\"></span>uisition costs <span class=\"_ _2\"></span> Insurance<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>acquisi<span class=\"_ _7\"></span>tion c<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>ts are all<span class=\"_ _7\"></span>ocated to r<span class=\"_ _7\"></span>elated gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps o<span class=\"_ _7\"></span>f insurance contr<span class=\"_ _7\"></span>acts re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the consol<span class=\"_ _7\"></span>idat<span class=\"_ _7\"></span>ed balance sheet <span class=\"_ _7\"></span>(incl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ding <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>e g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _7\"></span>tha<span class=\"_ _7\"></span>t wil<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>include <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ntracts ex<span class=\"_ _2\"></span>pected <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>aris<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>rom <span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>wals). <span class=\"_ _2\"></span>An <span class=\"_ _7\"></span>asset <span class=\"_ _2\"></span>for ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>costs <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>acquisi<span class=\"_ _7\"></span>tion <span class=\"_ _0\"></span>costs <span class=\"_ _0\"></span>incurr<span class=\"_ _2\"></span>ed <span class=\"_ _4\"></span>befo<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>rel<span class=\"_ _7\"></span>ated <span class=\"_ _0\"></span>grou<span class=\"_ _7\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>insuranc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>has <span class=\"_ _0\"></span>been recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised. <span class=\"_ _7\"></span> Groups of<span class=\"_ _7\"></span> onero<span class=\"_ _7\"></span>us insura<span class=\"_ _7\"></span>nce contr<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cts <span class=\"_ _7\"></span> For <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>co<span class=\"_ _7\"></span>ntracts, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>rem<span class=\"_ _7\"></span>aining coverage <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>det<span class=\"_ _7\"></span>ermined<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>the fu<span class=\"_ _6\"></span>lfi<span class=\"_ _7\"></span>lment <span class=\"_ _6\"></span>cash<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>flows. <span class=\"_ _6\"></span>Any <span class=\"_ _6\"></span>loss-<span class=\"_ _3d5\"> </span>reco<span class=\"_ _7\"></span>very <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"></span>determi<span class=\"_ _7\"></span>ned <span class=\"_ _4\"></span>wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>efer<span class=\"_ _7\"></span>ence <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>oss <span class=\"_ _0\"></span>component <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>unde<span class=\"_ _7\"></span>rlying <span class=\"_ _0\"></span>contracts <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>the reco<span class=\"_ _7\"></span>very exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cted o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>uch claims f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>einsur<span class=\"_ _7\"></span>ance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trac<span class=\"_ _2\"></span>ts he<span class=\"_ _6\"></span>ld. <span class=\"_ _2\"></span> Time<span class=\"_ _7\"></span> value<span class=\"_ _7\"></span> of money<span class=\"_ _7\"></span>  Fo<span class=\"_ _2\"></span>r al<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>od<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>t li<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>, the<span class=\"_ _2\"></span> boo<span class=\"_ _2\"></span>k val<span class=\"_ _2\"></span>ue o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> li<span class=\"_ _2\"></span>abi<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>ty f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r r<span class=\"_ _7\"></span>em<span class=\"_ _2\"></span>ain<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng c<span class=\"_ _2\"></span>ove<span class=\"_ _2\"></span>rag<span class=\"_ _2\"></span>e is <span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>cou<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> to r<span class=\"_ _2\"></span>efl<span class=\"_ _2\"></span>ec<span class=\"_ _7\"></span>t th<span class=\"_ _7\"></span>e ti<span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>e v<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>ney<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>ef<span class=\"_ _10\"></span>fe<span class=\"_ _2\"></span>ct <span class=\"_ _6\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>nanc<span class=\"_ _2\"></span>ia<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>sk.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>Ex<span class=\"_ _7\"></span>cl<span class=\"_ _7\"></span>ud<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>tho<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>ea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>und<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>P<span class=\"_ _10\"></span>A<span class=\"_ _7\"></span>A<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>tha<span class=\"_ _7\"></span>t ar<span class=\"_ _7\"></span>e not<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>on<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>. <span class=\"_ _6\"></span>Fo<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>int<span class=\"_ _2\"></span>er<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>s <span class=\"_ _6\"></span>ap<span class=\"_ _7\"></span>pli<span class=\"_ _2\"></span>ed, di<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>re<span class=\"_ _2\"></span>fle<span class=\"_ _2\"></span>ct <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>cha<span class=\"_ _2\"></span>rac<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>ri<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>cs <span class=\"_ _10\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>cas<span class=\"_ _2\"></span>h f<span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>ws o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>gro<span class=\"_ _2\"></span>up<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>s <span class=\"_ _10\"></span>at <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>it<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>ec<span class=\"_ _2\"></span>og<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>used<span class=\"_ _2\"></span>.  The applied <span class=\"_ _2\"></span>discount ra<span class=\"_ _7\"></span>tes ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> be see<span class=\"_ _7\"></span>n i<span class=\"_ _7\"></span>n Note <span class=\"_ _2\"></span>1.2. Assumptions <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed s<span class=\"_ _7\"></span>tarting o<span class=\"_ _7\"></span>n page 63.<span class=\"_ _2\"></span> Discretion<span class=\"_ _7\"></span>ar<span class=\"_ _6\"></span>y cas<span class=\"_ _2\"></span>h flows for indirect<span class=\"_ _7\"></span> profi<span class=\"_ _7\"></span>t participati<span class=\"_ _7\"></span>ng contr<span class=\"_ _7\"></span>acts T<span class=\"_ _e\"></span>o determin<span class=\"_ _7\"></span>e how to ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tify changes i<span class=\"_ _7\"></span>n discr<span class=\"_ _7\"></span>etio<span class=\"_ _7\"></span>nary cas<span class=\"_ _7\"></span>h flows fo<span class=\"_ _7\"></span>r insurance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>with discr<span class=\"_ _7\"></span>etio<span class=\"_ _7\"></span>nary feat<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>which do <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>meet <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>defi<span class=\"_ _7\"></span>nition <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>profit <span class=\"_ _6\"></span>parti<span class=\"_ _7\"></span>cipatio<span class=\"_ _7\"></span>n, <span class=\"_ _6\"></span>local <span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>ities <span class=\"_ _6\"></span>sp<span class=\"_ _7\"></span>ecify <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>asis <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>which <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>ey <span class=\"_ _6\"></span>expect <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>determi<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span> their commi<span class=\"_ _7\"></span>tment und<span class=\"_ _7\"></span>er the contrac<span class=\"_ _7\"></span>t. <span class=\"_ _6\"></span>Ho<span class=\"_ _7\"></span>wever<span class=\"_ _10\"></span>, the<span class=\"_ _7\"></span> e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fects <span class=\"_ _7\"></span>of market variabl<span class=\"_ _7\"></span>es (e.g. investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t r<span class=\"_ _7\"></span>eturns) on <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> cash flows should s<span class=\"_ _7\"></span>till <span class=\"_ _7\"></span>flow thro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>h P&amp;L or be o<span class=\"_ _2\"></span>ptionally r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> OCI a<span class=\"_ _7\"></span>nd sho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld <span class=\"_ _7\"></span>not lead to <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> adjus<span class=\"_ _2\"></span>tment of t<span class=\"_ _7\"></span>he CSM.<span class=\"_ _2\"></span> ASSETS FO<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> INSURAN<span class=\"_ _2\"></span>CE <span class=\"_ _7\"></span>ACQUISITION<span class=\"_ _2\"></span> COSTS VIG <span class=\"_ _2\"></span>appli<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>discr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>tionar<span class=\"_ _7\"></span>y <span class=\"_ _10\"></span>decision <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>determi<span class=\"_ _7\"></span>ning <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>puts <span class=\"_ _10\"></span>used <span class=\"_ _2\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thodolo<span class=\"_ _7\"></span>gy <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>systematic<span class=\"_ _2\"></span>ally <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>ration<span class=\"_ _7\"></span>ally <span class=\"_ _10\"></span>allocate acquisiti<span class=\"_ _7\"></span>on cos<span class=\"_ _7\"></span>ts to gro<span class=\"_ _2\"></span>ups of ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts to d<span class=\"_ _7\"></span>eter<span class=\"_ _7\"></span>mine:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>whether ins<span class=\"_ _2\"></span>urance cont<span class=\"_ _7\"></span>racts a<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>expecte<span class=\"_ _7\"></span>d to aris<span class=\"_ _7\"></span>e as a r<span class=\"_ _2\"></span>esult of<span class=\"_ _7\"></span> renew<span class=\"_ _7\"></span>als of<span class=\"_ _7\"></span> existing i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>if appli<span class=\"_ _7\"></span>cable, wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> resp<span class=\"_ _7\"></span>ect to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt to b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> alloca<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed to g<span class=\"_ _2\"></span>roups, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uding fut<span class=\"_ _7\"></span>ure r<span class=\"_ _2\"></span>enewals<span class=\"_ _7\"></span>,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>as well <span class=\"_ _7\"></span>as with r<span class=\"_ _7\"></span>espe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t to th<span class=\"_ _7\"></span>e vol<span class=\"_ _7\"></span>ume of ex<span class=\"_ _7\"></span>pecte<span class=\"_ _7\"></span>d re<span class=\"_ _7\"></span>newals<span class=\"_ _7\"></span> fr<span class=\"_ _7\"></span>om new <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts iss<span class=\"_ _7\"></span>ued in t<span class=\"_ _7\"></span>he pe<span class=\"_ _7\"></span>riod.<span class=\"_ _3d5\"> </span>At <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>each <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>eporting<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>period, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ssum<span class=\"_ _7\"></span>ptions<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>made <span class=\"_ _10\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>adju<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>allocate <span class=\"_ _e\"></span>ac<span class=\"_ _6\"></span>quisi<span class=\"_ _7\"></span>tion <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>cont<span class=\"_ _7\"></span>ract <span class=\"_ _10\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps. Wher<span class=\"_ _7\"></span>e necess<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _7\"></span>the amo<span class=\"_ _7\"></span>unts of <span class=\"_ _7\"></span>assets a<span class=\"_ _2\"></span>re r<span class=\"_ _7\"></span>evised f<span class=\"_ _7\"></span>or i<span class=\"_ _7\"></span>nsurance a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quisi<span class=\"_ _7\"></span>tion costs <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ngly<span class=\"_ _e\"></span>.  LIABILIT<span class=\"_ _7\"></span>Y FOR INCU<span class=\"_ _7\"></span>RRED<span class=\"_ _7\"></span> CLAIMS <span class=\"_ _7\"></span>(LIC) For the <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-li<span class=\"_ _7\"></span>fe busi<span class=\"_ _7\"></span>ness, the LI<span class=\"_ _7\"></span>C is <span class=\"_ _7\"></span>a major <span class=\"_ _7\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of t<span class=\"_ _7\"></span>he recog<span class=\"_ _2\"></span>nition of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce con<span class=\"_ _7\"></span>tracts.<span class=\"_ _7\"></span> Here, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>ultim<span class=\"_ _7\"></span>ate <span class=\"_ _f\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>outstandi<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>claims <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>estimated <span class=\"_ _f\"> </span>by <span class=\"_ _f\"> </span>using <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>range <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>standard <span class=\"_ _f\"> </span>actu<span class=\"_ _7\"></span>arial <span class=\"_ _f\"> </span>claim<span class=\"_ _7\"></span>s <span class=\"_ _f\"> </span>proj<span class=\"_ _7\"></span>ection techniqu<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>ain <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>nderlying<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>thes<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>techniq<span class=\"_ _7\"></span>ues <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>use <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>pa<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>claims <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>elopme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>experi<span class=\"_ _2\"></span>ences <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>proj<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>t future <span class=\"_ _0\"></span>claims<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>de<span class=\"_ _7\"></span>velopm<span class=\"_ _7\"></span>ent <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>ence <span class=\"_ _0\"></span>ultimat<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>claims<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>cos<span class=\"_ _2\"></span>ts. <span class=\"_ _0\"></span>Th<span class=\"_ _6\"></span>es<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>met<span class=\"_ _7\"></span>hods <span class=\"_ _0\"></span>extrapolate <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>paid <span class=\"_ _0\"></span>and incurr<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>losses, <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>verage<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>costs <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>claim <span class=\"_ _0\"></span>(includi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>cl<span class=\"_ _2\"></span>aims <span class=\"_ _0\"></span>handling <span class=\"_ _0\"></span>costs), <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>claim <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>umbe<span class=\"_ _7\"></span>rs <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>ased <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>obs<span class=\"_ _2\"></span>erve<span class=\"_ _7\"></span>d<span class=\"_ _6\"></span> developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>of earlier y<span class=\"_ _6\"></span>ears and <span class=\"_ _1\"></span>expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted <span class=\"_ _6\"></span>loss <span class=\"_ _6\"></span>ratios<span class=\"_ _7\"></span>. <span class=\"_ _6\"></span>Historical <span class=\"_ _6\"></span>claims developm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>mainly <span class=\"_ _6\"></span>analyse<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>claims years, but <span class=\"_ _7\"></span>can<span class=\"_ _7\"></span> al<span class=\"_ _7\"></span>so<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>be <span class=\"_ _2\"></span>further <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nalys<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>by g<span class=\"_ _7\"></span>eog<span class=\"_ _7\"></span>raphi<span class=\"_ _7\"></span>cal <span class=\"_ _2\"></span>area, <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>well <span class=\"_ _2\"></span>as b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>ig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ificant <span class=\"_ _2\"></span>busi<span class=\"_ _7\"></span>ness l<span class=\"_ _7\"></span>ines <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>claim <span class=\"_ _7\"></span>typ<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>Large <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>aims are <span class=\"_ _4\"> </span>usually <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>eparately <span class=\"_ _4\"> </span>addresse<span class=\"_ _2\"></span>d, <span class=\"_ _f\"> </span>eithe<span class=\"_ _7\"></span>r <span class=\"_ _f\"> </span>b<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>bei<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>eserved <span class=\"_ _4\"> </span>at <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>f<span class=\"_ _2\"></span>ace <span class=\"_ _f\"> </span>valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>ss <span class=\"_ _f\"> </span>adj<span class=\"_ _7\"></span>uster <span class=\"_ _4\"> </span>estimates <span class=\"_ _4\"> </span>or <span class=\"_ _f\"> </span>sep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rat<span class=\"_ _7\"></span>ely proj<span class=\"_ _7\"></span>ected i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r to r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flec<span class=\"_ _7\"></span>t their f<span class=\"_ _7\"></span>utur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> dev<span class=\"_ _7\"></span>elopme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t.  Additional qualitati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>discr<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>ion<span class=\"_ _7\"></span>ary <span class=\"_ _6\"></span>decision<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>assess<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>exte<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>past <span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>ends <span class=\"_ _6\"></span>may<span class=\"_ _7\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>apply <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fut<span class=\"_ _7\"></span>ure and <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>arri<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ltima<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>cost o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>claims<span class=\"_ _2\"></span> that <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>ent th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>obabili<span class=\"_ _7\"></span>ty <span class=\"_ _2\"></span>weighted<span class=\"_ _7\"></span> exp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ted<span class=\"_ _2\"></span> valu<span class=\"_ _7\"></span>e o<span class=\"_ _2\"></span>utc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>me fro<span class=\"_ _7\"></span>m the r<span class=\"_ _7\"></span>ange of po<span class=\"_ _7\"></span>ssibl<span class=\"_ _7\"></span>e outcom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, ta<span class=\"_ _7\"></span>king <span class=\"_ _7\"></span>account of al<span class=\"_ _7\"></span>l t<span class=\"_ _7\"></span>he uncert<span class=\"_ _7\"></span>ainties i<span class=\"_ _7\"></span>nvolv<span class=\"_ _7\"></span>ed.  Such tr<span class=\"_ _2\"></span>ends could be, fo<span class=\"_ _2\"></span>r example, on<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>-of<span class=\"_ _7\"></span>f occ<span class=\"_ _7\"></span>urre<span class=\"_ _7\"></span>nces, c<span class=\"_ _7\"></span>hang<span class=\"_ _7\"></span>es in exte<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nal or ma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ket fac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ors s<span class=\"_ _7\"></span>uch as p<span class=\"_ _7\"></span>ublic attit<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>des to claiming, economi<span class=\"_ _7\"></span>c <span class=\"_ _1\"></span>conditi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns, <span class=\"_ _1\"></span>levels of <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>laims inflation, <span class=\"_ _6\"></span>judi<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>dec<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>legislatio<span class=\"_ _7\"></span>n, <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>well <span class=\"_ _6\"></span>as <span class=\"_ _1\"></span>inte<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>factors <span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>ch as portf<span class=\"_ _7\"></span>olio<span class=\"_ _7\"></span> mix,<span class=\"_ _7\"></span> policy featur<span class=\"_ _7\"></span>es a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d cl<span class=\"_ _7\"></span>aims handli<span class=\"_ _2\"></span>ng pro<span class=\"_ _7\"></span>cedures.<span class=\"_ _2\"></span> The e<span class=\"_ _7\"></span>nfor<span class=\"_ _2\"></span>ce<span class=\"_ _6\"></span>abil<span class=\"_ _7\"></span>ity a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d col<span class=\"_ _7\"></span>lectabil<span class=\"_ _7\"></span>ity o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>salvage r<span class=\"_ _2\"></span>ecoveries <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>subrog<span class=\"_ _7\"></span>ation r<span class=\"_ _2\"></span>eimb<span class=\"_ _7\"></span>urseme<span class=\"_ _7\"></span>nts ar<span class=\"_ _2\"></span>e co<span class=\"_ _7\"></span>nsider<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d as <span class=\"_ _10\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>allow<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce in the me<span class=\"_ _7\"></span>asur<span class=\"_ _7\"></span>eme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t of ultima<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span> cl<span class=\"_ _7\"></span>aims costs<span class=\"_ _7\"></span>. Other key cir<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ums<span class=\"_ _7\"></span>tances aff<span class=\"_ _7\"></span>ecting<span class=\"_ _7\"></span> the reliabil<span class=\"_ _7\"></span>ity of assumpti<span class=\"_ _2\"></span>ons <span class=\"_ _6\"></span>include v<span class=\"_ _7\"></span>ariatio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>in inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st rates, dela<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>s in settlem<span class=\"_ _7\"></span>ent and changes i<span class=\"_ _7\"></span>n for<span class=\"_ _2\"></span>eign curr<span class=\"_ _2\"></span>ency<span class=\"_ _6\"></span> exc<span class=\"_ _2\"></span>hange rates.<span class=\"_ _2\"></span> 24.2.<span class=\"ff4a\"> </span>Impairm<span class=\"_ _7\"></span>ent losses <span class=\"_ _7\"></span>on financial ass<span class=\"_ _7\"></span>ets The <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t losses acc. to IFRS 9 acr<span class=\"_ _2\"></span>oss rele<span class=\"_ _7\"></span>vant <span class=\"_ _6\"></span>fin<span class=\"_ _7\"></span>ancial assets r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>es discr<span class=\"_ _2\"></span>etionary decisio<span class=\"_ _7\"></span>ns, in particul<span class=\"_ _7\"></span>ar <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>estimati<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>amount <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>timing <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>future <span class=\"_ _1\"></span>cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>flows <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>determini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>impai<span class=\"_ _7\"></span>rment <span class=\"_ _6\"></span>losses <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>the<span class=\"_ _7\"></span> assessme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of a significa<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ncreas<span class=\"_ _7\"></span>e in<span class=\"_ _6\"></span> cre<span class=\"_ _7\"></span>dit r<span class=\"_ _6\"></span>isk. T<span class=\"_ _7\"></span>hese est<span class=\"_ _7\"></span>imates are drive<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> by <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>utcome of modell<span class=\"_ _7\"></span>ed ECL scenari<span class=\"_ _7\"></span>os and t<span class=\"_ _7\"></span>he rele<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ant inpu<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s used <span class=\"_ _2\"></span>as describ<span class=\"_ _7\"></span>ed in c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>apter Imp<span class=\"_ _2\"></span>airment of<span class=\"_ _7\"></span> fina<span class=\"_ _7\"></span>ncial assets s<span class=\"_ _7\"></span>tar<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>n page 167.<span class=\"_ _3d5\"> </span>24.3.<span class=\"ff54\"> </span>F<span class=\"_ _7\"></span>inancial instru<span class=\"_ _7\"></span>ments recognis<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d at fair value<span class=\"_ _7\"></span> (Level 3) The <span class=\"_ _4\"> </span>fair<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>fi<span class=\"_ _2\"></span>nancial <span class=\"_ _4\"> </span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _4\"> </span>not <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>raded <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>an <span class=\"_ _4\"> </span>a<span class=\"_ _7\"></span>ctive <span class=\"_ _4\"> </span>mark<span class=\"_ _7\"></span>et <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>de<span class=\"_ _7\"></span>termin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>by <span class=\"_ _4\"> </span>a<span class=\"_ _7\"></span>pplyi<span class=\"_ _7\"></span>ng <span class=\"_ _4\"> </span>appro<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>ia<span class=\"_ _7\"></span>te <span class=\"_ _4\"> </span>valu<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>on techniqu<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>The<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>assump<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>used <span class=\"_ _10\"></span>here<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>on <span class=\"_ _10\"></span>market<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>da<span class=\"_ _6\"></span>ta <span class=\"_ _e\"></span>available <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>repor<span class=\"_ _7\"></span>ting<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>date, <span class=\"_ _10\"></span>if <span class=\"_ _2\"></span>available.<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>VIG<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Insura<span class=\"_ _7\"></span>nce Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p uses<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>esent val<span class=\"_ _7\"></span>ue met<span class=\"_ _7\"></span>hods w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ilst ta<span class=\"_ _7\"></span>king i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to <span class=\"_ _7\"></span>considerati<span class=\"_ _7\"></span>on suit<span class=\"_ _2\"></span>able inter<span class=\"_ _7\"></span>est r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te m<span class=\"_ _7\"></span>odels to<span class=\"_ _2\"></span> determin<span class=\"_ _7\"></span>e the f<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ir <span class=\"_ _7\"></span>value of <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>umero<span class=\"_ _2\"></span>us fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>not activ<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ly t<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>aded <span class=\"_ _2\"></span>on m<span class=\"_ _7\"></span>arke<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>Further <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nformati<span class=\"_ _7\"></span>on a<span class=\"_ _2\"></span>b<span class=\"_ _6\"></span>out <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>aluatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pr<span class=\"_ _7\"></span>oc<span class=\"_ _7\"></span>ess <span class=\"_ _7\"></span>can be found i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Not<span class=\"_ _7\"></span>e 16. Calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>19. Th<span class=\"_ _7\"></span>e impairm<span class=\"_ _2\"></span>ent of fina<span class=\"_ _7\"></span>ncial assets i<span class=\"_ _7\"></span>s ex<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>lain<span class=\"_ _7\"></span>ed in 24<span class=\"_ _7\"></span>.2. Impairm<span class=\"_ _7\"></span>ent los<span class=\"_ _7\"></span>ses on fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssets.<span class=\"_ _3d5\"> </span>24.4.<span class=\"ff54\"> </span>Impairm<span class=\"_ _7\"></span>ent of go<span class=\"_ _7\"></span>odwill In <span class=\"_ _4\"> </span>accor<span class=\"_ _7\"></span>dance <span class=\"_ _4\"> </span>wit<span class=\"_ _7\"></span>h <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>methods <span class=\"_ _4\"> </span>expl<span class=\"_ _7\"></span>ained <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>chapt<span class=\"_ _7\"></span>er <span class=\"_ _4\"> </span>25.5. <span class=\"_ _4\"> </span>Goodwill<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>starting <span class=\"_ _4\"> </span>on <span class=\"_ _4\"> </span>page 171, <span class=\"_ _4\"> </span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>least <span class=\"_ _4\"> </span>once <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>year <span class=\"_ _4\"> </span>it <span class=\"_ _4\"> </span>is determin<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>whether <span class=\"_ _0\"></span>an <span class=\"_ _4\"> </span>im<span class=\"_ _7\"></span>pairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>of <span class=\"_ _4\"> </span>goo<span class=\"_ _7\"></span>dwil<span class=\"_ _7\"></span>l <span class=\"_ _0\"></span>e<span class=\"_ _6\"></span>xists.<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>Es<span class=\"_ _7\"></span>timates<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>this <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>a <span class=\"_ _0\"></span>concern <span class=\"_ _0\"></span>above <span class=\"_ _0\"></span>all <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lati<span class=\"_ _7\"></span>ons <span class=\"_ _4\"> </span>for<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>the underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>planned <span class=\"_ _0\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lts <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>respec<span class=\"_ _7\"></span>tive <span class=\"_ _0\"></span>CGUs <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>specific <span class=\"_ _1\"></span>pa<span class=\"_ _6\"></span>rame<span class=\"_ _7\"></span>ters, <span class=\"_ _0\"></span>especi<span class=\"_ _7\"></span>ally <span class=\"_ _0\"></span>grow<span class=\"_ _7\"></span>th <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>discou<span class=\"_ _7\"></span>nt <span class=\"_ _4\"> </span>ra<span class=\"_ _7\"></span>tes. <span class=\"_ _0\"></span>Any sensitiviti<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s associ<span class=\"_ _2\"></span>ated with t<span class=\"_ _7\"></span>hese p<span class=\"_ _7\"></span>arameters <span class=\"_ _2\"></span>are pr<span class=\"_ _7\"></span>ese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted<span class=\"_ _7\"></span> in Note <span class=\"_ _7\"></span>3. Good<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill <span class=\"_ _7\"></span>starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 10<span class=\"_ _7\"></span>0.<span class=\"_ _7\"></span> 24.5.<span class=\"ff54\"> </span>V<span class=\"_ _2\"></span>alue of de<span class=\"_ _6\"></span>ferr<span class=\"_ _7\"></span>ed tax assets<span class=\"_ _2\"></span> Income <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ax<span class=\"_ _7\"></span>es m<span class=\"_ _7\"></span>ust be <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>timated <span class=\"_ _2\"></span>for ea<span class=\"_ _7\"></span>ch t<span class=\"_ _7\"></span>ax j<span class=\"_ _7\"></span>urisdicti<span class=\"_ _7\"></span>on i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>hich <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>oper<span class=\"_ _7\"></span>ates. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>curr<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>incom<span class=\"_ _7\"></span>e tax <span class=\"_ _2\"></span>expected <span class=\"_ _2\"></span>for e<span class=\"_ _7\"></span>ach taxable e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tity must <span class=\"_ _2\"></span>b<span class=\"_ _6\"></span>e calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated a<span class=\"_ _7\"></span>nd the tempo<span class=\"_ _2\"></span>rary dif<span class=\"_ _2\"></span>feren<span class=\"_ _7\"></span>ces due to dif<span class=\"_ _2\"></span>fer<span class=\"_ _7\"></span>ences b<span class=\"_ _7\"></span>etween <span class=\"_ _7\"></span>the tax <span class=\"_ _7\"></span>and IFRS t<span class=\"_ _7\"></span>rea<span class=\"_ _7\"></span>tment <span class=\"_ _7\"></span>of certai<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>ba<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ance <span class=\"_ _0\"></span>sheet <span class=\"_ _0\"></span>it<span class=\"_ _7\"></span>ems <span class=\"_ _0\"></span>mus<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>be <span class=\"_ _0\"></span>assess<span class=\"_ _7\"></span>ed. <span class=\"_ _0\"></span>If <span class=\"_ _0\"></span>tempor<span class=\"_ _7\"></span>ary <span class=\"_ _0\"></span>dif<span class=\"_ _7\"></span>fer<span class=\"_ _2\"></span>ences <span class=\"_ _0\"></span>exist, <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>rule, <span class=\"_ _0\"></span>they <span class=\"_ _0\"></span>lead <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition <span class=\"_ _1\"></span>of deferred<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tax <span class=\"_ _0\"></span>assets<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>liabi<span class=\"_ _7\"></span>lities <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _0\"></span>stat<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>based <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>tax <span class=\"_ _0\"></span>rate <span class=\"_ _1\"></span>for <span class=\"_ _0\"></span>each <span class=\"_ _1\"></span>count<span class=\"_ _7\"></span>ry<span class=\"_ _10\"></span>. <span class=\"_ _0\"></span>The <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>unt <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>the expecte<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>deferr<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>tax <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>or <span class=\"_ _4\"> </span>ass<span class=\"_ _2\"></span>et <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>eflects <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>best <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>taking <span class=\"_ _0\"></span>into <span class=\"_ _1\"></span>accou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>tax <span class=\"_ _0\"></span>uncertai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ties <span class=\"_ _0\"></span>and, conseq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ently<span class=\"_ _10\"></span>, t<span class=\"_ _7\"></span>he appl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n of IFRIC 23<span class=\"_ _7\"></span>. The <span class=\"_ _0\"></span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _1\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>must <span class=\"_ _1\"></span>make <span class=\"_ _1\"></span>assessm<span class=\"_ _7\"></span>ents <span class=\"_ _1\"></span>and, <span class=\"_ _1\"></span>ta<span class=\"_ _6\"></span>ki<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>acc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>unt <span class=\"_ _1\"></span>tax <span class=\"_ _1\"></span>uncertainties,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>jud<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ements <span class=\"_ _1\"></span>when <span class=\"_ _1\"></span>calc<span class=\"_ _7\"></span>ulating curre<span class=\"_ _7\"></span>nt and <span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>atent taxes. Defe<span class=\"_ _7\"></span>rred tax ass<span class=\"_ _7\"></span>ets ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nly <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ecognised to the exten<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>it is proba<span class=\"_ _2\"></span>ble <span class=\"_ _6\"></span>they can be utilised. T<span class=\"_ _7\"></span>he utilisation of<span class=\"_ _2\"></span> deferr<span class=\"_ _2\"></span>ed tax <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>depe<span class=\"_ _7\"></span>nds o<span class=\"_ _7\"></span>n the li<span class=\"_ _7\"></span>kelihoo<span class=\"_ _2\"></span>d of ac<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ieving s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>ficient <span class=\"_ _7\"></span>taxable<span class=\"_ _2\"></span> inc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>me of <span class=\"_ _2\"></span>a particul<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r tax <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ype f<span class=\"_ _2\"></span>or a <span class=\"_ _4\"> </span>pa<span class=\"_ _7\"></span>rticular <span class=\"_ _0\"></span>ta<span class=\"_ _6\"></span>x <span class=\"_ _0\"></span>jurisdictio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _4\"> </span>w<span class=\"_ _7\"></span>hile <span class=\"_ _4\"> </span>ta<span class=\"_ _7\"></span>king <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nto <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>cco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _4\"> </span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y <span class=\"_ _4\"> </span>s<span class=\"_ _7\"></span>tatutory <span class=\"_ _4\"> </span>r<span class=\"_ _2\"></span>estrictions <span class=\"_ _0\"></span>conce<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>ing <span class=\"_ _4\"> </span>m<span class=\"_ _2\"></span>aximum <span class=\"_ _4\"> </span>l<span class=\"_ _7\"></span>oss <span class=\"_ _0\"></span>carryfo<span class=\"_ _7\"></span>rwar<span class=\"_ _2\"></span>d periods. <span class=\"_ _7\"></span> The fo<span class=\"_ _7\"></span>llowing<span class=\"_ _2\"></span> facto<span class=\"_ _7\"></span>rs a<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>when ass<span class=\"_ _7\"></span>essi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>bability <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>being <span class=\"_ _2\"></span>able to <span class=\"_ _10\"></span>ut<span class=\"_ _6\"></span>ili<span class=\"_ _7\"></span>se d<span class=\"_ _2\"></span>eferred <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>assets i<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>utur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>: \u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>past r<span class=\"_ _7\"></span>esults of op<span class=\"_ _2\"></span>eratio<span class=\"_ _7\"></span>n,  \u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>operating <span class=\"_ _7\"></span>plans, <span class=\"_ _2\"></span> \u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>loss car<span class=\"_ _7\"></span>ry<span class=\"_ _6\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ward p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>iods, <span class=\"_ _2\"></span> \u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>tax plan<span class=\"_ _7\"></span>ning stra<span class=\"_ _7\"></span>tegies <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> \u2022<span class=\"ff54\"> <span class=\"_ _0\"> </span></span>existing d<span class=\"_ _7\"></span>eferr<span class=\"_ _7\"></span>ed tax l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties. T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>on<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>tax<span class=\"_ _2\"></span> g<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>ou<span class=\"_ _2\"></span>p <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nsis<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Au<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tri<span class=\"_ _2\"></span>an <span class=\"_ _10\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>me <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>fo<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>ig<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ani<span class=\"_ _2\"></span>es.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Refe<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>nce<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ega<span class=\"_ _2\"></span>rd<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>pa<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>e 1<span class=\"_ _2\"></span>80.  If actu<span class=\"_ _7\"></span>al eve<span class=\"_ _7\"></span>nts div<span class=\"_ _2\"></span>erg<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fr<span class=\"_ _7\"></span>om the esti<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s or <span class=\"_ _6\"></span>the esti<span class=\"_ _2\"></span>mat<span class=\"_ _7\"></span>es m<span class=\"_ _7\"></span>ust <span class=\"_ _6\"></span>be adj<span class=\"_ _2\"></span>uste<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>fu<span class=\"_ _2\"></span>tur<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>pe<span class=\"_ _7\"></span>rio<span class=\"_ _2\"></span>ds, this<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>uld hav<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> an <span class=\"_ _6\"></span>ad<span class=\"_ _7\"></span>vers<span class=\"_ _7\"></span>e ef<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span> on n<span class=\"_ _2\"></span>et ass<span class=\"_ _2\"></span>ets<span class=\"_ _7\"></span>, fi<span class=\"_ _2\"></span>nan<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>si<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>n an<span class=\"_ _7\"></span>d r<span class=\"_ _2\"></span>esul<span class=\"_ _2\"></span>ts of<span class=\"_ _7\"></span> op<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns.<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>If t<span class=\"_ _2\"></span>he ass<span class=\"_ _2\"></span>essm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> of t<span class=\"_ _2\"></span>he r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>abil<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>ty of<span class=\"_ _7\"></span> def<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed tax<span class=\"_ _2\"></span> ass<span class=\"_ _2\"></span>ets ch<span class=\"_ _7\"></span>ang<span class=\"_ _2\"></span>es,<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> b<span class=\"_ _6\"></span>oo<span class=\"_ _2\"></span>k valu<span class=\"_ _7\"></span>e must be<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span>uced<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or inc<span class=\"_ _2\"></span>rea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ed and th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> chan<span class=\"_ _2\"></span>ge re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nis<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n the <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>om<span class=\"_ _7\"></span>e st<span class=\"_ _7\"></span>ate<span class=\"_ _7\"></span>men<span class=\"_ _2\"></span>t <span class=\"_ _6\"></span>or ch<span class=\"_ _7\"></span>arg<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>or cr<span class=\"_ _7\"></span>edi<span class=\"_ _2\"></span>ted <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>eq<span class=\"_ _7\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>pendi<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _e\"></span>tr<span class=\"_ _2\"></span>eatme<span class=\"_ _2\"></span>nt <span class=\"_ _10\"></span>used <span class=\"_ _e\"></span>when<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _e\"></span>def<span class=\"_ _7\"></span>err<span class=\"_ _2\"></span>ed <span class=\"_ _10\"></span>tax <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>et <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>origi<span class=\"_ _2\"></span>nal<span class=\"_ _2\"></span>ly <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>sed<span class=\"_ _2\"></span>. <span class=\"_ _10\"></span>Furth<span class=\"_ _7\"></span>er <span class=\"_ _10\"></span>i<span class=\"_ _7\"></span>nfor<span class=\"_ _2\"></span>mati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> b<span class=\"_ _2\"></span>e fo<span class=\"_ _2\"></span>und i<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>hapt<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span> A<span class=\"_ _7\"></span>cco<span class=\"_ _2\"></span>unti<span class=\"_ _2\"></span>ng po<span class=\"_ _2\"></span>li<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>es i<span class=\"_ _2\"></span>n 25<span class=\"_ _7\"></span>.1<span class=\"_ _7\"></span>3.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>T<span class=\"_ _5\"></span>axes<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>tarti<span class=\"_ _2\"></span>ng o<span class=\"_ _2\"></span>n p<span class=\"_ _7\"></span>age<span class=\"_ _2\"></span> 179 <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>Not<span class=\"_ _7\"></span>e 1<span class=\"_ _7\"></span>1.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>ax<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 1<span class=\"_ _2\"></span>12.<span class=\"_ _3d5\"> </span>24.6.<span class=\"ff4a\"> </span>Method <span class=\"_ _2\"></span>o<span class=\"_ _6\"></span>f consolidation Discr<span class=\"_ _7\"></span>etionar<span class=\"_ _7\"></span>y decisi<span class=\"_ _7\"></span>ons by the Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g Boar<span class=\"_ _7\"></span>d prima<span class=\"_ _7\"></span>rily co<span class=\"_ _7\"></span>ncern d<span class=\"_ _6\"></span>ete<span class=\"_ _7\"></span>rmini<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e scope of consol<span class=\"_ _7\"></span>idati<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> consolid<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ted subsidia<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies. <span class=\"_ _7\"></span> Subsidia<span class=\"_ _7\"></span>ries <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>material <span class=\"_ _10\"></span>importa<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>tim<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>first <span class=\"_ _2\"></span>consolida<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>generall<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>contin<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>to <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>included <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>scope of <span class=\"_ _1\"></span>consolida<span class=\"_ _7\"></span>tion.<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>Circ<span class=\"_ _7\"></span>umstances<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>could <span class=\"_ _6\"></span>arise, h<span class=\"_ _6\"></span>owever<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>that lead<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>Managi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>discr<span class=\"_ _2\"></span>etion <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>perform<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a reass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ssme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>entire<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>scope<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsolidatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>This <span class=\"_ _6\"></span>cou<span class=\"_ _2\"></span>ld <span class=\"_ _1\"></span>res<span class=\"_ _7\"></span>ult <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>non-mate<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n the <span class=\"_ _4\"></span>past<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>being <span class=\"_ _0\"></span>remo<span class=\"_ _7\"></span>ved <span class=\"_ _4\"></span>fr<span class=\"_ _2\"></span>om <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>scop<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsolidation <span class=\"_ _0\"></span>again. <span class=\"_ _4\"></span>Co<span class=\"_ _2\"></span>mpanies <span class=\"_ _0\"></span>that, <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>their <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>activiti<span class=\"_ _7\"></span>es, <span class=\"_ _0\"></span>have reve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ues that are primaril<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>gen<span class=\"_ _7\"></span>erated and <span class=\"_ _6\"></span>ch<span class=\"_ _7\"></span>arged withi<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the Gro<span class=\"_ _7\"></span>up and <span class=\"_ _6\"></span>do not generate any significa<span class=\"_ _7\"></span>nt profits<span class=\"_ _7\"></span> or<span class=\"_ _6\"></span> losses<span class=\"_ _7\"></span>, are <span class=\"_ _7\"></span>not i<span class=\"_ _7\"></span>ncluded i<span class=\"_ _7\"></span>n the scop<span class=\"_ _2\"></span>e of consol<span class=\"_ _7\"></span>idation <span class=\"_ _7\"></span>unless t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _7\"></span>have cros<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>-bord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r ope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>ns. Thres<span class=\"_ _7\"></span>holds<span class=\"_ _7\"></span> cal<span class=\"_ _7\"></span>culated b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pr<span class=\"_ _7\"></span>evious<span class=\"_ _2\"></span> quarterly<span class=\"_ _7\"></span> fina<span class=\"_ _7\"></span>ncial <span class=\"_ _2\"></span>stat<span class=\"_ _6\"></span>em<span class=\"_ _7\"></span>ents <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>the la<span class=\"_ _7\"></span>test a<span class=\"_ _2\"></span>nnual fin<span class=\"_ _7\"></span>ancial s<span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e th<span class=\"_ _7\"></span>e curr<span class=\"_ _7\"></span>ent s<span class=\"_ _7\"></span>cope of <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>onsoli<span class=\"_ _7\"></span>dation.<span class=\"_ _2\"></span> 24.7.<span class=\"ff4a\"> </span>Materiality of<span class=\"_ _7\"></span> Notes and the<span class=\"_ _7\"></span> associated account<span class=\"_ _7\"></span>ing poli<span class=\"_ _7\"></span>cies Accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IAS 1.31, <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly <span class=\"_ _f\"> </span>mate<span class=\"_ _7\"></span>rial <span class=\"_ _f\"> </span>informati<span class=\"_ _7\"></span>on <span class=\"_ _f\"> </span>should <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>disclo<span class=\"_ _7\"></span>sed <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>st<span class=\"_ _7\"></span>ateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>even <span class=\"_ _f\"> </span>when <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>Stand<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span> presc<span class=\"_ _7\"></span>ribes certai<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>requir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents or <span class=\"_ _6\"></span>minimum req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>irem<span class=\"_ _2\"></span>ents. Th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>goal of th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>IASB in <span class=\"_ _6\"></span>this paragrap<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in c<span class=\"_ _6\"></span>ombin<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>with a<span class=\"_ _6\"></span>n of<span class=\"_ _2\"></span>ficially <span class=\"_ _7\"></span>published <span class=\"_ _10\"></span>Practice <span class=\"_ _7\"></span>S<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _2\"></span>subject <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>create <span class=\"_ _10\"></span>a cl<span class=\"_ _7\"></span>ear <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pre<span class=\"_ _7\"></span>hensible<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>basi<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>for <span class=\"_ _2\"></span>financial <span class=\"_ _10\"></span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g utilisi<span class=\"_ _7\"></span>ng the most i<span class=\"_ _7\"></span>mpo<span class=\"_ _7\"></span>rtant i<span class=\"_ _7\"></span>nformatio<span class=\"_ _2\"></span>n. The decisi<span class=\"_ _7\"></span>on as <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>whether a<span class=\"_ _7\"></span>ny giv<span class=\"_ _7\"></span>en discl<span class=\"_ _7\"></span>osur<span class=\"_ _7\"></span>e constit<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tes m<span class=\"_ _7\"></span>ate<span class=\"_ _7\"></span>rial or imm<span class=\"_ _7\"></span>ate<span class=\"_ _7\"></span>rial informatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>is open <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>disc<span class=\"_ _7\"></span>retio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ary <span class=\"_ _6\"></span>judgem<span class=\"_ _2\"></span>ent. The <span class=\"_ _6\"></span>Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>of V<span class=\"_ _6\"></span>IG <span class=\"_ _6\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g h<span class=\"_ _6\"></span>as introd<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ced a <span class=\"_ _6\"></span>thr<span class=\"_ _7\"></span>eshold value for assessing<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>he m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teriali<span class=\"_ _7\"></span>ty <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>disclo<span class=\"_ _7\"></span>sur<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>and t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>rel<span class=\"_ _7\"></span>ated <span class=\"_ _2\"></span>accounting<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>policies.<span class=\"_ _7\"></span> If<span class=\"_ _2\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _7\"></span>invol<span class=\"_ _2\"></span>ve<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>less <span class=\"_ _2\"></span>than <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>thres<span class=\"_ _7\"></span>hold value, the informa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion is only publis<span class=\"_ _7\"></span>hed in the Annual Repor<span class=\"_ _2\"></span>t if it <span class=\"_ _6\"></span>has been deemed to be mate<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ial for users of the fina<span class=\"_ _7\"></span>ncial stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts o<span class=\"_ _7\"></span>n the basis<span class=\"_ _7\"></span> of qu<span class=\"_ _7\"></span>alitati<span class=\"_ _7\"></span>ve criteria d<span class=\"_ _2\"></span>uring the r<span class=\"_ _7\"></span>elease pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>cess.",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "SEGMENT REPORTI<span class=\"_ _7\"></span>NG OPERA<span class=\"_ _2\"></span>TING SEGME<span class=\"_ _2\"></span>N<span class=\"_ _6\"></span>TS<span class=\"_ _7\"></span> The oper<span class=\"_ _7\"></span>ating segm<span class=\"_ _7\"></span>ents <span class=\"_ _7\"></span>wer<span class=\"_ _7\"></span>e det<span class=\"_ _7\"></span>ermi<span class=\"_ _7\"></span>ned in accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IFRS 8 b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed o<span class=\"_ _7\"></span>n internal r<span class=\"_ _2\"></span>eporting <span class=\"_ _7\"></span>to the p<span class=\"_ _7\"></span>rincipal de<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>n-<span class=\"_ _3d5\"> </span>maker<span class=\"_ _10\"></span>. The <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ndividu<span class=\"_ _7\"></span>al c<span class=\"_ _6\"></span>ount<span class=\"_ _7\"></span>ries in<span class=\"_ _6\"></span> whic<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>VIG Insuran<span class=\"_ _7\"></span>ce Group oper<span class=\"_ _7\"></span>ates via <span class=\"_ _6\"></span>insu<span class=\"_ _7\"></span>rance business<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and pensio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>schem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>/fund<span class=\"_ _2\"></span> business were identifi<span class=\"_ _7\"></span>ed a<span class=\"_ _6\"></span>s operating segm<span class=\"_ _7\"></span>ents. The V<span class=\"_ _6\"></span>IG Hol<span class=\"_ _7\"></span>ding Managing B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard, as principal decisio<span class=\"_ _7\"></span>n-maker<span class=\"_ _e\"></span>, regula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ly evaluates <span class=\"_ _0\"></span>earni<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>power <span class=\"_ _0\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>on <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese <span class=\"_ _0\"></span>segme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>decides <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>allocatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>resour<span class=\"_ _7\"></span>ces <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>them. <span class=\"_ _0\"></span>The <span class=\"_ _0\"></span>focus <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> countries i<span class=\"_ _7\"></span>s also<span class=\"_ _7\"></span> refle<span class=\"_ _2\"></span>ct<span class=\"_ _6\"></span>ed i<span class=\"_ _7\"></span>n the co<span class=\"_ _2\"></span>untry respo<span class=\"_ _2\"></span>nsibiliti<span class=\"_ _7\"></span>es of th<span class=\"_ _7\"></span>e memb<span class=\"_ _7\"></span>ers of t<span class=\"_ _7\"></span>he VIG Hol<span class=\"_ _7\"></span>ding M<span class=\"_ _2\"></span>anaging Bo<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rd. <span class=\"_ _2\"></span> The co<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ntries <span class=\"_ _7\"></span>Estonia, <span class=\"_ _2\"></span>Latvia and<span class=\"_ _7\"></span> Lith<span class=\"_ _7\"></span>uania <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e com<span class=\"_ _7\"></span>bined in<span class=\"_ _2\"></span> the Bal<span class=\"_ _7\"></span>tic Stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s op<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rating<span class=\"_ _7\"></span> segme<span class=\"_ _2\"></span>nt, and A<span class=\"_ _7\"></span>lbania <span class=\"_ _2\"></span>and Koso<span class=\"_ _7\"></span>vo are <span class=\"_ _7\"></span>combin<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>n the Alb<span class=\"_ _7\"></span>ania incl. Kos<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vo oper<span class=\"_ _7\"></span>ating s<span class=\"_ _7\"></span>egment<span class=\"_ _7\"></span> when r<span class=\"_ _7\"></span>eporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g to t<span class=\"_ _7\"></span>he Ma<span class=\"_ _7\"></span>naging Bo<span class=\"_ _2\"></span>ard.<span class=\"_ _3d5\"> </span>REPORT<span class=\"_ _10\"></span>ABLE SE<span class=\"_ _7\"></span>GMENTS<span class=\"_ _3d5\"> </span>The <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>epo<span class=\"_ _7\"></span>rtable <span class=\"_ _6\"></span>segmen<span class=\"_ _7\"></span>ts <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re establis<span class=\"_ _7\"></span>hed <span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ki<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>to con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ration <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>aggreg<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>criteri<span class=\"_ _7\"></span>a <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>accor<span class=\"_ _7\"></span>danc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>with <span class=\"_ _6\"></span>IFRS <span class=\"_ _6\"></span>8.12 and 8.14 <span class=\"_ _7\"></span>as well<span class=\"_ _7\"></span> as the com<span class=\"_ _2\"></span>pliance with t<span class=\"_ _7\"></span>he defi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed qu<span class=\"_ _7\"></span>antit<span class=\"_ _7\"></span>ative t<span class=\"_ _7\"></span>hres<span class=\"_ _7\"></span>holds in <span class=\"_ _7\"></span>accor<span class=\"_ _7\"></span>dan<span class=\"_ _7\"></span>ce with IF<span class=\"_ _7\"></span>RS 8.13.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-6": {
   "value": "As a r<span class=\"_ _2\"></span>esu<span class=\"_ _6\"></span>lt, <span class=\"_ _7\"></span>the foll<span class=\"_ _7\"></span>owing segme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts ar<span class=\"_ _7\"></span>e defi<span class=\"_ _7\"></span>ned as <span class=\"_ _2\"></span>reportabl<span class=\"_ _7\"></span>e segm<span class=\"_ _7\"></span>ents:<span class=\"_ _3d5\"> </span>\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Austria (i<span class=\"_ _7\"></span>ncluding <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>ranch of<span class=\"_ _2\"></span>fices of Wiener <span class=\"_ _7\"></span>St\u00e4dtis<span class=\"_ _7\"></span>che i<span class=\"_ _7\"></span>n Sl<span class=\"_ _7\"></span>ovenia and I<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>y),  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Czech R<span class=\"_ _7\"></span>epublic, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Poland,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Extended C<span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>E,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Special M<span class=\"_ _7\"></span>arkets a<span class=\"_ _7\"></span>nd <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Gro<span class=\"_ _7\"></span>up Functio<span class=\"_ _7\"></span>ns (in<span class=\"_ _7\"></span>cluding t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e br<span class=\"_ _7\"></span>anch of<span class=\"_ _2\"></span>fices of <span class=\"_ _7\"></span>VIG Holdi<span class=\"_ _7\"></span>ng i<span class=\"_ _7\"></span>n Sweden, No<span class=\"_ _2\"></span>rway and De<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ark as w<span class=\"_ _7\"></span>ell as t<span class=\"_ _7\"></span>hose of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e VIG Re i<span class=\"_ _7\"></span>n Germa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y a<span class=\"_ _7\"></span>nd France<span class=\"_ _7\"></span>). Extend<span class=\"_ _7\"></span>ed CEE <span class=\"_ _2\"></span> The <span class=\"_ _0\"></span>Extend<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>CEE <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>eportabl<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>segm<span class=\"_ _7\"></span>ent <span class=\"_ _0\"></span>includ<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>operating <span class=\"_ _0\"></span>segm<span class=\"_ _2\"></span>ents <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>Albania <span class=\"_ _0\"></span>incl. <span class=\"_ _0\"></span>Koso<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>(a <span class=\"_ _0\"></span>branc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>off<span class=\"_ _7\"></span>ice <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>an Albanian<span class=\"_ _7\"></span> comp<span class=\"_ _2\"></span>any is l<span class=\"_ _7\"></span>ocated<span class=\"_ _7\"></span> in Ko<span class=\"_ _7\"></span>so<span class=\"_ _7\"></span>vo), B<span class=\"_ _7\"></span>altic st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tes, <span class=\"_ _2\"></span>Bosnia-Her<span class=\"_ _2\"></span>z<span class=\"_ _6\"></span>egovin<span class=\"_ _7\"></span>a, <span class=\"_ _7\"></span>Bulgaria,<span class=\"_ _7\"></span> Cro<span class=\"_ _7\"></span>atia, M<span class=\"_ _7\"></span>oldo<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>a, N<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>rth M<span class=\"_ _7\"></span>acedoni<span class=\"_ _7\"></span>a, Romania, <span class=\"_ _4\"></span>Se<span class=\"_ _7\"></span>rbia, <span class=\"_ _4\"> </span>Slovaki<span class=\"_ _7\"></span>a, <span class=\"_ _4\"> </span>Ukraine <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _f\"> </span>H<span class=\"_ _2\"></span>ungary<span class=\"_ _e\"></span>. <span class=\"_ _f\"> </span>Th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>segm<span class=\"_ _7\"></span>ent <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>aggrega<span class=\"_ _7\"></span>ted <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>accord<span class=\"_ _2\"></span>ance <span class=\"_ _4\"> </span>with <span class=\"_ _4\"> </span>aggreg<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>cr<span class=\"_ _6\"></span>ite<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ia accor<span class=\"_ _7\"></span>ding <span class=\"_ _7\"></span>to IF<span class=\"_ _7\"></span>RS 8.14 <span class=\"_ _2\"></span>and is no<span class=\"_ _7\"></span>t r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ported<span class=\"_ _7\"></span> in <span class=\"_ _7\"></span>the all o<span class=\"_ _7\"></span>ther s<span class=\"_ _2\"></span>egments <span class=\"_ _7\"></span>categor<span class=\"_ _7\"></span>y in a<span class=\"_ _7\"></span>ccor<span class=\"_ _7\"></span>dance <span class=\"_ _2\"></span>with IFRS<span class=\"_ _7\"></span> 8.16 des<span class=\"_ _2\"></span>pite fall<span class=\"_ _7\"></span>ing below th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> qua<span class=\"_ _7\"></span>ntitative t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>res<span class=\"_ _7\"></span>hold. <span class=\"_ _2\"></span> Special Mark<span class=\"_ _2\"></span>ets The <span class=\"_ _0\"></span>S<span class=\"_ _7\"></span>pecial<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>Markets <span class=\"_ _1\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>table <span class=\"_ _1\"></span>s<span class=\"_ _7\"></span>egment <span class=\"_ _6\"></span>correspo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ll <span class=\"_ _6\"></span>other <span class=\"_ _0\"></span>segm<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>category <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>accord<span class=\"_ _2\"></span>ance <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>8.<span class=\"_ _7\"></span>16 and incl<span class=\"_ _7\"></span>udes t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e count<span class=\"_ _7\"></span>ries of G<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y<span class=\"_ _10\"></span>, Georgi<span class=\"_ _2\"></span>a, L<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>echtenst<span class=\"_ _7\"></span>ein and T<span class=\"_ _5\"></span>\u00fcrkiye. Group Fun<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tions<span class=\"_ _2\"></span> VIG <span class=\"_ _f\"> </span>Ins<span class=\"_ _2\"></span>urance <span class=\"_ _f\"> </span>G<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p <span class=\"_ _f\"> </span>is<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>internation<span class=\"_ _7\"></span>ally <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>per<span class=\"_ _7\"></span>ating <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>surance <span class=\"_ _4\"> </span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>C<span class=\"_ _2\"></span>entral <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>Ea<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>ern<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>Europ<span class=\"_ _7\"></span>e. <span class=\"_ _f\"> </span>Ac<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ordi<span class=\"_ _2\"></span>ngly<span class=\"_ _10\"></span>, <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he Managing <span class=\"_ _1\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>cont<span class=\"_ _7\"></span>rol<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _0\"></span>business <span class=\"_ _1\"></span>separatel<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>from <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>oo<span class=\"_ _7\"></span>rdi<span class=\"_ _7\"></span>nation <span class=\"_ _0\"></span>functio<span class=\"_ _7\"></span>ns <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>individ<span class=\"_ _7\"></span>ual <span class=\"_ _0\"></span>countries<span class=\"_ _7\"></span>. That\u2019<span class=\"_ _e\"></span>s w<span class=\"_ _6\"></span>hy <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>individu<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>operating <span class=\"_ _6\"></span>segm<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>incl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>de <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>nly <span class=\"_ _6\"></span>those c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>nies which <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>rel<span class=\"_ _7\"></span>ated <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>busines<span class=\"_ _2\"></span>s.<span class=\"_ _6\"></span> This means that c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>anies <span class=\"_ _6\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>do n<span class=\"_ _6\"></span>ot distrib<span class=\"_ _7\"></span>ute or assist in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>distrib<span class=\"_ _2\"></span>ut<span class=\"_ _6\"></span>ion of <span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance pro<span class=\"_ _2\"></span>ducts <span class=\"_ _6\"></span>(wit<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>the exceptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of the <span class=\"_ _6\"></span>pensio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>sche<span class=\"_ _7\"></span>me/fu<span class=\"_ _7\"></span>nd <span class=\"_ _6\"></span>business<span class=\"_ _7\"></span>), <span class=\"_ _6\"></span>perform loss <span class=\"_ _6\"></span>assessm<span class=\"_ _2\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>claims <span class=\"_ _6\"></span>settlem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts, <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>service c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>ny w<span class=\"_ _6\"></span>orki<span class=\"_ _7\"></span>ng for the Gro<span class=\"_ _2\"></span>up a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nted in t<span class=\"_ _7\"></span>he Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p Functi<span class=\"_ _7\"></span>ons segme<span class=\"_ _7\"></span>nt rather th<span class=\"_ _7\"></span>an in the co<span class=\"_ _7\"></span>untry in whic<span class=\"_ _7\"></span>h they have thei<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> regis<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>ed head of<span class=\"_ _2\"></span>fice.<span class=\"_ _3d5\"> </span>Mor<span class=\"_ _7\"></span>e specif<span class=\"_ _7\"></span>ically<span class=\"_ _e\"></span>, this mea<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s t<span class=\"_ _7\"></span>hat<span class=\"_ _6\"></span> th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> Gr<span class=\"_ _7\"></span>oup F<span class=\"_ _7\"></span>unctio<span class=\"_ _7\"></span>ns segm<span class=\"_ _7\"></span>ent incl<span class=\"_ _7\"></span>udes, amo<span class=\"_ _2\"></span>ng others, VI<span class=\"_ _7\"></span>G Holding, <span class=\"_ _2\"></span>VIG Re, Wiener Re,<span class=\"_ _2\"></span> VIG Fu<span class=\"_ _7\"></span>nd, corpo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate IT s<span class=\"_ _2\"></span>ervice pro<span class=\"_ _2\"></span>viders, an ass<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span> ma<span class=\"_ _7\"></span>nage<span class=\"_ _7\"></span>ment comp<span class=\"_ _2\"></span>any and int<span class=\"_ _7\"></span>ermedia<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>e holdi<span class=\"_ _7\"></span>ng com<span class=\"_ _7\"></span>panies.<span class=\"_ _2\"></span> BASIS OF REVEN<span class=\"_ _7\"></span>UES The <span class=\"_ _0\"></span>scope <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>busi<span class=\"_ _7\"></span>ness <span class=\"_ _0\"></span>ope<span class=\"_ _7\"></span>rations <span class=\"_ _0\"></span>incl<span class=\"_ _7\"></span>udes <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>insur<span class=\"_ _7\"></span>ance <span class=\"_ _0\"></span>business <span class=\"_ _1\"></span>with <span class=\"_ _0\"></span>private <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>corporate <span class=\"_ _1\"></span>custome<span class=\"_ _7\"></span>rs. <span class=\"_ _0\"></span>The <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>duct range <span class=\"_ _0\"></span>inclu<span class=\"_ _7\"></span>des, <span class=\"_ _0\"></span>among <span class=\"_ _0\"></span>ot<span class=\"_ _7\"></span>hers, <span class=\"_ _0\"></span>moto<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>third <span class=\"_ _1\"></span>party <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>motor <span class=\"_ _0\"></span>own <span class=\"_ _1\"></span>damage <span class=\"_ _0\"></span>ins<span class=\"_ _7\"></span>urance, <span class=\"_ _1\"></span>accident <span class=\"_ _0\"></span>insu<span class=\"_ _7\"></span>rance, <span class=\"_ _0\"></span>liabil<span class=\"_ _7\"></span>ity insuranc<span class=\"_ _7\"></span>e, fir<span class=\"_ _7\"></span>e and <span class=\"_ _7\"></span>natur<span class=\"_ _7\"></span>al hazar<span class=\"_ _7\"></span>ds i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as tr<span class=\"_ _7\"></span>avel i<span class=\"_ _7\"></span>nsurance. <span class=\"_ _2\"></span> Also <span class=\"_ _4\"> </span>a <span class=\"_ _f\"> </span>variety <span class=\"_ _4\"> </span>of <span class=\"_ _f\"> </span>li<span class=\"_ _7\"></span>fe <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"> </span>h<span class=\"_ _6\"></span>ealth <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>nsurance <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>rod<span class=\"_ _7\"></span>uct<span class=\"_ _6\"></span>s <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>of<span class=\"_ _7\"></span>fered <span class=\"_ _4\"> </span>t<span class=\"_ _6\"></span>o <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ndivid<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>als <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>r <span class=\"_ _f\"> </span>g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps. <span class=\"_ _4\"> </span>These <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clude, <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _f\"> </span>ex<span class=\"_ _7\"></span>ampl<span class=\"_ _7\"></span>e, supplem<span class=\"_ _7\"></span>entar<span class=\"_ _7\"></span>y  heal<span class=\"_ _7\"></span>th  ins<span class=\"_ _2\"></span>urance, <span class=\"_ _3\"> </span>nur<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ng <span class=\"_ _d\"> </span>car<span class=\"_ _7\"></span>e  i<span class=\"_ _7\"></span>nsurance<span class=\"_ _2\"></span>  as <span class=\"_ _3\"> </span>w<span class=\"_ _6\"></span>ell  as<span class=\"_ _2\"></span>  endo<span class=\"_ _7\"></span>wment <span class=\"_ _d\"> </span>ins<span class=\"_ _7\"></span>urance, <span class=\"_ _3\"> </span>term  li<span class=\"_ _7\"></span>fe  i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce  a<span class=\"_ _2\"></span>nd<span class=\"_ _6\"></span> investme<span class=\"_ _7\"></span>nt-orie<span class=\"_ _7\"></span>nted <span class=\"_ _7\"></span>pr<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>ucts. <span class=\"_ _2\"></span>In ac<span class=\"_ _7\"></span>cord<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>e wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>he co<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>nerstones <span class=\"_ _2\"></span>of V<span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>G I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>Grou<span class=\"_ _7\"></span>p, <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>pr<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>ucts <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>old <span class=\"_ _2\"></span>thro<span class=\"_ _7\"></span>ugh all <span class=\"_ _1\"></span>distributio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>cha<span class=\"_ _7\"></span>nnels <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>all <span class=\"_ _1\"></span>markets. <span class=\"_ _1\"></span>This <span class=\"_ _1\"></span>means <span class=\"_ _1\"></span>that, <span class=\"_ _0\"></span>am<span class=\"_ _7\"></span>ong <span class=\"_ _1\"></span>other <span class=\"_ _0\"></span>things, <span class=\"_ _1\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>produ<span class=\"_ _7\"></span>cts <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>distrib<span class=\"_ _7\"></span>uted <span class=\"_ _6\"></span>by<span class=\"_ _6\"></span> sales emplo<span class=\"_ _2\"></span>yees, banks, b<span class=\"_ _2\"></span>rokers o<span class=\"_ _7\"></span>r age<span class=\"_ _7\"></span>nts.  VIG <span class=\"_ _2\"></span>Holding <span class=\"_ _e\"></span>conce<span class=\"_ _7\"></span>ntrates <span class=\"_ _e\"></span>main<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>control <span class=\"_ _e\"></span>ta<span class=\"_ _6\"></span>sks <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _10\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>Gr<span class=\"_ _7\"></span>oup. <span class=\"_ _e\"></span>It<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>also <span class=\"_ _10\"></span>acts <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>reinsur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _e\"></span>w<span class=\"_ _6\"></span>ithin <span class=\"_ _e\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _10\"></span>Insura<span class=\"_ _7\"></span>nce Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as i<span class=\"_ _7\"></span>n the i<span class=\"_ _7\"></span>nternational <span class=\"_ _7\"></span>corpor<span class=\"_ _7\"></span>ate busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess. T<span class=\"_ _7\"></span>he Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _5\"></span>s own r<span class=\"_ _2\"></span>einsura<span class=\"_ _7\"></span>nce, VIG <span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>e, is a s<span class=\"_ _2\"></span>ucce<span class=\"_ _6\"></span>ssf<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vider<span class=\"_ _7\"></span> of reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e prod<span class=\"_ _2\"></span>ucts both for i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce com<span class=\"_ _7\"></span>panies of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as <span class=\"_ _7\"></span>for exte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>nal partne<span class=\"_ _7\"></span>rs.  Informa<span class=\"_ _7\"></span>tion on ma<span class=\"_ _2\"></span>j<span class=\"_ _6\"></span>or cus<span class=\"_ _7\"></span>tomer<span class=\"_ _7\"></span>s  VIG I<span class=\"_ _7\"></span>nsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _7\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p do<span class=\"_ _2\"></span>es not <span class=\"_ _7\"></span>depe<span class=\"_ _7\"></span>nd <span class=\"_ _2\"></span>to a <span class=\"_ _7\"></span>gre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t ext<span class=\"_ _2\"></span>ent on <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dividu<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>customers, <span class=\"_ _10\"></span>as pe<span class=\"_ _7\"></span>r the <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>finitio<span class=\"_ _2\"></span>n of <span class=\"_ _2\"></span>IF<span class=\"_ _6\"></span>RS <span class=\"_ _2\"></span>8.34. <span class=\"_ _2\"></span>Th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>10<span class=\"_ _6\"></span> largest <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ustom<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _1\"></span>accou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>2.0<span class=\"_ _7\"></span>% <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Group's <span class=\"_ _6\"></span>gros<span class=\"_ _7\"></span>s <span class=\"_ _1\"></span>wr<span class=\"_ _6\"></span>itte<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>premi<span class=\"_ _7\"></span>ums <span class=\"_ _1\"></span>based <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>IFRS 17. <span class=\"_ _1\"></span>Com<span class=\"_ _7\"></span>panies <span class=\"_ _6\"></span>who, accor<span class=\"_ _7\"></span>ding <span class=\"_ _7\"></span>to VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _5\"></span>s knowle<span class=\"_ _7\"></span>dge, <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>under <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>mon co<span class=\"_ _7\"></span>ntrol<span class=\"_ _7\"></span> are <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ombi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed i<span class=\"_ _7\"></span>nto custo<span class=\"_ _7\"></span>mer gr<span class=\"_ _2\"></span>oups.<span class=\"_ _7\"></span> GENERAL DISC<span class=\"_ _7\"></span>LOSURES T<span class=\"_ _5\"></span>ran<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>pri<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>bet<span class=\"_ _2\"></span>wee<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>r<span class=\"_ _2\"></span>epo<span class=\"_ _2\"></span>rt<span class=\"_ _7\"></span>ab<span class=\"_ _2\"></span>le<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>gm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s <span class=\"_ _10\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _10\"></span>de<span class=\"_ _2\"></span>ter<span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>on <span class=\"_ _e\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ba<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ma<span class=\"_ _7\"></span>rk<span class=\"_ _2\"></span>et <span class=\"_ _e\"></span>pri<span class=\"_ _7\"></span>ce<span class=\"_ _2\"></span>s <span class=\"_ _10\"></span>\u2013 <span class=\"_ _10\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>am<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>r <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>tra<span class=\"_ _2\"></span>nsa<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span> wi<span class=\"_ _2\"></span>th <span class=\"_ _10\"></span>thi<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>pa<span class=\"_ _7\"></span>rt<span class=\"_ _2\"></span>ies<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>Intr<span class=\"_ _6\"></span>agro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _2\"></span>cross-s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gme<span class=\"_ _7\"></span>nt t<span class=\"_ _7\"></span>ransactio<span class=\"_ _2\"></span>ns ar<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>elimi<span class=\"_ _7\"></span>nat<span class=\"_ _6\"></span>ed <span class=\"_ _2\"></span>in t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>nsolidation <span class=\"_ _2\"></span>colum<span class=\"_ _7\"></span>n. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e o<span class=\"_ _2\"></span>nly<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>exceptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span>re dividends <span class=\"_ _2\"></span>and intercom<span class=\"_ _2\"></span>pany pro<span class=\"_ _7\"></span>fits w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>elimi<span class=\"_ _7\"></span>nated in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sp<span class=\"_ _7\"></span>ective r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rtable segm<span class=\"_ _2\"></span>ent. V<span class=\"_ _2\"></span>ALUA<span class=\"_ _7\"></span>TION<span class=\"_ _7\"></span> BASIS FOR PER<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>ORMA<span class=\"_ _7\"></span>NCE The <span class=\"_ _1\"></span>fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _6\"></span>perfo<span class=\"_ _7\"></span>rmance <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>table <span class=\"_ _6\"></span>segm<span class=\"_ _2\"></span>ents <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>assessed using <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferent <span class=\"_ _6\"></span>contr<span class=\"_ _7\"></span>ol <span class=\"_ _6\"></span>paramete<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>IFRS <span class=\"_ _6\"></span>busin<span class=\"_ _7\"></span>ess operating<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>esult <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>used <span class=\"_ _4\"> </span>as <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>tandardi<span class=\"_ _7\"></span>sed <span class=\"_ _4\"> </span>basis<span class=\"_ _7\"></span>. <span class=\"_ _f\"> </span>Acco<span class=\"_ _2\"></span>rdi<span class=\"_ _7\"></span>ngly<span class=\"_ _10\"></span>, <span class=\"_ _f\"> </span>fo<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>reasons<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>com<span class=\"_ _7\"></span>par<span class=\"_ _7\"></span>ability<span class=\"_ _e\"></span>, <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncome<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>statem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _4\"> </span>by repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>table <span class=\"_ _1\"></span>segme<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>reconciled <span class=\"_ _6\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consolida<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>statement <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _1\"></span>only <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>main <span class=\"_ _1\"></span>items <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>presented. <span class=\"_ _1\"></span>The<span class=\"_ _7\"></span> same appl<span class=\"_ _7\"></span>ies in <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>qual me<span class=\"_ _2\"></span>asure to <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>alance s<span class=\"_ _7\"></span>heet by <span class=\"_ _2\"></span>reportabl<span class=\"_ _7\"></span>e segm<span class=\"_ _7\"></span>ents a<span class=\"_ _7\"></span>nd consoli<span class=\"_ _7\"></span>dated <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>lanc<span class=\"_ _7\"></span>e s<span class=\"_ _7\"></span>heet.<span class=\"_ _3d5\"> </span>CONSOLIDA<span class=\"_ _2\"></span>TE<span class=\"_ _2\"></span>D<span class=\"_ _6\"></span> INCOME ST<span class=\"_ _10\"></span>A<span class=\"_ _2\"></span>TEMENT BY REP<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>RT<span class=\"_ _10\"></span>ABLE SE<span class=\"_ _7\"></span>GMENT   <span class=\"_ _179\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _af\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _17\"> </span>Poland <span class=\"_ _18\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span>419,575<span class=\"_ _3d5\"> </span>485,053<span class=\"_ _3d5\"> </span>246,148<span class=\"_ _3d5\"> </span>297,571<span class=\"_ _3d5\"> </span>49,330<span class=\"_ _3d5\"> </span>82,082<span class=\"_ _3d5\"> </span>215,909<span class=\"_ _3d5\"> </span>117,479<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _162\"> </span>3,<span class=\"_ _6\"></span>307,356<span class=\"_ _3d5\"> </span>3,163,35<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>2,040,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>1,860,77<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,224,49<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,070,88<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>3,148,07<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>2,673,60<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>\u2013<span class=\"_ _3d5\"> </span>is<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> bu<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17b\"> </span>-2,654,26<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-2,790,42<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-1,615,62<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,456,22<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-1,096,19<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-950,528<span class=\"_ _3d5\"> </span>-2,730,70<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-2,382,59<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t \u2013<span class=\"_ _3d5\"> </span>rein<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce h<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _78\"> </span>-233,516<span class=\"_ _3d5\"> </span>112,116<span class=\"_ _3d5\"> </span>-178,300<span class=\"_ _3d5\"> </span>-106,984<span class=\"_ _3d5\"> </span>-78,970<span class=\"_ _3d5\"> </span>-38,271<span class=\"_ _3d5\"> </span>-201,466<span class=\"_ _3d5\"> </span>-173,530<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>pital<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _1\"></span> <span class=\"_ _38\"> </span>14<span class=\"_ _6\"></span>4,478<span class=\"_ _3d5\"> </span>-57,85<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>46,706<span class=\"_ _3d5\"> </span>18,527<span class=\"_ _3d5\"> </span>28,443<span class=\"_ _3d5\"> </span>29,154<span class=\"_ _3d5\"> </span>71,530<span class=\"_ _3d5\"> </span>29,502<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _129\"> </span>1,010,854<span class=\"_ _3d5\"> </span>-740,632<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,720<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,845<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,887<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>come<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> p<span class=\"_ _1\"></span>rop<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _17c\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _17d\"> </span>-908,340<span class=\"_ _3d5\"> </span>646,350<span class=\"_ _3d5\"> </span>-135,362<span class=\"_ _3d5\"> </span>34,142<span class=\"_ _3d5\"> </span>-101,970<span class=\"_ _3d5\"> </span>43,974<span class=\"_ _3d5\"> </span>-222,307<span class=\"_ _3d5\"> </span>40,471<span class=\"_ _3d5\"> </span>Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>iate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17c\"> </span>15,712<span class=\"_ _3d5\"> </span>17,728<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _17e\"> </span>-47,424<span class=\"_ _3d5\"> </span>-38,910<span class=\"_ _3d5\"> </span>-2,920<span class=\"_ _3d5\"> </span>-1,902<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,270<span class=\"_ _3d5\"> </span>-1,307<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _17f\"> </span>-130,752<span class=\"_ _3d5\"> </span>-115,272<span class=\"_ _3d5\"> </span>-71,958<span class=\"_ _3d5\"> </span>-73,472<span class=\"_ _3d5\"> </span>-44,003<span class=\"_ _3d5\"> </span>-37,611<span class=\"_ _3d5\"> </span>-96,418<span class=\"_ _3d5\"> </span>-52,424<span class=\"_ _3d5\"> </span>Bu<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>ss o<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _180\"> </span>385,877<span class=\"_ _3d5\"> </span>273,018<span class=\"_ _3d5\"> </span>217,976<span class=\"_ _3d5\"> </span>240,724<span class=\"_ _3d5\"> </span>32,758<span class=\"_ _3d5\"> </span>72,491<span class=\"_ _3d5\"> </span>182,751<span class=\"_ _3d5\"> </span>93,250<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> g<span class=\"_ _6\"></span>ood<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ll <span class=\"_ _181\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-159<span class=\"_ _3d5\"> </span>-184<span class=\"_ _3d5\"> </span>-75,480<span class=\"_ _3d5\"> </span>-26,177<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ang<span class=\"_ _1\"></span>ibl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>-1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,231<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-6,264<span class=\"_ _3d5\"> </span>-18,666<span class=\"_ _3d5\"> </span>Result befo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>axes <span class=\"_ _182\"> </span>385,876<span class=\"_ _3d5\"> </span>273,018<span class=\"_ _3d5\"> </span>217,976<span class=\"_ _3d5\"> </span>240,724<span class=\"_ _3d5\"> </span>29,368<span class=\"_ _3d5\"> </span>72,307<span class=\"_ _3d5\"> </span>101,007<span class=\"_ _3d5\"> </span>48,407<span class=\"_ _3d5\"> </span>Ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> <span class=\"_ _183\"> </span>-79,355<span class=\"_ _3d5\"> </span>-27,737<span class=\"_ _3d5\"> </span>-24,311<span class=\"_ _3d5\"> </span>-47,031<span class=\"_ _3d5\"> </span>-13,381<span class=\"_ _3d5\"> </span>-14,399<span class=\"_ _3d5\"> </span>-48,462<span class=\"_ _3d5\"> </span>-35,102<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _14d\"> </span>306,5<span class=\"_ _6\"></span>21<span class=\"_ _3d5\"> </span>245,281<span class=\"_ _3d5\"> </span>193,665<span class=\"_ _3d5\"> </span>193,693<span class=\"_ _3d5\"> </span>15,987<span class=\"_ _3d5\"> </span>57,908<span class=\"_ _3d5\"> </span>52,545<span class=\"_ _3d5\"> </span>13,305  <span class=\"_ _184\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1f\"> </span>Group Functions<span class=\"_ _6\"></span> <span class=\"_ _150\"> </span>Consolidat<span class=\"_ _6\"></span>ion <span class=\"_ _2b\"> </span>Tot<span class=\"_ _6\"></span>al </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _2f\"> </span>65,705<span class=\"_ _3d5\"> </span>36,923<span class=\"_ _3d5\"> </span>198,873<span class=\"_ _3d5\"> </span>128,465<span class=\"_ _3d5\"> </span>12,559<span class=\"_ _3d5\"> </span>-8,771<span class=\"_ _3d5\"> </span>1,208,09<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>1,138,80<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _3d5\"> </span>is<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> bu<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ess<span class=\"_ _6\"></span> <span class=\"_ _185\"> </span>617,638<span class=\"_ _3d5\"> </span>483,181<span class=\"_ _3d5\"> </span>1,652,24<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>1,399,71<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-1,068,06<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-913,868<span class=\"_ _3d5\"> </span>10,921,8<span class=\"_ _6\"></span>25<span class=\"_ _3d5\"> </span>9,737,64<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>\u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ess<span class=\"_ _6\"></span> <span class=\"_ _186\"> </span>-560,300<span class=\"_ _3d5\"> </span>-412,503<span class=\"_ _3d5\"> </span>-1,327,77<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,197,56<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>719,561<span class=\"_ _3d5\"> </span>664,009<span class=\"_ _3d5\"> </span>-9,265,29<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-8,525,82<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t \u2013<span class=\"_ _1\"></span> re<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce h<span class=\"_ _1\"></span>eld<span class=\"_ _6\"></span> <span class=\"_ _187\"> </span>8,367<span class=\"_ _3d5\"> </span>-33,755<span class=\"_ _3d5\"> </span>-125,603<span class=\"_ _3d5\"> </span>-73,683<span class=\"_ _3d5\"> </span>361,061<span class=\"_ _3d5\"> </span>241,088<span class=\"_ _3d5\"> </span>-448,427<span class=\"_ _3d5\"> </span>-73,019<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>pital<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _1\"></span> <span class=\"_ _188\"> </span>42,833<span class=\"_ _3d5\"> </span>23,600<span class=\"_ _3d5\"> </span>12,435<span class=\"_ _3d5\"> </span>-11,23<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-62,17<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-43,91<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>284,255<span class=\"_ _3d5\"> </span>-12,21<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>274,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,557<span class=\"_ _3d5\"> </span>-46,640<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,696<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>come<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> p<span class=\"_ _1\"></span>rop<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _18a\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _17d\"> </span>-231,908<span class=\"_ _3d5\"> </span>-7,563<span class=\"_ _3d5\"> </span>-44,678<span class=\"_ _3d5\"> </span>-18,762<span class=\"_ _3d5\"> </span>-12,558<span class=\"_ _3d5\"> </span>2,781<span class=\"_ _3d5\"> </span>-1,657,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>741,393<span class=\"_ _3d5\"> </span>Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>iate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _18b\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>754<span class=\"_ _3d5\"> </span>559<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>16,466<span class=\"_ _3d5\"> </span>18,287<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _18c\"> </span>-577<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-86,233<span class=\"_ _3d5\"> </span>-89,131<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-98,492<span class=\"_ _3d5\"> </span>-86,146<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _dd\"> </span>-33,945<span class=\"_ _3d5\"> </span>-18,688<span class=\"_ _3d5\"> </span>-142,463<span class=\"_ _3d5\"> </span>-115,340<span class=\"_ _3d5\"> </span>1,667<span class=\"_ _3d5\"> </span>6,130<span class=\"_ _3d5\"> </span>-517,872<span class=\"_ _3d5\"> </span>-406,677<span class=\"_ _3d5\"> </span>Bu<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>ss o<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _18d\"> </span>74,016<span class=\"_ _3d5\"> </span>41,519<span class=\"_ _3d5\"> </span>-17,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-87,23<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>875,990<span class=\"_ _3d5\"> </span>633,765<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> g<span class=\"_ _6\"></span>ood<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ll <span class=\"_ _181\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-75,639<span class=\"_ _3d5\"> </span>-26,361<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ang<span class=\"_ _1\"></span>ibl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _18e\"> </span>-9,778<span class=\"_ _3d5\"> </span>-3,041<span class=\"_ _3d5\"> </span>-8,388<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-27,662<span class=\"_ _3d5\"> </span>-21,707<span class=\"_ _3d5\"> </span>Result befo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>axes <span class=\"_ _11f\"> </span>64,238<span class=\"_ _3d5\"> </span>38,478<span class=\"_ _3d5\"> </span>-25,77<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-87,23<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,689<span class=\"_ _3d5\"> </span>585,697<span class=\"_ _3d5\"> </span>Ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> <span class=\"_ _183\"> </span>-26,603<span class=\"_ _3d5\"> </span>-23,251<span class=\"_ _3d5\"> </span>-4,331<span class=\"_ _3d5\"> </span>25,826<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-196,443<span class=\"_ _3d5\"> </span>-121,694<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>37,635<span class=\"_ _3d5\"> </span>15,227<span class=\"_ _3d5\"> </span>-30,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-61,41<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>576,246<span class=\"_ _3d5\"> </span>464,003<span class=\"_ _3d5\"> </span>CONSOLIDA<span class=\"_ _2\"></span>TE<span class=\"_ _2\"></span>D<span class=\"_ _6\"></span> BALANCE SHEE<span class=\"_ _7\"></span>T BY REPOR<span class=\"_ _7\"></span>T<span class=\"_ _2\"></span>ABLE<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>SEGME<span class=\"_ _7\"></span>NTS Assets<span class=\"_ _6\"></span> <span class=\"_ _190\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>P<span class=\"_ _6\"></span>oland <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _192\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> '000 Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _135\"> </span>443,840<span class=\"_ _3d5\"> </span>615,018<span class=\"_ _3d5\"> </span>22,870<span class=\"_ _3d5\"> </span>44,017<span class=\"_ _3d5\"> </span>23,271<span class=\"_ _3d5\"> </span>34,859<span class=\"_ _3d5\"> </span>222,730<span class=\"_ _3d5\"> </span>232,504<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ef\"> </span>2<span class=\"_ _6\"></span>1,799,89<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>21,469,0<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>3,472,63<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>3,270,56<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>2,257,29<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,960,36<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>6,427,77<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>5,703,64<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>vab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _193\"> </span>250,590<span class=\"_ _3d5\"> </span>239,486<span class=\"_ _3d5\"> </span>61,220<span class=\"_ _3d5\"> </span>63,431<span class=\"_ _3d5\"> </span>14,713<span class=\"_ _3d5\"> </span>22,011<span class=\"_ _3d5\"> </span>95,852<span class=\"_ _3d5\"> </span>87,917<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _194\"> </span>9,448<span class=\"_ _3d5\"> </span>7,453<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>19,482<span class=\"_ _3d5\"> </span>4,321<span class=\"_ _3d5\"> </span>6,854<span class=\"_ _3d5\"> </span>10,686<span class=\"_ _3d5\"> </span>4,251<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ates<span class=\"_ _6\"></span> <span class=\"_ _155\"> </span>178,07<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>180,998<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>150<span class=\"_ _3d5\"> </span>139<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _8b\"> </span>-1,607<span class=\"_ _3d5\"> </span>10,670<span class=\"_ _3d5\"> </span>178,842<span class=\"_ _3d5\"> </span>86,250<span class=\"_ _3d5\"> </span>6,369<span class=\"_ _3d5\"> </span>668<span class=\"_ _3d5\"> </span>51,420<span class=\"_ _3d5\"> </span>33,095<span class=\"_ _3d5\"> </span>Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tra<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _195\"> </span>413,522<span class=\"_ _3d5\"> </span>670,515<span class=\"_ _3d5\"> </span>167,070<span class=\"_ _3d5\"> </span>166,729<span class=\"_ _3d5\"> </span>89,127<span class=\"_ _3d5\"> </span>74,611<span class=\"_ _3d5\"> </span>169,046<span class=\"_ _3d5\"> </span>127,894<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _196\"> </span>2,058,03<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>1,904,93<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>35,864<span class=\"_ _3d5\"> </span>16,405<span class=\"_ _3d5\"> </span>20,842<span class=\"_ _3d5\"> </span>18,488<span class=\"_ _3d5\"> </span>191,011<span class=\"_ _3d5\"> </span>160,350<span class=\"_ _3d5\"> </span>Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d equ<span class=\"_ _6\"></span>ipm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> 194,660<span class=\"_ _3d5\"> </span>196,120<span class=\"_ _3d5\"> </span>178,014<span class=\"_ _3d5\"> </span>178,299<span class=\"_ _3d5\"> </span>19,814<span class=\"_ _3d5\"> </span>18,046<span class=\"_ _3d5\"> </span>171,861<span class=\"_ _3d5\"> </span>164,202<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _197\"> </span>56,593<span class=\"_ _3d5\"> </span>39,848<span class=\"_ _3d5\"> </span>21,529<span class=\"_ _3d5\"> </span>19,824<span class=\"_ _3d5\"> </span>3,674<span class=\"_ _3d5\"> </span>4,137<span class=\"_ _3d5\"> </span>29,426<span class=\"_ _3d5\"> </span>22,665<span class=\"_ _3d5\"> </span>Go<span class=\"_ _6\"></span>odwi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _ec\"> </span>301,71<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>301,716<span class=\"_ _3d5\"> </span>456,516<span class=\"_ _3d5\"> </span>468,097<span class=\"_ _3d5\"> </span>151,450<span class=\"_ _3d5\"> </span>140,561<span class=\"_ _3d5\"> </span>451,156<span class=\"_ _3d5\"> </span>497,850<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _31\"> </span>273,171<span class=\"_ _3d5\"> </span>261,753<span class=\"_ _3d5\"> </span>55,587<span class=\"_ _3d5\"> </span>42,547<span class=\"_ _3d5\"> </span>32,810<span class=\"_ _3d5\"> </span>30,451<span class=\"_ _3d5\"> </span>181,019<span class=\"_ _3d5\"> </span>181,187<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>219,364<span class=\"_ _3d5\"> </span>241,695<span class=\"_ _3d5\"> </span>174,166<span class=\"_ _3d5\"> </span>197,703<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,953<span class=\"_ _3d5\"> </span>46,963<span class=\"_ _3d5\"> </span>59,298<span class=\"_ _3d5\"> </span>Righ<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>-of<span class=\"_ _6\"></span>-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>80,720<span class=\"_ _3d5\"> </span>69,033<span class=\"_ _3d5\"> </span>57,669<span class=\"_ _3d5\"> </span>62,838<span class=\"_ _3d5\"> </span>7,624<span class=\"_ _3d5\"> </span>6,564<span class=\"_ _3d5\"> </span>37,867<span class=\"_ _3d5\"> </span>32,876<span class=\"_ _3d5\"> </span>Total <span class=\"_ _163\"> </span>26,278,01<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>26,208,3<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span>4,914,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>4,636,18<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>2,631,46<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>2,319,71<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>8,086,80<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>7,307,73<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Assets<span class=\"_ _6\"></span> <span class=\"_ _a4\"> </span><span class=\"fsf\">Special <span class=\"_ _6\"></span>Market<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _3b\"> </span>Group Functions <span class=\"_ _155\"> </span>Total </span>  <span class=\"_ _fe\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>In<span class=\"_ _3d5\"> </span>EUR<span class=\"_ _3d5\"> </span>'000 Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _199\"> </span>174,812<span class=\"_ _3d5\"> </span>147,393<span class=\"_ _3d5\"> </span>670,584<span class=\"_ _3d5\"> </span>1,241,42<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _19a\"> </span>2,420,50<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>2,153,00<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>1,612,14<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>1,257,30<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>37,990,2<span class=\"_ _6\"></span>39<span class=\"_ _3d5\"> </span>35,813,9<span class=\"_ _6\"></span>85<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>vab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _145\"> </span>26,464<span class=\"_ _3d5\"> </span>30,580<span class=\"_ _3d5\"> </span>46,833<span class=\"_ _3d5\"> </span>47,261<span class=\"_ _3d5\"> </span>495,672<span class=\"_ _3d5\"> </span>490,686<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _da\"> </span>13,12<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>4,860<span class=\"_ _3d5\"> </span>165,717<span class=\"_ _3d5\"> </span>132,959<span class=\"_ _3d5\"> </span>235,718<span class=\"_ _3d5\"> </span>175,859<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ates<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>7,399<span class=\"_ _3d5\"> </span>106,824<span class=\"_ _3d5\"> </span>185,622<span class=\"_ _3d5\"> </span>287,961<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _11e\"> </span>9,243<span class=\"_ _3d5\"> </span>1,600<span class=\"_ _3d5\"> </span>-14,776<span class=\"_ _3d5\"> </span>8,491<span class=\"_ _3d5\"> </span>229,491<span class=\"_ _3d5\"> </span>140,774<span class=\"_ _3d5\"> </span>Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tra<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>141,159<span class=\"_ _3d5\"> </span>80,644<span class=\"_ _3d5\"> </span>828,374<span class=\"_ _3d5\"> </span>754,115<span class=\"_ _3d5\"> </span>1,808,29<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>1,874,50<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _fb\"> </span>10,9<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>10,928<span class=\"_ _3d5\"> </span>535,440<span class=\"_ _3d5\"> </span>533,909<span class=\"_ _3d5\"> </span>2,852,09<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>2,645,01<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>equ<span class=\"_ _1\"></span>ipm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> <span class=\"_ _19b\"> </span>12,913<span class=\"_ _3d5\"> </span>10,341<span class=\"_ _3d5\"> </span>41,897<span class=\"_ _3d5\"> </span>41,684<span class=\"_ _3d5\"> </span>619,159<span class=\"_ _3d5\"> </span>608,692<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>9,355<span class=\"_ _3d5\"> </span>225<span class=\"_ _3d5\"> </span>20,998<span class=\"_ _3d5\"> </span>33,850<span class=\"_ _3d5\"> </span>141,575<span class=\"_ _3d5\"> </span>120,549<span class=\"_ _3d5\"> </span>Go<span class=\"_ _6\"></span>odwi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _96\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>10,527<span class=\"_ _3d5\"> </span>30,497<span class=\"_ _3d5\"> </span>1,371,36<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,438,72<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>11,726<span class=\"_ _3d5\"> </span>19,491<span class=\"_ _3d5\"> </span>36,048<span class=\"_ _3d5\"> </span>50,371<span class=\"_ _3d5\"> </span>590,361<span class=\"_ _3d5\"> </span>585,800<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span> <span class=\"_ _110\"> </span>381<span class=\"_ _3d5\"> </span>3,093<span class=\"_ _3d5\"> </span>42,413<span class=\"_ _3d5\"> </span>37,483<span class=\"_ _3d5\"> </span>483,287<span class=\"_ _3d5\"> </span>541,225<span class=\"_ _3d5\"> </span>Righ<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>-of<span class=\"_ _6\"></span>-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _19c\"> </span>6,583<span class=\"_ _3d5\"> </span>4,641<span class=\"_ _3d5\"> </span>2,353<span class=\"_ _3d5\"> </span>2,711<span class=\"_ _3d5\"> </span>192,816<span class=\"_ _3d5\"> </span>178,663<span class=\"_ _3d5\"> </span>Total <span class=\"_ _12e\"> </span>2,837,166<span class=\"_ _3d5\"> </span>2,466,80<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>4,005,94<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>4,278,88<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>48,753,8<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>47,217,6<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>Liabilities<span class=\"_ _6\"></span> and consol<span class=\"_ _6\"></span>idate<span class=\"_ _6\"></span>d  <span class=\"_ _2e\"> </span><span class=\"fsf\">Austria <span class=\"_ _4a\"> </span>Cze<span class=\"_ _6\"></span>ch Republic<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Pol<span class=\"_ _6\"></span>and <span class=\"_ _191\"> </span>Ex<span class=\"_ _7\"></span>tended <span class=\"_ _6\"></span>CEE<span class=\"_ _6\"></span> </span> shareholde<span class=\"_ _6\"></span>rs' equit<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _155\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>yabl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _3a\"> </span>33<span class=\"_ _6\"></span>9,693<span class=\"_ _3d5\"> </span>215,998<span class=\"_ _3d5\"> </span>321,904<span class=\"_ _3d5\"> </span>327,495<span class=\"_ _3d5\"> </span>92,420<span class=\"_ _3d5\"> </span>80,641<span class=\"_ _3d5\"> </span>195,104<span class=\"_ _3d5\"> </span>155,126<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _18e\"> </span>10<span class=\"_ _6\"></span>5,856<span class=\"_ _3d5\"> </span>77,699<span class=\"_ _3d5\"> </span>428<span class=\"_ _3d5\"> </span>346<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>6,151<span class=\"_ _3d5\"> </span>3,049<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>526,<span class=\"_ _6\"></span>805<span class=\"_ _3d5\"> </span>547,618<span class=\"_ _3d5\"> </span>81,637<span class=\"_ _3d5\"> </span>86,878<span class=\"_ _3d5\"> </span>8,660<span class=\"_ _3d5\"> </span>7,901<span class=\"_ _3d5\"> </span>39,669<span class=\"_ _3d5\"> </span>35,016<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _158\"> </span>35,931<span class=\"_ _3d5\"> </span>36,943<span class=\"_ _3d5\"> </span>5,131<span class=\"_ _3d5\"> </span>4,152<span class=\"_ _3d5\"> </span>1,673<span class=\"_ _3d5\"> </span>2,483<span class=\"_ _3d5\"> </span>21,595<span class=\"_ _3d5\"> </span>17,077<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>ssu<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _19d\"> </span>23,370,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>23,248,3<span class=\"_ _6\"></span>25<span class=\"_ _3d5\"> </span>2,851,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>2,686,72<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>2,004,10<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>1,650,61<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>5,993,17<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>5,282,93<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tra<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>ilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _19e\"> </span>15,359<span class=\"_ _3d5\"> </span>14,970<span class=\"_ _3d5\"> </span>-13,647<span class=\"_ _3d5\"> </span>-245<span class=\"_ _3d5\"> </span>1,091<span class=\"_ _3d5\"> </span>1,850<span class=\"_ _3d5\"> </span>-1,811<span class=\"_ _3d5\"> </span>1,505<span class=\"_ _3d5\"> </span>Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _12f\"> </span>3<span class=\"_ _6\"></span>84,499<span class=\"_ _3d5\"> </span>341,264<span class=\"_ _3d5\"> </span>35,977<span class=\"_ _3d5\"> </span>25,987<span class=\"_ _3d5\"> </span>22,582<span class=\"_ _3d5\"> </span>15,293<span class=\"_ _3d5\"> </span>118,158<span class=\"_ _3d5\"> </span>99,999<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>lit<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>232,433<span class=\"_ _3d5\"> </span>230,160<span class=\"_ _3d5\"> </span>32,887<span class=\"_ _3d5\"> </span>20,698<span class=\"_ _3d5\"> </span>39,658<span class=\"_ _3d5\"> </span>20,290<span class=\"_ _3d5\"> </span>47,476<span class=\"_ _3d5\"> </span>42,913<span class=\"_ _3d5\"> </span>Su<span class=\"_ _6\"></span>btot<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _1a0\"> </span>25,011,1<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>24,712,9<span class=\"_ _6\"></span>77<span class=\"_ _3d5\"> </span>3,315,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>3,152,03<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>2,170,18<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,779,07<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>6,419,51<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>5,637,62<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Liabilities<span class=\"_ _6\"></span> and consol<span class=\"_ _6\"></span>idate<span class=\"_ _6\"></span>d  <span class=\"_ _1a1\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>Group Functio<span class=\"_ _6\"></span>ns <span class=\"_ _155\"> </span>Total </span>shareholde<span class=\"_ _6\"></span>rs' eq<span class=\"_ _6\"></span>uity <span class=\"_ _16b\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>yabl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _e0\"> </span>63,003<span class=\"_ _3d5\"> </span>49,395<span class=\"_ _3d5\"> </span>100,551<span class=\"_ _3d5\"> </span>121,173<span class=\"_ _3d5\"> </span>1,112,67<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>949,828<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span>14,342<span class=\"_ _3d5\"> </span>14,890<span class=\"_ _3d5\"> </span>30,239<span class=\"_ _3d5\"> </span>19,630<span class=\"_ _3d5\"> </span>157,016<span class=\"_ _3d5\"> </span>115,614<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1a4\"> </span>6,862<span class=\"_ _3d5\"> </span>4,705<span class=\"_ _3d5\"> </span>1,732,68<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>2,230,49<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,396,32<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>2,912,61<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _1a5\"> </span>1,192<span class=\"_ _3d5\"> </span>1,363<span class=\"_ _3d5\"> </span>13,435<span class=\"_ _3d5\"> </span>16,363<span class=\"_ _3d5\"> </span>78,957<span class=\"_ _3d5\"> </span>78,381<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>ssu<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span>2,464,887<span class=\"_ _3d5\"> </span>2,204,98<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,120,28<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,296,78<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>37,804,0<span class=\"_ _6\"></span>92<span class=\"_ _3d5\"> </span>36,370,3<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tra<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>ilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _e2\"> </span>18,34<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>12,341<span class=\"_ _3d5\"> </span>4,840<span class=\"_ _3d5\"> </span>7,321<span class=\"_ _3d5\"> </span>24,181<span class=\"_ _3d5\"> </span>37,742<span class=\"_ _3d5\"> </span>Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _1a6\"> </span>15,795<span class=\"_ _3d5\"> </span>29,344<span class=\"_ _3d5\"> </span>171,609<span class=\"_ _3d5\"> </span>157,992<span class=\"_ _3d5\"> </span>748,620<span class=\"_ _3d5\"> </span>669,879<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>lit<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _9f\"> </span>32<span class=\"_ _6\"></span>,781<span class=\"_ _3d5\"> </span>26,073<span class=\"_ _3d5\"> </span>16,973<span class=\"_ _3d5\"> </span>29,218<span class=\"_ _3d5\"> </span>402,208<span class=\"_ _3d5\"> </span>369,352<span class=\"_ _3d5\"> </span>Su<span class=\"_ _6\"></span>btot<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _1a7\"> </span>2,617,21<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>2,343,09<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>3,190,61<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>3,878,97<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>42,724,0<span class=\"_ _6\"></span>70<span class=\"_ _3d5\"> </span>41,503,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs'<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span>  <span class=\"_ _18b\"> </span><span class=\"fcb\">  <span class=\"_ _4c\"> </span></span>  <span class=\"_ _4c\"> </span><span class=\"fcb\">  <span class=\"_ _61\"> </span></span>6,029,7<span class=\"_ _6\"></span>30<span class=\"_ _3d5\"> </span>5,713,87<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Total <span class=\"_ _62\"> </span>  <span class=\"_ _18b\"> </span><span class=\"fcb\">  <span class=\"_ _4c\"> </span></span>  <span class=\"_ _4c\"> </span><span class=\"fcb\">  <span class=\"_ _50\"> </span></span>48<span class=\"_ _6\"></span>,753,800<span class=\"_ _3d5\"> </span>47,217,6<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>The amounts disclos<span class=\"_ _7\"></span>ed for each re<span class=\"_ _7\"></span>portable segm<span class=\"_ _7\"></span>ent<span class=\"_ _7\"></span> have <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>adjust<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>to<span class=\"_ _7\"></span> e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>clude amou<span class=\"_ _7\"></span>nts res<span class=\"_ _7\"></span>ulting <span class=\"_ _6\"></span>fro<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span> in<span class=\"_ _6\"></span>tras<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gme<span class=\"_ _7\"></span>nt transactio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. <span class=\"_ _10\"></span>As <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>esult, <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>segme<span class=\"_ _7\"></span>nt <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ssets <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _2\"></span>cannot <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>netted <span class=\"_ _2\"></span>to <span class=\"_ _10\"></span>determine <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>segm<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>shar<span class=\"_ _2\"></span>eholders\u2019 <span class=\"_ _10\"></span>equity<span class=\"_ _e\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-442": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fca sc0 ls5 ws2 gs39a\">BASIS OF REVEN<span class=\"_ _7\"></span>UES </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs508\">The <span class=\"_ _0\"></span>scope <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>busi<span class=\"_ _7\"></span>ness <span class=\"_ _0\"></span>ope<span class=\"_ _7\"></span>rations <span class=\"_ _0\"></span>incl<span class=\"_ _7\"></span>udes <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>insur<span class=\"_ _7\"></span>ance <span class=\"_ _0\"></span>business <span class=\"_ _1\"></span>with <span class=\"_ _0\"></span>private <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>corporate <span class=\"_ _1\"></span>custome<span class=\"_ _7\"></span>rs. <span class=\"_ _0\"></span>The <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>duct </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs509\">range <span class=\"_ _0\"></span>inclu<span class=\"_ _7\"></span>des, <span class=\"_ _0\"></span>among <span class=\"_ _0\"></span>ot<span class=\"_ _7\"></span>hers, <span class=\"_ _0\"></span>moto<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>third <span class=\"_ _1\"></span>party <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>motor <span class=\"_ _0\"></span>own <span class=\"_ _1\"></span>damage <span class=\"_ _0\"></span>ins<span class=\"_ _7\"></span>urance, <span class=\"_ _1\"></span>accident <span class=\"_ _0\"></span>insu<span class=\"_ _7\"></span>rance, <span class=\"_ _0\"></span>liabil<span class=\"_ _7\"></span>ity </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs50a\">insuranc<span class=\"_ _7\"></span>e, fir<span class=\"_ _7\"></span>e and <span class=\"_ _7\"></span>natur<span class=\"_ _7\"></span>al hazar<span class=\"_ _7\"></span>ds i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as tr<span class=\"_ _7\"></span>avel i<span class=\"_ _7\"></span>nsurance. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs50b\">Also <span class=\"_ _4\"> </span>a <span class=\"_ _f\"> </span>variety <span class=\"_ _4\"> </span>of <span class=\"_ _f\"> </span>li<span class=\"_ _7\"></span>fe <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"> </span>h<span class=\"_ _6\"></span>ealth <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>nsurance <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>rod<span class=\"_ _7\"></span>uct<span class=\"_ _6\"></span>s <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>of<span class=\"_ _7\"></span>fered <span class=\"_ _4\"> </span>t<span class=\"_ _6\"></span>o <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ndivid<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>als <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>r <span class=\"_ _f\"> </span>g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps. <span class=\"_ _4\"> </span>These <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clude, <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _f\"> </span>ex<span class=\"_ _7\"></span>ampl<span class=\"_ _7\"></span>e, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs50c\">supplem<span class=\"_ _7\"></span>entar<span class=\"_ _7\"></span>y  heal<span class=\"_ _7\"></span>th  ins<span class=\"_ _2\"></span>urance, <span class=\"_ _3\"> </span>nur<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ng <span class=\"_ _d\"> </span>car<span class=\"_ _7\"></span>e  i<span class=\"_ _7\"></span>nsurance<span class=\"_ _2\"></span>  as <span class=\"_ _3\"> </span>w<span class=\"_ _6\"></span>ell  as<span class=\"_ _2\"></span>  endo<span class=\"_ _7\"></span>wment <span class=\"_ _d\"> </span>ins<span class=\"_ _7\"></span>urance, <span class=\"_ _3\"> </span>term  li<span class=\"_ _7\"></span>fe  i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce  a<span class=\"_ _2\"></span>nd<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs50d\">investme<span class=\"_ _7\"></span>nt-orie<span class=\"_ _7\"></span>nted <span class=\"_ _7\"></span>pr<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>ucts. <span class=\"_ _2\"></span>In ac<span class=\"_ _7\"></span>cord<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>e wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>he co<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>nerstones <span class=\"_ _2\"></span>of V<span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>G I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>Grou<span class=\"_ _7\"></span>p, <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>pr<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>ucts <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>old <span class=\"_ _2\"></span>thro<span class=\"_ _7\"></span>ugh </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs50e\">all <span class=\"_ _1\"></span>distributio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>cha<span class=\"_ _7\"></span>nnels <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>all <span class=\"_ _1\"></span>markets. <span class=\"_ _1\"></span>This <span class=\"_ _1\"></span>means <span class=\"_ _1\"></span>that, <span class=\"_ _0\"></span>am<span class=\"_ _7\"></span>ong <span class=\"_ _1\"></span>other <span class=\"_ _0\"></span>things, <span class=\"_ _1\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>produ<span class=\"_ _7\"></span>cts <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>distrib<span class=\"_ _7\"></span>uted <span class=\"_ _6\"></span>by<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs50f\">sales emplo<span class=\"_ _2\"></span>yees, banks, b<span class=\"_ _2\"></span>rokers o<span class=\"_ _7\"></span>r age<span class=\"_ _7\"></span>nts.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs510\">VIG <span class=\"_ _2\"></span>Holding <span class=\"_ _e\"></span>conce<span class=\"_ _7\"></span>ntrates <span class=\"_ _e\"></span>main<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>control <span class=\"_ _e\"></span>ta<span class=\"_ _6\"></span>sks <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _10\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>Gr<span class=\"_ _7\"></span>oup. <span class=\"_ _e\"></span>It<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>also <span class=\"_ _10\"></span>acts <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>reinsur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _e\"></span>w<span class=\"_ _6\"></span>ithin <span class=\"_ _e\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _10\"></span>Insura<span class=\"_ _7\"></span>nce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs511\">Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as i<span class=\"_ _7\"></span>n the i<span class=\"_ _7\"></span>nternational <span class=\"_ _7\"></span>corpor<span class=\"_ _7\"></span>ate busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess. T<span class=\"_ _7\"></span>he Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _5\"></span>s own r<span class=\"_ _2\"></span>einsura<span class=\"_ _7\"></span>nce, VIG <span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>e, is a s<span class=\"_ _2\"></span>ucce<span class=\"_ _6\"></span>ssf<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vider<span class=\"_ _7\"></span> of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs512\">reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e prod<span class=\"_ _2\"></span>ucts both for i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce com<span class=\"_ _7\"></span>panies of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as <span class=\"_ _7\"></span>for exte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>nal partne<span class=\"_ _7\"></span>rs.  </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs513\">Informa<span class=\"_ _7\"></span>tion on ma<span class=\"_ _2\"></span>j<span class=\"_ _6\"></span>or cus<span class=\"_ _7\"></span>tomer<span class=\"_ _7\"></span>s  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs514\">VIG I<span class=\"_ _7\"></span>nsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _7\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p do<span class=\"_ _2\"></span>es not <span class=\"_ _7\"></span>depe<span class=\"_ _7\"></span>nd <span class=\"_ _2\"></span>to a <span class=\"_ _7\"></span>gre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t ext<span class=\"_ _2\"></span>ent on <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dividu<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>customers, <span class=\"_ _10\"></span>as pe<span class=\"_ _7\"></span>r the <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>finitio<span class=\"_ _2\"></span>n of <span class=\"_ _2\"></span>IF<span class=\"_ _6\"></span>RS <span class=\"_ _2\"></span>8.34. <span class=\"_ _2\"></span>Th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>10<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs515\">largest <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ustom<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _1\"></span>accou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>2.0<span class=\"_ _7\"></span>% <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Group's <span class=\"_ _6\"></span>gros<span class=\"_ _7\"></span>s <span class=\"_ _1\"></span>wr<span class=\"_ _6\"></span>itte<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>premi<span class=\"_ _7\"></span>ums <span class=\"_ _1\"></span>based <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>IFRS 17. <span class=\"_ _1\"></span>Com<span class=\"_ _7\"></span>panies <span class=\"_ _6\"></span>who, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs516\">accor<span class=\"_ _7\"></span>ding <span class=\"_ _7\"></span>to VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _5\"></span>s knowle<span class=\"_ _7\"></span>dge, <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>under <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>mon co<span class=\"_ _7\"></span>ntrol<span class=\"_ _7\"></span> are <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ombi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed i<span class=\"_ _7\"></span>nto custo<span class=\"_ _7\"></span>mer gr<span class=\"_ _2\"></span>oups.<span class=\"_ _7\"></span> </div><div class=\"t m0 h3f ff46 fs10 fca sc0 ls5 ws2 gs3aa\">GENERAL DISC<span class=\"_ _7\"></span>LOSURES </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs517\">T<span class=\"_ _5\"></span>ran<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>pri<span class=\"_ _2\"></span>ces<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>bet<span class=\"_ _2\"></span>wee<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>r<span class=\"_ _2\"></span>epo<span class=\"_ _2\"></span>rt<span class=\"_ _7\"></span>ab<span class=\"_ _2\"></span>le<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>gm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s <span class=\"_ _10\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _10\"></span>de<span class=\"_ _2\"></span>ter<span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>ine<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>on <span class=\"_ _e\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ba<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ma<span class=\"_ _7\"></span>rk<span class=\"_ _2\"></span>et <span class=\"_ _e\"></span>pri<span class=\"_ _7\"></span>ce<span class=\"_ _2\"></span>s <span class=\"_ _10\"></span>\u2013 <span class=\"_ _10\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>am<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>r <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>tra<span class=\"_ _2\"></span>nsa<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs518\">wi<span class=\"_ _2\"></span>th <span class=\"_ _10\"></span>thi<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>pa<span class=\"_ _7\"></span>rt<span class=\"_ _2\"></span>ies<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>Intr<span class=\"_ _6\"></span>agro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _2\"></span>cross-s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gme<span class=\"_ _7\"></span>nt t<span class=\"_ _7\"></span>ransactio<span class=\"_ _2\"></span>ns ar<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>elimi<span class=\"_ _7\"></span>nat<span class=\"_ _6\"></span>ed <span class=\"_ _2\"></span>in t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>nsolidation <span class=\"_ _2\"></span>colum<span class=\"_ _7\"></span>n. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e o<span class=\"_ _2\"></span>nly<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>exceptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span>re </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs519\">dividends <span class=\"_ _2\"></span>and intercom<span class=\"_ _2\"></span>pany pro<span class=\"_ _7\"></span>fits w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>elimi<span class=\"_ _7\"></span>nated in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sp<span class=\"_ _7\"></span>ective r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rtable segm<span class=\"_ _2\"></span>ent. </div><div class=\"t m0 h3f ff46 fs10 fca sc0 ls5 ws2 gs51a\">V<span class=\"_ _2\"></span>ALUA<span class=\"_ _7\"></span>TION<span class=\"_ _7\"></span> BASIS FOR PER<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>ORMA<span class=\"_ _7\"></span>NCE </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs51b\">The <span class=\"_ _1\"></span>fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _6\"></span>perfo<span class=\"_ _7\"></span>rmance <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>table <span class=\"_ _6\"></span>segm<span class=\"_ _2\"></span>ents <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>assessed using <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferent <span class=\"_ _6\"></span>contr<span class=\"_ _7\"></span>ol <span class=\"_ _6\"></span>paramete<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>IFRS <span class=\"_ _6\"></span>busin<span class=\"_ _7\"></span>ess </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs51c\">operating<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>esult <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>used <span class=\"_ _4\"> </span>as <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>tandardi<span class=\"_ _7\"></span>sed <span class=\"_ _4\"> </span>basis<span class=\"_ _7\"></span>. <span class=\"_ _f\"> </span>Acco<span class=\"_ _2\"></span>rdi<span class=\"_ _7\"></span>ngly<span class=\"_ _10\"></span>, <span class=\"_ _f\"> </span>fo<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>reasons<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>com<span class=\"_ _7\"></span>par<span class=\"_ _7\"></span>ability<span class=\"_ _e\"></span>, <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncome<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>statem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _4\"> </span>by </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs51d\">repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>table <span class=\"_ _1\"></span>segme<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>reconciled <span class=\"_ _6\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consolida<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>statement <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _1\"></span>only <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>main <span class=\"_ _1\"></span>items <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>presented. <span class=\"_ _1\"></span>The<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs51e\">same appl<span class=\"_ _7\"></span>ies in <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>qual me<span class=\"_ _2\"></span>asure to <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>alance s<span class=\"_ _7\"></span>heet by <span class=\"_ _2\"></span>reportabl<span class=\"_ _7\"></span>e segm<span class=\"_ _7\"></span>ents a<span class=\"_ _7\"></span>nd consoli<span class=\"_ _7\"></span>dated <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>lanc<span class=\"_ _7\"></span>e s<span class=\"_ _7\"></span>heet.<span class=\"_ _3d5\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-527": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fca sc0 ls5 ws2 gs520\">CONSOLIDA<span class=\"_ _2\"></span>TE<span class=\"_ _2\"></span>D<span class=\"_ _6\"></span> INCOME ST<span class=\"_ _10\"></span>A<span class=\"_ _2\"></span>TEMENT BY REP<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>RT<span class=\"_ _10\"></span>ABLE SE<span class=\"_ _7\"></span>GMENT </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs521\">  <span class=\"_ _179\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _af\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _17\"> </span>Poland <span class=\"_ _18\"> </span>Extended CE<span class=\"_ _6\"></span>E </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs522\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs523\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs524\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs525\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs526\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs527\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs528\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs529\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs52a\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs52b\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs52c\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs52d\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs52e\"><div class=\"t m0 x0 h29 y1c1 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gs52f\"><div class=\"t m0 x0 h29 y1c1 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w22 h28 gs530\"><div class=\"t m0 x0 h29 y1c1 ff48 fsf fca sc0 ls5 ws2\">'000 </div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs531\">Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span>419,575<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs532\">485,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs533\">246,148<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs534\">297,571<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs535\">49,330<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs536\">82,082<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs537\">215,909<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs538\">117,479<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs539\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _162\"> </span>3,<span class=\"_ _6\"></span>307,356<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs53a\">3,163,35<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs53b\">2,040,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs53c\">1,860,77<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs53d\">1,224,49<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs53e\">1,070,88<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs53f\">3,148,07<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs540\">2,673,60<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs541\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>\u2013<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs542\">is<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> bu<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17b\"> </span>-2,654,26<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs543\">-2,790,42<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs544\">-1,615,62<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs545\">-1,456,22<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs546\">-1,096,19<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs547\">-950,528<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs548\">-2,730,70<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs549\">-2,382,59<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs54a\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t \u2013<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs54b\">rein<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce h<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _78\"> </span>-233,516<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs54c\">112,116<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs54d\">-178,300<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs54e\">-106,984<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs54f\">-78,970<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs550\">-38,271<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs551\">-201,466<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs552\">-173,530<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs553\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>pital<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _1\"></span> <span class=\"_ _38\"> </span>14<span class=\"_ _6\"></span>4,478<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs554\">-57,85<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs555\">46,706<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs556\">18,527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs557\">28,443<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs558\">29,154<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs559\">71,530<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs55a\">29,502<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs55b\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _129\"> </span>1,010,854<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs55c\">-740,632<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs55d\">183,108<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs55e\">-15,720<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs55f\">130,074<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs560\">-14,845<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs561\">293,611<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs562\">-13,887<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs563\">In<span class=\"_ _6\"></span>come<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> p<span class=\"_ _1\"></span>rop<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _17c\"> </span>26,252<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs564\">18,701<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs565\">-1,040<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs566\">105<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs567\">339<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs568\">25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs569\">226<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs56a\">2,918<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs56b\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _17d\"> </span>-908,340<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs56c\">646,350<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs56d\">-135,362<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs56e\">34,142<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs56f\">-101,970<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs570\">43,974<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs571\">-222,307<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs572\">40,471<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs573\">Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>iate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17c\"> </span>15,712<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs574\">17,728<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs575\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs576\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs577\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs578\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs579\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs57a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs57b\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _17e\"> </span>-47,424<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs57c\">-38,910<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs57d\">-2,920<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs57e\">-1,902<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs57f\">-1,012<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs580\">-1,134<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs581\">-8,270<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs582\">-1,307<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs583\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _17f\"> </span>-130,752<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs584\">-115,272<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs585\">-71,958<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs586\">-73,472<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs587\">-44,003<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs588\">-37,611<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs589\">-96,418<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs58a\">-52,424<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs58b\">Bu<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>ss o<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _180\"> </span>385,877<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs58c\">273,018<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs58d\">217,976<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs58e\">240,724<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs58f\">32,758<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs590\">72,491<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs591\">182,751<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs592\">93,250<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs593\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> g<span class=\"_ _6\"></span>ood<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ll <span class=\"_ _181\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs594\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs595\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs596\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs597\">-159<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs598\">-184<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs599\">-75,480<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs59a\">-26,177<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs59b\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ang<span class=\"_ _1\"></span>ibl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>-1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs59c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs59d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs59e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs59f\">-3,231<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5a0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5a1\">-6,264<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5a2\">-18,666<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5a3\">Result befo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>axes <span class=\"_ _182\"> </span>385,876<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5a4\">273,018<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5a5\">217,976<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5a6\">240,724<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5a7\">29,368<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5a8\">72,307<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5a9\">101,007<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5aa\">48,407<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5ab\">Ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> <span class=\"_ _183\"> </span>-79,355<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5ac\">-27,737<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5ad\">-24,311<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5ae\">-47,031<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5af\">-13,381<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5b0\">-14,399<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5b1\">-48,462<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5b2\">-35,102<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5b3\">Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _14d\"> </span>306,5<span class=\"_ _6\"></span>21<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5b4\">245,281<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5b5\">193,665<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5b6\">193,693<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5b7\">15,987<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5b8\">57,908<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5b9\">52,545<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5ba\">13,305</div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs5bb\">  <span class=\"_ _184\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1f\"> </span>Group Functions<span class=\"_ _6\"></span> <span class=\"_ _150\"> </span>Consolidat<span class=\"_ _6\"></span>ion <span class=\"_ _2b\"> </span>Tot<span class=\"_ _6\"></span>al </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5bc\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5bd\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5be\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5bf\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5c0\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5c1\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5c2\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5c3\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5c4\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5c5\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5c6\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5c7\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs5c8\"><div class=\"t m0 x0 h29 y370 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gs5c9\"><div class=\"t m0 x0 h29 y370 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w22 h28 gs5ca\"><div class=\"t m0 x0 h29 y370 ff48 fsf fca sc0 ls5 ws2\">'000 </div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5cb\">Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _2f\"> </span>65,705<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5cc\">36,923<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5cd\">198,873<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5ce\">128,465<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5cf\">12,559<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5d0\">-8,771<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5d1\">1,208,09<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5d2\">1,138,80<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5d3\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5d4\">is<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> bu<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ess<span class=\"_ _6\"></span> <span class=\"_ _185\"> </span>617,638<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5d5\">483,181<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5d6\">1,652,24<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5d7\">1,399,71<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5d8\">-1,068,06<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5d9\">-913,868<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5da\">10,921,8<span class=\"_ _6\"></span>25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5db\">9,737,64<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5dc\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>\u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ess<span class=\"_ _6\"></span> <span class=\"_ _186\"> </span>-560,300<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5dd\">-412,503<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5de\">-1,327,77<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5df\">-1,197,56<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5e0\">719,561<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5e1\">664,009<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5e2\">-9,265,29<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5e3\">-8,525,82<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5e4\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t \u2013<span class=\"_ _1\"></span> re<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce h<span class=\"_ _1\"></span>eld<span class=\"_ _6\"></span> <span class=\"_ _187\"> </span>8,367<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5e5\">-33,755<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5e6\">-125,603<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5e7\">-73,683<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5e8\">361,061<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5e9\">241,088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5ea\">-448,427<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5eb\">-73,019<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5ec\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>pital<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _1\"></span> <span class=\"_ _188\"> </span>42,833<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5ed\">23,600<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5ee\">12,435<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5ef\">-11,23<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5f0\">-62,17<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5f1\">-43,91<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs5f2\">284,255<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs5f3\">-12,21<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5f4\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>274,198<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5f5\">30,784<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5f6\">50,780<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5f7\">-8,756<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5f8\">-49,557<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5f9\">-46,640<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5fa\">1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5fb\">-809,696<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5fc\">In<span class=\"_ _6\"></span>come<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> p<span class=\"_ _1\"></span>rop<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _18a\"> </span>543<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5fd\">379<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs5fe\">5,579<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs5ff\">15,728<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs600\">-55<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs601\">-54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs602\">31,844<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs603\">37,802<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs604\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _17d\"> </span>-231,908<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs605\">-7,563<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs606\">-44,678<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs607\">-18,762<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs608\">-12,558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs609\">2,781<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs60a\">-1,657,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs60b\">741,393<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs60c\">Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>iate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _18b\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs60d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs60e\">754<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs60f\">559<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs610\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs611\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs612\">16,466<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs613\">18,287<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs614\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _18c\"> </span>-577<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs615\">-316<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs616\">-86,233<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs617\">-89,131<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs618\">47,944<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs619\">46,554<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs61a\">-98,492<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs61b\">-86,146<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs61c\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _dd\"> </span>-33,945<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs61d\">-18,688<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs61e\">-142,463<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs61f\">-115,340<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs620\">1,667<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs621\">6,130<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs622\">-517,872<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs623\">-406,677<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs624\">Bu<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>ss o<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _18d\"> </span>74,016<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs625\">41,519<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs626\">-17,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs627\">-87,23<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs628\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs629\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs62a\">875,990<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs62b\">633,765<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs62c\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> g<span class=\"_ _6\"></span>ood<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ll <span class=\"_ _181\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs62d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs62e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs62f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs630\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs631\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs632\">-75,639<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs633\">-26,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs634\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ang<span class=\"_ _1\"></span>ibl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _18e\"> </span>-9,778<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs635\">-3,041<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs636\">-8,388<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs637\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs638\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs639\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs63a\">-27,662<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs63b\">-21,707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs63c\">Result befo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>axes <span class=\"_ _11f\"> </span>64,238<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs63d\">38,478<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs63e\">-25,77<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs63f\">-87,23<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs640\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs641\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs642\">772,689<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs643\">585,697<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs644\">Ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> <span class=\"_ _183\"> </span>-26,603<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs645\">-23,251<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs646\">-4,331<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs647\">25,826<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs648\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs649\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs64a\">-196,443<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs64b\">-121,694<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs64c\">Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>37,635<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs64d\">15,227<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs64e\">-30,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs64f\">-61,41<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs650\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs651\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs652\">576,246<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs653\">464,003<span class=\"_ _3d5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-443": {
   "value": "1.<span class=\"ff4a\"> </span>INSURANCE C<span class=\"_ _7\"></span>ON<span class=\"_ _6\"></span>T<span class=\"_ _7\"></span>RACTS The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.3. (Re-) i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce con<span class=\"_ _7\"></span>tracts s<span class=\"_ _7\"></span>tarting o<span class=\"_ _7\"></span>n page 14<span class=\"_ _7\"></span>9.<span class=\"_ _7\"></span> For bette<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> re<span class=\"_ _7\"></span>adabil<span class=\"_ _7\"></span>ity<span class=\"_ _e\"></span>, the short <span class=\"_ _7\"></span>versions of<span class=\"_ _7\"></span> IF<span class=\"_ _7\"></span>RS 17 d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>scripti<span class=\"_ _7\"></span>ons ar<span class=\"_ _7\"></span>e used.<span class=\"_ _2\"></span> Short de<span class=\"_ _6\"></span>scription<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span><span class=\"fsf\">Long descri<span class=\"_ _6\"></span>ption </span>AIC<span class=\"_ _6\"></span> <span class=\"_ _f4\"> </span>Assets <span class=\"_ _6\"></span>for Incurred Claim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> ARC<span class=\"_ _6\"></span> <span class=\"_ _13e\"> </span>As<span class=\"_ _6\"></span>sets for Rem<span class=\"_ _6\"></span>aining Coverage<span class=\"_ _6\"></span> CSM<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>Contractual S<span class=\"_ _6\"></span>ervice Ma<span class=\"_ _6\"></span>rgin FCF<span class=\"_ _6\"></span> <span class=\"_ _f0\"> </span>Fulfilm<span class=\"_ _6\"></span>ent Cash Flow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> FRA<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>Full Retrospecti<span class=\"_ _6\"></span>ve App<span class=\"_ _6\"></span>roach FVA<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>Fair Value A<span class=\"_ _6\"></span>pproach<span class=\"_ _6\"></span> GMM<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>General Measu<span class=\"_ _6\"></span>rement Mod<span class=\"_ _6\"></span>el LIC<span class=\"_ _6\"></span> <span class=\"_ _f8\"> </span>Liability for Incurr<span class=\"_ _6\"></span>ed Claims<span class=\"_ _6\"></span> LoR<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>Co <span class=\"_ _dc\"> </span>Loss<span class=\"_ _6\"></span> Recovery C<span class=\"_ _6\"></span>ompon<span class=\"_ _6\"></span>ent LRC<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>Liability for Remain<span class=\"_ _6\"></span>ing Cover<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> PAA<span class=\"_ _6\"></span> <span class=\"_ _94\"> </span>Premium<span class=\"_ _6\"></span> Allocation Ap<span class=\"_ _6\"></span>proa<span class=\"_ _6\"></span>ch PVF<span class=\"_ _6\"></span>CF<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>Present Value of <span class=\"_ _6\"></span>Futu<span class=\"_ _6\"></span>re Cash Flows<span class=\"_ _6\"></span> RA <span class=\"_ _fa\"> </span>Risk Ad<span class=\"_ _6\"></span>justmen<span class=\"_ _6\"></span>t VFA<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>Variable Fee A<span class=\"_ _6\"></span>pproach<span class=\"_ _6\"></span> 1.1.<span class=\"ff4a\"> </span>Overview The portfol<span class=\"_ _7\"></span>io stat<span class=\"_ _7\"></span>us is val<span class=\"_ _7\"></span>ued prio<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> to any <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idation st<span class=\"_ _7\"></span>eps and is <span class=\"_ _7\"></span>decisi<span class=\"_ _7\"></span>ve fo<span class=\"_ _7\"></span>r whether <span class=\"_ _7\"></span>a portfo<span class=\"_ _7\"></span>lio o<span class=\"_ _7\"></span>f insurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s is recog<span class=\"_ _7\"></span>nised as an asset <span class=\"_ _6\"></span>or a liabili<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>. After <span class=\"_ _6\"></span>excl<span class=\"_ _7\"></span>uding inter<span class=\"_ _2\"></span>compa<span class=\"_ _7\"></span>ny<span class=\"_ _6\"></span> trans<span class=\"_ _7\"></span>actions, a valuation is not carri<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ut again<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> The same appl<span class=\"_ _7\"></span>ies to d<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>ermini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g t<span class=\"_ _7\"></span>he loss com<span class=\"_ _2\"></span>ponent and <span class=\"_ _2\"></span>the accom<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>ying all<span class=\"_ _7\"></span>ocatio<span class=\"_ _7\"></span>n of to \u201co<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us\u201d or \u201c<span class=\"_ _7\"></span>non-o<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us\u201d.<span class=\"_ _3d5\"> </span><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs655\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1a8\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs656\">  <span class=\"_ _1a9\"> </span><span class=\"fsf\">PAA<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs657\">GMM<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs658\">VFA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs659\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs65a\"><div class=\"t m0 x0 h29 y1b8 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs65b\"><div class=\"t m0 x0 h29 y1b8 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs65c\">Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s assets iss<span class=\"_ _6\"></span>ued <span class=\"_ _1aa\"> </span>-5,597<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs65d\">229,916<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs65e\">1,384<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs65f\">229,491<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs660\">As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>ema<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vera<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C) <span class=\"_ _1ab\"> </span>17,945<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs661\">314,238<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs662\">1,404<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs663\">333,587<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs664\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs665\">824,480<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs666\">6,599<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs667\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs668\">-240,463<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs669\">-1,542<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs66a\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs66b\">-269,779<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs66c\">-3,653<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs66d\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cla<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _145\"> </span>-23,54<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs66e\">-84,322<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs66f\">-20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs670\">-107,884<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs671\">As a<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1ad\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs672\">3,788<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs673\">Reinsurance<span class=\"_ _6\"></span> contra<span class=\"_ _6\"></span>cts assets hel<span class=\"_ _6\"></span>d <span class=\"_ _1a3\"> </span>1,257,432<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs674\">550,866<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs675\">1,808,29<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs676\">As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>ema<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vera<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C) <span class=\"_ _1ab\"> </span>67,558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs677\">-102,8<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs678\">-35,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs679\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs67a\">-169,030<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs67b\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs67c\">5,889<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs67d\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs67e\">60,335<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs67f\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cla<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _9a\"> </span>1,189,874<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs680\">653,672<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs681\">1,843,54<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs682\">Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s liabili<span class=\"_ _6\"></span>tie<span class=\"_ _6\"></span>s issu<span class=\"_ _7\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _10e\"> </span>-7,<span class=\"_ _6\"></span>841,483<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs683\">-3,014<span class=\"_ _6\"></span>,823<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs684\">-26,89<span class=\"_ _6\"></span>6,421<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs685\">-37,80<span class=\"_ _6\"></span>4,092<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs686\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> for<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Re<span class=\"_ _6\"></span>mai<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g Co<span class=\"_ _1\"></span>ver<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (L<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C)<span class=\"_ _6\"></span> <span class=\"_ _e0\"> </span>-<span class=\"_ _6\"></span>1,845,<span class=\"_ _6\"></span>696<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs687\">-2,368<span class=\"_ _6\"></span>,596<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs688\">-26,07<span class=\"_ _6\"></span>2,494<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs689\">-30,28<span class=\"_ _6\"></span>6,786<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs68a\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs68b\">-1,725,83<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs68c\">-19,974,7<span class=\"_ _6\"></span>08<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs68d\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs68e\">-148,464<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs68f\">-981,722<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs690\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs691\">-494,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs692\">-5,116,06<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs693\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rre<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>Cl<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1ae\"> </span>-5,995,78<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs694\">-646,227<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs695\">-823,927<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs696\">-7,465,94<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs697\">As a<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1a1\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs698\">-51,365<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs699\">Reinsurance<span class=\"_ _6\"></span> contra<span class=\"_ _6\"></span>cts liabil<span class=\"_ _6\"></span>itie<span class=\"_ _6\"></span>s held <span class=\"_ _1af\"> </span>8,924<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs69a\">-33,10<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs69b\">-24,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs69c\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> for<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Re<span class=\"_ _6\"></span>mai<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g Co<span class=\"_ _1\"></span>ver<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (L<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C)<span class=\"_ _6\"></span> <span class=\"_ _f1\"> </span>-3,<span class=\"_ _6\"></span>630<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs69d\">-31,58<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs69e\">-35,21<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs69f\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6a0\">-59,851<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6a1\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6a2\">2,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6a3\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6a4\">26,211<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6a5\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rre<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>Cl<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _145\"> </span>12,554<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6a6\">-1,518<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs6a7\">11,036<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs6a9\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1a8\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2022<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs6aa\">  <span class=\"_ _1a9\"> </span><span class=\"fsf\">P<span class=\"_ _6\"></span>AA<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6ab\">GMM<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6ac\">VFA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6ad\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs6ae\"><div class=\"t m0 x0 h29 y1b8 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs6af\"><div class=\"t m0 x0 h29 y1b8 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6b0\">Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s assets iss<span class=\"_ _6\"></span>ued <span class=\"_ _df\"> </span>6,<span class=\"_ _6\"></span>069<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6b1\">121,696<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6b2\">2,525<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6b3\">140,774<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6b4\">As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>ema<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vera<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C) <span class=\"_ _121\"> </span>8,502<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6b5\">189,354<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6b6\">2,527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6b7\">200,383<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6b8\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6b9\">637,932<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6ba\">3,905<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6bb\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b0\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6bc\">-175,722<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6bd\">-693<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6be\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1b1\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6bf\">-272,856<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6c0\">-685<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6c1\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cla<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _60\"> </span>-2,433<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6c2\">-67,658<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6c3\">-2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6c4\">-70,093<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6c5\">As a<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1ad\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6c6\">10,484<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6c7\">Reinsurance<span class=\"_ _6\"></span> contra<span class=\"_ _6\"></span>cts assets hel<span class=\"_ _6\"></span>d <span class=\"_ _1a3\"> </span>1,332,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6c8\">542,495<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6c9\">1,874,50<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6ca\">As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>ema<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vera<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C) <span class=\"_ _1ab\"> </span>4<span class=\"_ _6\"></span>6,405<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6cb\">-66,05<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6cc\">-19,64<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6cd\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6ce\">-138,757<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6cf\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b0\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6d0\">3,364<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6d1\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1b1\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6d2\">69,343<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6d3\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cla<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _9a\"> </span>1,285,6<span class=\"_ _6\"></span>08<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6d4\">608,545<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6d5\">1,894,15<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6d6\">Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s liabili<span class=\"_ _6\"></span>tie<span class=\"_ _6\"></span>s issu<span class=\"_ _7\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _1ab\"> </span>-7,280<span class=\"_ _6\"></span>,414<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6d7\">-2,738<span class=\"_ _6\"></span>,574<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6d8\">-26,29<span class=\"_ _6\"></span>1,427<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6d9\">-36,37<span class=\"_ _6\"></span>0,374<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6da\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> for<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Re<span class=\"_ _6\"></span>mai<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g Co<span class=\"_ _1\"></span>ver<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (L<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C)<span class=\"_ _6\"></span> <span class=\"_ _1b2\"> </span>-1,688<span class=\"_ _6\"></span>,614<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6db\">-2,187<span class=\"_ _6\"></span>,162<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6dc\">-25,48<span class=\"_ _6\"></span>6,127<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6dd\">-29,36<span class=\"_ _6\"></span>1,903<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6de\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6df\">-1,525,36<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6e0\">-19,354,1<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6e1\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b0\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6e2\">-167,595<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6e3\">-963,615<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6e4\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1b1\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6e5\">-494,203<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6e6\">-5,168,34<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6e7\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rre<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>Cl<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1ae\"> </span>-5<span class=\"_ _6\"></span>,591,800<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6e8\">-551,412<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6e9\">-805,300<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6ea\">-6,948,51<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6eb\">As a<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b3\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6ec\">-59,959<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6ed\">Reinsurance<span class=\"_ _6\"></span> contra<span class=\"_ _6\"></span>cts liabil<span class=\"_ _6\"></span>itie<span class=\"_ _6\"></span>s held <span class=\"_ _19a\"> </span>-5,837<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6ee\">-31,90<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6ef\">-37,74<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6f0\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> for<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Re<span class=\"_ _6\"></span>mai<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g Co<span class=\"_ _1\"></span>ver<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (L<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C)<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-<span class=\"_ _6\"></span>22,244<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6f1\">-30,58<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs6f2\">-52,83<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6f3\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6f4\">-61,026<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6f5\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b0\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6f6\">1,830<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6f7\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1b1\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6f8\">28,610<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6f9\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rre<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>Cl<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>16,407<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6fa\">-1,319<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs6fb\">15,088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs6fc\">Developme<span class=\"_ _6\"></span>nt \u2013<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs6fd\">(Re-) ins<span class=\"_ _6\"></span>urance<span class=\"_ _6\"></span> contract<span class=\"_ _6\"></span>s<span class=\"fcb\"> <span class=\"_ _1b5\"> </span></span><span class=\"fsf\">2023 <span class=\"_ _1b6\"> </span><span class=\"fcb\">2022 </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs6fe\">All measu<span class=\"_ _6\"></span>rement <span class=\"_ _6\"></span>models<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span><span class=\"fsf\">iss<span class=\"_ _7\"></span>ued<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs6ff\">held<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs700\">Total<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs701\">issued<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs702\">held<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs703\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs704\"><div class=\"t m0 x0 h29 y7af ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs705\"><div class=\"t m0 x0 h29 y7af ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs706\">Co<span class=\"_ _6\"></span>ntra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> Ser<span class=\"_ _1\"></span>vice<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>Mar<span class=\"_ _6\"></span>gi<span class=\"_ _6\"></span>n a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1b7\"> </span>-5,936<span class=\"_ _6\"></span>,082<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs707\">97,951<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs708\">-5,838<span class=\"_ _6\"></span>,131<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs709\">-5,165<span class=\"_ _6\"></span>,945<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs70a\">62,616<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs70b\">-5,103<span class=\"_ _6\"></span>,329<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs70c\">Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _e6\"> </span>62,250<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs70d\">-12,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs70e\">49,853<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs70f\">-534,0<span class=\"_ _6\"></span>30<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs710\">31,377<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs711\">-502,6<span class=\"_ _6\"></span>53<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs712\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>612,58<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs713\">-12,051<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs714\">600,536<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs715\">589,749<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs716\">4,398<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs717\">594,147<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs718\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>612,587<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs719\">-12,051<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs71a\">600,536<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs71b\">589,749<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs71c\">4,398<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs71d\">594,147<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs71e\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>-550,337<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs71f\">-346<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs720\">-550,683<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs721\">-1,123,77<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs722\">26,979<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs723\">-1,096,80<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs724\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>-136,282<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs725\">-55,856<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs726\">-192,138<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs727\">-851,581<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs728\">5,794<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs729\">-845,787<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs72a\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>-4<span class=\"_ _6\"></span>14,055<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs72b\">55,510<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs72c\">-358,545<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs72d\">-272,198<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs72e\">21,185<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs72f\">-251,013<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs730\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _e6\"> </span>-59,032<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs731\">5,481<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs732\">-53,551<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs733\">-38,509<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs734\">2,458<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs735\">-36,051<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs736\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>3,218<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs737\">-6,916<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs738\">-3,698<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs739\">-572,5<span class=\"_ _6\"></span>39<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs73a\">33,835<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs73b\">-538,7<span class=\"_ _6\"></span>04<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs73c\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>49,0<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs73d\">-4,492<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs73e\">44,580<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs73f\">19,783<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs740\">-721<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs741\">19,062<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs742\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs743\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs744\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs745\">-217,381<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs746\">2,221<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs747\">-215,160<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs748\">Contract<span class=\"_ _6\"></span>ual S<span class=\"_ _6\"></span>ervice Mar<span class=\"_ _6\"></span>gin as of 31/1<span class=\"_ _6\"></span>2 <span class=\"_ _13c\"> </span>-5,883,792<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs749\">86,543<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs74a\">-5,797<span class=\"_ _6\"></span>,249<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs74b\">-5,936<span class=\"_ _6\"></span>,082<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs74c\">97,951<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs74d\">-5,838<span class=\"_ _6\"></span>,131<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs74f\">1.2.<span class=\"ff4a\"> </span>Assumpt<span class=\"_ _7\"></span>ions used </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs750\">Cost of ca<span class=\"_ _7\"></span>pital a<span class=\"_ _7\"></span>nd confid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nce lev<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs751\">T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>VI<span class=\"_ _7\"></span>G <span class=\"_ _10\"></span>In<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>Gr<span class=\"_ _2\"></span>ou<span class=\"_ _7\"></span>p'<span class=\"_ _2\"></span>s <span class=\"_ _e\"></span>cos<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>cap<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ra<span class=\"_ _7\"></span>te <span class=\"_ _10\"></span>us<span class=\"_ _2\"></span>ed <span class=\"_ _10\"></span>fo<span class=\"_ _2\"></span>r <span class=\"_ _10\"></span>ris<span class=\"_ _2\"></span>k <span class=\"_ _10\"></span>adj<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>tm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t <span class=\"_ _e\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>nan<span class=\"_ _7\"></span>ci<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ye<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>23 <span class=\"_ _e\"></span>amo<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>6.0<span class=\"_ _2\"></span>% <span class=\"_ _10\"></span>(20<span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>2:<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>6.<span class=\"_ _7\"></span>0%)<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs752\">T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> Gr<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>p'<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> ris<span class=\"_ _2\"></span>k ad<span class=\"_ _2\"></span>jus<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt fo<span class=\"_ _2\"></span>r li<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>e,<span class=\"_ _2\"></span> heal<span class=\"_ _2\"></span>th,<span class=\"_ _2\"></span> no<span class=\"_ _7\"></span>n-<span class=\"_ _7\"></span>lif<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>ns<span class=\"_ _7\"></span>ura<span class=\"_ _2\"></span>nce<span class=\"_ _7\"></span> co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>s c<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>rr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>pond<span class=\"_ _2\"></span>s t<span class=\"_ _2\"></span>o an a<span class=\"_ _2\"></span>vera<span class=\"_ _2\"></span>ge<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>nfi<span class=\"_ _2\"></span>de<span class=\"_ _7\"></span>nce<span class=\"_ _2\"></span> le<span class=\"_ _2\"></span>vel o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> 79<span class=\"_ _2\"></span>.5% </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs753\">(2022: 7<span class=\"_ _7\"></span>9.3%)<span class=\"_ _6\"></span>. </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs754\">Discount rat<span class=\"_ _2\"></span>e </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs755\">Spot rates*<span class=\"_ _6\"></span> <span class=\"_ _190\"> </span><span class=\"fsf\">31/12/2023 <span class=\"_ _132\"> </span><span class=\"fcb\">31/12/20<span class=\"_ _6\"></span>22<span class=\"_ _6\"></span> </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs756\">  <span class=\"_ _17a\"> </span><span class=\"fsf\">1 yea<span class=\"_ _6\"></span>r<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs757\">3 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs758\">5 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs759\">10 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs75a\">20 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs75b\">30 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs75c\">1 year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs75d\">3 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs75e\">5 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs75f\">10 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs760\">20 years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs761\">30 years<span class=\"_ _3d5\"> </span></div><div class=\"c w2a h28 gs762\"><div class=\"t m0 x0 h29 y61a ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs763\">ALL<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>3.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs764\">2.44<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs765\">2.32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs766\">2.39<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs767\">2.41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs768\">2.52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs769\">3.18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs76a\">3.20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs76b\">3.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs76c\">3.09<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs76d\">2.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs76e\">2.73<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs76f\">BAM<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>3.31<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs770\">2.39<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs771\">2.27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs772\">2.34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs773\">2.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs774\">2.48<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs775\">3.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs776\">3.15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs777\">3.08<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs778\">3.04<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs779\">2.72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs77a\">2.69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs77b\">BGN<span class=\"_ _6\"></span> <span class=\"_ _33\"> </span>3.31<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs77c\">2.39<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs77d\">2.27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs77e\">2.34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs77f\">2.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs780\">2.48<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs781\">3.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs782\">3.15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs783\">3.08<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs784\">3.04<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs785\">2.72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs786\">2.69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs787\">CHF<span class=\"_ _6\"></span> <span class=\"_ _180\"> </span>1.17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs788\">1.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs789\">1.05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs78a\">1.16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs78b\">1.49<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs78c\">1.71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs78d\">1.06<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs78e\">1.23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs78f\">1.34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs790\">1.49<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs791\">1.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs792\">1.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs793\">CZK<span class=\"_ _6\"></span> <span class=\"_ _180\"> </span>5.18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs794\">3.68<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs795\">3.41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs796\">3.38<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs797\">3.44<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs798\">3.45<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs799\">6.51<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs79a\">5.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs79b\">5.05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs79c\">4.60<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs79d\">4.38<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs79e\">4.17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs79f\">EUR<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>3.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7a0\">2.44<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7a1\">2.32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7a2\">2.39<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7a3\">2.41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7a4\">2.52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7a5\">3.18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7a6\">3.20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7a7\">3.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7a8\">3.09<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7a9\">2.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7aa\">2.73<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7ab\">EUR<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(Cr<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>a)<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>3.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7ac\">2.63<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7ad\">2.61<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7ae\">2.83<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7af\">3.07<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7b0\">3.17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7b1\">-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7b2\">-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7b3\">-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7b4\">-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7b5\">-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7b6\">-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7b7\">GBP<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>4.74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7b8\">3.67<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7b9\">3.35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7ba\">3.28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7bb\">3.43<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7bc\">3.35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7bd\">4.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7be\">4.33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7bf\">4.06<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7c0\">3.71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7c1\">3.53<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7c2\">3.35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7c3\">GEL<span class=\"_ _6\"></span> <span class=\"_ _41\"> </span>14.85<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7c4\">13.14<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7c5\">12.33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7c6\">12.07<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7c7\">11.47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7c8\">10.03<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7c9\">10.19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7ca\">8.72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7cb\">9.35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7cc\">10.56<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7cd\">10.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7ce\">8.99<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7cf\">HRK<span class=\"_ _6\"></span> <span class=\"_ _37\"> </span>-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7d0\">-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7d1\">-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7d2\">-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7d3\">-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7d4\">-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7d5\">2.49<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7d6\">3.04<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7d7\">3.35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7d8\">4.15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7d9\">4.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7da\">4.19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7db\">HUF<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>6.30<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7dc\">5.93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7dd\">5.71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7de\">5.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7df\">6.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7e0\">5.70<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7e1\">13.65<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7e2\">11.34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7e3\">9.66<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7e4\">8.61<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7e5\">8.03<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7e6\">7.15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7e7\">MDL<span class=\"_ _6\"></span> <span class=\"_ _31\"> </span>3.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7e8\">2.44<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7e9\">2.32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7ea\">2.39<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7eb\">2.41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7ec\">2.52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7ed\">3.18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7ee\">3.20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7ef\">3.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7f0\">3.09<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7f1\">2.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7f2\">2.73<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7f3\">MKD<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>3.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7f4\">2.44<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7f5\">2.32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7f6\">2.39<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7f7\">2.41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7f8\">2.52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7f9\">3.18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7fa\">3.20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7fb\">3.13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7fc\">3.09<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7fd\">2.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs7fe\">2.73<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs7ff\">PLN<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>4.95<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs800\">4.83<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs801\">4.84<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs802\">5.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs803\">4.94<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs804\">4.59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs805\">6.40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs806\">6.72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs807\">6.74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs808\">6.65<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs809\">6.01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs80a\">5.38<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs80b\">RON<span class=\"_ _6\"></span> <span class=\"_ _17d\"> </span>6.0<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs80c\">5.99<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs80d\">6.05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs80e\">6.14<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs80f\">5.67<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs810\">5.12<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs811\">6.98<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs812\">7.25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs813\">7.64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs814\">8.56<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs815\">8.01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs816\">6.91<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs817\">RSD<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>5.09<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs818\">5.22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs819\">5.45<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs81a\">6.84<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs81b\">7.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs81c\">6.20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs81d\">4.73<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs81e\">6.21<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs81f\">6.51<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs820\">7.34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs821\">7.09<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs822\">6.24<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs823\">TRY<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>39.34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs824\">31.17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs825\">24.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs826\">21.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs827\">19.14<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs828\">15.84<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs829\">12.32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs82a\">8.79<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs82b\">8.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs82c\">10.21<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs82d\">10.41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs82e\">9.29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs82f\">UAH<span class=\"_ _6\"></span> <span class=\"_ _152\"> </span>17.16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs830\">19.14<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs831\">17.47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs832\">11.18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs833\">7.28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs834\">6.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs835\">18.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs836\">22.12<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs837\">21.32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs838\">13.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs839\">8.14<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs83a\">6.99<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs83b\">USD<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>4.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs83c\">3.72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs83d\">3.50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs83e\">3.45<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs83f\">3.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs840\">3.23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs841\">5.07<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs842\">4.26<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs843\">3.95<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs844\">3.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs845\">3.63<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs846\">3.27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs847\">*Without il<span class=\"_ _7\"></span>liquidity adjustment </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs848\">Under certain <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nditio<span class=\"_ _7\"></span>ns, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>Croa<span class=\"_ _7\"></span>tian <span class=\"_ _6\"></span>Ins<span class=\"_ _7\"></span>urance Burea<span class=\"_ _7\"></span>u <span class=\"_ _1\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>mits <span class=\"_ _6\"></span>the u<span class=\"_ _6\"></span>se <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>speci<span class=\"_ _2\"></span>ally <span class=\"_ _1\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _6\"></span>inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st r<span class=\"_ _6\"></span>ate <span class=\"_ _6\"></span>gen<span class=\"_ _7\"></span>erate<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs849\">on the basi<span class=\"_ _7\"></span>s of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e EUR <span class=\"_ _2\"></span>bonds of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Cr<span class=\"_ _2\"></span>oatia<span class=\"_ _7\"></span>n Nation<span class=\"_ _7\"></span>al B<span class=\"_ _7\"></span>ank. That i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>why two<span class=\"_ _7\"></span> dif<span class=\"_ _2\"></span>ferent <span class=\"_ _7\"></span>EUR <span class=\"_ _7\"></span>interes<span class=\"_ _2\"></span>t rates a<span class=\"_ _7\"></span>re <span class=\"_ _2\"></span>presented<span class=\"_ _2\"></span> in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs84a\">the tabl<span class=\"_ _7\"></span>e abov<span class=\"_ _7\"></span>e.<span class=\"_ _3d5\"> </span> </div><div class=\"c w2d h5f gs84c\"><div class=\"t m0 x0 h7e y8a9 ff46 fs2d fc3 sc0 ls5 ws2\">Illiquidity adjustm<span class=\"_ _2\"></span>ent<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs84d\">31/12/2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs84e\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w2b h28 gs84f\"><div class=\"t m0 x0 h29 y125 ff48 fsf fca sc0 ls5 ws2\">in basis p<span class=\"_ _6\"></span>oints<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs850\">Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1be\"> </span>41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs851\">40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs852\">Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1bf\"> </span>56<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs853\">43<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs854\">Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1c0\"> </span>59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs855\">61<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs856\">Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _1c1\"> </span>56<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs857\">45<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs858\">Est<span class=\"_ _6\"></span>oni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1c2\"> </span>41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs859\">37<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs85a\">Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _1c3\"> </span>40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs85b\">194<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs85c\">Kos<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vo <span class=\"_ _1c4\"> </span>41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs85d\">40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs85e\">Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _1c4\"> </span>28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs85f\">11<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs860\">Latv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1c5\"> </span>41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs861\">40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs862\">Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _1c6\"> </span>39<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs863\">25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs864\">Lith<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1c7\"> </span>41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs865\">40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs866\">No<span class=\"_ _6\"></span>rth<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ced<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _1c8\"> </span>41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs867\">40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs868\">Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>a <span class=\"_ _1c9\"> </span>41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs869\">40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs86a\">Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1c4\"> </span>40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs86b\">37<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs86c\">Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _1ca\"> </span>69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs86d\">89<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs86e\">Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1cb\"> </span>35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs86f\">37<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs870\">Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _1cc\"> </span>200<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs871\">200<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs872\">Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _1c0\"> </span>40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs873\">34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs874\">Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _1cd\"> </span>32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs875\">31<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs876\">T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1c2\"> </span>54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs877\">39<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs878\">Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1c1\"> </span>229<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs879\">151<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs87a\">Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _1c0\"> </span>52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs87b\">73<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs87c\">1.3.<span class=\"ff4a\"> </span>Insu<span class=\"_ _7\"></span>rance contracts issu<span class=\"_ _7\"></span>ed </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs87d\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">20<span class=\"_ _6\"></span>23 <span class=\"_ _1b6\"> </span><span class=\"fcb\">2022 </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs87e\">All measu<span class=\"_ _6\"></span>rement <span class=\"_ _6\"></span>models<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span><span class=\"fsf\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _83\"> </span>LIC / AIC<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs87f\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _1ce\"> </span>LIC / AI<span class=\"_ _6\"></span>C</div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs880\">  <span class=\"_ _1a6\"> </span><span class=\"fsf\">Ex<span class=\"_ _7\"></span>cl. los<span class=\"_ _6\"></span>s </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs881\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs882\">Loss </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs883\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs884\">Excl. loss </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs885\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs886\">Loss </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs887\">component<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs888\"><div class=\"t m0 x0 h29 y3fb ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs889\"><div class=\"t m0 x0 h29 y3fb ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs88a\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>208,09<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs88b\">-7,707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs88c\">-70,093<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs88d\">113,336<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs88e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs88f\">-25,119<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs890\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _168\"> </span>-29,2<span class=\"_ _6\"></span>88,729<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs891\">-73,174<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs892\">-6,948,51<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs893\">-34,410,9<span class=\"_ _6\"></span>22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs894\">-12,418<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs895\">-6,448,41<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs896\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1cf\"> </span>-29,08<span class=\"_ _6\"></span>0,639<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs897\">-80,88<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs898\">-7,018<span class=\"_ _6\"></span>,605<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs899\">-34,29<span class=\"_ _6\"></span>7,586<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs89a\">-12,41<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs89b\">-6,473<span class=\"_ _6\"></span>,533<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs89c\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>11,195,729<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs89d\">13,517<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs89e\">-9,552,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs89f\">10,807,4<span class=\"_ _6\"></span>68<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8a0\">-68,852<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8a1\">-9,526,79<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8a2\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _18c\"> </span>-992,748<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8a3\">-1,652<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8a4\">-704,351<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8a5\">971,796<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8a6\">-186<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8a7\">-246,939<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8a8\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>-928,6<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8a9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8aa\">-139,005<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8ab\">3,620,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8ac\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8ad\">369,925<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8ae\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1c\"> </span>9,274,375<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8af\">11,865<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8b0\">-10,39<span class=\"_ _6\"></span>6,076<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs8b1\">15,399,8<span class=\"_ _6\"></span>09<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs8b2\">-69,03<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs8b3\">-9,403<span class=\"_ _6\"></span>,808<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8b4\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _168\"> </span>173,16<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8b5\">293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8b6\">34,317<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8b7\">-80,480<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8b8\">577<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8b9\">115,927<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8ba\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8bb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8bc\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8bd\">-662,516<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8be\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8bf\">-87,242<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8c0\">Tot<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>lm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _1d0\"> </span>-10,251,3<span class=\"_ _6\"></span>77<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8c1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8c2\">9,806,53<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8c3\">-9,439,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8c4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8c5\">8,830,05<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8c6\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1d1\"> </span>-29,88<span class=\"_ _6\"></span>4,478<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8c7\">-68,72<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8c8\">-7,573<span class=\"_ _6\"></span>,826<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs8c9\">-29,08<span class=\"_ _6\"></span>0,637<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs8ca\">-80,87<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs8cb\">-7,018<span class=\"_ _6\"></span>,605<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8cc\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _dc\"> </span>342,579<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8cd\">-8,993<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8ce\">-107,884<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8cf\">208,090<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8d0\">-7,707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8d1\">-70,093<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8d2\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _e2\"> </span>-3<span class=\"_ _6\"></span>0,227,05<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8d3\">-59,730<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8d4\">-7,465,94<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8d5\">-29,288,7<span class=\"_ _6\"></span>29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8d6\">-73,174<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs8d7\">-6,948,51<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs8d9\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span><span class=\"fsf\">2023 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs8da\">Premium Al<span class=\"_ _6\"></span>loca<span class=\"_ _6\"></span>tion Approa<span class=\"_ _6\"></span>ch <span class=\"_ _116\"> </span><span class=\"fsf\">LRC / ARC <span class=\"_ _113\"> </span>LI<span class=\"_ _6\"></span>C / AIC </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs8db\">  <span class=\"_ _1d3\"> </span><span class=\"fsf\">Excl. loss </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8dc\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8dd\">Loss </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8de\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8df\">Total<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8e0\">PVFCF<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8e1\">RA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8e2\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs8e3\"><div class=\"t m0 x0 h29 y1be ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs8e4\"><div class=\"t m0 x0 h29 y1be ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8e5\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _f8\"> </span>8,502<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8e6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8e7\">8,502<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8e8\">-2,383<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8e9\">-50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8ea\">-2,433<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8eb\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-1,683,36<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8ec\">-5,254<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8ed\">-1,688,61<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8ee\">-5,345,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8ef\">-246,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8f0\">-5,591,80<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8f1\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1d4\"> </span>-1,674<span class=\"_ _6\"></span>,858<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8f2\">-5,254<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8f3\">-1,680<span class=\"_ _6\"></span>,112<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8f4\">-5,347<span class=\"_ _6\"></span>,564<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8f5\">-246,6<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs8f6\">-5,594<span class=\"_ _6\"></span>,233<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8f7\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _190\"> </span>6,191,529<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8f8\">-3,644<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8f9\">6,187,88<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8fa\">-5,194,44<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8fb\">696<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8fc\">-5,193,74<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8fd\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _161\"> </span>8,531,<span class=\"_ _6\"></span>488<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8fe\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs8ff\">8,531,48<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs900\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs901\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs902\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs903\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _75\"> </span>8,531,488<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs904\">8,531,48<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs905\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs906\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1cf\"> </span>-2,350,0<span class=\"_ _6\"></span>65<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs907\">-3,644<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs908\">-2,353,70<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs909\">-5,184,33<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs90a\">696<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs90b\">-5,183,63<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs90c\">In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1d5\"> </span>-603,987<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs90d\">-603,987<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs90e\">-5,053,57<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs90f\">-5,053,57<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs910\">Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs911\">-3,644<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs912\">-3,644<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs913\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs914\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs915\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs916\">-130,757<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs917\">696<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs918\">-130,061<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs919\">Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d6\"> </span>-1,746,07<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs91a\">-1,746,07<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs91b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs91c\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d7\"> </span>10,106<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs91d\">10,106<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs91e\">-10,106<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs91f\">-10,106<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs920\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1d8\"> </span>213<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs921\">213<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs922\">-191,574<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs923\">-15,129<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs924\">-206,703<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs925\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _197\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs926\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs927\">-129,383<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs928\">-129,383<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs929\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1d9\"> </span>6,191,74<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs92a\">-3,644<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs92b\">6,188,09<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs92c\">-5,515<span class=\"_ _6\"></span>,398<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs92d\">-14,43<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs92e\">-5,529<span class=\"_ _6\"></span>,831<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs92f\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _168\"> </span>126,470<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs930\">-103<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs931\">126,367<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs932\">21,046<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs933\">-7,247<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs934\">13,799<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs935\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _7e\"> </span>-6,462<span class=\"_ _6\"></span>,103<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs936\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs937\">-6,462<span class=\"_ _6\"></span>,103<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs938\">5,090,93<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs939\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs93a\">5,090,93<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs93b\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1d7\"> </span>-8,872,233<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs93c\">-8,872,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs93d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs93e\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs93f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs940\">5,090,93<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs941\">5,090,93<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs942\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _181\"> </span>2,41<span class=\"_ _6\"></span>0,130<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs943\">2,410,13<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs944\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs945\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1d0\"> </span>-1,8<span class=\"_ _6\"></span>18,749<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs946\">-9,001<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs947\">-1,827<span class=\"_ _6\"></span>,750<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs948\">-5,750<span class=\"_ _6\"></span>,980<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs949\">-268,3<span class=\"_ _6\"></span>49<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs94a\">-6,019<span class=\"_ _6\"></span>,329<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs94b\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>17,94<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs94c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs94d\">17,945<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs94e\">-23,172<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs94f\">-370<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs950\">-23,542<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs951\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1da\"> </span>-1,836,69<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs952\">-9,001<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs953\">-1,845,69<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs954\">-5,727,80<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs955\">-267,979<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs956\">-5,995,78<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs958\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>022 </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs959\">Premium Al<span class=\"_ _6\"></span>loca<span class=\"_ _6\"></span>tion Approa<span class=\"_ _6\"></span>ch <span class=\"_ _116\"> </span><span class=\"fsf\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _113\"> </span>LIC / AIC </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs95a\">  <span class=\"_ _1d3\"> </span><span class=\"fsf\">Excl. lo<span class=\"_ _6\"></span>ss </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs95b\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs95c\">Loss </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs95d\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs95e\">Total<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs95f\">PVFCF<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs960\">RA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs961\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs962\"><div class=\"t m0 x0 h29 y1be ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs963\"><div class=\"t m0 x0 h29 y1be ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs964\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _13b\"> </span>2,735<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs965\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs966\">2,735<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs967\">-1,412<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs968\">-12<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs969\">-1,424<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs96a\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-1<span class=\"_ _6\"></span>,422,338<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs96b\">-8,626<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs96c\">-1,430,96<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs96d\">-4,887,46<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs96e\">-257,705<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs96f\">-5,145,16<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs970\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1d4\"> </span>-<span class=\"_ _6\"></span>1,419,<span class=\"_ _6\"></span>603<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs971\">-8,626<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs972\">-1,428<span class=\"_ _6\"></span>,229<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs973\">-4,888<span class=\"_ _6\"></span>,873<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs974\">-257,7<span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs975\">-5,146<span class=\"_ _6\"></span>,590<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs976\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _190\"> </span>5,444,44<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs977\">3,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs978\">5,447,80<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs979\">-4,888,47<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs97a\">-8,240<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs97b\">-4,896,71<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs97c\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1db\"> </span>7,516,80<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs97d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs97e\">7,516,80<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs97f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs980\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs981\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs982\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _75\"> </span>7<span class=\"_ _6\"></span>,516,801<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs983\">7,516,80<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs984\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs985\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _19b\"> </span>-2,075,3<span class=\"_ _6\"></span>81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs986\">3,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs987\">-2,072,02<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs988\">-4,885,44<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs989\">-8,240<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs98a\">-4,893,68<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs98b\">In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1d5\"> </span>-4<span class=\"_ _6\"></span>74,570<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs98c\">-474,570<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs98d\">-4,188,95<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs98e\">-4,188,95<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs98f\">Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _3a\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs990\">3,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs991\">3,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs992\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs993\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs994\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs995\">-696,488<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs996\">-8,240<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs997\">-704,728<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs998\">Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d6\"> </span>-1<span class=\"_ _6\"></span>,600,811<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs999\">-1,600,81<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs99a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs99b\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1dc\"> </span>3,027<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs99c\">3,027<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs99d\">-3,027<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs99e\">-3,027<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs99f\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9a0\">35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9a1\">-28,872<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9a2\">1,457<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9a3\">-27,415<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9a4\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _193\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9a5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9a6\">311,989<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9a7\">19,765<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9a8\">331,754<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9a9\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1d9\"> </span>5<span class=\"_ _6\"></span>,444,482<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9aa\">3,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9ab\">5,447,84<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9ac\">-4,605<span class=\"_ _6\"></span>,355<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9ad\">12,982<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9ae\">-4,592<span class=\"_ _6\"></span>,373<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9af\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _125\"> </span>-29,616<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9b0\">12<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9b1\">-29,604<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9b2\">82,199<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9b3\">-155<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9b4\">82,044<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9b5\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>-40,087<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9b6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9b7\">-40,087<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9b8\">-66,080<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9b9\">-1,779<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9ba\">-67,859<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9bb\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _99\"> </span>-5,630,03<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9bc\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9bd\">-5,630<span class=\"_ _6\"></span>,033<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9be\">4,130,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9bf\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9c0\">4,130,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9c1\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1d7\"> </span>-7,74<span class=\"_ _6\"></span>7,331<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9c2\">-7,747,33<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9c3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9c4\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9c5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9c6\">4,130,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9c7\">4,130,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9c8\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _1dd\"> </span>2,117,29<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9c9\">2,117,29<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9ca\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9cb\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1de\"> </span>-1,674<span class=\"_ _6\"></span>,857<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9cc\">-5,253<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9cd\">-1,680<span class=\"_ _6\"></span>,110<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9ce\">-5,347<span class=\"_ _6\"></span>,564<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9cf\">-246,6<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9d0\">-5,594<span class=\"_ _6\"></span>,233<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9d1\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>8,5<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9d2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9d3\">8,502<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9d4\">-2,383<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9d5\">-50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9d6\">-2,433<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9d7\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1da\"> </span>-1<span class=\"_ _6\"></span>,683,360<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9d8\">-5,254<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9d9\">-1,688,61<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9da\">-5,345,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9db\">-246,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9dc\">-5,591,80<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs9de\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">2023 <span class=\"_ _1b6\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs9df\">General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span><span class=\"fsf\">LRC / ARC <span class=\"_ _83\"> </span>LIC / AIC<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9e0\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _1ce\"> </span>LIC / AI<span class=\"_ _6\"></span>C</div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs9e1\">  <span class=\"_ _1d3\"> </span><span class=\"fsf\">Excl. loss </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs9e2\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs9e3\">Loss </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs9e4\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9e5\">Excl. loss </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9e6\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9e7\">Loss </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9e8\">component<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs9e9\"><div class=\"t m0 x0 h29 y1be ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs9ea\"><div class=\"t m0 x0 h29 y1be ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9eb\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>197,061<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9ec\">-7,707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9ed\">-67,658<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9ee\">110,527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9ef\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9f0\">-23,695<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9f1\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-2,142,19<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9f2\">-44,971<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9f3\">-551,412<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9f4\">-2,367,17<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9f5\">-967<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs9f6\">-573,091<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs9f7\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1d4\"> </span>-1,945<span class=\"_ _6\"></span>,130<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs9f8\">-52,67<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs9f9\">-619,0<span class=\"_ _6\"></span>70<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9fa\">-2,256<span class=\"_ _6\"></span>,648<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9fb\">-967<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs9fc\">-596,7<span class=\"_ _6\"></span>86<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9fd\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _190\"> </span>1,320,060<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9fe\">18,970<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs9ff\">-1,149,38<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa00\">1,147,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa01\">-52,668<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa02\">-970,068<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa03\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _161\"> </span>1,006,<span class=\"_ _6\"></span>668<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa04\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa05\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa06\">842,397<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa07\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa08\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa09\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span> <span class=\"_ _15\"> </span>225,762<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa0a\">305,085<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa0b\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1df\"> </span>780,906<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa0c\">537,312<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa0d\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _99\"> </span>-157,893<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa0e\">18,970<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa0f\">-678,099<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa10\">-144,392<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa11\">-52,668<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa12\">-520,433<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa13\">In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _15a\"> </span>-46,6<span class=\"_ _6\"></span>59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa14\">-504,389<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa15\">-62,465<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa16\">-404,609<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa17\">Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa18\">18,970<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa19\">-52,668<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa1a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa1b\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa1c\">-173,710<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa1d\">-115,824<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa1e\">Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e0\"> </span>-111,234<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa1f\">-81,927<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa20\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa21\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _111\"> </span>471,2<span class=\"_ _6\"></span>85<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa22\">-471,285<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa23\">449,635<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa24\">-449,635<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa25\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _18c\"> </span>-126,196<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa26\">-1,801<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa27\">-139<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa28\">-65,577<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa29\">-186<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa2a\">-2,421<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa2b\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>-14<span class=\"_ _6\"></span>1,989<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa2c\">-9,622<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa2d\">508,124<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa2e\">38,171<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa2f\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1d9\"> </span>1,051,87<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa30\">17,169<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa31\">-1,159<span class=\"_ _6\"></span>,145<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa32\">1,590,18<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa33\">-52,85<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa34\">-934,3<span class=\"_ _6\"></span>18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa35\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>76,176<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa36\">-330<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa37\">-486<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa38\">16,235<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa39\">1,143<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa3a\">30,426<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa3b\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa3c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa3d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa3e\">-165,140<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa3f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa40\">-6,582<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa41\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _7e\"> </span>-1,201<span class=\"_ _6\"></span>,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa42\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa43\">1,048,15<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa44\">-1,129<span class=\"_ _6\"></span>,763<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa45\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa46\">888,191<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa47\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1d7\"> </span>-1,669,613<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa48\">-1,549,05<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa49\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa4a\">1,048,15<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa4b\">888,191<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa4c\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _192\"> </span>468,1<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa4d\">419,294<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa4e\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1d0\"> </span>-2,0<span class=\"_ _6\"></span>18,521<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa4f\">-35,83<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa50\">-730,5<span class=\"_ _6\"></span>50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa51\">-1,945<span class=\"_ _6\"></span>,129<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa52\">-52,67<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa53\">-619,0<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa54\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>323,230<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa55\">-8,993<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa56\">-84,322<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa57\">197,061<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa58\">-7,707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa59\">-67,658<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa5a\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1da\"> </span>-2,341,74<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa5b\">-26,847<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa5c\">-646,227<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa5d\">-2,142,19<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa5e\">-44,971<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa5f\">-551,412<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsa61\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _184\"> </span><span class=\"fsf\">2023<span class=\"_ _6\"></span> <span class=\"_ _57\"> </span><span class=\"fcb\">2022<span class=\"_ _6\"></span> </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsa62\">Variable Fee<span class=\"_ _6\"></span> Ap<span class=\"_ _6\"></span>proach<span class=\"_ _6\"></span> <span class=\"_ _1e2\"> </span><span class=\"fsf\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _18e\"> </span>LIC / AIC<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa63\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>LIC / A<span class=\"_ _6\"></span>IC</div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsa64\">  <span class=\"_ _f7\"> </span><span class=\"fsf\">Excl. los<span class=\"_ _6\"></span>s </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa65\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa66\">Loss compone<span class=\"_ _6\"></span>nt<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa67\">Excl. loss </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa68\">component<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa69\">Loss compone<span class=\"_ _6\"></span>nt<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsa6a\"><div class=\"t m0 x0 h29 y1be ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsa6b\"><div class=\"t m0 x0 h29 y1be ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa6c\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1e3\"> </span>2,527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa6d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa6e\">-2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa6f\">74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa70\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa71\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa72\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>-25,463,1<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa73\">-22,949<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa74\">-805,300<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa75\">-30,621,4<span class=\"_ _6\"></span>09<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa76\">-2,825<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa77\">-730,157<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa78\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _e1\"> </span>-25,460,651<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa79\">-22,94<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsa7a\">-805,3<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa7b\">-30,62<span class=\"_ _6\"></span>1,335<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa7c\">-2,825<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsa7d\">-730,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa7e\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _40\"> </span>3,684,<span class=\"_ _6\"></span>140<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa7f\">-1,809<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa80\">-3,209,59<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa81\">4,215,38<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa82\">-19,545<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa83\">-3,660,01<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa84\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa85\">busi<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa86\">1,383,67<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa87\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa88\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa89\">1,378,45<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa8a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa8b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa8c\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span> <span class=\"_ _23\"> </span>1<span class=\"_ _6\"></span>,211,339<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa8d\">1,252,51<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa8e\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e5\"> </span>172,331<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa8f\">125,935<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa90\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-1<span class=\"_ _6\"></span>78,344<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa91\">-1,809<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa92\">-730,777<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa93\">-178,948<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa94\">-19,545<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa95\">-644,135<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa96\">In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa97\">se<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa98\">-131,041<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa99\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa9a\">-740,131<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa9b\">-140,303<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa9c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsa9d\">-651,459<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa9e\">Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsa9f\">rev<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaa0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaa1\">-1,809<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaa2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsaa3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsaa4\">-19,545<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsaa5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaa6\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaa7\">to <span class=\"_ _6\"></span>LIC<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaa8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaa9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaaa\">9,354<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsaab\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsaac\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsaad\">7,324<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaae\">Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaaf\">cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsab0\">-47,303<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsab1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsab2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsab3\">-38,645<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsab4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsab5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsab6\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>2,47<span class=\"_ _6\"></span>8,814<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsab7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsab8\">-2,478,81<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsab9\">3,015,87<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsaba\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsabb\">-3,015,87<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsabc\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1e6\"> </span>-866,765<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsabd\">149<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsabe\">-497,509<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsabf\">1,037,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsac0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsac1\">-217,103<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsac2\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsac3\">ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsac4\">-786,617<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsac5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsac6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsac7\">3,112,42<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsac8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsac9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsaca\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsacb\">com<span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>eh<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsacc\">2,030,75<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsacd\">-1,660<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsace\">-3,707<span class=\"_ _6\"></span>,100<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsacf\">8,365,14<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsad0\">-19,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsad1\">-3,877<span class=\"_ _6\"></span>,117<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsad2\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span>-29,483<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsad3\">726<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsad4\">21,004<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsad5\">-67,099<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsad6\">-578<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsad7\">3,457<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsad8\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _1b7\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsad9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsada\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsadb\">-457,289<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsadc\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsadd\">-12,801<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsade\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _1d\"> </span>-2,587,8<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsadf\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsae0\">3,667,45<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsae1\">-2,680<span class=\"_ _6\"></span>,068<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsae2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsae3\">3,811,31<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsae4\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _31\"> </span>-3,086,38<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsae5\">-3,148,76<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsae6\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsae7\">exp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsae8\">3,667,45<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsae9\">3,811,31<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaea\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _39\"> </span>498,550<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsaeb\">468,699<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsaec\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1e7\"> </span>-26,04<span class=\"_ _6\"></span>7,208<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsaed\">-23,88<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsaee\">-823,9<span class=\"_ _6\"></span>47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsaef\">-25,46<span class=\"_ _6\"></span>0,651<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsaf0\">-22,94<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsaf1\">-805,3<span class=\"_ _6\"></span>03<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaf2\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1e8\"> </span>1,404<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaf3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaf4\">-20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsaf5\">2,527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsaf6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsaf7\">-2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaf8\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>-26,048,612<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsaf9\">-23,882<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsafa\">-823,927<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsafb\">-25,463,1<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsafc\">-22,949<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsafd\">-805,300<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsaff\">Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2023 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsb00\">General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span><span class=\"fsf\">PVF<span class=\"_ _6\"></span>CF<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb01\">RA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb02\">CSM<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb03\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsb04\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsb05\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb06\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _8f\"> </span>576,41<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb07\">-181,860<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb08\">-272,856<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb09\">121,697<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb0a\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>-2,071,80<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb0b\">-172,563<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb0c\">-494,203<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb0d\">-2,738,57<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb0e\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _137\"> </span>-1,4<span class=\"_ _6\"></span>95,395<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb0f\">-354,4<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb10\">-767,0<span class=\"_ _6\"></span>59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb11\">-2,616<span class=\"_ _6\"></span>,877<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb12\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>188,431<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb13\">-17,295<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb14\">18,510<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb15\">189,646<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb16\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-254,149<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb17\">57,960<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb18\">204,484<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb19\">8,295<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1a\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _b3\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1b\">204,484<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1c\">204,484<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1d\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1e\">65,370<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1f\">65,370<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb20\">Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>-254,149<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb21\">-7,410<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb22\">-261,559<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb23\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ab\"> </span>280,695<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb24\">-76,197<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb25\">-185,974<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb26\">18,524<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb27\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>318,262<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb28\">-95,045<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb29\">-233,453<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb2a\">-10,236<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb2b\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _1b3\"> </span>-65,615<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb2c\">17,374<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb2d\">47,479<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb2e\">-762<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb2f\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>do<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span> <span class=\"_ _1ee\"> </span>28,048<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb30\">1,474<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb31\">29,522<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb32\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _ce\"> </span>16<span class=\"_ _6\"></span>1,885<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb33\">942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb34\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb35\">162,827<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb36\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>161,88<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb37\">942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb38\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb39\">162,827<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb3a\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _11b\"> </span>-58,61<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb3b\">-9,210<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb3c\">-60,308<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb3d\">-128,136<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb3e\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _1ef\"> </span>-120,568<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb3f\">-31,043<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb40\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb41\">-151,611<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb42\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>9,245<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb43\">-57,54<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb44\">-41,79<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb45\">-90,10<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb46\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>24,578<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb47\">6,004<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb48\">44,779<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb49\">75,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb4a\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _1ed\"> </span>-153<span class=\"_ _6\"></span>,291<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb4b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb4c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb4d\">-153,2<span class=\"_ _6\"></span>91<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb4e\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>-1,669,613<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb4f\">-1,669,61<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb50\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb51\">comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>1,048<span class=\"_ _6\"></span>,151<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb52\">1,048,15<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb53\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>468,<span class=\"_ _6\"></span>171<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb54\">468,171<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb55\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _9a\"> </span>-1,614<span class=\"_ _6\"></span>,863<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb56\">-405,9<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb57\">-764,0<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb58\">-2,784<span class=\"_ _6\"></span>,908<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb59\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _93\"> </span>74<span class=\"_ _6\"></span>5,643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb5a\">-245,949<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb5b\">-269,779<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb5c\">229,915<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb5d\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1f1\"> </span>-2,360,50<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb5e\">-160,018<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb5f\">-494,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb60\">-3,014,82<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gsb62\">Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>022 </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gsb63\">General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _115\"> </span><span class=\"fsf\">PV<span class=\"_ _7\"></span>FCF<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsb64\">RA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsb65\">CSM<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsb66\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsb67\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsb68\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb69\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _124\"> </span>233,411<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb6a\">-52,716<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb6b\">-93,862<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb6c\">86,833<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb6d\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>-2<span class=\"_ _6\"></span>,097,427<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb6e\">-294,443<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb6f\">-549,363<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb70\">-2,941,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsb71\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _110\"> </span>-1,864,01<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsb72\">-347,1<span class=\"_ _6\"></span>59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsb73\">-643,2<span class=\"_ _6\"></span>25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsb74\">-2,854<span class=\"_ _6\"></span>,400<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb75\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>1<span class=\"_ _6\"></span>99,692<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb76\">-38,243<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb77\">-36,545<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb78\">124,904<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb79\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-1<span class=\"_ _6\"></span>93,769<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb7a\">47,067<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb7b\">166,793<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb7c\">20,091<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb7d\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1f2\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb7e\">166,793<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb7f\">166,793<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb80\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb81\">53,448<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb82\">53,448<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb83\">Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>-1<span class=\"_ _6\"></span>93,769<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb84\">-6,381<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb85\">-200,150<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb86\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ab\"> </span>2<span class=\"_ _6\"></span>37,945<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb87\">-89,938<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb88\">-203,338<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb89\">-55,331<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb8a\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>221,434<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb8b\">-112,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb8c\">-144,485<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb8d\">-35,350<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb8e\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>32,7<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb8f\">21,444<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb90\">-58,853<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb91\">-4,616<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb92\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>do<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span> <span class=\"_ _1f3\"> </span>-16,282<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb93\">917<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb94\">-15,365<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb95\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _126\"> </span>155,51<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb96\">4,628<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb97\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb98\">160,144<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb99\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1f4\"> </span>155,516<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb9a\">4,628<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb9b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb9c\">160,144<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb9d\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1f5\"> </span>-29,763<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb9e\">-3,370<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsb9f\">-35,051<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsba0\">-68,184<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsba1\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>499,478<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsba2\">46,817<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsba3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsba4\">546,295<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsba5\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1f6\"> </span>669,407<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsba6\">5,204<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsba7\">-71,59<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsba8\">603,015<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsba9\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>35,1<span class=\"_ _6\"></span>40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbaa\">-3,526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbab\">16,188<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbac\">47,802<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbad\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>-9<span class=\"_ _6\"></span>4,354<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbae\">-8,942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbaf\">-68,426<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbb0\">-171,722<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbb1\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _1f7\"> </span>-241,5<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbb2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbb3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbb4\">-241,5<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbb5\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>-1,54<span class=\"_ _6\"></span>9,057<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbb6\">-1,549,05<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbb7\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbb8\">comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _149\"> </span>888,19<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbb9\">888,191<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbba\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _1f8\"> </span>419,294<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbbb\">419,294<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbbc\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1f9\"> </span>-1,495<span class=\"_ _6\"></span>,395<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbbd\">-354,4<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbbe\">-767,0<span class=\"_ _6\"></span>59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbbf\">-2,616<span class=\"_ _6\"></span>,877<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbc0\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span>576,413<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbc1\">-181,860<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbc2\">-272,856<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbc3\">121,697<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbc4\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1f1\"> </span>-2<span class=\"_ _6\"></span>,071,808<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbc5\">-172,563<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbc6\">-494,203<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbc7\">-2,738,57<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsaff\">Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2023 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsb00\">Variable Fee<span class=\"_ _6\"></span> Ap<span class=\"_ _6\"></span>proach<span class=\"_ _6\"></span> <span class=\"_ _10f\"> </span><span class=\"fsf\">PVFCF<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb01\">RA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb02\">CSM<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb03\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsb04\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsb05\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb06\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1fa\"> </span>3,902<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbc9\">-693<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbca\">-685<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbcb\">2,524<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb0a\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _4f\"> </span>-20,141,<span class=\"_ _6\"></span>490<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb0b\">-981,596<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbcc\">-5,168,34<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbcd\">-26,291,4<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb0e\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1fb\"> </span>-20,13<span class=\"_ _6\"></span>7,588<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb0f\">-982,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsbce\">-5,169<span class=\"_ _6\"></span>,026<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsbcf\">-26,28<span class=\"_ _6\"></span>8,903<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb12\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>381,332<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbd0\">47,669<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb14\">43,740<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb15\">472,741<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb16\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-294,353<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb17\">91,776<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb18\">408,102<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbd1\">205,525<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1a\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _b3\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1b\">408,102<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1c\">408,102<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1d\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1e\">95,720<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb1f\">95,720<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb20\">Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>-294,353<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb21\">-3,944<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb22\">-298,297<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb23\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ab\"> </span>259,602<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb24\">-55,722<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb25\">-364,362<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbd2\">-160,482<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb27\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>237,171<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb28\">-58,620<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb29\">-180,602<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbd3\">-2,051<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb2b\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _1fc\"> </span>8,618<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbd4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbd5\">-183,760<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbd6\">-175,142<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb2f\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>do<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _1fd\"> </span>13,813<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb30\">2,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb31\">16,711<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb32\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _ce\"> </span>41<span class=\"_ _6\"></span>6,083<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbd7\">11,615<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb34\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb35\">427,698<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb36\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>416,08<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbd8\">11,615<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb39\">427,698<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb3a\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _90\"> </span>-1,302,115<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbd9\">-63,284<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbda\">1,275<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbdb\">-1,364,12<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb3e\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _1ef\"> </span>-786,617<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbdc\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb40\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb41\">-786,617<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb42\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2f\"> </span>-1,707,40<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb43\">-15,61<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsbdd\">45,015<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsbde\">-1,678<span class=\"_ _6\"></span>,000<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb46\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>15,833<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbdf\">-27,882<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbe0\">4,294<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbe1\">-7,755<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb4a\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _147\"> </span>1,079,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb4b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb4c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsbe2\">1,079,61<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb4e\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>-3,086,382<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb4f\">-3,086,38<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb50\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb51\">comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>3,667<span class=\"_ _6\"></span>,451<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb52\">3,667,45<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb53\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>498,<span class=\"_ _6\"></span>550<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb54\">498,550<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsb55\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _df\"> </span>-<span class=\"_ _6\"></span>20,749<span class=\"_ _6\"></span>,536<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsbe3\">-1,025<span class=\"_ _6\"></span>,786<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsbe4\">-5,119<span class=\"_ _6\"></span>,717<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsbe5\">-26,89<span class=\"_ _6\"></span>5,039<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb59\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1fe\"> </span>6,578<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbe6\">-1,542<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbe7\">-3,653<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbe8\">1,383<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsb5d\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _145\"> </span>-20,756,<span class=\"_ _6\"></span>114<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbe9\">-1,024,24<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbea\">-5,116,06<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsbeb\">-26,896,4<span class=\"_ _6\"></span>22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gsbed\">Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>022 </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gsbee\">Variable Fee<span class=\"_ _6\"></span> Ap<span class=\"_ _6\"></span>proach<span class=\"_ _6\"></span> <span class=\"_ _1ff\"> </span><span class=\"fsf\">PVFCF<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbef\">RA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbf0\">CSM<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbf1\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsbf2\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsbf3\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbf4\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>178<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbf5\">-16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbf6\">-88<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbf7\">74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbf8\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _200\"> </span>-25,577,9<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbf9\">-1,253,84<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbfa\">-4,522,63<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsbfb\">-31,354,3<span class=\"_ _6\"></span>91<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbfc\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1fb\"> </span>-<span class=\"_ _6\"></span>25,577<span class=\"_ _6\"></span>,741<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbfd\">-1,253<span class=\"_ _6\"></span>,856<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbfe\">-4,522<span class=\"_ _6\"></span>,720<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsbff\">-31,35<span class=\"_ _6\"></span>4,317<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc00\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>9<span class=\"_ _6\"></span>93,882<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc01\">39,425<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc02\">-497,486<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc03\">535,821<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc04\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-5<span class=\"_ _6\"></span>44,966<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc05\">104,328<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc06\">422,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc07\">-17,683<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc08\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1f2\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc09\">422,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc0a\">422,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc0b\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc0c\">104,328<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc0d\">104,328<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc0e\">Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>-5<span class=\"_ _6\"></span>44,966<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc0f\">-544,966<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc10\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ab\"> </span>9<span class=\"_ _6\"></span>67,764<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc11\">-64,903<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc12\">-920,441<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc13\">-17,580<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc14\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>189,061<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc15\">-62,957<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc16\">-127,713<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc17\">-1,609<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc18\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>794,049<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc19\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc1a\">-792,728<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc1b\">1,321<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc1c\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>do<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span> <span class=\"_ _1f3\"> </span>-15,346<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc1d\">-1,946<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc1e\">-17,292<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc1f\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _126\"> </span>571,08<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc20\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc21\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc22\">571,084<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc23\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1f4\"> </span>571,084<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc24\">571,084<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc25\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span>5<span class=\"_ _6\"></span>56,890<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc26\">266,804<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc27\">-3,459<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc28\">820,235<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc29\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>3,112,421<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc2a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc2b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc2c\">3,112,42<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc2d\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _35\"> </span>4,663<span class=\"_ _6\"></span>,193<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc2e\">306,229<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc2f\">-500,9<span class=\"_ _6\"></span>45<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc30\">4,468,47<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc31\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _10b\"> </span>-58,404<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc32\">-9,410<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc33\">3,594<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc34\">-64,220<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc35\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _201\"> </span>-295,883<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc36\">-25,252<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc37\">-148,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc38\">-470,090<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc39\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _147\"> </span>1,131,24<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc3a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc3b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc3c\">1,131,24<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc3d\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>-3,14<span class=\"_ _6\"></span>8,767<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc3e\">-3,148,76<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc3f\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc40\">comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _164\"> </span>3,811,315<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc41\">3,811,31<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc42\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _1f8\"> </span>468,699<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc43\">468,699<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc44\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _202\"> </span>-20,13<span class=\"_ _6\"></span>7,588<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc45\">-982,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc46\">-5,169<span class=\"_ _6\"></span>,026<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc47\">-26,28<span class=\"_ _6\"></span>8,903<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc48\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1fe\"> </span>3<span class=\"_ _6\"></span>,902<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc49\">-693<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc4a\">-685<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc4b\">2,524<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc4c\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>-20,141,4<span class=\"_ _6\"></span>90<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc4d\">-981,596<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc4e\">-5,168,34<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc4f\">-26,291,4<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gsc50\">As an ass<span class=\"_ _7\"></span>et recogn<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>sed i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce acqu<span class=\"_ _7\"></span>isition <span class=\"_ _7\"></span>costs<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsc51\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc52\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsc53\"><div class=\"t m0 x0 h29 y945 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsc54\"><div class=\"t m0 x0 h29 y945 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc55\">As <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span>10,48<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc56\">25,939<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc57\">All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cati<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _204\"> </span>4,538<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc58\">2,945<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc59\">Rel<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> <span class=\"_ _205\"> </span>-10,509<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc5a\">-19,312<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc5b\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _206\"> </span>-725<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc5c\">489<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc5d\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc5e\">423<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc5f\">As of <span class=\"_ _6\"></span>31/12 <span class=\"_ _208\"> </span>3,788<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc60\">10,484<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gsc61\">No <span class=\"_ _6\"></span>facts <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>cir<span class=\"_ _2\"></span>cumstances were<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>identifi<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>eithe<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the curre<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>year <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>vio<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>year <span class=\"_ _6\"></span>that would have <span class=\"_ _6\"></span>indicated th<span class=\"_ _7\"></span>at </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gsc62\">the item as <span class=\"_ _2\"></span>an asset r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised ins<span class=\"_ _2\"></span>urance acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>n shoul<span class=\"_ _7\"></span>d have be<span class=\"_ _2\"></span>en impaire<span class=\"_ _2\"></span>d. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gsc63\">In the curr<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>and pre<span class=\"_ _7\"></span>vio<span class=\"_ _7\"></span>us year<span class=\"_ _10\"></span>, no i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce acquis<span class=\"_ _7\"></span>ition co<span class=\"_ _7\"></span>sts are all<span class=\"_ _7\"></span>ocate<span class=\"_ _7\"></span>d to fut<span class=\"_ _7\"></span>ure gr<span class=\"_ _2\"></span>oups of i<span class=\"_ _7\"></span>nsurance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts, <span class=\"_ _7\"></span>as i<span class=\"_ _7\"></span>t<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gsc64\">is not exp<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>any r<span class=\"_ _2\"></span>enewal cont<span class=\"_ _7\"></span>racts to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rise fro<span class=\"_ _2\"></span>m new <span class=\"_ _7\"></span>cont<span class=\"_ _7\"></span>racts iss<span class=\"_ _7\"></span>ued in <span class=\"_ _7\"></span>the perio<span class=\"_ _7\"></span>d. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gsc65\">The <span class=\"_ _4\"></span>expected<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>derec<span class=\"_ _6\"></span>ogniti<span class=\"_ _6\"></span>on <span class=\"_ _4\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>acqui<span class=\"_ _6\"></span>siti<span class=\"_ _6\"></span>on <span class=\"_ _4\"></span>costs<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>recogni<span class=\"_ _6\"></span>sed <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>a<span class=\"_ _6\"></span>sset<span class=\"_ _6\"></span>s <span class=\"_ _4\"></span>takes<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>place<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>within<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>one <span class=\"_ _4\"> </span>yea<span class=\"_ _6\"></span>r <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>a<span class=\"_ _6\"></span>mounts<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>to<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gsc66\">EUR 3,78<span class=\"_ _6\"></span>8,000 (<span class=\"_ _6\"></span>EUR <span class=\"_ _6\"></span>10,4<span class=\"_ _6\"></span>84,00<span class=\"_ _6\"></span>0).<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsc68\">Insurance <span class=\"_ _6\"></span>service<span class=\"_ _6\"></span> revenue<span class=\"_ _6\"></span> <span class=\"_ _5d\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _209\"> </span><span class=\"fcb\">31/12/2022<span class=\"_ _6\"></span> </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsc69\">  <span class=\"_ _d1\"> </span><span class=\"fsf\">GMM<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc6a\">VFA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc6b\">Total<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc6c\">GMM<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc6d\">VFA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc6e\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsc6f\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsc70\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc71\">Amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g to<span class=\"_ _6\"></span> t<span class=\"_ _1\"></span>he <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>LR<span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ncl<span class=\"_ _6\"></span>. A<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _136\"> </span>582,357<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc72\">699,890<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc73\">1,282,24<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc74\">481,392<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc75\">721,763<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc76\">1,203,15<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc77\">Exp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cted<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>266,393<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc78\">291,024<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc79\">557,417<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc7a\">211,850<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc7b\">240,920<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc7c\">452,770<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc7d\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>men<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>ial<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k <span class=\"_ _20a\"> </span>65,370<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc7e\">95,720<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc7f\">161,090<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc80\">53,448<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc81\">104,328<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc82\">157,776<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc83\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _20b\"> </span>204,484<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc84\">408,102<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc85\">612,586<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc86\">166,793<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc87\">422,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc88\">589,748<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc89\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>am<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>46,110<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc8a\">-94,956<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc8b\">-48,846<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc8c\">49,301<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc8d\">-46,440<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc8e\">2,861<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc8f\">Amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g to<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y of<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>nce<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>siti<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1a\"> </span>424,311<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc90\">683,780<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc91\">1,108,09<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc92\">361,005<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc93\">656,687<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsc94\">1,017,69<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc95\">All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cati<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>emi<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lat<span class=\"_ _6\"></span>e t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ove<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>of </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc96\">insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc97\">424,311<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc98\">683,780<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsc99\">1,108,09<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc9a\">361,005<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc9b\">656,687<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsc9c\">1,017,69<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc9d\">Total <span class=\"_ _12e\"> </span>1,006,668<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc9e\">1,383,67<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsc9f\">2,390,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsca0\">842,397<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsca1\">1,378,45<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsca2\">2,220,84<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsca3\">Contract<span class=\"_ _6\"></span>s initially <span class=\"_ _6\"></span>recogni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1d1\"> </span><span class=\"fcb\">31/12<span class=\"_ _6\"></span>/2022<span class=\"_ _6\"></span> </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsca4\">General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _129\"> </span><span class=\"fsf\">N<span class=\"_ _7\"></span>on-onero<span class=\"_ _6\"></span>us<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsca5\">Onerous<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsca6\">Total<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsca7\">Non-onero<span class=\"_ _6\"></span>us<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsca8\">Onerous<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsca9\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gscaa\"><div class=\"t m0 x0 h29 y352 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gscab\"><div class=\"t m0 x0 h29 y352 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscac\">Ow<span class=\"_ _6\"></span>n-<span class=\"_ _6\"></span>wri<span class=\"_ _6\"></span>tte<span class=\"_ _1\"></span>n <span class=\"_ _fb\"> </span>-7,002<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscad\">-3,234<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscae\">-10,23<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gscaf\">-5,900<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gscb0\">-29,45<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gscb1\">-35,35<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscb2\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>utf<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _20c\"> </span>-1,501,61<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscb3\">-220,586<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscb4\">-1,722,20<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscb5\">-1,050,54<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscb6\">-741,022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscb7\">-1,791,56<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscb8\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _3f\"> </span>-332,238<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscb9\">-24,679<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscba\">-356,917<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscbb\">-169,408<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscbc\">-172,694<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscbd\">-342,102<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscbe\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _21\"> </span>1<span class=\"_ _6\"></span>,817,483<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscbf\">222,980<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscc0\">2,040,46<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscc1\">1,257,50<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscc2\">755,499<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscc3\">2,012,99<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscc4\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>non<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span>-89<span class=\"_ _6\"></span>,417<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscc5\">-5,628<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscc6\">-95,045<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscc7\">-68,372<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscc8\">-43,927<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscc9\">-112,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscca\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _12d\"> </span>-233,453<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsccb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsccc\">-233,453<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsccd\">-144,485<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscce\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsccf\">-144,485<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscd0\">Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _20d\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscd1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscd2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gscd3\">-171,7<span class=\"_ _6\"></span>22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gscd4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gscd5\">-171,7<span class=\"_ _6\"></span>22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscd6\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>utf<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscd7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscd8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscd9\">-292,526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscda\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscdb\">-292,526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscdc\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f3\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscdd\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscde\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscdf\">-35,655<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsce0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsce1\">-35,655<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsce2\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ad\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsce3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsce4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsce5\">198,172<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsce6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsce7\">198,172<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsce8\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>non<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsce9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscea\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsceb\">-8,942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscec\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsced\">-8,942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscee\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _144\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscef\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gscf0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscf1\">-68,426<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscf2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gscf3\">-68,426<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscf4\">Total <span class=\"_ _1a7\"> </span>-7,002<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscf5\">-3,234<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscf6\">-10,23<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gscf7\">-177,6<span class=\"_ _6\"></span>22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gscf8\">-29,45<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gscf9\">-207,0<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gscfa\">Contract<span class=\"_ _6\"></span>s initially <span class=\"_ _6\"></span>recogni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1d1\"> </span><span class=\"fcb\">31/12<span class=\"_ _6\"></span>/2022<span class=\"_ _6\"></span> </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gscfb\">Variable Fee<span class=\"_ _6\"></span> Ap<span class=\"_ _6\"></span>proach<span class=\"_ _6\"></span> <span class=\"_ _20e\"> </span><span class=\"fsf\">Non-onero<span class=\"_ _6\"></span>us<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscfc\">Onerous<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gscfd\">Total<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gscfe\">Non-onero<span class=\"_ _6\"></span>us<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gscff\">Onerous<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd00\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsd01\"><div class=\"t m0 x0 h29 y646 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsd02\"><div class=\"t m0 x0 h29 y646 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd03\">Ow<span class=\"_ _6\"></span>n-<span class=\"_ _6\"></span>wri<span class=\"_ _6\"></span>tte<span class=\"_ _1\"></span>n <span class=\"_ _fb\"> </span>-2,537<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd04\">486<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd05\">-2,051<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd06\">-847<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd07\">-762<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd08\">-1,609<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd09\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>utf<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _20c\"> </span>-1,955,84<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd0a\">-71,315<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd0b\">-2,027,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd0c\">-2,160,13<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd0d\">-13,532<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd0e\">-2,173,66<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd0f\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _3f\"> </span>-269,127<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd10\">-10,180<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd11\">-279,307<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd12\">-258,933<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd13\">-2,182<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd14\">-261,115<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd15\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _21\"> </span>2<span class=\"_ _6\"></span>,189,650<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd16\">74,678<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd17\">2,264,32<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd18\">2,349,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd19\">13,542<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd1a\">2,362,72<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd1b\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>non<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span>-55<span class=\"_ _6\"></span>,743<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd1c\">-2,877<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd1d\">-58,620<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd1e\">-62,185<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd1f\">-772<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd20\">-62,957<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd21\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _12d\"> </span>-180,602<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd22\">-180,602<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd23\">-127,713<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd24\">-127,713<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd25\">Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _20d\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd26\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd27\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd28\">-470,0<span class=\"_ _6\"></span>90<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd29\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd2a\">-470,0<span class=\"_ _6\"></span>90<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd2b\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>utf<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd2c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd2d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd2e\">-454,930<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd2f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd30\">-454,930<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd31\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f3\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd32\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd33\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd34\">-18,806<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd35\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd36\">-18,806<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd37\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ad\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd38\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd39\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd3a\">159,047<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd3b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd3c\">159,047<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd3d\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>non<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd3e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd3f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd40\">-25,252<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd41\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd42\">-25,252<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd43\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _144\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd44\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd45\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd46\">-148,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd47\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsd48\">-148,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd49\">Total <span class=\"_ _1a7\"> </span>-2,537<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd4a\">486<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd4b\">-2,051<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd4c\">-470,9<span class=\"_ _6\"></span>37<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd4d\">-762<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd4e\">-471,6<span class=\"_ _6\"></span>99<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsd50\">CSM expecte<span class=\"_ _6\"></span>d to be<span class=\"_ _6\"></span> recogn<span class=\"_ _6\"></span>ised<span class=\"_ _6\"></span> in profit o<span class=\"_ _6\"></span>r loss<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsd51\">Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s iss<span class=\"_ _6\"></span>ued<span class=\"_ _6\"></span> <span class=\"_ _ab\"> </span><span class=\"fsf\">1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gsd52\">st</div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd53\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd54\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gsd55\">nd </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd56\">year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd57\">3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gsd58\">rd</div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd59\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd5a\">4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gsd5b\">th</div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd5c\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd5d\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gsd5e\">th</div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd5f\"> year and </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd60\">lat<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd61\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsd62\"><div class=\"t m0 x0 h29 y12b ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsd63\"><div class=\"t m0 x0 h29 y12b ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd64\">GM<span class=\"_ _6\"></span>M <span class=\"_ _110\"> </span>-144,551<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd65\">-99,74<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd66\">-80,61<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd67\">-66,26<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd68\">-372,9<span class=\"_ _6\"></span>11<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd69\">-764,0<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd6a\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _ae\"> </span>-39,250<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd6b\">-32,224<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd6c\">-27,666<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd6d\">-23,238<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd6e\">-147,401<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd6f\">-269,779<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd70\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _1bd\"> </span>-1<span class=\"_ _6\"></span>05,301<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd71\">-67,518<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd72\">-52,944<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd73\">-43,026<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd74\">-225,510<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd75\">-494,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd76\">VFA<span class=\"_ _6\"></span> <span class=\"_ _1a5\"> </span>-38<span class=\"_ _6\"></span>6,096<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd77\">-348,8<span class=\"_ _6\"></span>68<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd78\">-319,7<span class=\"_ _6\"></span>52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd79\">-296,5<span class=\"_ _6\"></span>68<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd7a\">-3,768<span class=\"_ _6\"></span>,433<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd7b\">-5,119<span class=\"_ _6\"></span>,717<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd7c\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _20f\"> </span>-62<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd7d\">-98<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd7e\">-133<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd7f\">-163<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd80\">-3,197<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd81\">-3,653<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd82\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _1bd\"> </span>-3<span class=\"_ _6\"></span>86,034<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd83\">-348,770<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd84\">-319,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd85\">-296,405<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd86\">-3,765,23<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsd87\">-5,116,06<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd88\">Total <span class=\"_ _210\"> </span>-530,6<span class=\"_ _6\"></span>47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd89\">-448,6<span class=\"_ _6\"></span>10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd8a\">-400,3<span class=\"_ _6\"></span>62<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd8b\">-362,8<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd8c\">-4,141<span class=\"_ _6\"></span>,344<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsd8d\">-5,883<span class=\"_ _6\"></span>,795<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gsd8e\">CSM expecte<span class=\"_ _6\"></span>d to be<span class=\"_ _6\"></span> recogn<span class=\"_ _6\"></span>ised<span class=\"_ _6\"></span> in profit o<span class=\"_ _6\"></span>r loss<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span><span class=\"fsf\">31/12/2022<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gsd8f\">Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s iss<span class=\"_ _6\"></span>ued<span class=\"_ _6\"></span> <span class=\"_ _ab\"> </span><span class=\"fsf\">1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gsd90\">st</div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd91\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd92\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gsd93\">nd </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd94\">year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd95\">3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gsd96\">rd</div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd97\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd98\">4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gsd99\">th</div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd9a\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd9b\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gsd9c\">th</div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd9d\"> year and </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd9e\">lat<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsd9f\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsda0\"><div class=\"t m0 x0 h29 y990 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsda1\"><div class=\"t m0 x0 h29 y990 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsda2\">GM<span class=\"_ _6\"></span>M <span class=\"_ _110\"> </span>-156,456<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsda3\">-101,0<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsda4\">-92,87<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsda5\">-82,56<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsda6\">-334,0<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsda7\">-767,0<span class=\"_ _6\"></span>59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsda8\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _ae\"> </span>-42,636<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsda9\">-33,515<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdaa\">-27,872<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdab\">-23,459<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdac\">-145,374<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdad\">-272,856<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdae\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _1bd\"> </span>-1<span class=\"_ _6\"></span>13,820<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdaf\">-67,559<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdb0\">-65,007<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdb1\">-59,107<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdb2\">-188,710<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdb3\">-494,203<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdb4\">VFA<span class=\"_ _6\"></span> <span class=\"_ _1a5\"> </span>-40<span class=\"_ _6\"></span>7,638<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdb5\">-365,8<span class=\"_ _6\"></span>91<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdb6\">-337,6<span class=\"_ _6\"></span>08<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdb7\">-310,7<span class=\"_ _6\"></span>49<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdb8\">-3,747<span class=\"_ _6\"></span>,140<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdb9\">-5,169<span class=\"_ _6\"></span>,026<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdba\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _20f\"> </span>-50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdbb\">-50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdbc\">-47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdbd\">-44<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdbe\">-494<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdbf\">-685<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdc0\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _1bd\"> </span>-4<span class=\"_ _6\"></span>07,588<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdc1\">-365,841<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdc2\">-337,561<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdc3\">-310,705<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdc4\">-3,746,64<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdc5\">-5,168,34<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdc6\">Total <span class=\"_ _210\"> </span>-564,0<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdc7\">-466,9<span class=\"_ _6\"></span>65<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdc8\">-430,4<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdc9\">-393,3<span class=\"_ _6\"></span>15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdca\">-4,081<span class=\"_ _6\"></span>,224<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdcb\">-5,936<span class=\"_ _6\"></span>,085<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gsdcc\">1.4.<span class=\"ff4a\"> </span>Reinsuranc<span class=\"_ _7\"></span>e contracts h<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ld </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsdcd\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">20<span class=\"_ _6\"></span>23 <span class=\"_ _1b6\"> </span><span class=\"fcb\">2022 </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsdce\">All measu<span class=\"_ _6\"></span>rement <span class=\"_ _6\"></span>models<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span><span class=\"fsf\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _83\"> </span>LIC / AIC<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdcf\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _1ce\"> </span>LIC / AI<span class=\"_ _6\"></span>C</div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsdd0\">  <span class=\"_ _7a\"> </span><span class=\"fsf\">Excl. LoReCo<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsdd1\">LoReCo<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdd2\">Excl. LoReCo<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdd3\">LoReCo<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsdd4\"><div class=\"t m0 x0 h29 y640 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsdd5\"><div class=\"t m0 x0 h29 y640 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdd6\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>-37,144<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdd7\">17,499<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdd8\">1,894,15<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdd9\">-67,049<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdda\">6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsddb\">1,719,29<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsddc\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>-53,38<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsddd\">559<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdde\">15,089<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsddf\">-38,174<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsde0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsde1\">-26,412<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsde2\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _ab\"> </span>-90,533<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsde3\">18,058<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsde4\">1,909,24<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsde5\">-105,2<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsde6\">6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsde7\">1,692,88<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsde8\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1da\"> </span>-<span class=\"_ _6\"></span>1,320,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsde9\">-13,421<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdea\">885,654<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdeb\">-1,254,80<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdec\">16,788<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsded\">1,164,99<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdee\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>-3,174<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdef\">8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdf0\">44,794<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdf1\">9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdf2\">1,261<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdf3\">15,453<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdf4\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _41\"> </span>-5,247<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdf5\">-833<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsdf6\">40,996<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdf7\">12,410<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdf8\">-720<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsdf9\">-142,444<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsdfa\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _211\"> </span>-1,329<span class=\"_ _6\"></span>,081<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsdfb\">-14,24<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsdfc\">971,444<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdfd\">-1,242<span class=\"_ _6\"></span>,386<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdfe\">17,329<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsdff\">1,038,00<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse00\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>26,4<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse01\">752<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse02\">-14,504<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse03\">20,081<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse04\">723<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse05\">33,154<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse06\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse07\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse08\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse09\">-7,161<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse0a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse0b\">-1,268<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse0c\">Tot<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>lm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _17e\"> </span>1,<span class=\"_ _6\"></span>318,092<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse0d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse0e\">-1,011,60<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse0f\">1,244,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse10\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse11\">-853,535<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse12\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _105\"> </span>-<span class=\"_ _6\"></span>75,028<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse13\">4,564<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse14\">1,854,58<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gse15\">-90,53<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gse16\">18,058<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gse17\">1,909,24<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse18\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>-39,390<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse19\">4,142<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse1a\">1,843,54<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse1b\">-37,144<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse1c\">17,499<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse1d\">1,894,15<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse1e\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>-35,63<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse1f\">422<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse20\">11,037<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse21\">-53,389<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse22\">559<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gse23\">15,089<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gse25\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span><span class=\"fsf\">2023 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gse26\">Premium Al<span class=\"_ _6\"></span>loca<span class=\"_ _6\"></span>tion Approa<span class=\"_ _6\"></span>ch <span class=\"_ _1fc\"> </span><span class=\"fsf\">LRC / A<span class=\"_ _6\"></span>RC <span class=\"_ _113\"> </span>LI<span class=\"_ _6\"></span>C / AIC </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gse27\">  <span class=\"_ _1f9\"> </span><span class=\"fsf\">Excl. LoReCo<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse28\">LoReCo<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse29\">Total<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse2a\">PVFCF<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse2b\">RA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse2c\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gse2d\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gse2e\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse2f\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>46,406<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse30\">-1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse31\">46,405<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse32\">1,257,56<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse33\">28,041<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse34\">1,285,60<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse35\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>-22,244<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse36\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse37\">-22,244<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse38\">16,198<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse39\">210<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse3a\">16,408<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse3b\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>24,<span class=\"_ _6\"></span>162<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse3c\">-1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse3d\">24,161<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse3e\">1,273,76<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse3f\">28,251<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse40\">1,302,01<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse41\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-902,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse42\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse43\">-902,437<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse44\">565,108<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse45\">-2,829<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse46\">562,279<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse47\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1e0\"> </span>-931,526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse48\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse49\">-931,526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse4a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse4b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse4c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse4d\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span>-9<span class=\"_ _6\"></span>31,526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse4e\">-931,526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse4f\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17e\"> </span>45,835<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse50\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse51\">45,840<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse52\">548,357<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse53\">-2,829<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse54\">545,528<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse55\">In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>45,8<span class=\"_ _6\"></span>35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse56\">45,835<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse57\">713,535<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse58\">713,535<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse59\">Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse5a\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse5b\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse5c\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse5d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse5e\">-165,532<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse5f\">-2,829<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse60\">-168,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse61\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce b<span class=\"_ _1\"></span>y is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>of </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse62\">rein<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse63\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse64\">354<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse65\">354<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse66\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _212\"> </span>-16,751<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse67\">-16,751<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse68\">16,751<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse69\">16,751<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse6a\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _e0\"> </span>-198<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse6b\">-198<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse6c\">38,559<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse6d\">1,673<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse6e\">40,232<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse6f\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse70\">ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse71\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse72\">33,166<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse73\">33,166<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse74\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4d\"> </span>-902,640<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse75\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse76\">-902,6<span class=\"_ _6\"></span>35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse77\">636,833<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse78\">-1,156<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse79\">635,677<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse7a\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>11,725<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse7b\">3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse7c\">11,728<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse7d\">-1,549<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse7e\">-160<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse7f\">-1,709<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse80\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _1ee\"> </span>930<span class=\"_ _6\"></span>,675<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse81\">930,675<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse82\">-733,5<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse83\">-733,5<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse84\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _213\"> </span>930,675<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse85\">930,675<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse86\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse87\">in<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse88\">-733,557<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse89\">-733,557<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse8a\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _168\"> </span>63,922<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse8b\">7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse8c\">63,929<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse8d\">1,175,49<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse8e\">26,935<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gse8f\">1,202,42<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse90\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>67,55<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse91\">6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse92\">67,558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse93\">1,163,02<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse94\">26,854<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse95\">1,189,87<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse96\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _214\"> </span>-3,631<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse97\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse98\">-3,630<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse99\">12,473<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse9a\">82<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gse9b\">12,555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gse9d\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>022 </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gse9e\">Premium Al<span class=\"_ _6\"></span>loca<span class=\"_ _6\"></span>tion Approa<span class=\"_ _6\"></span>ch <span class=\"_ _116\"> </span><span class=\"fsf\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _113\"> </span>LIC / AIC </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gse9f\">  <span class=\"_ _7a\"> </span><span class=\"fsf\">Excl. LoReCo<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsea0\">LoReCo<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsea1\">Total<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsea2\">PVFCF<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsea3\">RA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsea4\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsea5\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsea6\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsea7\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _13b\"> </span>2,720<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsea8\">6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsea9\">2,726<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseaa\">969,625<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseab\">28,802<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseac\">998,427<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsead\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>-10,52<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseae\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseaf\">-10,527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseb0\">-23,479<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseb1\">398<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseb2\">-23,081<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gseb3\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 01/01 <span class=\"_ _125\"> </span>-7,807<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gseb4\">6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gseb5\">-7,801<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gseb6\">946,146<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gseb7\">29,200<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gseb8\">975,346<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseb9\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-8<span class=\"_ _6\"></span>85,836<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseba\">-7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsebb\">-885,843<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsebc\">863,762<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsebd\">522<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsebe\">864,284<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsebf\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1e0\"> </span>-90<span class=\"_ _6\"></span>7,486<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsec0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsec1\">-907,486<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsec2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsec3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsec4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsec5\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _87\"> </span>-907,486<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsec6\">-907,486<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsec7\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17e\"> </span>31,196<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsec8\">-7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsec9\">31,189<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseca\">854,216<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsecb\">522<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsecc\">854,738<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsecd\">In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _215\"> </span>31,196<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsece\">31,196<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsecf\">555,987<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsed0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsed1\">555,987<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsed2\">Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _3a\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsed3\">-7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsed4\">-7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsed5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsed6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsed7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsed8\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsed9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseda\">299,090<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsedb\">522<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsedc\">299,612<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsedd\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce b<span class=\"_ _1\"></span>y is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>of </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsede\">rein<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsedf\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsee0\">-861<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsee1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsee2\">-861<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsee3\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>-9,546<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsee4\">-9,546<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsee5\">9,546<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsee6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsee7\">9,546<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsee8\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsee9\">78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseea\">16,342<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseeb\">54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseec\">16,396<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseed\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseee\">ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseef\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsef0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsef1\">-101,524<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsef2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsef3\">-101,524<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsef4\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4d\"> </span>-8<span class=\"_ _6\"></span>85,758<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsef5\">-7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsef6\">-885,7<span class=\"_ _6\"></span>65<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsef7\">778,580<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsef8\">576<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsef9\">779,156<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsefa\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>19,6<span class=\"_ _6\"></span>05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsefb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsefc\">19,605<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsefd\">33,394<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsefe\">-1,487<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gseff\">31,907<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf00\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _1cf\"> </span>-1,163<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf01\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf02\">-1,163<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf03\">-2,990<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf04\">-38<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf05\">-3,028<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf06\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _e4\"> </span>899,2<span class=\"_ _6\"></span>86<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf07\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf08\">899,286<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf09\">-481,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf0a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf0b\">-481,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf0c\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _213\"> </span>8<span class=\"_ _6\"></span>99,286<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf0d\">899,286<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf0e\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf0f\">in<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf10\">-481,364<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf11\">-481,364<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf12\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _168\"> </span>24<span class=\"_ _6\"></span>,163<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf13\">-1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf14\">24,162<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf15\">1,273,76<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf16\">28,251<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf17\">1,302,01<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf18\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _5a\"> </span>46,406<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf19\">-1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf1a\">46,405<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf1b\">1,257,56<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf1c\">28,041<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf1d\">1,285,60<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf1e\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _15c\"> </span>-22,244<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf1f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf20\">-22,244<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf21\">16,198<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf22\">210<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf23\">16,408<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsf25\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">2023 <span class=\"_ _1b6\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsf26\">General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span><span class=\"fsf\">LRC / ARC <span class=\"_ _83\"> </span>LIC / AIC<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf27\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _1ce\"> </span>LIC / AI<span class=\"_ _6\"></span>C</div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsf28\">  <span class=\"_ _1f9\"> </span><span class=\"fsf\">Excl. LoReCo<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf29\">LoReCo<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf2a\">Excl. LoReCo<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf2b\">LoReCo<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsf2c\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gsf2d\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf2e\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>-83,550<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf2f\">17,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf30\">608,545<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf31\">-69,769<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf32\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf33\">720,870<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf34\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>-31,145<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf35\">559<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf36\">-1,319<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf37\">-27,647<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf38\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf39\">-3,331<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf3a\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 01/01 <span class=\"_ _1b5\"> </span>-1<span class=\"_ _6\"></span>14,695<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf3b\">18,059<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf3c\">607,226<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf3d\">-97,41<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf3e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf3f\">717,539<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf40\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-418,218<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf41\">-13,426<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf42\">323,375<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf43\">-368,969<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf44\">16,795<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf45\">300,715<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf46\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1e0\"> </span>-407,565<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf47\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf48\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf49\">-339,610<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf4a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf4b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf4c\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span> <span class=\"_ _143\"> </span>-27,416<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf4d\">-69,102<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf4e\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span>-3<span class=\"_ _6\"></span>80,149<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf4f\">-270,508<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf50\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>3<span class=\"_ _6\"></span>,859<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf51\">-13,426<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf52\">308,863<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf53\">555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf54\">16,795<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf55\">270,801<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf56\">In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>2,867<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf57\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf58\">220,334<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf59\">-160<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf5a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf5b\">297,421<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf5c\">Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1a\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf5d\">-13,426<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf5e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf5f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf60\">16,795<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf61\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf62\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _17d\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf63\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf64\">88,775<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf65\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf66\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf67\">-26,827<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf68\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce b<span class=\"_ _1\"></span>y is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>of </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf69\">rein<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf6a\">992<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf6b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf6c\">-246<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf6d\">715<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf6e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf6f\">207<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf70\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _212\"> </span>-14,512<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf71\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf72\">14,512<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf73\">-29,914<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf74\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf75\">29,914<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf76\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _217\"> </span>-2,976<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf77\">8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf78\">4,562<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf79\">-69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf7a\">1,261<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf7b\">-943<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf7c\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf7d\">ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf7e\">-5,247<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf7f\">-833<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf80\">7,830<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf81\">12,410<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf82\">-720<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf83\">-40,920<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf84\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4d\"> </span>-426,441<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf85\">-14,25<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf86\">335,767<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf87\">-356,6<span class=\"_ _6\"></span>28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf88\">17,336<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf89\">258,852<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf8a\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>14,769<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf8b\">749<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf8c\">-12,795<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf8d\">476<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf8e\">723<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf8f\">1,247<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf90\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf91\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf92\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf93\">-5,998<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf94\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf95\">1,760<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf96\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _1ee\"> </span>387<span class=\"_ _6\"></span>,417<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf97\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsf98\">-278,0<span class=\"_ _6\"></span>43<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf99\">344,871<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf9a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsf9b\">-372,1<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf9c\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _213\"> </span>387,417<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsf9d\">344,871<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf9e\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsf9f\">in<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfa0\">-278,043<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsfa1\">-372,171<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsfa2\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1b5\"> </span>-1<span class=\"_ _6\"></span>38,950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsfa3\">4,557<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsfa4\">652,155<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsfa5\">-114,6<span class=\"_ _6\"></span>95<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsfa6\">18,059<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gsfa7\">607,227<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfa8\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _15d\"> </span>-106,942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfa9\">4,136<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfaa\">653,672<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsfab\">-83,550<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsfac\">17,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsfad\">608,545<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfae\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _107\"> </span>-32<span class=\"_ _6\"></span>,008<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfaf\">421<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfb0\">-1,518<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsfb1\">-31,145<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsfb2\">559<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gsfb3\">-1,319<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsfb5\">Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>023 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gsfb6\">General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _1f8\"> </span><span class=\"fsf\">PVFCF<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsfb7\">RA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsfb8\">CSM<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsfb9\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gsfba\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gsfbb\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w2f h28 gsfbc\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">\u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfbd\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _124\"> </span>465,091<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfbe\">8,061<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfbf\">69,343<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfc0\">542,495<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfc1\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _9b\"> </span>-62,<span class=\"_ _6\"></span>364<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfc2\">1,849<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfc3\">28,610<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfc4\">-31,905<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsfc5\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 01/01 <span class=\"_ _fc\"> </span>402,<span class=\"_ _6\"></span>727<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsfc6\">9,910<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsfc7\">97,953<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsfc8\">510,590<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfc9\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>-<span class=\"_ _6\"></span>104,461<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfca\">8,589<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfcb\">-12,397<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfcc\">-108,269<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfcd\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-1<span class=\"_ _6\"></span>13,928<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfce\">-59,437<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfcf\">-12,051<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfd0\">-185,416<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfd1\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1f2\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfd2\">-12,051<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfd3\">-12,051<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfd4\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfd5\">-62,087<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfd6\">-62,087<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfd7\">Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>-1<span class=\"_ _6\"></span>13,928<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfd8\">2,650<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfd9\">-111,278<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfda\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>-78,026<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfdb\">63,490<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfdc\">-346<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfdd\">-14,882<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfde\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1b3\"> </span>-98<span class=\"_ _6\"></span>,321<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfdf\">62,655<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfe0\">55,510<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfe1\">19,844<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfe2\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>20,2<span class=\"_ _6\"></span>95<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfe3\">835<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfe4\">-55,856<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfe5\">-34,726<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfe6\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span>86,748<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfe7\">4,536<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfe8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfe9\">91,284<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfea\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _35\"> </span>86,7<span class=\"_ _6\"></span>48<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfeb\">4,536<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfec\">91,284<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfed\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce b<span class=\"_ _1\"></span>y is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17f\"> </span>745<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfee\">745<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsfef\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _219\"> </span>-6,249<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsff0\">2,362<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsff1\">5,481<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsff2\">1,594<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsff3\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _f8\"> </span>2,774<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsff4\">-1,024<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsff5\">1,750<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsff6\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _197\"> </span>-107,936<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsff7\">9,927<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsff8\">-6,916<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsff9\">-104,9<span class=\"_ _6\"></span>25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsffa\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>8,022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsffb\">-808<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsffc\">-4,491<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gsffd\">2,723<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsffe\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _51\"> </span>109,3<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gsfff\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1000\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1001\">109,374<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1002\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _21b\"> </span>387,417<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1003\">387,417<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1004\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1005\">comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _100\"> </span>-27<span class=\"_ _6\"></span>8,043<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1006\">-278,043<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1007\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _fc\"> </span>412,<span class=\"_ _6\"></span>187<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1008\">19,029<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1009\">86,546<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs100a\">517,762<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs100b\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span>473,577<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs100c\">16,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs100d\">60,335<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs100e\">550,867<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs100f\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>-61,39<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1010\">2,074<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1011\">26,211<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1012\">-33,105<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1014\">Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2022 </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1015\">General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span><span class=\"fsf\">PVF<span class=\"_ _6\"></span>CF<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1016\">RA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1017\">CSM<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1018\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1019\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs101a\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs101b\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _8f\"> </span>603,65<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs101c\">10,432<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs101d\">37,014<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs101e\">651,100<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs101f\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _9b\"> </span>-57,413<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1020\">833<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1021\">25,602<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1022\">-30,978<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1023\">Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _82\"> </span>546,241<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1024\">11,265<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1025\">62,616<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1026\">620,122<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1027\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>-82,190<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1028\">-646<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1029\">31,377<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs102a\">-51,459<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs102b\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _21c\"> </span>789<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs102c\">-45,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs102d\">4,398<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs102e\">-40,768<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs102f\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _b3\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1030\">4,398<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1031\">4,398<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1032\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1033\">-47,540<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1034\">-47,540<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1035\">Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span>789<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1036\">1,585<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1037\">2,374<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1038\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _57\"> </span>-56,0<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1039\">46,342<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs103a\">26,979<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs103b\">17,298<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs103c\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1a1\"> </span>-4<span class=\"_ _6\"></span>6,584<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs103d\">50,855<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs103e\">21,185<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs103f\">25,456<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1040\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _1d8\"> </span>-9,439<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1041\">-4,513<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1042\">5,794<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1043\">-8,158<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1044\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _21d\"> </span>-27,878<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1045\">-1,033<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1046\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1047\">-28,911<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1048\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f\"> </span>-27,<span class=\"_ _6\"></span>878<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1049\">-1,033<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs104a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs104b\">-28,911<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs104c\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce b<span class=\"_ _1\"></span>y is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ad\"> </span>92<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs104d\">922<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs104e\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _86\"> </span>-2,1<span class=\"_ _6\"></span>12<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs104f\">-98<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1050\">2,458<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1051\">248<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1052\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _21e\"> </span>-28,231<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1053\">-999<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1054\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1055\">-29,230<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1056\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _21f\"> </span>-112,5<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1057\">-1,743<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1058\">33,835<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1059\">-80,44<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs105a\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>3,525<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs105b\">-359<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs105c\">-719<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs105d\">2,447<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs105e\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _1fb\"> </span>-7,206<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs105f\">747<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1060\">2,221<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1061\">-4,238<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1062\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _fc\"> </span>-27<span class=\"_ _6\"></span>,300<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1063\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1064\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1065\">-27,30<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1066\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _fe\"> </span>344,8<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1067\">344,871<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1068\">Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t </div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1069\">comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _100\"> </span>-372,171<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs106a\">-372,171<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs106b\">Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _62\"> </span>40<span class=\"_ _6\"></span>2,727<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs106c\">9,910<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs106d\">97,953<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs106e\">510,590<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs106f\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _93\"> </span>46<span class=\"_ _6\"></span>5,091<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1070\">8,061<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1071\">69,343<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1072\">542,495<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1073\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>-62,364<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1074\">1,849<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1075\">28,610<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1076\">-31,905<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1077\">Contract<span class=\"_ _6\"></span>s initially <span class=\"_ _6\"></span>recogni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _182\"> </span><span class=\"fsf\">31/12/2<span class=\"_ _6\"></span>023<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span><span class=\"fcb\">31/12/2022<span class=\"_ _6\"></span> </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1078\">General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _83\"> </span><span class=\"fsf\">Own-writt<span class=\"_ _6\"></span>en<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1079\">Acquired<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs107a\">Total<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs107b\">Own-writt<span class=\"_ _6\"></span>en<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs107c\">Acquired<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs107d\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs107e\"><div class=\"t m0 x0 h29 ya3b ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs107f\"><div class=\"t m0 x0 h29 ya3b ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1080\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1081\">out<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _220\"> </span>-460,557<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1082\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1083\">-460,557<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1084\">-318,608<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1085\">-14,456<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1086\">-333,064<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1087\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1088\">acqu<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ition<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _163\"> </span>2,160<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1089\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs108a\">2,160<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs108b\">-2,498<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs108c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs108d\">-2,498<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs108e\">Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs108f\">inf<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ws<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>362<span class=\"_ _6\"></span>,236<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1090\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1091\">362,236<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1092\">272,024<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1093\">7,250<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1094\">279,274<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1095\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>non<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _221\"> </span>62,655<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1096\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1097\">62,655<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1098\">50,855<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1099\">747<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs109a\">51,602<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs109b\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _40\"> </span>55,510<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs109c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs109d\">55,510<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs109e\">21,185<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs109f\">2,221<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10a0\">23,406<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10a1\">Total <span class=\"_ _160\"> </span>19,844<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10a2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10a3\">19,844<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10a4\">25,456<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10a5\">-4,238<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10a6\">21,218<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs10a8\">CSM expecte<span class=\"_ _6\"></span>d to be<span class=\"_ _6\"></span> recogn<span class=\"_ _6\"></span>ised<span class=\"_ _6\"></span> in profit o<span class=\"_ _6\"></span>r loss<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs10a9\">Reinsurance <span class=\"_ _6\"></span>contract<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>held <span class=\"_ _17e\"> </span><span class=\"fsf\">1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs10aa\">st</div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10ab\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10ac\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs10ad\">nd </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10ae\">year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10af\">3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs10b0\">rd</div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10b1\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10b2\">4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs10b3\">th</div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10b4\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10b5\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs10b6\">th</div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10b7\"> year and </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10b8\">lat<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10b9\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs10ba\"><div class=\"t m0 x0 h29 y12b ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs10bb\"><div class=\"t m0 x0 h29 y12b ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10bc\">GM<span class=\"_ _6\"></span>M <span class=\"_ _115\"> </span>19<span class=\"_ _6\"></span>,394<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10bd\">11,751<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10be\">9,266<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10bf\">7,800<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10c0\">38,335<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10c1\">86,546<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10c2\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _2f\"> </span>17,244<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10c3\">6,974<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10c4\">5,512<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10c5\">4,582<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10c6\">26,023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10c7\">60,335<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10c8\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _e9\"> </span>2,150<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10c9\">4,777<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10ca\">3,754<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10cb\">3,218<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10cc\">12,312<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10cd\">26,211<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs10ce\">CSM expecte<span class=\"_ _6\"></span>d to be<span class=\"_ _6\"></span> recogn<span class=\"_ _6\"></span>ised<span class=\"_ _6\"></span> in profit o<span class=\"_ _6\"></span>r loss<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span><span class=\"fsf\">31/12/2022<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs10cf\">Reinsurance <span class=\"_ _6\"></span>contract<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>held <span class=\"_ _17e\"> </span><span class=\"fsf\">1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gs10d0\">st</div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10d1\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10d2\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gs10d3\">nd </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10d4\">year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10d5\">3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gs10d6\">rd</div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10d7\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10d8\">4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gs10d9\">th</div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10da\"> year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10db\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gs10dc\">th</div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10dd\"> year and </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10de\">lat<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10df\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs10e0\"><div class=\"t m0 x0 h29 y18c ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs10e1\"><div class=\"t m0 x0 h29 y18c ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10e2\">GM<span class=\"_ _6\"></span>M <span class=\"_ _115\"> </span>16<span class=\"_ _6\"></span>,706<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10e3\">7,714<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10e4\">7,179<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10e5\">7,046<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10e6\">59,308<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10e7\">97,953<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10e8\">Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _2f\"> </span>17,959<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10e9\">5,780<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10ea\">5,003<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10eb\">4,235<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10ec\">36,366<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10ed\">69,343<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10ee\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _1b9\"> </span>-1,2<span class=\"_ _6\"></span>53<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10ef\">1,934<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10f0\">2,176<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10f1\">2,811<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10f2\">22,942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs10f3\">28,610<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs10f4\">1.5.<span class=\"ff4a\"> </span>Und<span class=\"_ _7\"></span>erlying assets of dir<span class=\"_ _7\"></span>ect profit participatin<span class=\"_ _7\"></span>g contracts<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs10f5\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _56\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span><span class=\"fcb\">31/12<span class=\"_ _6\"></span>/2022</span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs10f6\">  <span class=\"_ _222\"> </span><span class=\"fsf\">Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10f7\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10f8\">Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs10f9\"><div class=\"t m0 x0 h29 y92d ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs10fa\"><div class=\"t m0 x0 h29 y92d ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10fb\">Ite<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>s s<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>wn<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _1\"></span>s <span class=\"_ _223\"> </span>25,119,5<span class=\"_ _6\"></span>88<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs10fc\">25,435,3<span class=\"_ _6\"></span>26<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs10fd\">24,793,1<span class=\"_ _6\"></span>46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10fe\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _224\"> </span>335,674<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs10ff\">335,674<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1100\">491,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1101\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>560<span class=\"_ _6\"></span>,776<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1102\">540,828<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1103\">614,192<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1104\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _74\"> </span>16,1<span class=\"_ _6\"></span>36,549<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1105\">16,119,4<span class=\"_ _6\"></span>62<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1106\">15,827,8<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1107\">Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>107,599<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1108\">108,549<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1109\">135,402<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs110a\">Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _225\"> </span>6,966,36<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs110b\">6,960,90<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs110c\">6,809,79<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs110d\">De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _226\"> </span>1,375<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs110e\">1,375<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs110f\">2,565<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1110\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>395,273<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1111\">395,273<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1112\">352,867<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1113\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _12e\"> </span>12,473<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1114\">12,473<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1115\">15,818<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1116\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>1,264<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1117\">1,264<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1118\">1,420<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1119\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>vab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _228\"> </span>91,801<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs111a\">93,065<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs111b\">50,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs111c\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>43<span class=\"_ _6\"></span>2,260<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs111d\">682,286<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs111e\">414,214<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs111f\">Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _9d\"> </span>78,178<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1120\">184,177<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1121\">77,020<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1122\">Ite<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>s s<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>wn<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bil<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _1\"></span>s <span class=\"_ _14a\"> </span>547<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1123\">547<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1124\">517<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1125\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _6c\"> </span>547<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1126\">547<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1127\">517<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1129\">Amounts reco<span class=\"_ _6\"></span>gnised<span class=\"_ _6\"></span> in p<span class=\"_ _6\"></span>rofit or <span class=\"_ _6\"></span>loss <span class=\"_ _229\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs112a\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs112b\"><div class=\"t m0 x0 h29 y125 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs112c\"><div class=\"t m0 x0 h29 y125 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs112d\">Und<span class=\"_ _6\"></span>erl<span class=\"_ _6\"></span>yi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _1\"></span>s <span class=\"_ _22a\"> </span>1,478,16<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs112e\">-865,5<span class=\"_ _6\"></span>40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs112f\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>557,255<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1130\">414,274<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1131\">Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s m<span class=\"_ _1\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>-34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1132\">-1,862<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1133\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _9c\"> </span>-4,579<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1134\">-52,820<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1135\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22d\"> </span>909,162<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1136\">-1,233,74<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1137\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>own<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>up<span class=\"_ _6\"></span>ied<span class=\"_ _1\"></span> pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _22e\"> </span>16,362<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1138\">8,609<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1139\">Non <span class=\"_ _6\"></span>U<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>der<span class=\"_ _6\"></span>ly<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng A<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22f\"> </span>449,824<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs113a\">101,407<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs113b\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>338,546<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs113c\">300,623<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs113d\">Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s m<span class=\"_ _1\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _230\"> </span>114<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs113e\">-2,380<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs113f\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _219\"> </span>-51,90<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1140\">-52,122<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1141\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22d\"> </span>144,509<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1142\">-181,668<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1143\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>own<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>up<span class=\"_ _6\"></span>ied<span class=\"_ _1\"></span> pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _fd\"> </span>2,0<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1144\">18,667<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1145\">Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>iate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6f\"> </span>16,<span class=\"_ _6\"></span>466<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1146\">18,287<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1147\">Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _6\"></span>nce r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> \u2013 <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>sued<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>usi<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _11d\"> </span>-1,698,751<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1148\">724,671<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1149\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s u<span class=\"_ _6\"></span>sin<span class=\"_ _1\"></span>g <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _a2\"> </span>-904,8<span class=\"_ _6\"></span>97<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs114a\">-45,698<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs114b\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s u<span class=\"_ _6\"></span>sin<span class=\"_ _1\"></span>g <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>-in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _231\"> </span>-22,095<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs114c\">-9,673<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs114d\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ssu<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _232\"> </span>-697,235<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs114e\">840,156<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs114f\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _233\"> </span>-74,524<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1150\">-60,114<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1151\">Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _6\"></span>nce r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> \u2013 <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _228\"> </span>41,628<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1152\">16,722<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1153\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s u<span class=\"_ _6\"></span>sin<span class=\"_ _1\"></span>g <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _201\"> </span>38,31<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1154\">19,362<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1155\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s u<span class=\"_ _6\"></span>sin<span class=\"_ _1\"></span>g <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>-in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>1,705<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1156\">101<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1157\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ssu<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _234\"> </span>6,517<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1158\">-2,993<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1159\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _235\"> </span>-4,911<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs115a\">252<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs115b\">Total <span class=\"_ _236\"> </span>270,867<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs115c\">-22,74<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs115d\">Amounts reco<span class=\"_ _6\"></span>gnised<span class=\"_ _6\"></span> directl<span class=\"_ _6\"></span>y in eq<span class=\"_ _6\"></span>uity <span class=\"_ _c4\"> </span><span class=\"fsf\">202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs115e\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs115f\"><div class=\"t m0 x0 h29 y89e ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1160\"><div class=\"t m0 x0 h29 y89e ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1161\">Und<span class=\"_ _6\"></span>erl<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _c6\"> </span>899,840<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1162\">-2,983,30<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1163\">Non<span class=\"_ _6\"></span> Un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>lyin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _77\"> </span>39<span class=\"_ _6\"></span>1,151<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1164\">-1,132,10<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1165\">IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7 \u2013<span class=\"_ _1\"></span> I<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>iss<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>-1,067<span class=\"_ _6\"></span>,611<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1166\">3,990,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1167\">IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7 \u2013<span class=\"_ _1\"></span> R<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s h<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _b0\"> </span>34,<span class=\"_ _6\"></span>915<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1168\">-130,755<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1169\">Total <span class=\"_ _236\"> </span>258,295<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs116a\">-255,6<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs116b\">State<span class=\"_ _6\"></span>ment of co<span class=\"_ _6\"></span>mprehensi<span class=\"_ _6\"></span>ve inco<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span> <span class=\"_ _237\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs116c\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs116d\"><div class=\"t m0 x0 h29 y410 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs116e\"><div class=\"t m0 x0 h29 y410 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs116f\">Re<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>gni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>ofi<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _238\"> </span>1,478,96<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1170\">1,116,06<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1171\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _239\"> </span>1,208,09<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1172\">1,138,80<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1173\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>l. r<span class=\"_ _6\"></span>esu<span class=\"_ _1\"></span>lt f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>ass<span class=\"_ _1\"></span>oc<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _1\"></span>ated<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _217\"> </span>1,<span class=\"_ _6\"></span>927,990<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1174\">-764,133<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1175\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _23a\"> </span>-1,657,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1176\">741,393<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1177\">Re<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>gni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>dir<span class=\"_ _6\"></span>ect<span class=\"_ _6\"></span>l<span class=\"_ _1\"></span>y i<span class=\"_ _6\"></span>n e<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _23b\"> </span>258,295<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1178\">-255,6<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1179\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _109\"> </span>1,290,<span class=\"_ _6\"></span>991<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs117a\">-4,115,40<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs117b\">Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _23c\"> </span>-1,032,69<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs117c\">3,859,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs117d\">Total <span class=\"_ _204\"> </span>1,73<span class=\"_ _6\"></span>7,261<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs117e\">860,368<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1180\">1.6.<span class=\"ff4a\"> </span>P<span class=\"_ _2\"></span>o<span class=\"_ _6\"></span>rtfolio perfor<span class=\"_ _7\"></span>mance from<span class=\"_ _7\"></span> IFRS 17 transition<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>date (01/01/20<span class=\"_ _7\"></span>22) </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs1181\">Insuranc<span class=\"_ _7\"></span>e contra<span class=\"_ _7\"></span>cts issu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d,<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>ure<span class=\"_ _6\"></span>d at<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>fair v<span class=\"_ _7\"></span>a<span class=\"_ _7\"></span>lue (GM<span class=\"_ _7\"></span>M and <span class=\"_ _7\"></span>VF<span class=\"_ _2\"></span>A) </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1182\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _23c\"> </span><span class=\"fsf\">2023 <span class=\"_ _1e8\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1183\">  <span class=\"_ _6e\"> </span><span class=\"fsf\">GMM<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1184\">VFA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1185\">GMM<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1186\">VFA<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1187\"><div class=\"t m0 x0 h29 y605 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1188\"><div class=\"t m0 x0 h29 y605 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1189\">Co<span class=\"_ _6\"></span>ntra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> Ser<span class=\"_ _1\"></span>vice<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>Mar<span class=\"_ _6\"></span>gi<span class=\"_ _6\"></span>n a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _f0\"> </span>-38<span class=\"_ _6\"></span>6,863<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs118a\">-4,817<span class=\"_ _6\"></span>,609<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs118b\">-458,3<span class=\"_ _6\"></span>05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs118c\">-4,412<span class=\"_ _6\"></span>,645<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs118d\">Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1f5\"> </span>69,718<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs118e\">218,752<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs118f\">64,711<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1190\">-422,9<span class=\"_ _6\"></span>79<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1191\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _cf\"> </span>70,129<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1192\">367,148<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1193\">92,409<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1194\">392,774<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1195\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1a1\"> </span>7<span class=\"_ _6\"></span>0,129<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1196\">367,148<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1197\">92,409<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1198\">392,774<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1199\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>-4<span class=\"_ _6\"></span>11<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs119a\">-148,396<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs119b\">-27,698<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs119c\">-815,753<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs119d\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>-411<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs119e\">-148,396<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs119f\">-27,698<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11a0\">-815,753<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11a1\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _10c\"> </span>14,<span class=\"_ _6\"></span>834<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11a2\">-5,796<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11a3\">-24,416<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11a4\">-2,761<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11a5\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>84,552<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11a6\">212,956<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11a7\">40,295<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11a8\">-425,7<span class=\"_ _6\"></span>40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11a9\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _10b\"> </span>-19,367<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11aa\">-14,164<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11ab\">31,147<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11ac\">20,776<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11ad\">Contract<span class=\"_ _6\"></span>ual S<span class=\"_ _6\"></span>ervice Mar<span class=\"_ _6\"></span>gin as of 31/1<span class=\"_ _6\"></span>2 <span class=\"_ _231\"> </span>-321,6<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11ae\">-4,618<span class=\"_ _6\"></span>,817<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11af\">-386,8<span class=\"_ _6\"></span>63<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11b0\">-4,817<span class=\"_ _6\"></span>,609<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs11b1\">Reinsuran<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e contra<span class=\"_ _2\"></span>cts held,<span class=\"_ _2\"></span> measur<span class=\"_ _7\"></span>ed at fa<span class=\"_ _2\"></span>ir value<span class=\"_ _7\"></span> (GM<span class=\"_ _7\"></span>M) </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs11b2\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11b3\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs11b4\"><div class=\"t m0 x0 h29 y50a ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs11b5\"><div class=\"t m0 x0 h29 y50a ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11b6\">Co<span class=\"_ _6\"></span>ntra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> Ser<span class=\"_ _1\"></span>vice<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>Mar<span class=\"_ _6\"></span>gi<span class=\"_ _6\"></span>n a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>63,716<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11b7\">62,531<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11b8\">Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _23e\"> </span>-12,68<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11b9\">-734<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11ba\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _cd\"> </span>-9,387<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11bb\">-17,872<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11bc\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _23f\"> </span>-9,387<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11bd\">-17,872<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11be\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _6a\"> </span>-3,3<span class=\"_ _6\"></span>01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11bf\">17,138<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11c0\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _228\"> </span>-3,301<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11c1\">17,138<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11c2\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _240\"> </span>-937<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11c3\">2,058<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11c4\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _109\"> </span>-13,625<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11c5\">1,324<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11c6\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _206\"> </span>-402<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11c7\">-139<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11c8\">Contract<span class=\"_ _6\"></span>ual S<span class=\"_ _6\"></span>ervice Mar<span class=\"_ _6\"></span>gin as of 31/1<span class=\"_ _6\"></span>2 <span class=\"_ _241\"> </span>49,689<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11c9\">63,716<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs11ca\">Underlying<span class=\"_ _7\"></span> items<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs11cb\">The <span class=\"_ _0\"></span>fol<span class=\"_ _7\"></span>lowi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>table <span class=\"_ _1\"></span>shows <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>amounts <span class=\"_ _6\"></span>recognis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>compr<span class=\"_ _7\"></span>ehe<span class=\"_ _7\"></span>nsive <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>ncome <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ment <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>compr<span class=\"_ _7\"></span>ehe<span class=\"_ _7\"></span>nsive </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs11cc\">income.<span class=\"_ _7\"></span> These originate<span class=\"_ _7\"></span> from u<span class=\"_ _7\"></span>nderlyi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>finan<span class=\"_ _7\"></span>cial assets fro<span class=\"_ _2\"></span>m <span class=\"_ _6\"></span>insuran<span class=\"_ _7\"></span>ce contrac<span class=\"_ _7\"></span>ts which were<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d usi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>the <span class=\"_ _7\"></span>FV<span class=\"_ _7\"></span>A at </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs11cd\">initial r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nition. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs11ce\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _242\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11cf\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs11d0\"><div class=\"t m0 x0 h29 y879 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs11d1\"><div class=\"t m0 x0 h29 y879 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11d2\">As <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> <span class=\"_ _243\"> </span>1,627,85<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11d3\">-1,289<span class=\"_ _6\"></span>,096<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11d4\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed d<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ctl<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _244\"> </span>-796,005<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11d5\">2,802,41<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11d6\">Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _245\"> </span>-38,083<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11d7\">110,267<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11d8\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _246\"> </span>28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11d9\">4,263<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs11da\">As of <span class=\"_ _6\"></span>31/12 <span class=\"_ _247\"> </span>793,793<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11db\">1,627,85<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11dc\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>ude<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k p<span class=\"_ _1\"></span>rov<span class=\"_ _6\"></span>isi<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _5f\"> </span>-121,707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11dd\">-117,248<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs11de\">The cha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ge in ris<span class=\"_ _7\"></span>k pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>n is re<span class=\"_ _2\"></span>ported in t<span class=\"_ _7\"></span>he item A<span class=\"_ _7\"></span>mo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nts<span class=\"_ _7\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>direc<span class=\"_ _7\"></span>tly in eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ity<span class=\"_ _e\"></span>.<span class=\"_ _3d5\"> </span> </div>1.7.<span class=\"ff4a\"> </span>Risk of conc<span class=\"_ _7\"></span>entration<span class=\"_ _7\"></span> Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s liabilit<span class=\"_ _6\"></span>ies iss<span class=\"_ _6\"></span>ued<span class=\"_ _6\"></span> <span class=\"_ _248\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _249\"> </span>23,370,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>23,248,3<span class=\"_ _6\"></span>25<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _24a\"> </span>2,851,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>2,686,72<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _24b\"> </span>2,004,10<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>1,650,61<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>l. <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span> <span class=\"_ _24c\"> </span>83,469<span class=\"_ _3d5\"> </span>60,198<span class=\"_ _3d5\"> </span>Bal<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c st<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _24d\"> </span>862,750<span class=\"_ _3d5\"> </span>745,357<span class=\"_ _3d5\"> </span>Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span>115,348<span class=\"_ _3d5\"> </span>107,065<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>254,262<span class=\"_ _3d5\"> </span>232,739<span class=\"_ _3d5\"> </span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _250\"> </span>433,592<span class=\"_ _3d5\"> </span>434,314<span class=\"_ _3d5\"> </span>Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>a <span class=\"_ _250\"> </span>17<span class=\"_ _6\"></span>,210<span class=\"_ _3d5\"> </span>10,539<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rth<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ced<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _251\"> </span>19,778<span class=\"_ _3d5\"> </span>19,079<span class=\"_ _3d5\"> </span>Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _252\"> </span>924,606<span class=\"_ _3d5\"> </span>738,917<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _253\"> </span>313,779<span class=\"_ _3d5\"> </span>303,946<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _254\"> </span>1,563,95<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,480,81<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _253\"> </span>95<span class=\"_ _6\"></span>,723<span class=\"_ _3d5\"> </span>85,535<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _249\"> </span>1,3<span class=\"_ _6\"></span>08,700<span class=\"_ _3d5\"> </span>1,064,43<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _255\"> </span>766,302<span class=\"_ _3d5\"> </span>709,871<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _256\"> </span>20,400<span class=\"_ _3d5\"> </span>19,643<span class=\"_ _3d5\"> </span>Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _257\"> </span>882,881<span class=\"_ _3d5\"> </span>862,785<span class=\"_ _3d5\"> </span>T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1c6\"> </span>795,305<span class=\"_ _3d5\"> </span>612,688<span class=\"_ _3d5\"> </span>Gr<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _258\"> </span>1,120,28<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,296,78<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Total <span class=\"_ _24f\"> </span>37,804,09<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>36,370,3<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Gross writ<span class=\"_ _6\"></span>ten prem<span class=\"_ _6\"></span>iums <span class=\"_ _6\"></span>based<span class=\"_ _6\"></span> on IFRS<span class=\"_ _6\"></span> 17<span class=\"_ _6\"></span> <span class=\"_ _259\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r th<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ty l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _d2\"> </span>2,214,614<span class=\"_ _3d5\"> </span>Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r ow<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e (<span class=\"_ _6\"></span>Ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>co)<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>1,858,66<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _24c\"> </span>6,796,54<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Heal<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _25b\"> </span>898,086<span class=\"_ _3d5\"> </span>Unit<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>x<span class=\"_ _6\"></span>-l<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ked <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _25c\"> </span>600,375<span class=\"_ _3d5\"> </span>Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>ith<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ic<span class=\"_ _6\"></span>ip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _258\"> </span>2,358,228<span class=\"_ _3d5\"> </span>Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>ith<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ut<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>cip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _25d\"> </span>983,620<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _25e\"> </span>-1,926,11<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Total <span class=\"_ _25f\"> </span>13,784,0<span class=\"_ _6\"></span>18<span class=\"_ _3d5\"> </span>Gross writ<span class=\"_ _6\"></span>ten prem<span class=\"_ _6\"></span>iums <span class=\"_ _6\"></span>based<span class=\"_ _6\"></span> on IFRS<span class=\"_ _6\"></span> 4 <span class=\"_ _243\"> </span><span class=\"fsf fcb\">2022<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r th<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ty l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _d2\"> </span><span class=\"fcb\">1,936,231<span class=\"_ _3d5\"> </span></span>Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r ow<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e (<span class=\"_ _6\"></span>Ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>co)<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span><span class=\"fcb\">1,627,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _24c\"> </span><span class=\"fcb\">6,111,69<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></span>Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>reg<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>iu<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _260\"> </span><span class=\"fcb\">2,980,25<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></span>Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>mi<span class=\"_ _6\"></span>um<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d3\"> </span><span class=\"fcb\">860,15<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></span>Heal<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _25b\"> </span><span class=\"fcb\">834,951<span class=\"_ _3d5\"> </span></span>Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _25e\"> </span><span class=\"fcb\">-1,791,40<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></span>Total <span class=\"_ _25f\"> </span><span class=\"fcb\">12,559,2<span class=\"_ _6\"></span>42<span class=\"_ _3d5\"> </span></span>1.8.<span class=\"ff4a\"> </span>Insu<span class=\"_ _7\"></span>rance and market<span class=\"_ _7\"></span> risks \u2013 sensit<span class=\"_ _7\"></span>ivity analysis<span class=\"_ _2\"></span> The <span class=\"_ _6\"></span>foll<span class=\"_ _7\"></span>owi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>sensiti<span class=\"_ _7\"></span>vities<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e calculat<span class=\"_ _7\"></span>ed as <span class=\"_ _6\"></span>ef<span class=\"_ _7\"></span>fects o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the capital of the Gro<span class=\"_ _7\"></span>up solve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cy bala<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>shee<span class=\"_ _7\"></span>t in a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce w<span class=\"_ _7\"></span>ith Solve<span class=\"_ _7\"></span>ncy II. <span class=\"_ _6\"></span>The essential aim <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o establish risk-orien<span class=\"_ _7\"></span>tated sy<span class=\"_ _6\"></span>stems<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>under <span class=\"_ _6\"></span>Solv<span class=\"_ _7\"></span>ency II and <span class=\"_ _1\"></span>impr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ve <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>risk <span class=\"_ _6\"></span>ma<span class=\"_ _7\"></span>nageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t process. <span class=\"_ _10\"></span>T<span class=\"_ _e\"></span>o a<span class=\"_ _7\"></span>chieve <span class=\"_ _2\"></span>this, <span class=\"_ _2\"></span>both q<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>antit<span class=\"_ _7\"></span>ative <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>qualitati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>ust b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>et. <span class=\"_ _2\"></span>VIG I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>establi<span class=\"_ _7\"></span>shed managem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt pr<span class=\"_ _7\"></span>ocess<span class=\"_ _2\"></span>es with this<span class=\"_ _7\"></span> objec<span class=\"_ _7\"></span>tive in mi<span class=\"_ _7\"></span>nd a<span class=\"_ _7\"></span>nd uses<span class=\"_ _7\"></span> them fo<span class=\"_ _7\"></span>r control<span class=\"_ _7\"></span>ling <span class=\"_ _2\"></span>purposes.  Dif<span class=\"_ _2\"></span>ferences <span class=\"_ _2\"></span>between <span class=\"_ _7\"></span>Sol<span class=\"_ _2\"></span>vency II <span class=\"_ _2\"></span>and I<span class=\"_ _7\"></span>FRS 17 <span class=\"_ _2\"></span>calc<span class=\"_ _7\"></span>ulatio<span class=\"_ _7\"></span>ns fo<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>the ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts <span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ise <span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>inl<span class=\"_ _7\"></span>y be<span class=\"_ _7\"></span>caus<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>foll<span class=\"_ _7\"></span>owing:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>dif<span class=\"_ _7\"></span>ferent s<span class=\"_ _7\"></span>cope o<span class=\"_ _7\"></span>f costs to <span class=\"_ _2\"></span>be taken i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to consi<span class=\"_ _7\"></span>derati<span class=\"_ _7\"></span>on,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>contract <span class=\"_ _7\"></span>boundaries <span class=\"_ _2\"></span>and  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>discount <span class=\"_ _7\"></span>rates appl<span class=\"_ _7\"></span>ied.<span class=\"_ _7\"></span> In <span class=\"_ _f\"> </span>accor<span class=\"_ _7\"></span>dan<span class=\"_ _7\"></span>ce <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>IF<span class=\"_ _7\"></span>RS 17, <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly <span class=\"_ _f\"> </span>cos<span class=\"_ _7\"></span>ts <span class=\"_ _f\"> </span>whi<span class=\"_ _7\"></span>ch <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>be<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>di<span class=\"_ _7\"></span>rectl<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>allocat<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>an<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _f\"> </span>cont<span class=\"_ _7\"></span>ract <span class=\"_ _f\"> </span>ca<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>take<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>into consid<span class=\"_ _7\"></span>eration, <span class=\"_ _0\"></span>wher<span class=\"_ _7\"></span>eas <span class=\"_ _0\"></span>under <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>Sol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ency <span class=\"_ _4\"></span>II <span class=\"_ _0\"></span>regi<span class=\"_ _7\"></span>me <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>total <span class=\"_ _0\"></span>costs <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>ppro<span class=\"_ _2\"></span>ach <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>applied <span class=\"_ _0\"></span>when <span class=\"_ _0\"></span>evaluating <span class=\"_ _0\"></span>underwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g oblig<span class=\"_ _7\"></span>ations.<span class=\"_ _7\"></span> Both regi<span class=\"_ _7\"></span>mes t<span class=\"_ _7\"></span>ake i<span class=\"_ _7\"></span>nto acco<span class=\"_ _7\"></span>unt the period o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he contr<span class=\"_ _7\"></span>acts (<span class=\"_ _7\"></span>contract bo<span class=\"_ _2\"></span>undaries) in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e model<span class=\"_ _7\"></span>ling of<span class=\"_ _7\"></span> the futur<span class=\"_ _2\"></span>e ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h flow<span class=\"_ _7\"></span>s. When deriving <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>period of <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>racts, <span class=\"_ _6\"></span>Sol<span class=\"_ _7\"></span>vency II follows <span class=\"_ _6\"></span>prim<span class=\"_ _7\"></span>arily <span class=\"_ _6\"></span>the r<span class=\"_ _6\"></span>isk perspectiv<span class=\"_ _7\"></span>e, whe<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>IFRS 17 focuses<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>the insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>contract<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>itself. <span class=\"_ _1\"></span>Accor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ngly<span class=\"_ _e\"></span>, <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _6\"></span>appro<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lso a<span class=\"_ _6\"></span>pplied<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>suppl<span class=\"_ _7\"></span>ementar<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>ins<span class=\"_ _2\"></span>urance <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _1\"></span>in those <span class=\"_ _6\"></span>cases <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch <span class=\"_ _6\"></span>they <span class=\"_ _6\"></span>are equivale<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>to the <span class=\"_ _6\"></span>underl<span class=\"_ _7\"></span>ying <span class=\"_ _6\"></span>main <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>contract in <span class=\"_ _6\"></span>accord<span class=\"_ _7\"></span>ance <span class=\"_ _6\"></span>with IFRS 17. <span class=\"_ _6\"></span>Th<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is also <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>dif<span class=\"_ _2\"></span>ference <span class=\"_ _6\"></span>with <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>establi<span class=\"_ _7\"></span>shed <span class=\"_ _6\"></span>term <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>ceded <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>einsur<span class=\"_ _7\"></span>ance <span class=\"_ _1\"></span>cont<span class=\"_ _7\"></span>racts. <span class=\"_ _6\"></span>Unde<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>Solv<span class=\"_ _7\"></span>ency <span class=\"_ _1\"></span>II, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>period <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>contra<span class=\"_ _7\"></span>ct foll<span class=\"_ _7\"></span>ows the prima<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contract, <span class=\"_ _2\"></span>whereas <span class=\"_ _7\"></span>IFRS 17 r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nises the <span class=\"_ _7\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ual pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod of<span class=\"_ _7\"></span> the r<span class=\"_ _2\"></span>ein<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract.<span class=\"_ _2\"></span><span class=\"fs2d\"> </span>In <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>d<span class=\"_ _6\"></span>iscou<span class=\"_ _7\"></span>nting <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>cash <span class=\"_ _0\"></span>flows e<span class=\"_ _6\"></span>stabl<span class=\"_ _7\"></span>ished <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>period, <span class=\"_ _1\"></span>Sol<span class=\"_ _7\"></span>vency II <span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>plies <span class=\"_ _6\"></span>strict <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>andator<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>regula<span class=\"_ _7\"></span>to<span class=\"_ _7\"></span>ry definitions that must be obser<span class=\"_ _7\"></span>ved. By <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>rast, both the deri<span class=\"_ _7\"></span>vation of t<span class=\"_ _6\"></span>he inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st rate and <span class=\"_ _6\"></span>the risk margin ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> determin<span class=\"_ _7\"></span>ed by the com<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>y itself b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed o<span class=\"_ _7\"></span>n the I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 17 <span class=\"_ _7\"></span>principl<span class=\"_ _7\"></span>es. Despite <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>dif<span class=\"_ _2\"></span>feren<span class=\"_ _7\"></span>ces <span class=\"_ _1\"></span>lis<span class=\"_ _7\"></span>ted, <span class=\"_ _6\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>considers <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>risk <span class=\"_ _6\"></span>sen<span class=\"_ _6\"></span>siti<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ities <span class=\"_ _6\"></span>establi<span class=\"_ _7\"></span>shed <span class=\"_ _6\"></span>using <span class=\"_ _6\"></span>Solven<span class=\"_ _7\"></span>cy <span class=\"_ _1\"></span>II <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _6\"></span>an appro<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>iate b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sis f<span class=\"_ _7\"></span>or the <span class=\"_ _7\"></span>estimat<span class=\"_ _7\"></span>es in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _7\"></span>wit<span class=\"_ _7\"></span>h IFRS 17<span class=\"_ _7\"></span>.<span class=\"_ _3d5\"> </span>Sensitivitie<span class=\"_ _6\"></span>s Ow<span class=\"_ _6\"></span>n funds<span class=\"_ _6\"></span> <span class=\"_ _261\"> </span><span class=\"fsf\">Change </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>Base <span class=\"_ _b5\"> </span>  <span class=\"_ _18e\"> </span>10,344,7<span class=\"_ _6\"></span>56<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>writ<span class=\"_ _1\"></span>i<span class=\"_ _6\"></span>ng ri<span class=\"_ _1\"></span>sk <span class=\"_ _262\"> </span>  <span class=\"_ _263\"> </span> Lif<span class=\"_ _6\"></span>e i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _11d\"> </span>  <span class=\"_ _263\"> </span> Mo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>alit<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _264\"> </span>+5% <span class=\"_ _265\"> </span>-18,251<span class=\"_ _3d5\"> </span>-0.18 <span class=\"_ _1a8\"> </span>-5% <span class=\"_ _3e\"> </span>15,858<span class=\"_ _3d5\"> </span>0.15<span class=\"fs2e\"> </span>Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> /<span class=\"_ _6\"></span> Ad<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>-10%<span class=\"_ _6\"></span> <span class=\"_ _59\"> </span>174,634<span class=\"_ _3d5\"> </span>1.69<span class=\"_ _3d5\"> </span>Lap<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>rate<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _266\"> </span>+100% <span class=\"_ _1d6\"> </span>-328,934<span class=\"_ _3d5\"> </span>-3.18  <span class=\"_ _267\"> </span>-50% <span class=\"_ _59\"> </span>259,5<span class=\"_ _6\"></span>01<span class=\"_ _3d5\"> </span>2.51<span class=\"_ _3d5\"> </span>Non <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _268\"> </span>  <span class=\"_ _263\"> </span> Ult<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>atio<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>IC)<span class=\"_ _6\"></span> <span class=\"_ _d8\"> </span>+1% <span class=\"_ _265\"> </span>-60,947<span class=\"_ _3d5\"> </span>-0.59  <span class=\"_ _269\"> </span>-1% <span class=\"_ _3e\"> </span>58,427<span class=\"_ _3d5\"> </span>0.56<span class=\"_ _3d5\"> </span>Mar<span class=\"_ _6\"></span>ket<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>sk<span class=\"_ _6\"></span>s <span class=\"_ _244\"> </span>  <span class=\"_ _143\"> </span> Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>+100bp<span class=\"_ _6\"></span> <span class=\"_ _e1\"> </span>166,158<span class=\"_ _3d5\"> </span>1.61  <span class=\"_ _269\"> </span>-100bp<span class=\"_ _6\"></span> <span class=\"_ _63\"> </span>-399,000<span class=\"_ _3d5\"> </span>-3.86<span class=\"_ _3d5\"> </span>Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es <span class=\"_ _26c\"> </span>-25% <span class=\"_ _1e0\"> </span>-321,124<span class=\"_ _3d5\"> </span>-3.10<span class=\"_ _3d5\"> </span>Spr<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ads<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> g<span class=\"_ _6\"></span>ove<span class=\"_ _6\"></span>rnm<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rpo<span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e b<span class=\"_ _1\"></span>ond<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _26d\"> </span>+50bp<span class=\"_ _6\"></span> <span class=\"_ _26e\"> </span>-448,404<span class=\"_ _3d5\"> </span>-4.33<span class=\"_ _3d5\"> </span>The <span class=\"_ _6\"></span>chang<span class=\"_ _7\"></span>es in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>base va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _6\"></span>show<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>have to <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>conside<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> isolated <span class=\"_ _6\"></span>in e<span class=\"_ _6\"></span>ac<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>case. <span class=\"_ _6\"></span>This<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>means that <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferent sensitiviti<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s can not be <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dded tog<span class=\"_ _2\"></span>ether to <span class=\"_ _7\"></span>derive <span class=\"_ _7\"></span>a cum<span class=\"_ _7\"></span>ulative c<span class=\"_ _7\"></span>hange i<span class=\"_ _7\"></span>n the bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> valu<span class=\"_ _7\"></span>e. 1.9.<span class=\"ff4a\"> </span>Insu<span class=\"_ _7\"></span>rance risk \u2013 Cl<span class=\"_ _7\"></span>aims development<span class=\"_ _2\"></span> Premium A<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>locat<span class=\"_ _7\"></span>ion Appro<span class=\"_ _7\"></span>ach LIC issued<span class=\"_ _6\"></span> <span class=\"_ _26f\"> </span><span class=\"fsf\">2022<span class=\"_ _3d5\"> </span></span>2023<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Esti<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ndi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>nte<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh o<span class=\"_ _6\"></span>utf<span class=\"_ _1\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s e<span class=\"_ _6\"></span>xcl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>RA<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span> At t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> en<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>ear<span class=\"_ _6\"></span> <span class=\"_ _270\"> </span>-5,606,95<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-5,670,56<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>One <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>late<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6a\"> </span>-5,487,<span class=\"_ _6\"></span>715<span class=\"_ _3d5\"> </span>Cum<span class=\"_ _6\"></span>ulat<span class=\"_ _1\"></span>i<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>clai<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span> <span class=\"_ _271\"> </span>4,252,38<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>2,682,90<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y \u2013<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cid<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span>022<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>-1,235,334<span class=\"_ _3d5\"> </span>-2,987,65<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-4,222,99<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y \u2013<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cid<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span>02<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span> -760,712<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y \u2013<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cid<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s b<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span>021<span class=\"_ _6\"></span> <span class=\"_ _272\"> </span> -1,801,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct o<span class=\"_ _6\"></span>f d<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>oun<span class=\"_ _6\"></span>tin<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _269\"> </span> 1,034,66<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _273\"> </span> -268,349<span class=\"_ _3d5\"> </span>Total <span class=\"_ _274\"> </span> -6,019<span class=\"_ _6\"></span>,329<span class=\"_ _3d5\"> </span>1.10.<span class=\"ff4a\"> </span>Credit ris<span class=\"_ _7\"></span>k The <span class=\"_ _0\"></span>maxim<span class=\"_ _7\"></span>um <span class=\"_ _0\"></span>credit <span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _0\"></span>VIG <span class=\"_ _0\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>expos<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rrespo<span class=\"_ _7\"></span>nds <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>amo<span class=\"_ _7\"></span>unts <span class=\"_ _0\"></span>recog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>IFRS consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet.<span class=\"_ _3d5\"> </span>Share of the<span class=\"_ _6\"></span> rei<span class=\"_ _6\"></span>nsurer's ra<span class=\"_ _6\"></span>ting<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>AAA<span class=\"_ _6\"></span> <span class=\"_ _275\"> </span>4.95<span class=\"_ _3d5\"> </span>20.44<span class=\"_ _3d5\"> </span>AA <span class=\"_ _276\"> </span>39.53<span class=\"_ _3d5\"> </span>27.42<span class=\"_ _3d5\"> </span>A <span class=\"_ _277\"> </span>48.62<span class=\"_ _3d5\"> </span>47.76<span class=\"_ _3d5\"> </span>BBB<span class=\"_ _6\"></span> <span class=\"_ _275\"> </span>2.58<span class=\"_ _3d5\"> </span>1.89<span class=\"_ _3d5\"> </span>BB <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1cd\"> </span>0.<span class=\"_ _6\"></span>97<span class=\"_ _3d5\"> </span>0.67<span class=\"_ _3d5\"> </span>No <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _278\"> </span>3.35<span class=\"_ _3d5\"> </span>1.82<span class=\"_ _3d5\"> </span>Due to <span class=\"_ _2\"></span>the go<span class=\"_ _7\"></span>od <span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>quality <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the r<span class=\"_ _7\"></span>einsur<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _2\"></span>In<span class=\"_ _6\"></span>sura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p, o<span class=\"_ _2\"></span>n 31 <span class=\"_ _2\"></span>December 2<span class=\"_ _7\"></span>023 <span class=\"_ _2\"></span>and 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _7\"></span>r 20<span class=\"_ _7\"></span>22 <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts for <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>hares o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he rei<span class=\"_ _7\"></span>nsur<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>were r<span class=\"_ _2\"></span>equired.<span class=\"_ _2\"></span> 1.11.<span class=\"ff4a\"> </span>Liquid<span class=\"_ _7\"></span>ity risk Undiscoun<span class=\"_ _6\"></span>ted ne<span class=\"_ _6\"></span>t cash-flow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _279\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span>Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s iss<span class=\"_ _6\"></span>ued<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">GMM<span class=\"_ _3d5\"> </span></span>VFA<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>One <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>late<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>-199,964<span class=\"_ _3d5\"> </span>-1,441,78<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-1,641,75<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Two <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> lat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>-94,897<span class=\"_ _3d5\"> </span>-1,140,69<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-1,235,59<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Thr<span class=\"_ _6\"></span>ee<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r <span class=\"_ _6d\"> </span>-62<span class=\"_ _6\"></span>,586<span class=\"_ _3d5\"> </span>-995,471<span class=\"_ _3d5\"> </span>-1,058,05<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fou<span class=\"_ _6\"></span>r y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ter<span class=\"_ _6\"></span> <span class=\"_ _27a\"> </span>-95,365<span class=\"_ _3d5\"> </span>-936,965<span class=\"_ _3d5\"> </span>-1,032,33<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Fiv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ars <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _c8\"> </span>-97,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,066,29<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,163,41<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Bey<span class=\"_ _6\"></span>ond<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _56\"> </span>-2,824,914<span class=\"_ _3d5\"> </span>-33,121,1<span class=\"_ _6\"></span>60<span class=\"_ _3d5\"> </span>-35,946,0<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Total <span class=\"_ _26f\"> </span>-3,374,84<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-38,70<span class=\"_ _6\"></span>2,369<span class=\"_ _3d5\"> </span>-42,07<span class=\"_ _6\"></span>7,218<span class=\"_ _3d5\"> </span>Undiscoun<span class=\"_ _6\"></span>ted ne<span class=\"_ _6\"></span>t cash-flow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _27b\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>Reinsurance <span class=\"_ _6\"></span>contract<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>held <span class=\"_ _27c\"> </span><span class=\"fsf\">GMM<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>One <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>late<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _27d\"> </span>236,062<span class=\"_ _3d5\"> </span>Two <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> lat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _16f\"> </span>115,894<span class=\"_ _3d5\"> </span>Thr<span class=\"_ _6\"></span>ee<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r <span class=\"_ _27e\"> </span>57,721<span class=\"_ _3d5\"> </span>Fou<span class=\"_ _6\"></span>r y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ter<span class=\"_ _6\"></span> <span class=\"_ _27f\"> </span>35,370<span class=\"_ _3d5\"> </span>Fiv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ars <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _280\"> </span>21,212<span class=\"_ _3d5\"> </span>Bey<span class=\"_ _6\"></span>ond<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _25e\"> </span>77,46<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Total <span class=\"_ _281\"> </span>543,722<span class=\"_ _3d5\"> </span>The <span class=\"_ _0\"></span>liquidi<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>risk <span class=\"_ _1\"></span>ar<span class=\"_ _6\"></span>ising <span class=\"_ _1\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _2\"></span>unts <span class=\"_ _0\"></span>payable <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>dem<span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>simulate<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>effec<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>mass<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>canc<span class=\"_ _7\"></span>ellation <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>fe<span class=\"_ _6\"></span> insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>policies. <span class=\"_ _0\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>param<span class=\"_ _7\"></span>eters<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>are <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>pplied<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>a<span class=\"_ _7\"></span>ccord<span class=\"_ _7\"></span>ance <span class=\"_ _1\"></span>with <span class=\"_ _0\"></span>A<span class=\"_ _7\"></span>rticle <span class=\"_ _0\"></span>142 <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>6) <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>EU <span class=\"_ _1\"></span>Commissi<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>Del<span class=\"_ _7\"></span>egate<span class=\"_ _7\"></span>d Regulatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> 2015<span class=\"_ _7\"></span>/35. In t<span class=\"_ _7\"></span>he event of<span class=\"_ _7\"></span> mass ca<span class=\"_ _7\"></span>ncellatio<span class=\"_ _7\"></span>n, the best estim<span class=\"_ _2\"></span>ate rese<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ves in<span class=\"_ _7\"></span>cre<span class=\"_ _7\"></span>ase by EU<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> 1,573.<span class=\"_ _7\"></span>2 mil<span class=\"_ _7\"></span>lio<span class=\"_ _7\"></span>n. Under IFRS, <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>release<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>Contra<span class=\"_ _7\"></span>ctual <span class=\"_ _2\"></span>Ser<span class=\"_ _7\"></span>vice <span class=\"_ _10\"></span>Margin <span class=\"_ _10\"></span>would <span class=\"_ _10\"></span>have <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>significa<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>positiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>cou<span class=\"_ _7\"></span>nteref<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-7": {
   "value": "1.<span class=\"ff4a\"> </span>INSURANCE C<span class=\"_ _7\"></span>ON<span class=\"_ _6\"></span>T<span class=\"_ _7\"></span>RACTS The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.3. (Re-) i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce con<span class=\"_ _7\"></span>tracts s<span class=\"_ _7\"></span>tarting o<span class=\"_ _7\"></span>n page 14<span class=\"_ _7\"></span>9.<span class=\"_ _7\"></span> For bette<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> re<span class=\"_ _7\"></span>adabil<span class=\"_ _7\"></span>ity<span class=\"_ _e\"></span>, the short <span class=\"_ _7\"></span>versions of<span class=\"_ _7\"></span> IF<span class=\"_ _7\"></span>RS 17 d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>scripti<span class=\"_ _7\"></span>ons ar<span class=\"_ _7\"></span>e used.<span class=\"_ _2\"></span> Short de<span class=\"_ _6\"></span>scription<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span><span class=\"fsf\">Long descri<span class=\"_ _6\"></span>ption </span>AIC<span class=\"_ _6\"></span> <span class=\"_ _f4\"> </span>Assets <span class=\"_ _6\"></span>for Incurred Claim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> ARC<span class=\"_ _6\"></span> <span class=\"_ _13e\"> </span>As<span class=\"_ _6\"></span>sets for Rem<span class=\"_ _6\"></span>aining Coverage<span class=\"_ _6\"></span> CSM<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>Contractual S<span class=\"_ _6\"></span>ervice Ma<span class=\"_ _6\"></span>rgin FCF<span class=\"_ _6\"></span> <span class=\"_ _f0\"> </span>Fulfilm<span class=\"_ _6\"></span>ent Cash Flow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> FRA<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>Full Retrospecti<span class=\"_ _6\"></span>ve App<span class=\"_ _6\"></span>roach FVA<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>Fair Value A<span class=\"_ _6\"></span>pproach<span class=\"_ _6\"></span> GMM<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>General Measu<span class=\"_ _6\"></span>rement Mod<span class=\"_ _6\"></span>el LIC<span class=\"_ _6\"></span> <span class=\"_ _f8\"> </span>Liability for Incurr<span class=\"_ _6\"></span>ed Claims<span class=\"_ _6\"></span> LoR<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>Co <span class=\"_ _dc\"> </span>Loss<span class=\"_ _6\"></span> Recovery C<span class=\"_ _6\"></span>ompon<span class=\"_ _6\"></span>ent LRC<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>Liability for Remain<span class=\"_ _6\"></span>ing Cover<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> PAA<span class=\"_ _6\"></span> <span class=\"_ _94\"> </span>Premium<span class=\"_ _6\"></span> Allocation Ap<span class=\"_ _6\"></span>proa<span class=\"_ _6\"></span>ch PVF<span class=\"_ _6\"></span>CF<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>Present Value of <span class=\"_ _6\"></span>Futu<span class=\"_ _6\"></span>re Cash Flows<span class=\"_ _6\"></span> RA <span class=\"_ _fa\"> </span>Risk Ad<span class=\"_ _6\"></span>justmen<span class=\"_ _6\"></span>t VFA<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>Variable Fee A<span class=\"_ _6\"></span>pproach<span class=\"_ _6\"></span> 1.1.<span class=\"ff4a\"> </span>Overview The portfol<span class=\"_ _7\"></span>io stat<span class=\"_ _7\"></span>us is val<span class=\"_ _7\"></span>ued prio<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> to any <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idation st<span class=\"_ _7\"></span>eps and is <span class=\"_ _7\"></span>decisi<span class=\"_ _7\"></span>ve fo<span class=\"_ _7\"></span>r whether <span class=\"_ _7\"></span>a portfo<span class=\"_ _7\"></span>lio o<span class=\"_ _7\"></span>f insurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s is recog<span class=\"_ _7\"></span>nised as an asset <span class=\"_ _6\"></span>or a liabili<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>. After <span class=\"_ _6\"></span>excl<span class=\"_ _7\"></span>uding inter<span class=\"_ _2\"></span>compa<span class=\"_ _7\"></span>ny<span class=\"_ _6\"></span> trans<span class=\"_ _7\"></span>actions, a valuation is not carri<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ut again<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> The same appl<span class=\"_ _7\"></span>ies to d<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>ermini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g t<span class=\"_ _7\"></span>he loss com<span class=\"_ _2\"></span>ponent and <span class=\"_ _2\"></span>the accom<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>ying all<span class=\"_ _7\"></span>ocatio<span class=\"_ _7\"></span>n of to \u201co<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us\u201d or \u201c<span class=\"_ _7\"></span>non-o<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us\u201d.<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1a8\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _1a9\"> </span><span class=\"fsf\">PAA<span class=\"_ _3d5\"> </span></span>GMM<span class=\"_ _3d5\"> </span>VFA<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s assets iss<span class=\"_ _6\"></span>ued <span class=\"_ _1aa\"> </span>-5,597<span class=\"_ _3d5\"> </span>229,916<span class=\"_ _3d5\"> </span>1,384<span class=\"_ _3d5\"> </span>229,491<span class=\"_ _3d5\"> </span>As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>ema<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vera<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C) <span class=\"_ _1ab\"> </span>17,945<span class=\"_ _3d5\"> </span>314,238<span class=\"_ _3d5\"> </span>1,404<span class=\"_ _3d5\"> </span>333,587<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> 824,480<span class=\"_ _3d5\"> </span>6,599<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span> -240,463<span class=\"_ _3d5\"> </span>-1,542<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span> -269,779<span class=\"_ _3d5\"> </span>-3,653<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cla<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _145\"> </span>-23,54<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-84,322<span class=\"_ _3d5\"> </span>-20<span class=\"_ _3d5\"> </span>-107,884<span class=\"_ _3d5\"> </span>As a<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1ad\"> </span> 3,788<span class=\"_ _3d5\"> </span>Reinsurance<span class=\"_ _6\"></span> contra<span class=\"_ _6\"></span>cts assets hel<span class=\"_ _6\"></span>d <span class=\"_ _1a3\"> </span>1,257,432<span class=\"_ _3d5\"> </span>550,866<span class=\"_ _3d5\"> </span>1,808,29<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>ema<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vera<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C) <span class=\"_ _1ab\"> </span>67,558<span class=\"_ _3d5\"> </span>-102,8<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span>-35,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> -169,030<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span> 5,889<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span> 60,335<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cla<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _9a\"> </span>1,189,874<span class=\"_ _3d5\"> </span>653,672<span class=\"_ _3d5\"> </span>1,843,54<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s liabili<span class=\"_ _6\"></span>tie<span class=\"_ _6\"></span>s issu<span class=\"_ _7\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _10e\"> </span>-7,<span class=\"_ _6\"></span>841,483<span class=\"_ _3d5\"> </span>-3,014<span class=\"_ _6\"></span>,823<span class=\"_ _3d5\"> </span>-26,89<span class=\"_ _6\"></span>6,421<span class=\"_ _3d5\"> </span>-37,80<span class=\"_ _6\"></span>4,092<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> for<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Re<span class=\"_ _6\"></span>mai<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g Co<span class=\"_ _1\"></span>ver<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (L<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C)<span class=\"_ _6\"></span> <span class=\"_ _e0\"> </span>-<span class=\"_ _6\"></span>1,845,<span class=\"_ _6\"></span>696<span class=\"_ _3d5\"> </span>-2,368<span class=\"_ _6\"></span>,596<span class=\"_ _3d5\"> </span>-26,07<span class=\"_ _6\"></span>2,494<span class=\"_ _3d5\"> </span>-30,28<span class=\"_ _6\"></span>6,786<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> -1,725,83<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-19,974,7<span class=\"_ _6\"></span>08<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span> -148,464<span class=\"_ _3d5\"> </span>-981,722<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span> -494,299<span class=\"_ _3d5\"> </span>-5,116,06<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rre<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>Cl<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1ae\"> </span>-5,995,78<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-646,227<span class=\"_ _3d5\"> </span>-823,927<span class=\"_ _3d5\"> </span>-7,465,94<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>As a<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1a1\"> </span> -51,365<span class=\"_ _3d5\"> </span>Reinsurance<span class=\"_ _6\"></span> contra<span class=\"_ _6\"></span>cts liabil<span class=\"_ _6\"></span>itie<span class=\"_ _6\"></span>s held <span class=\"_ _1af\"> </span>8,924<span class=\"_ _3d5\"> </span>-33,10<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-24,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> for<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Re<span class=\"_ _6\"></span>mai<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g Co<span class=\"_ _1\"></span>ver<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (L<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C)<span class=\"_ _6\"></span> <span class=\"_ _f1\"> </span>-3,<span class=\"_ _6\"></span>630<span class=\"_ _3d5\"> </span>-31,58<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-35,21<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> -59,851<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span> 2,053<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span> 26,211<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rre<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>Cl<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _145\"> </span>12,554<span class=\"_ _3d5\"> </span>-1,518<span class=\"_ _3d5\"> </span>11,036<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1a8\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2022<span class=\"_ _6\"></span> </span>  <span class=\"_ _1a9\"> </span><span class=\"fsf\">P<span class=\"_ _6\"></span>AA<span class=\"_ _3d5\"> </span></span>GMM<span class=\"_ _3d5\"> </span>VFA<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s assets iss<span class=\"_ _6\"></span>ued <span class=\"_ _df\"> </span>6,<span class=\"_ _6\"></span>069<span class=\"_ _3d5\"> </span>121,696<span class=\"_ _3d5\"> </span>2,525<span class=\"_ _3d5\"> </span>140,774<span class=\"_ _3d5\"> </span>As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>ema<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vera<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C) <span class=\"_ _121\"> </span>8,502<span class=\"_ _3d5\"> </span>189,354<span class=\"_ _3d5\"> </span>2,527<span class=\"_ _3d5\"> </span>200,383<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> 637,932<span class=\"_ _3d5\"> </span>3,905<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b0\"> </span> -175,722<span class=\"_ _3d5\"> </span>-693<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1b1\"> </span> -272,856<span class=\"_ _3d5\"> </span>-685<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cla<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _60\"> </span>-2,433<span class=\"_ _3d5\"> </span>-67,658<span class=\"_ _3d5\"> </span>-2<span class=\"_ _3d5\"> </span>-70,093<span class=\"_ _3d5\"> </span>As a<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1ad\"> </span> 10,484<span class=\"_ _3d5\"> </span>Reinsurance<span class=\"_ _6\"></span> contra<span class=\"_ _6\"></span>cts assets hel<span class=\"_ _6\"></span>d <span class=\"_ _1a3\"> </span>1,332,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>542,495<span class=\"_ _3d5\"> </span>1,874,50<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>ema<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vera<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C) <span class=\"_ _1ab\"> </span>4<span class=\"_ _6\"></span>6,405<span class=\"_ _3d5\"> </span>-66,05<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-19,64<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> -138,757<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b0\"> </span> 3,364<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1b1\"> </span> 69,343<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cla<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _9a\"> </span>1,285,6<span class=\"_ _6\"></span>08<span class=\"_ _3d5\"> </span>608,545<span class=\"_ _3d5\"> </span>1,894,15<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s liabili<span class=\"_ _6\"></span>tie<span class=\"_ _6\"></span>s issu<span class=\"_ _7\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _1ab\"> </span>-7,280<span class=\"_ _6\"></span>,414<span class=\"_ _3d5\"> </span>-2,738<span class=\"_ _6\"></span>,574<span class=\"_ _3d5\"> </span>-26,29<span class=\"_ _6\"></span>1,427<span class=\"_ _3d5\"> </span>-36,37<span class=\"_ _6\"></span>0,374<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> for<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Re<span class=\"_ _6\"></span>mai<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g Co<span class=\"_ _1\"></span>ver<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (L<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C)<span class=\"_ _6\"></span> <span class=\"_ _1b2\"> </span>-1,688<span class=\"_ _6\"></span>,614<span class=\"_ _3d5\"> </span>-2,187<span class=\"_ _6\"></span>,162<span class=\"_ _3d5\"> </span>-25,48<span class=\"_ _6\"></span>6,127<span class=\"_ _3d5\"> </span>-29,36<span class=\"_ _6\"></span>1,903<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> -1,525,36<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-19,354,1<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b0\"> </span> -167,595<span class=\"_ _3d5\"> </span>-963,615<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1b1\"> </span> -494,203<span class=\"_ _3d5\"> </span>-5,168,34<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rre<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>Cl<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1ae\"> </span>-5<span class=\"_ _6\"></span>,591,800<span class=\"_ _3d5\"> </span>-551,412<span class=\"_ _3d5\"> </span>-805,300<span class=\"_ _3d5\"> </span>-6,948,51<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>As a<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b3\"> </span> -59,959<span class=\"_ _3d5\"> </span>Reinsurance<span class=\"_ _6\"></span> contra<span class=\"_ _6\"></span>cts liabil<span class=\"_ _6\"></span>itie<span class=\"_ _6\"></span>s held <span class=\"_ _19a\"> </span>-5,837<span class=\"_ _3d5\"> </span>-31,90<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-37,74<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> for<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Re<span class=\"_ _6\"></span>mai<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g Co<span class=\"_ _1\"></span>ver<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> (L<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C)<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-<span class=\"_ _6\"></span>22,244<span class=\"_ _3d5\"> </span>-30,58<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-52,83<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>VF<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>F <span class=\"_ _1ac\"> </span> -61,026<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b0\"> </span> 1,830<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1b1\"> </span> 28,610<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rre<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>Cl<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>16,407<span class=\"_ _3d5\"> </span>-1,319<span class=\"_ _3d5\"> </span>15,088<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt \u2013<span class=\"_ _3d5\"> </span>(Re-) ins<span class=\"_ _6\"></span>urance<span class=\"_ _6\"></span> contract<span class=\"_ _6\"></span>s<span class=\"fcb\"> <span class=\"_ _1b5\"> </span></span><span class=\"fsf\">2023 <span class=\"_ _1b6\"> </span><span class=\"fcb\">2022 </span></span>All measu<span class=\"_ _6\"></span>rement <span class=\"_ _6\"></span>models<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span><span class=\"fsf\">iss<span class=\"_ _7\"></span>ued<span class=\"_ _3d5\"> </span></span>held<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>issued<span class=\"_ _3d5\"> </span>held<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Co<span class=\"_ _6\"></span>ntra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> Ser<span class=\"_ _1\"></span>vice<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>Mar<span class=\"_ _6\"></span>gi<span class=\"_ _6\"></span>n a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1b7\"> </span>-5,936<span class=\"_ _6\"></span>,082<span class=\"_ _3d5\"> </span>97,951<span class=\"_ _3d5\"> </span>-5,838<span class=\"_ _6\"></span>,131<span class=\"_ _3d5\"> </span>-5,165<span class=\"_ _6\"></span>,945<span class=\"_ _3d5\"> </span>62,616<span class=\"_ _3d5\"> </span>-5,103<span class=\"_ _6\"></span>,329<span class=\"_ _3d5\"> </span>Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _e6\"> </span>62,250<span class=\"_ _3d5\"> </span>-12,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>49,853<span class=\"_ _3d5\"> </span>-534,0<span class=\"_ _6\"></span>30<span class=\"_ _3d5\"> </span>31,377<span class=\"_ _3d5\"> </span>-502,6<span class=\"_ _6\"></span>53<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>612,58<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-12,051<span class=\"_ _3d5\"> </span>600,536<span class=\"_ _3d5\"> </span>589,749<span class=\"_ _3d5\"> </span>4,398<span class=\"_ _3d5\"> </span>594,147<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>612,587<span class=\"_ _3d5\"> </span>-12,051<span class=\"_ _3d5\"> </span>600,536<span class=\"_ _3d5\"> </span>589,749<span class=\"_ _3d5\"> </span>4,398<span class=\"_ _3d5\"> </span>594,147<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>-550,337<span class=\"_ _3d5\"> </span>-346<span class=\"_ _3d5\"> </span>-550,683<span class=\"_ _3d5\"> </span>-1,123,77<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>26,979<span class=\"_ _3d5\"> </span>-1,096,80<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>-136,282<span class=\"_ _3d5\"> </span>-55,856<span class=\"_ _3d5\"> </span>-192,138<span class=\"_ _3d5\"> </span>-851,581<span class=\"_ _3d5\"> </span>5,794<span class=\"_ _3d5\"> </span>-845,787<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>-4<span class=\"_ _6\"></span>14,055<span class=\"_ _3d5\"> </span>55,510<span class=\"_ _3d5\"> </span>-358,545<span class=\"_ _3d5\"> </span>-272,198<span class=\"_ _3d5\"> </span>21,185<span class=\"_ _3d5\"> </span>-251,013<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _e6\"> </span>-59,032<span class=\"_ _3d5\"> </span>5,481<span class=\"_ _3d5\"> </span>-53,551<span class=\"_ _3d5\"> </span>-38,509<span class=\"_ _3d5\"> </span>2,458<span class=\"_ _3d5\"> </span>-36,051<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>3,218<span class=\"_ _3d5\"> </span>-6,916<span class=\"_ _3d5\"> </span>-3,698<span class=\"_ _3d5\"> </span>-572,5<span class=\"_ _6\"></span>39<span class=\"_ _3d5\"> </span>33,835<span class=\"_ _3d5\"> </span>-538,7<span class=\"_ _6\"></span>04<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>49,0<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>-4,492<span class=\"_ _3d5\"> </span>44,580<span class=\"_ _3d5\"> </span>19,783<span class=\"_ _3d5\"> </span>-721<span class=\"_ _3d5\"> </span>19,062<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-217,381<span class=\"_ _3d5\"> </span>2,221<span class=\"_ _3d5\"> </span>-215,160<span class=\"_ _3d5\"> </span>Contract<span class=\"_ _6\"></span>ual S<span class=\"_ _6\"></span>ervice Mar<span class=\"_ _6\"></span>gin as of 31/1<span class=\"_ _6\"></span>2 <span class=\"_ _13c\"> </span>-5,883,792<span class=\"_ _3d5\"> </span>86,543<span class=\"_ _3d5\"> </span>-5,797<span class=\"_ _6\"></span>,249<span class=\"_ _3d5\"> </span>-5,936<span class=\"_ _6\"></span>,082<span class=\"_ _3d5\"> </span>97,951<span class=\"_ _3d5\"> </span>-5,838<span class=\"_ _6\"></span>,131<span class=\"_ _3d5\"> </span>1.2.<span class=\"ff4a\"> </span>Assumpt<span class=\"_ _7\"></span>ions used Cost of ca<span class=\"_ _7\"></span>pital a<span class=\"_ _7\"></span>nd confid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nce lev<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>VI<span class=\"_ _7\"></span>G <span class=\"_ _10\"></span>In<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>Gr<span class=\"_ _2\"></span>ou<span class=\"_ _7\"></span>p'<span class=\"_ _2\"></span>s <span class=\"_ _e\"></span>cos<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>cap<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ra<span class=\"_ _7\"></span>te <span class=\"_ _10\"></span>us<span class=\"_ _2\"></span>ed <span class=\"_ _10\"></span>fo<span class=\"_ _2\"></span>r <span class=\"_ _10\"></span>ris<span class=\"_ _2\"></span>k <span class=\"_ _10\"></span>adj<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>tm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t <span class=\"_ _e\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>nan<span class=\"_ _7\"></span>ci<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ye<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>23 <span class=\"_ _e\"></span>amo<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>6.0<span class=\"_ _2\"></span>% <span class=\"_ _10\"></span>(20<span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>2:<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>6.<span class=\"_ _7\"></span>0%)<span class=\"_ _7\"></span>. T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> Gr<span class=\"_ _2\"></span>ou<span class=\"_ _2\"></span>p'<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> ris<span class=\"_ _2\"></span>k ad<span class=\"_ _2\"></span>jus<span class=\"_ _2\"></span>tme<span class=\"_ _2\"></span>nt fo<span class=\"_ _2\"></span>r li<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>e,<span class=\"_ _2\"></span> heal<span class=\"_ _2\"></span>th,<span class=\"_ _2\"></span> no<span class=\"_ _7\"></span>n-<span class=\"_ _7\"></span>lif<span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>ns<span class=\"_ _7\"></span>ura<span class=\"_ _2\"></span>nce<span class=\"_ _7\"></span> co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>s c<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>rr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>pond<span class=\"_ _2\"></span>s t<span class=\"_ _2\"></span>o an a<span class=\"_ _2\"></span>vera<span class=\"_ _2\"></span>ge<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>nfi<span class=\"_ _2\"></span>de<span class=\"_ _7\"></span>nce<span class=\"_ _2\"></span> le<span class=\"_ _2\"></span>vel o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> 79<span class=\"_ _2\"></span>.5% (2022: 7<span class=\"_ _7\"></span>9.3%)<span class=\"_ _6\"></span>. Discount rat<span class=\"_ _2\"></span>e Spot rates*<span class=\"_ _6\"></span> <span class=\"_ _190\"> </span><span class=\"fsf\">31/12/2023 <span class=\"_ _132\"> </span><span class=\"fcb\">31/12/20<span class=\"_ _6\"></span>22<span class=\"_ _6\"></span> </span></span>  <span class=\"_ _17a\"> </span><span class=\"fsf\">1 yea<span class=\"_ _6\"></span>r<span class=\"_ _3d5\"> </span></span>3 years<span class=\"_ _3d5\"> </span>5 years<span class=\"_ _3d5\"> </span>10 years<span class=\"_ _3d5\"> </span>20 years<span class=\"_ _3d5\"> </span>30 years<span class=\"_ _3d5\"> </span>1 year<span class=\"_ _3d5\"> </span>3 years<span class=\"_ _3d5\"> </span>5 years<span class=\"_ _3d5\"> </span>10 years<span class=\"_ _3d5\"> </span>20 years<span class=\"_ _3d5\"> </span>30 years<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>ALL<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>3.36<span class=\"_ _3d5\"> </span>2.44<span class=\"_ _3d5\"> </span>2.32<span class=\"_ _3d5\"> </span>2.39<span class=\"_ _3d5\"> </span>2.41<span class=\"_ _3d5\"> </span>2.52<span class=\"_ _3d5\"> </span>3.18<span class=\"_ _3d5\"> </span>3.20<span class=\"_ _3d5\"> </span>3.13<span class=\"_ _3d5\"> </span>3.09<span class=\"_ _3d5\"> </span>2.76<span class=\"_ _3d5\"> </span>2.73<span class=\"_ _3d5\"> </span>BAM<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>3.31<span class=\"_ _3d5\"> </span>2.39<span class=\"_ _3d5\"> </span>2.27<span class=\"_ _3d5\"> </span>2.34<span class=\"_ _3d5\"> </span>2.36<span class=\"_ _3d5\"> </span>2.48<span class=\"_ _3d5\"> </span>3.13<span class=\"_ _3d5\"> </span>3.15<span class=\"_ _3d5\"> </span>3.08<span class=\"_ _3d5\"> </span>3.04<span class=\"_ _3d5\"> </span>2.72<span class=\"_ _3d5\"> </span>2.69<span class=\"_ _3d5\"> </span>BGN<span class=\"_ _6\"></span> <span class=\"_ _33\"> </span>3.31<span class=\"_ _3d5\"> </span>2.39<span class=\"_ _3d5\"> </span>2.27<span class=\"_ _3d5\"> </span>2.34<span class=\"_ _3d5\"> </span>2.36<span class=\"_ _3d5\"> </span>2.48<span class=\"_ _3d5\"> </span>3.13<span class=\"_ _3d5\"> </span>3.15<span class=\"_ _3d5\"> </span>3.08<span class=\"_ _3d5\"> </span>3.04<span class=\"_ _3d5\"> </span>2.72<span class=\"_ _3d5\"> </span>2.69<span class=\"_ _3d5\"> </span>CHF<span class=\"_ _6\"></span> <span class=\"_ _180\"> </span>1.17<span class=\"_ _3d5\"> </span>1.10<span class=\"_ _3d5\"> </span>1.05<span class=\"_ _3d5\"> </span>1.16<span class=\"_ _3d5\"> </span>1.49<span class=\"_ _3d5\"> </span>1.71<span class=\"_ _3d5\"> </span>1.06<span class=\"_ _3d5\"> </span>1.23<span class=\"_ _3d5\"> </span>1.34<span class=\"_ _3d5\"> </span>1.49<span class=\"_ _3d5\"> </span>1.58<span class=\"_ _3d5\"> </span>1.76<span class=\"_ _3d5\"> </span>CZK<span class=\"_ _6\"></span> <span class=\"_ _180\"> </span>5.18<span class=\"_ _3d5\"> </span>3.68<span class=\"_ _3d5\"> </span>3.41<span class=\"_ _3d5\"> </span>3.38<span class=\"_ _3d5\"> </span>3.44<span class=\"_ _3d5\"> </span>3.45<span class=\"_ _3d5\"> </span>6.51<span class=\"_ _3d5\"> </span>5.78<span class=\"_ _3d5\"> </span>5.05<span class=\"_ _3d5\"> </span>4.60<span class=\"_ _3d5\"> </span>4.38<span class=\"_ _3d5\"> </span>4.17<span class=\"_ _3d5\"> </span>EUR<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>3.36<span class=\"_ _3d5\"> </span>2.44<span class=\"_ _3d5\"> </span>2.32<span class=\"_ _3d5\"> </span>2.39<span class=\"_ _3d5\"> </span>2.41<span class=\"_ _3d5\"> </span>2.52<span class=\"_ _3d5\"> </span>3.18<span class=\"_ _3d5\"> </span>3.20<span class=\"_ _3d5\"> </span>3.13<span class=\"_ _3d5\"> </span>3.09<span class=\"_ _3d5\"> </span>2.76<span class=\"_ _3d5\"> </span>2.73<span class=\"_ _3d5\"> </span>EUR<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(Cr<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>a)<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>3.36<span class=\"_ _3d5\"> </span>2.63<span class=\"_ _3d5\"> </span>2.61<span class=\"_ _3d5\"> </span>2.83<span class=\"_ _3d5\"> </span>3.07<span class=\"_ _3d5\"> </span>3.17<span class=\"_ _3d5\"> </span>-<span class=\"_ _3d5\"> </span>-<span class=\"_ _3d5\"> </span>-<span class=\"_ _3d5\"> </span>-<span class=\"_ _3d5\"> </span>-<span class=\"_ _3d5\"> </span>-<span class=\"_ _3d5\"> </span>GBP<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>4.74<span class=\"_ _3d5\"> </span>3.67<span class=\"_ _3d5\"> </span>3.35<span class=\"_ _3d5\"> </span>3.28<span class=\"_ _3d5\"> </span>3.43<span class=\"_ _3d5\"> </span>3.35<span class=\"_ _3d5\"> </span>4.46<span class=\"_ _3d5\"> </span>4.33<span class=\"_ _3d5\"> </span>4.06<span class=\"_ _3d5\"> </span>3.71<span class=\"_ _3d5\"> </span>3.53<span class=\"_ _3d5\"> </span>3.35<span class=\"_ _3d5\"> </span>GEL<span class=\"_ _6\"></span> <span class=\"_ _41\"> </span>14.85<span class=\"_ _3d5\"> </span>13.14<span class=\"_ _3d5\"> </span>12.33<span class=\"_ _3d5\"> </span>12.07<span class=\"_ _3d5\"> </span>11.47<span class=\"_ _3d5\"> </span>10.03<span class=\"_ _3d5\"> </span>10.19<span class=\"_ _3d5\"> </span>8.72<span class=\"_ _3d5\"> </span>9.35<span class=\"_ _3d5\"> </span>10.56<span class=\"_ _3d5\"> </span>10.10<span class=\"_ _3d5\"> </span>8.99<span class=\"_ _3d5\"> </span>HRK<span class=\"_ _6\"></span> <span class=\"_ _37\"> </span>-<span class=\"_ _3d5\"> </span>-<span class=\"_ _3d5\"> </span>-<span class=\"_ _3d5\"> </span>-<span class=\"_ _3d5\"> </span>-<span class=\"_ _3d5\"> </span>-<span class=\"_ _3d5\"> </span>2.49<span class=\"_ _3d5\"> </span>3.04<span class=\"_ _3d5\"> </span>3.35<span class=\"_ _3d5\"> </span>4.15<span class=\"_ _3d5\"> </span>4.36<span class=\"_ _3d5\"> </span>4.19<span class=\"_ _3d5\"> </span>HUF<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>6.30<span class=\"_ _3d5\"> </span>5.93<span class=\"_ _3d5\"> </span>5.71<span class=\"_ _3d5\"> </span>5.78<span class=\"_ _3d5\"> </span>6.00<span class=\"_ _3d5\"> </span>5.70<span class=\"_ _3d5\"> </span>13.65<span class=\"_ _3d5\"> </span>11.34<span class=\"_ _3d5\"> </span>9.66<span class=\"_ _3d5\"> </span>8.61<span class=\"_ _3d5\"> </span>8.03<span class=\"_ _3d5\"> </span>7.15<span class=\"_ _3d5\"> </span>MDL<span class=\"_ _6\"></span> <span class=\"_ _31\"> </span>3.36<span class=\"_ _3d5\"> </span>2.44<span class=\"_ _3d5\"> </span>2.32<span class=\"_ _3d5\"> </span>2.39<span class=\"_ _3d5\"> </span>2.41<span class=\"_ _3d5\"> </span>2.52<span class=\"_ _3d5\"> </span>3.18<span class=\"_ _3d5\"> </span>3.20<span class=\"_ _3d5\"> </span>3.13<span class=\"_ _3d5\"> </span>3.09<span class=\"_ _3d5\"> </span>2.76<span class=\"_ _3d5\"> </span>2.73<span class=\"_ _3d5\"> </span>MKD<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>3.36<span class=\"_ _3d5\"> </span>2.44<span class=\"_ _3d5\"> </span>2.32<span class=\"_ _3d5\"> </span>2.39<span class=\"_ _3d5\"> </span>2.41<span class=\"_ _3d5\"> </span>2.52<span class=\"_ _3d5\"> </span>3.18<span class=\"_ _3d5\"> </span>3.20<span class=\"_ _3d5\"> </span>3.13<span class=\"_ _3d5\"> </span>3.09<span class=\"_ _3d5\"> </span>2.76<span class=\"_ _3d5\"> </span>2.73<span class=\"_ _3d5\"> </span>PLN<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>4.95<span class=\"_ _3d5\"> </span>4.83<span class=\"_ _3d5\"> </span>4.84<span class=\"_ _3d5\"> </span>5.10<span class=\"_ _3d5\"> </span>4.94<span class=\"_ _3d5\"> </span>4.59<span class=\"_ _3d5\"> </span>6.40<span class=\"_ _3d5\"> </span>6.72<span class=\"_ _3d5\"> </span>6.74<span class=\"_ _3d5\"> </span>6.65<span class=\"_ _3d5\"> </span>6.01<span class=\"_ _3d5\"> </span>5.38<span class=\"_ _3d5\"> </span>RON<span class=\"_ _6\"></span> <span class=\"_ _17d\"> </span>6.0<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>5.99<span class=\"_ _3d5\"> </span>6.05<span class=\"_ _3d5\"> </span>6.14<span class=\"_ _3d5\"> </span>5.67<span class=\"_ _3d5\"> </span>5.12<span class=\"_ _3d5\"> </span>6.98<span class=\"_ _3d5\"> </span>7.25<span class=\"_ _3d5\"> </span>7.64<span class=\"_ _3d5\"> </span>8.56<span class=\"_ _3d5\"> </span>8.01<span class=\"_ _3d5\"> </span>6.91<span class=\"_ _3d5\"> </span>RSD<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>5.09<span class=\"_ _3d5\"> </span>5.22<span class=\"_ _3d5\"> </span>5.45<span class=\"_ _3d5\"> </span>6.84<span class=\"_ _3d5\"> </span>7.00<span class=\"_ _3d5\"> </span>6.20<span class=\"_ _3d5\"> </span>4.73<span class=\"_ _3d5\"> </span>6.21<span class=\"_ _3d5\"> </span>6.51<span class=\"_ _3d5\"> </span>7.34<span class=\"_ _3d5\"> </span>7.09<span class=\"_ _3d5\"> </span>6.24<span class=\"_ _3d5\"> </span>TRY<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>39.34<span class=\"_ _3d5\"> </span>31.17<span class=\"_ _3d5\"> </span>24.78<span class=\"_ _3d5\"> </span>21.36<span class=\"_ _3d5\"> </span>19.14<span class=\"_ _3d5\"> </span>15.84<span class=\"_ _3d5\"> </span>12.32<span class=\"_ _3d5\"> </span>8.79<span class=\"_ _3d5\"> </span>8.46<span class=\"_ _3d5\"> </span>10.21<span class=\"_ _3d5\"> </span>10.41<span class=\"_ _3d5\"> </span>9.29<span class=\"_ _3d5\"> </span>UAH<span class=\"_ _6\"></span> <span class=\"_ _152\"> </span>17.16<span class=\"_ _3d5\"> </span>19.14<span class=\"_ _3d5\"> </span>17.47<span class=\"_ _3d5\"> </span>11.18<span class=\"_ _3d5\"> </span>7.28<span class=\"_ _3d5\"> </span>6.46<span class=\"_ _3d5\"> </span>18.36<span class=\"_ _3d5\"> </span>22.12<span class=\"_ _3d5\"> </span>21.32<span class=\"_ _3d5\"> </span>13.78<span class=\"_ _3d5\"> </span>8.14<span class=\"_ _3d5\"> </span>6.99<span class=\"_ _3d5\"> </span>USD<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>4.76<span class=\"_ _3d5\"> </span>3.72<span class=\"_ _3d5\"> </span>3.50<span class=\"_ _3d5\"> </span>3.45<span class=\"_ _3d5\"> </span>3.46<span class=\"_ _3d5\"> </span>3.23<span class=\"_ _3d5\"> </span>5.07<span class=\"_ _3d5\"> </span>4.26<span class=\"_ _3d5\"> </span>3.95<span class=\"_ _3d5\"> </span>3.75<span class=\"_ _3d5\"> </span>3.63<span class=\"_ _3d5\"> </span>3.27<span class=\"_ _3d5\"> </span>*Without il<span class=\"_ _7\"></span>liquidity adjustment Under certain <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nditio<span class=\"_ _7\"></span>ns, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>Croa<span class=\"_ _7\"></span>tian <span class=\"_ _6\"></span>Ins<span class=\"_ _7\"></span>urance Burea<span class=\"_ _7\"></span>u <span class=\"_ _1\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>mits <span class=\"_ _6\"></span>the u<span class=\"_ _6\"></span>se <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>speci<span class=\"_ _2\"></span>ally <span class=\"_ _1\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _6\"></span>inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st r<span class=\"_ _6\"></span>ate <span class=\"_ _6\"></span>gen<span class=\"_ _7\"></span>erate<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> on the basi<span class=\"_ _7\"></span>s of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e EUR <span class=\"_ _2\"></span>bonds of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Cr<span class=\"_ _2\"></span>oatia<span class=\"_ _7\"></span>n Nation<span class=\"_ _7\"></span>al B<span class=\"_ _7\"></span>ank. That i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>why two<span class=\"_ _7\"></span> dif<span class=\"_ _2\"></span>ferent <span class=\"_ _7\"></span>EUR <span class=\"_ _7\"></span>interes<span class=\"_ _2\"></span>t rates a<span class=\"_ _7\"></span>re <span class=\"_ _2\"></span>presented<span class=\"_ _2\"></span> in the tabl<span class=\"_ _7\"></span>e abov<span class=\"_ _7\"></span>e.<span class=\"_ _3d5\"> </span>Illiquidity adjustm<span class=\"_ _2\"></span>ent<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022<span class=\"_ _3d5\"> </span>in basis p<span class=\"_ _6\"></span>oints<span class=\"_ _3d5\"> </span>Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1be\"> </span>41<span class=\"_ _3d5\"> </span>40<span class=\"_ _3d5\"> </span>Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1bf\"> </span>56<span class=\"_ _3d5\"> </span>43<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1c0\"> </span>59<span class=\"_ _3d5\"> </span>61<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _1c1\"> </span>56<span class=\"_ _3d5\"> </span>45<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>oni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1c2\"> </span>41<span class=\"_ _3d5\"> </span>37<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _1c3\"> </span>40<span class=\"_ _3d5\"> </span>194<span class=\"_ _3d5\"> </span>Kos<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vo <span class=\"_ _1c4\"> </span>41<span class=\"_ _3d5\"> </span>40<span class=\"_ _3d5\"> </span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _1c4\"> </span>28<span class=\"_ _3d5\"> </span>11<span class=\"_ _3d5\"> </span>Latv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1c5\"> </span>41<span class=\"_ _3d5\"> </span>40<span class=\"_ _3d5\"> </span>Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _1c6\"> </span>39<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>Lith<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1c7\"> </span>41<span class=\"_ _3d5\"> </span>40<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rth<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ced<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _1c8\"> </span>41<span class=\"_ _3d5\"> </span>40<span class=\"_ _3d5\"> </span>Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>a <span class=\"_ _1c9\"> </span>41<span class=\"_ _3d5\"> </span>40<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1c4\"> </span>40<span class=\"_ _3d5\"> </span>37<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _1ca\"> </span>69<span class=\"_ _3d5\"> </span>89<span class=\"_ _3d5\"> </span>Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1cb\"> </span>35<span class=\"_ _3d5\"> </span>37<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _1cc\"> </span>200<span class=\"_ _3d5\"> </span>200<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _1c0\"> </span>40<span class=\"_ _3d5\"> </span>34<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _1cd\"> </span>32<span class=\"_ _3d5\"> </span>31<span class=\"_ _3d5\"> </span>T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1c2\"> </span>54<span class=\"_ _3d5\"> </span>39<span class=\"_ _3d5\"> </span>Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1c1\"> </span>229<span class=\"_ _3d5\"> </span>151<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _1c0\"> </span>52<span class=\"_ _3d5\"> </span>73<span class=\"_ _3d5\"> </span>1.3.<span class=\"ff4a\"> </span>Insu<span class=\"_ _7\"></span>rance contracts issu<span class=\"_ _7\"></span>ed Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">20<span class=\"_ _6\"></span>23 <span class=\"_ _1b6\"> </span><span class=\"fcb\">2022 </span></span>All measu<span class=\"_ _6\"></span>rement <span class=\"_ _6\"></span>models<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span><span class=\"fsf\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _83\"> </span>LIC / AIC<span class=\"_ _3d5\"> </span></span>LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _1ce\"> </span>LIC / AI<span class=\"_ _6\"></span>C  <span class=\"_ _1a6\"> </span><span class=\"fsf\">Ex<span class=\"_ _7\"></span>cl. los<span class=\"_ _6\"></span>s </span>component<span class=\"_ _3d5\"> </span>Loss component<span class=\"_ _3d5\"> </span>Excl. loss component<span class=\"_ _3d5\"> </span>Loss component<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>208,09<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-7,707<span class=\"_ _3d5\"> </span>-70,093<span class=\"_ _3d5\"> </span>113,336<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-25,119<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _168\"> </span>-29,2<span class=\"_ _6\"></span>88,729<span class=\"_ _3d5\"> </span>-73,174<span class=\"_ _3d5\"> </span>-6,948,51<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-34,410,9<span class=\"_ _6\"></span>22<span class=\"_ _3d5\"> </span>-12,418<span class=\"_ _3d5\"> </span>-6,448,41<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1cf\"> </span>-29,08<span class=\"_ _6\"></span>0,639<span class=\"_ _3d5\"> </span>-80,88<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-7,018<span class=\"_ _6\"></span>,605<span class=\"_ _3d5\"> </span>-34,29<span class=\"_ _6\"></span>7,586<span class=\"_ _3d5\"> </span>-12,41<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-6,473<span class=\"_ _6\"></span>,533<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>11,195,729<span class=\"_ _3d5\"> </span>13,517<span class=\"_ _3d5\"> </span>-9,552,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>10,807,4<span class=\"_ _6\"></span>68<span class=\"_ _3d5\"> </span>-68,852<span class=\"_ _3d5\"> </span>-9,526,79<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _18c\"> </span>-992,748<span class=\"_ _3d5\"> </span>-1,652<span class=\"_ _3d5\"> </span>-704,351<span class=\"_ _3d5\"> </span>971,796<span class=\"_ _3d5\"> </span>-186<span class=\"_ _3d5\"> </span>-246,939<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>-928,6<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-139,005<span class=\"_ _3d5\"> </span>3,620,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>369,925<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1c\"> </span>9,274,375<span class=\"_ _3d5\"> </span>11,865<span class=\"_ _3d5\"> </span>-10,39<span class=\"_ _6\"></span>6,076<span class=\"_ _3d5\"> </span>15,399,8<span class=\"_ _6\"></span>09<span class=\"_ _3d5\"> </span>-69,03<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-9,403<span class=\"_ _6\"></span>,808<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _168\"> </span>173,16<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>293<span class=\"_ _3d5\"> </span>34,317<span class=\"_ _3d5\"> </span>-80,480<span class=\"_ _3d5\"> </span>577<span class=\"_ _3d5\"> </span>115,927<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-662,516<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87,242<span class=\"_ _3d5\"> </span>Tot<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>lm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _1d0\"> </span>-10,251,3<span class=\"_ _6\"></span>77<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>9,806,53<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-9,439,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8,830,05<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1d1\"> </span>-29,88<span class=\"_ _6\"></span>4,478<span class=\"_ _3d5\"> </span>-68,72<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-7,573<span class=\"_ _6\"></span>,826<span class=\"_ _3d5\"> </span>-29,08<span class=\"_ _6\"></span>0,637<span class=\"_ _3d5\"> </span>-80,87<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-7,018<span class=\"_ _6\"></span>,605<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _dc\"> </span>342,579<span class=\"_ _3d5\"> </span>-8,993<span class=\"_ _3d5\"> </span>-107,884<span class=\"_ _3d5\"> </span>208,090<span class=\"_ _3d5\"> </span>-7,707<span class=\"_ _3d5\"> </span>-70,093<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _e2\"> </span>-3<span class=\"_ _6\"></span>0,227,05<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-59,730<span class=\"_ _3d5\"> </span>-7,465,94<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-29,288,7<span class=\"_ _6\"></span>29<span class=\"_ _3d5\"> </span>-73,174<span class=\"_ _3d5\"> </span>-6,948,51<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span><span class=\"fsf\">2023 </span>Premium Al<span class=\"_ _6\"></span>loca<span class=\"_ _6\"></span>tion Approa<span class=\"_ _6\"></span>ch <span class=\"_ _116\"> </span><span class=\"fsf\">LRC / ARC <span class=\"_ _113\"> </span>LI<span class=\"_ _6\"></span>C / AIC </span>  <span class=\"_ _1d3\"> </span><span class=\"fsf\">Excl. loss </span>component<span class=\"_ _3d5\"> </span>Loss component<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>PVFCF<span class=\"_ _3d5\"> </span>RA<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _f8\"> </span>8,502<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8,502<span class=\"_ _3d5\"> </span>-2,383<span class=\"_ _3d5\"> </span>-50<span class=\"_ _3d5\"> </span>-2,433<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-1,683,36<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-5,254<span class=\"_ _3d5\"> </span>-1,688,61<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-5,345,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-246,619<span class=\"_ _3d5\"> </span>-5,591,80<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1d4\"> </span>-1,674<span class=\"_ _6\"></span>,858<span class=\"_ _3d5\"> </span>-5,254<span class=\"_ _3d5\"> </span>-1,680<span class=\"_ _6\"></span>,112<span class=\"_ _3d5\"> </span>-5,347<span class=\"_ _6\"></span>,564<span class=\"_ _3d5\"> </span>-246,6<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span>-5,594<span class=\"_ _6\"></span>,233<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _190\"> </span>6,191,529<span class=\"_ _3d5\"> </span>-3,644<span class=\"_ _3d5\"> </span>6,187,88<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-5,194,44<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>696<span class=\"_ _3d5\"> </span>-5,193,74<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _161\"> </span>8,531,<span class=\"_ _6\"></span>488<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8,531,48<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _75\"> </span>8,531,488<span class=\"_ _3d5\"> </span>8,531,48<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1cf\"> </span>-2,350,0<span class=\"_ _6\"></span>65<span class=\"_ _3d5\"> </span>-3,644<span class=\"_ _3d5\"> </span>-2,353,70<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-5,184,33<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>696<span class=\"_ _3d5\"> </span>-5,183,63<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1d5\"> </span>-603,987<span class=\"_ _3d5\"> </span>-603,987<span class=\"_ _3d5\"> </span>-5,053,57<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-5,053,57<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span> -3,644<span class=\"_ _3d5\"> </span>-3,644<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span> 0<span class=\"_ _3d5\"> </span>-130,757<span class=\"_ _3d5\"> </span>696<span class=\"_ _3d5\"> </span>-130,061<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d6\"> </span>-1,746,07<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-1,746,07<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d7\"> </span>10,106<span class=\"_ _3d5\"> </span>10,106<span class=\"_ _3d5\"> </span>-10,106<span class=\"_ _3d5\"> </span>-10,106<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1d8\"> </span>213<span class=\"_ _3d5\"> </span>213<span class=\"_ _3d5\"> </span>-191,574<span class=\"_ _3d5\"> </span>-15,129<span class=\"_ _3d5\"> </span>-206,703<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _197\"> </span> 0<span class=\"_ _3d5\"> </span>-129,383<span class=\"_ _3d5\"> </span>-129,383<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1d9\"> </span>6,191,74<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-3,644<span class=\"_ _3d5\"> </span>6,188,09<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-5,515<span class=\"_ _6\"></span>,398<span class=\"_ _3d5\"> </span>-14,43<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-5,529<span class=\"_ _6\"></span>,831<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _168\"> </span>126,470<span class=\"_ _3d5\"> </span>-103<span class=\"_ _3d5\"> </span>126,367<span class=\"_ _3d5\"> </span>21,046<span class=\"_ _3d5\"> </span>-7,247<span class=\"_ _3d5\"> </span>13,799<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _7e\"> </span>-6,462<span class=\"_ _6\"></span>,103<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-6,462<span class=\"_ _6\"></span>,103<span class=\"_ _3d5\"> </span>5,090,93<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>5,090,93<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1d7\"> </span>-8,872,233<span class=\"_ _3d5\"> </span>-8,872,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span> 0<span class=\"_ _3d5\"> </span>5,090,93<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>5,090,93<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _181\"> </span>2,41<span class=\"_ _6\"></span>0,130<span class=\"_ _3d5\"> </span>2,410,13<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1d0\"> </span>-1,8<span class=\"_ _6\"></span>18,749<span class=\"_ _3d5\"> </span>-9,001<span class=\"_ _3d5\"> </span>-1,827<span class=\"_ _6\"></span>,750<span class=\"_ _3d5\"> </span>-5,750<span class=\"_ _6\"></span>,980<span class=\"_ _3d5\"> </span>-268,3<span class=\"_ _6\"></span>49<span class=\"_ _3d5\"> </span>-6,019<span class=\"_ _6\"></span>,329<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>17,94<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>17,945<span class=\"_ _3d5\"> </span>-23,172<span class=\"_ _3d5\"> </span>-370<span class=\"_ _3d5\"> </span>-23,542<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1da\"> </span>-1,836,69<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-9,001<span class=\"_ _3d5\"> </span>-1,845,69<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-5,727,80<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-267,979<span class=\"_ _3d5\"> </span>-5,995,78<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>022 </span>Premium Al<span class=\"_ _6\"></span>loca<span class=\"_ _6\"></span>tion Approa<span class=\"_ _6\"></span>ch <span class=\"_ _116\"> </span><span class=\"fsf\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _113\"> </span>LIC / AIC </span>  <span class=\"_ _1d3\"> </span><span class=\"fsf\">Excl. lo<span class=\"_ _6\"></span>ss </span>component<span class=\"_ _3d5\"> </span>Loss component<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>PVFCF<span class=\"_ _3d5\"> </span>RA<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _13b\"> </span>2,735<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,735<span class=\"_ _3d5\"> </span>-1,412<span class=\"_ _3d5\"> </span>-12<span class=\"_ _3d5\"> </span>-1,424<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-1<span class=\"_ _6\"></span>,422,338<span class=\"_ _3d5\"> </span>-8,626<span class=\"_ _3d5\"> </span>-1,430,96<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-4,887,46<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-257,705<span class=\"_ _3d5\"> </span>-5,145,16<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1d4\"> </span>-<span class=\"_ _6\"></span>1,419,<span class=\"_ _6\"></span>603<span class=\"_ _3d5\"> </span>-8,626<span class=\"_ _3d5\"> </span>-1,428<span class=\"_ _6\"></span>,229<span class=\"_ _3d5\"> </span>-4,888<span class=\"_ _6\"></span>,873<span class=\"_ _3d5\"> </span>-257,7<span class=\"_ _6\"></span>17<span class=\"_ _3d5\"> </span>-5,146<span class=\"_ _6\"></span>,590<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _190\"> </span>5,444,44<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>3,361<span class=\"_ _3d5\"> </span>5,447,80<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-4,888,47<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-8,240<span class=\"_ _3d5\"> </span>-4,896,71<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1db\"> </span>7,516,80<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>7,516,80<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _75\"> </span>7<span class=\"_ _6\"></span>,516,801<span class=\"_ _3d5\"> </span>7,516,80<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _19b\"> </span>-2,075,3<span class=\"_ _6\"></span>81<span class=\"_ _3d5\"> </span>3,361<span class=\"_ _3d5\"> </span>-2,072,02<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-4,885,44<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-8,240<span class=\"_ _3d5\"> </span>-4,893,68<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1d5\"> </span>-4<span class=\"_ _6\"></span>74,570<span class=\"_ _3d5\"> </span>-474,570<span class=\"_ _3d5\"> </span>-4,188,95<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-4,188,95<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _3a\"> </span> 3,361<span class=\"_ _3d5\"> </span>3,361<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span> 0<span class=\"_ _3d5\"> </span>-696,488<span class=\"_ _3d5\"> </span>-8,240<span class=\"_ _3d5\"> </span>-704,728<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d6\"> </span>-1<span class=\"_ _6\"></span>,600,811<span class=\"_ _3d5\"> </span>-1,600,81<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1dc\"> </span>3,027<span class=\"_ _3d5\"> </span>3,027<span class=\"_ _3d5\"> </span>-3,027<span class=\"_ _3d5\"> </span>-3,027<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>35<span class=\"_ _3d5\"> </span>35<span class=\"_ _3d5\"> </span>-28,872<span class=\"_ _3d5\"> </span>1,457<span class=\"_ _3d5\"> </span>-27,415<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _193\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>311,989<span class=\"_ _3d5\"> </span>19,765<span class=\"_ _3d5\"> </span>331,754<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1d9\"> </span>5<span class=\"_ _6\"></span>,444,482<span class=\"_ _3d5\"> </span>3,361<span class=\"_ _3d5\"> </span>5,447,84<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-4,605<span class=\"_ _6\"></span>,355<span class=\"_ _3d5\"> </span>12,982<span class=\"_ _3d5\"> </span>-4,592<span class=\"_ _6\"></span>,373<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _125\"> </span>-29,616<span class=\"_ _3d5\"> </span>12<span class=\"_ _3d5\"> </span>-29,604<span class=\"_ _3d5\"> </span>82,199<span class=\"_ _3d5\"> </span>-155<span class=\"_ _3d5\"> </span>82,044<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>-40,087<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-40,087<span class=\"_ _3d5\"> </span>-66,080<span class=\"_ _3d5\"> </span>-1,779<span class=\"_ _3d5\"> </span>-67,859<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _99\"> </span>-5,630,03<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-5,630<span class=\"_ _6\"></span>,033<span class=\"_ _3d5\"> </span>4,130,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>4,130,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1d7\"> </span>-7,74<span class=\"_ _6\"></span>7,331<span class=\"_ _3d5\"> </span>-7,747,33<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span> 0<span class=\"_ _3d5\"> </span>4,130,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>4,130,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _1dd\"> </span>2,117,29<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>2,117,29<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1de\"> </span>-1,674<span class=\"_ _6\"></span>,857<span class=\"_ _3d5\"> </span>-5,253<span class=\"_ _3d5\"> </span>-1,680<span class=\"_ _6\"></span>,110<span class=\"_ _3d5\"> </span>-5,347<span class=\"_ _6\"></span>,564<span class=\"_ _3d5\"> </span>-246,6<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span>-5,594<span class=\"_ _6\"></span>,233<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>8,5<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8,502<span class=\"_ _3d5\"> </span>-2,383<span class=\"_ _3d5\"> </span>-50<span class=\"_ _3d5\"> </span>-2,433<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1da\"> </span>-1<span class=\"_ _6\"></span>,683,360<span class=\"_ _3d5\"> </span>-5,254<span class=\"_ _3d5\"> </span>-1,688,61<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-5,345,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-246,619<span class=\"_ _3d5\"> </span>-5,591,80<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">2023 <span class=\"_ _1b6\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 </span></span>General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span><span class=\"fsf\">LRC / ARC <span class=\"_ _83\"> </span>LIC / AIC<span class=\"_ _3d5\"> </span></span>LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _1ce\"> </span>LIC / AI<span class=\"_ _6\"></span>C  <span class=\"_ _1d3\"> </span><span class=\"fsf\">Excl. loss </span>component<span class=\"_ _3d5\"> </span>Loss component<span class=\"_ _3d5\"> </span>Excl. loss component<span class=\"_ _3d5\"> </span>Loss component<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>197,061<span class=\"_ _3d5\"> </span>-7,707<span class=\"_ _3d5\"> </span>-67,658<span class=\"_ _3d5\"> </span>110,527<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-23,695<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-2,142,19<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-44,971<span class=\"_ _3d5\"> </span>-551,412<span class=\"_ _3d5\"> </span>-2,367,17<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-967<span class=\"_ _3d5\"> </span>-573,091<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1d4\"> </span>-1,945<span class=\"_ _6\"></span>,130<span class=\"_ _3d5\"> </span>-52,67<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-619,0<span class=\"_ _6\"></span>70<span class=\"_ _3d5\"> </span>-2,256<span class=\"_ _6\"></span>,648<span class=\"_ _3d5\"> </span>-967<span class=\"_ _3d5\"> </span>-596,7<span class=\"_ _6\"></span>86<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _190\"> </span>1,320,060<span class=\"_ _3d5\"> </span>18,970<span class=\"_ _3d5\"> </span>-1,149,38<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,147,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-52,668<span class=\"_ _3d5\"> </span>-970,068<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _161\"> </span>1,006,<span class=\"_ _6\"></span>668<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>842,397<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span> <span class=\"_ _15\"> </span>225,762<span class=\"_ _3d5\"> </span>305,085<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1df\"> </span>780,906<span class=\"_ _3d5\"> </span>537,312<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _99\"> </span>-157,893<span class=\"_ _3d5\"> </span>18,970<span class=\"_ _3d5\"> </span>-678,099<span class=\"_ _3d5\"> </span>-144,392<span class=\"_ _3d5\"> </span>-52,668<span class=\"_ _3d5\"> </span>-520,433<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _15a\"> </span>-46,6<span class=\"_ _6\"></span>59<span class=\"_ _3d5\"> </span>-504,389<span class=\"_ _3d5\"> </span>-62,465<span class=\"_ _3d5\"> </span>-404,609<span class=\"_ _3d5\"> </span>Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span> 18,970<span class=\"_ _3d5\"> </span>-52,668<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span> -173,710<span class=\"_ _3d5\"> </span>-115,824<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e0\"> </span>-111,234<span class=\"_ _3d5\"> </span>-81,927<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _111\"> </span>471,2<span class=\"_ _6\"></span>85<span class=\"_ _3d5\"> </span>-471,285<span class=\"_ _3d5\"> </span>449,635<span class=\"_ _3d5\"> </span>-449,635<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _18c\"> </span>-126,196<span class=\"_ _3d5\"> </span>-1,801<span class=\"_ _3d5\"> </span>-139<span class=\"_ _3d5\"> </span>-65,577<span class=\"_ _3d5\"> </span>-186<span class=\"_ _3d5\"> </span>-2,421<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>-14<span class=\"_ _6\"></span>1,989<span class=\"_ _3d5\"> </span>-9,622<span class=\"_ _3d5\"> </span>508,124<span class=\"_ _3d5\"> </span>38,171<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1d9\"> </span>1,051,87<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>17,169<span class=\"_ _3d5\"> </span>-1,159<span class=\"_ _6\"></span>,145<span class=\"_ _3d5\"> </span>1,590,18<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-52,85<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-934,3<span class=\"_ _6\"></span>18<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>76,176<span class=\"_ _3d5\"> </span>-330<span class=\"_ _3d5\"> </span>-486<span class=\"_ _3d5\"> </span>16,235<span class=\"_ _3d5\"> </span>1,143<span class=\"_ _3d5\"> </span>30,426<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-165,140<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-6,582<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _7e\"> </span>-1,201<span class=\"_ _6\"></span>,442<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,048,15<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,129<span class=\"_ _6\"></span>,763<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>888,191<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _1d7\"> </span>-1,669,613<span class=\"_ _3d5\"> </span>-1,549,05<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span> 1,048,15<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>888,191<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _192\"> </span>468,1<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>419,294<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1d0\"> </span>-2,0<span class=\"_ _6\"></span>18,521<span class=\"_ _3d5\"> </span>-35,83<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-730,5<span class=\"_ _6\"></span>50<span class=\"_ _3d5\"> </span>-1,945<span class=\"_ _6\"></span>,129<span class=\"_ _3d5\"> </span>-52,67<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-619,0<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>323,230<span class=\"_ _3d5\"> </span>-8,993<span class=\"_ _3d5\"> </span>-84,322<span class=\"_ _3d5\"> </span>197,061<span class=\"_ _3d5\"> </span>-7,707<span class=\"_ _3d5\"> </span>-67,658<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1da\"> </span>-2,341,74<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-26,847<span class=\"_ _3d5\"> </span>-646,227<span class=\"_ _3d5\"> </span>-2,142,19<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-44,971<span class=\"_ _3d5\"> </span>-551,412<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _184\"> </span><span class=\"fsf\">2023<span class=\"_ _6\"></span> <span class=\"_ _57\"> </span><span class=\"fcb\">2022<span class=\"_ _6\"></span> </span></span>Variable Fee<span class=\"_ _6\"></span> Ap<span class=\"_ _6\"></span>proach<span class=\"_ _6\"></span> <span class=\"_ _1e2\"> </span><span class=\"fsf\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _18e\"> </span>LIC / AIC<span class=\"_ _3d5\"> </span></span>LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>LIC / A<span class=\"_ _6\"></span>IC  <span class=\"_ _f7\"> </span><span class=\"fsf\">Excl. los<span class=\"_ _6\"></span>s </span>component<span class=\"_ _3d5\"> </span>Loss compone<span class=\"_ _6\"></span>nt<span class=\"_ _3d5\"> </span>Excl. loss component<span class=\"_ _3d5\"> </span>Loss compone<span class=\"_ _6\"></span>nt<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1e3\"> </span>2,527<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2<span class=\"_ _3d5\"> </span>74<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>-25,463,1<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-22,949<span class=\"_ _3d5\"> </span>-805,300<span class=\"_ _3d5\"> </span>-30,621,4<span class=\"_ _6\"></span>09<span class=\"_ _3d5\"> </span>-2,825<span class=\"_ _3d5\"> </span>-730,157<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _e1\"> </span>-25,460,651<span class=\"_ _3d5\"> </span>-22,94<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-805,3<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>-30,62<span class=\"_ _6\"></span>1,335<span class=\"_ _3d5\"> </span>-2,825<span class=\"_ _3d5\"> </span>-730,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _40\"> </span>3,684,<span class=\"_ _6\"></span>140<span class=\"_ _3d5\"> </span>-1,809<span class=\"_ _3d5\"> </span>-3,209,59<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>4,215,38<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-19,545<span class=\"_ _3d5\"> </span>-3,660,01<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed busi<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> 1,383,67<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,378,45<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span> <span class=\"_ _23\"> </span>1<span class=\"_ _6\"></span>,211,339<span class=\"_ _3d5\"> </span>1,252,51<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e5\"> </span>172,331<span class=\"_ _3d5\"> </span>125,935<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-1<span class=\"_ _6\"></span>78,344<span class=\"_ _3d5\"> </span>-1,809<span class=\"_ _3d5\"> </span>-730,777<span class=\"_ _3d5\"> </span>-178,948<span class=\"_ _3d5\"> </span>-19,545<span class=\"_ _3d5\"> </span>-644,135<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce se<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> -131,041<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-740,131<span class=\"_ _3d5\"> </span>-140,303<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-651,459<span class=\"_ _3d5\"> </span>Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> rev<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> 0<span class=\"_ _3d5\"> </span>-1,809<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-19,545<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> to <span class=\"_ _6\"></span>LIC<span class=\"_ _6\"></span> 0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>9,354<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>7,324<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -47,303<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-38,645<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>2,47<span class=\"_ _6\"></span>8,814<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,478,81<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>3,015,87<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,015,87<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1e6\"> </span>-866,765<span class=\"_ _3d5\"> </span>149<span class=\"_ _3d5\"> </span>-497,509<span class=\"_ _3d5\"> </span>1,037,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-217,103<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span> ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> -786,617<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,112,42<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>eh<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span> 2,030,75<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-1,660<span class=\"_ _3d5\"> </span>-3,707<span class=\"_ _6\"></span>,100<span class=\"_ _3d5\"> </span>8,365,14<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-19,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-3,877<span class=\"_ _6\"></span>,117<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span>-29,483<span class=\"_ _3d5\"> </span>726<span class=\"_ _3d5\"> </span>21,004<span class=\"_ _3d5\"> </span>-67,099<span class=\"_ _3d5\"> </span>-578<span class=\"_ _3d5\"> </span>3,457<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _1b7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-457,289<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-12,801<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _1d\"> </span>-2,587,8<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,667,45<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-2,680<span class=\"_ _6\"></span>,068<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,811,31<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _31\"> </span>-3,086,38<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-3,148,76<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce exp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span> 3,667,45<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>3,811,31<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _39\"> </span>498,550<span class=\"_ _3d5\"> </span>468,699<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1e7\"> </span>-26,04<span class=\"_ _6\"></span>7,208<span class=\"_ _3d5\"> </span>-23,88<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-823,9<span class=\"_ _6\"></span>47<span class=\"_ _3d5\"> </span>-25,46<span class=\"_ _6\"></span>0,651<span class=\"_ _3d5\"> </span>-22,94<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-805,3<span class=\"_ _6\"></span>03<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1e8\"> </span>1,404<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-20<span class=\"_ _3d5\"> </span>2,527<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>-26,048,612<span class=\"_ _3d5\"> </span>-23,882<span class=\"_ _3d5\"> </span>-823,927<span class=\"_ _3d5\"> </span>-25,463,1<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-22,949<span class=\"_ _3d5\"> </span>-805,300<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2023 </span>General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span><span class=\"fsf\">PVF<span class=\"_ _6\"></span>CF<span class=\"_ _3d5\"> </span></span>RA<span class=\"_ _3d5\"> </span>CSM<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _8f\"> </span>576,41<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-181,860<span class=\"_ _3d5\"> </span>-272,856<span class=\"_ _3d5\"> </span>121,697<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>-2,071,80<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-172,563<span class=\"_ _3d5\"> </span>-494,203<span class=\"_ _3d5\"> </span>-2,738,57<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _137\"> </span>-1,4<span class=\"_ _6\"></span>95,395<span class=\"_ _3d5\"> </span>-354,4<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>-767,0<span class=\"_ _6\"></span>59<span class=\"_ _3d5\"> </span>-2,616<span class=\"_ _6\"></span>,877<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>188,431<span class=\"_ _3d5\"> </span>-17,295<span class=\"_ _3d5\"> </span>18,510<span class=\"_ _3d5\"> </span>189,646<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-254,149<span class=\"_ _3d5\"> </span>57,960<span class=\"_ _3d5\"> </span>204,484<span class=\"_ _3d5\"> </span>8,295<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _b3\"> </span> 204,484<span class=\"_ _3d5\"> </span>204,484<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> 65,370<span class=\"_ _3d5\"> </span>65,370<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>-254,149<span class=\"_ _3d5\"> </span>-7,410<span class=\"_ _3d5\"> </span>-261,559<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ab\"> </span>280,695<span class=\"_ _3d5\"> </span>-76,197<span class=\"_ _3d5\"> </span>-185,974<span class=\"_ _3d5\"> </span>18,524<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>318,262<span class=\"_ _3d5\"> </span>-95,045<span class=\"_ _3d5\"> </span>-233,453<span class=\"_ _3d5\"> </span>-10,236<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _1b3\"> </span>-65,615<span class=\"_ _3d5\"> </span>17,374<span class=\"_ _3d5\"> </span>47,479<span class=\"_ _3d5\"> </span>-762<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>do<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span> <span class=\"_ _1ee\"> </span>28,048<span class=\"_ _3d5\"> </span>1,474<span class=\"_ _3d5\"> </span>29,522<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _ce\"> </span>16<span class=\"_ _6\"></span>1,885<span class=\"_ _3d5\"> </span>942<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>162,827<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>161,88<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>942<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>162,827<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _11b\"> </span>-58,61<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-9,210<span class=\"_ _3d5\"> </span>-60,308<span class=\"_ _3d5\"> </span>-128,136<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _1ef\"> </span>-120,568<span class=\"_ _3d5\"> </span>-31,043<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-151,611<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>9,245<span class=\"_ _3d5\"> </span>-57,54<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-41,79<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-90,10<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>24,578<span class=\"_ _3d5\"> </span>6,004<span class=\"_ _3d5\"> </span>44,779<span class=\"_ _3d5\"> </span>75,361<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _1ed\"> </span>-153<span class=\"_ _6\"></span>,291<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-153,2<span class=\"_ _6\"></span>91<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>-1,669,613<span class=\"_ _3d5\"> </span>-1,669,61<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>1,048<span class=\"_ _6\"></span>,151<span class=\"_ _3d5\"> </span>1,048,15<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>468,<span class=\"_ _6\"></span>171<span class=\"_ _3d5\"> </span>468,171<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _9a\"> </span>-1,614<span class=\"_ _6\"></span>,863<span class=\"_ _3d5\"> </span>-405,9<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span>-764,0<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-2,784<span class=\"_ _6\"></span>,908<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _93\"> </span>74<span class=\"_ _6\"></span>5,643<span class=\"_ _3d5\"> </span>-245,949<span class=\"_ _3d5\"> </span>-269,779<span class=\"_ _3d5\"> </span>229,915<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1f1\"> </span>-2,360,50<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-160,018<span class=\"_ _3d5\"> </span>-494,299<span class=\"_ _3d5\"> </span>-3,014,82<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>022 </span>General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _115\"> </span><span class=\"fsf\">PV<span class=\"_ _7\"></span>FCF<span class=\"_ _3d5\"> </span></span>RA<span class=\"_ _3d5\"> </span>CSM<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _124\"> </span>233,411<span class=\"_ _3d5\"> </span>-52,716<span class=\"_ _3d5\"> </span>-93,862<span class=\"_ _3d5\"> </span>86,833<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>-2<span class=\"_ _6\"></span>,097,427<span class=\"_ _3d5\"> </span>-294,443<span class=\"_ _3d5\"> </span>-549,363<span class=\"_ _3d5\"> </span>-2,941,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _110\"> </span>-1,864,01<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-347,1<span class=\"_ _6\"></span>59<span class=\"_ _3d5\"> </span>-643,2<span class=\"_ _6\"></span>25<span class=\"_ _3d5\"> </span>-2,854<span class=\"_ _6\"></span>,400<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>1<span class=\"_ _6\"></span>99,692<span class=\"_ _3d5\"> </span>-38,243<span class=\"_ _3d5\"> </span>-36,545<span class=\"_ _3d5\"> </span>124,904<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-1<span class=\"_ _6\"></span>93,769<span class=\"_ _3d5\"> </span>47,067<span class=\"_ _3d5\"> </span>166,793<span class=\"_ _3d5\"> </span>20,091<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1f2\"> </span> 166,793<span class=\"_ _3d5\"> </span>166,793<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> 53,448<span class=\"_ _3d5\"> </span>53,448<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>-1<span class=\"_ _6\"></span>93,769<span class=\"_ _3d5\"> </span>-6,381<span class=\"_ _3d5\"> </span>-200,150<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ab\"> </span>2<span class=\"_ _6\"></span>37,945<span class=\"_ _3d5\"> </span>-89,938<span class=\"_ _3d5\"> </span>-203,338<span class=\"_ _3d5\"> </span>-55,331<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>221,434<span class=\"_ _3d5\"> </span>-112,299<span class=\"_ _3d5\"> </span>-144,485<span class=\"_ _3d5\"> </span>-35,350<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>32,7<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span>21,444<span class=\"_ _3d5\"> </span>-58,853<span class=\"_ _3d5\"> </span>-4,616<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>do<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span> <span class=\"_ _1f3\"> </span>-16,282<span class=\"_ _3d5\"> </span>917<span class=\"_ _3d5\"> </span>-15,365<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _126\"> </span>155,51<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>4,628<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>160,144<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1f4\"> </span>155,516<span class=\"_ _3d5\"> </span>4,628<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>160,144<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1f5\"> </span>-29,763<span class=\"_ _3d5\"> </span>-3,370<span class=\"_ _3d5\"> </span>-35,051<span class=\"_ _3d5\"> </span>-68,184<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>499,478<span class=\"_ _3d5\"> </span>46,817<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>546,295<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1f6\"> </span>669,407<span class=\"_ _3d5\"> </span>5,204<span class=\"_ _3d5\"> </span>-71,59<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>603,015<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>35,1<span class=\"_ _6\"></span>40<span class=\"_ _3d5\"> </span>-3,526<span class=\"_ _3d5\"> </span>16,188<span class=\"_ _3d5\"> </span>47,802<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>-9<span class=\"_ _6\"></span>4,354<span class=\"_ _3d5\"> </span>-8,942<span class=\"_ _3d5\"> </span>-68,426<span class=\"_ _3d5\"> </span>-171,722<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _1f7\"> </span>-241,5<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-241,5<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>-1,54<span class=\"_ _6\"></span>9,057<span class=\"_ _3d5\"> </span>-1,549,05<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _149\"> </span>888,19<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>888,191<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _1f8\"> </span>419,294<span class=\"_ _3d5\"> </span>419,294<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1f9\"> </span>-1,495<span class=\"_ _6\"></span>,395<span class=\"_ _3d5\"> </span>-354,4<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>-767,0<span class=\"_ _6\"></span>59<span class=\"_ _3d5\"> </span>-2,616<span class=\"_ _6\"></span>,877<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span>576,413<span class=\"_ _3d5\"> </span>-181,860<span class=\"_ _3d5\"> </span>-272,856<span class=\"_ _3d5\"> </span>121,697<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1f1\"> </span>-2<span class=\"_ _6\"></span>,071,808<span class=\"_ _3d5\"> </span>-172,563<span class=\"_ _3d5\"> </span>-494,203<span class=\"_ _3d5\"> </span>-2,738,57<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2023 </span>Variable Fee<span class=\"_ _6\"></span> Ap<span class=\"_ _6\"></span>proach<span class=\"_ _6\"></span> <span class=\"_ _10f\"> </span><span class=\"fsf\">PVFCF<span class=\"_ _3d5\"> </span></span>RA<span class=\"_ _3d5\"> </span>CSM<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1fa\"> </span>3,902<span class=\"_ _3d5\"> </span>-693<span class=\"_ _3d5\"> </span>-685<span class=\"_ _3d5\"> </span>2,524<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _4f\"> </span>-20,141,<span class=\"_ _6\"></span>490<span class=\"_ _3d5\"> </span>-981,596<span class=\"_ _3d5\"> </span>-5,168,34<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-26,291,4<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1fb\"> </span>-20,13<span class=\"_ _6\"></span>7,588<span class=\"_ _3d5\"> </span>-982,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>-5,169<span class=\"_ _6\"></span>,026<span class=\"_ _3d5\"> </span>-26,28<span class=\"_ _6\"></span>8,903<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>381,332<span class=\"_ _3d5\"> </span>47,669<span class=\"_ _3d5\"> </span>43,740<span class=\"_ _3d5\"> </span>472,741<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-294,353<span class=\"_ _3d5\"> </span>91,776<span class=\"_ _3d5\"> </span>408,102<span class=\"_ _3d5\"> </span>205,525<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _b3\"> </span> 408,102<span class=\"_ _3d5\"> </span>408,102<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> 95,720<span class=\"_ _3d5\"> </span>95,720<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>-294,353<span class=\"_ _3d5\"> </span>-3,944<span class=\"_ _3d5\"> </span>-298,297<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ab\"> </span>259,602<span class=\"_ _3d5\"> </span>-55,722<span class=\"_ _3d5\"> </span>-364,362<span class=\"_ _3d5\"> </span>-160,482<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>237,171<span class=\"_ _3d5\"> </span>-58,620<span class=\"_ _3d5\"> </span>-180,602<span class=\"_ _3d5\"> </span>-2,051<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _1fc\"> </span>8,618<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-183,760<span class=\"_ _3d5\"> </span>-175,142<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>do<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _1fd\"> </span>13,813<span class=\"_ _3d5\"> </span>2,898<span class=\"_ _3d5\"> </span>16,711<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _ce\"> </span>41<span class=\"_ _6\"></span>6,083<span class=\"_ _3d5\"> </span>11,615<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>427,698<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>416,08<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>11,615<span class=\"_ _3d5\"> </span>427,698<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _90\"> </span>-1,302,115<span class=\"_ _3d5\"> </span>-63,284<span class=\"_ _3d5\"> </span>1,275<span class=\"_ _3d5\"> </span>-1,364,12<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _1ef\"> </span>-786,617<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-786,617<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2f\"> </span>-1,707,40<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-15,61<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>45,015<span class=\"_ _3d5\"> </span>-1,678<span class=\"_ _6\"></span>,000<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>15,833<span class=\"_ _3d5\"> </span>-27,882<span class=\"_ _3d5\"> </span>4,294<span class=\"_ _3d5\"> </span>-7,755<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _147\"> </span>1,079,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,079,61<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>-3,086,382<span class=\"_ _3d5\"> </span>-3,086,38<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>3,667<span class=\"_ _6\"></span>,451<span class=\"_ _3d5\"> </span>3,667,45<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>498,<span class=\"_ _6\"></span>550<span class=\"_ _3d5\"> </span>498,550<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _df\"> </span>-<span class=\"_ _6\"></span>20,749<span class=\"_ _6\"></span>,536<span class=\"_ _3d5\"> </span>-1,025<span class=\"_ _6\"></span>,786<span class=\"_ _3d5\"> </span>-5,119<span class=\"_ _6\"></span>,717<span class=\"_ _3d5\"> </span>-26,89<span class=\"_ _6\"></span>5,039<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1fe\"> </span>6,578<span class=\"_ _3d5\"> </span>-1,542<span class=\"_ _3d5\"> </span>-3,653<span class=\"_ _3d5\"> </span>1,383<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _145\"> </span>-20,756,<span class=\"_ _6\"></span>114<span class=\"_ _3d5\"> </span>-1,024,24<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-5,116,06<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-26,896,4<span class=\"_ _6\"></span>22<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>022 </span>Variable Fee<span class=\"_ _6\"></span> Ap<span class=\"_ _6\"></span>proach<span class=\"_ _6\"></span> <span class=\"_ _1ff\"> </span><span class=\"fsf\">PVFCF<span class=\"_ _3d5\"> </span></span>RA<span class=\"_ _3d5\"> </span>CSM<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>178<span class=\"_ _3d5\"> </span>-16<span class=\"_ _3d5\"> </span>-88<span class=\"_ _3d5\"> </span>74<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _200\"> </span>-25,577,9<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>-1,253,84<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-4,522,63<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-31,354,3<span class=\"_ _6\"></span>91<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _1fb\"> </span>-<span class=\"_ _6\"></span>25,577<span class=\"_ _6\"></span>,741<span class=\"_ _3d5\"> </span>-1,253<span class=\"_ _6\"></span>,856<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _6\"></span>,720<span class=\"_ _3d5\"> </span>-31,35<span class=\"_ _6\"></span>4,317<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>9<span class=\"_ _6\"></span>93,882<span class=\"_ _3d5\"> </span>39,425<span class=\"_ _3d5\"> </span>-497,486<span class=\"_ _3d5\"> </span>535,821<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-5<span class=\"_ _6\"></span>44,966<span class=\"_ _3d5\"> </span>104,328<span class=\"_ _3d5\"> </span>422,955<span class=\"_ _3d5\"> </span>-17,683<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1f2\"> </span> 422,955<span class=\"_ _3d5\"> </span>422,955<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> 104,328<span class=\"_ _3d5\"> </span>104,328<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>-5<span class=\"_ _6\"></span>44,966<span class=\"_ _3d5\"> </span>-544,966<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ab\"> </span>9<span class=\"_ _6\"></span>67,764<span class=\"_ _3d5\"> </span>-64,903<span class=\"_ _3d5\"> </span>-920,441<span class=\"_ _3d5\"> </span>-17,580<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>189,061<span class=\"_ _3d5\"> </span>-62,957<span class=\"_ _3d5\"> </span>-127,713<span class=\"_ _3d5\"> </span>-1,609<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>794,049<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-792,728<span class=\"_ _3d5\"> </span>1,321<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>do<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span> <span class=\"_ _1f3\"> </span>-15,346<span class=\"_ _3d5\"> </span>-1,946<span class=\"_ _3d5\"> </span>-17,292<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _126\"> </span>571,08<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>571,084<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1f4\"> </span>571,084<span class=\"_ _3d5\"> </span>571,084<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _10a\"> </span>5<span class=\"_ _6\"></span>56,890<span class=\"_ _3d5\"> </span>266,804<span class=\"_ _3d5\"> </span>-3,459<span class=\"_ _3d5\"> </span>820,235<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>3,112,421<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,112,42<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _35\"> </span>4,663<span class=\"_ _6\"></span>,193<span class=\"_ _3d5\"> </span>306,229<span class=\"_ _3d5\"> </span>-500,9<span class=\"_ _6\"></span>45<span class=\"_ _3d5\"> </span>4,468,47<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _10b\"> </span>-58,404<span class=\"_ _3d5\"> </span>-9,410<span class=\"_ _3d5\"> </span>3,594<span class=\"_ _3d5\"> </span>-64,220<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _201\"> </span>-295,883<span class=\"_ _3d5\"> </span>-25,252<span class=\"_ _3d5\"> </span>-148,955<span class=\"_ _3d5\"> </span>-470,090<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _147\"> </span>1,131,24<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,131,24<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>-3,14<span class=\"_ _6\"></span>8,767<span class=\"_ _3d5\"> </span>-3,148,76<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _164\"> </span>3,811,315<span class=\"_ _3d5\"> </span>3,811,31<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _1f8\"> </span>468,699<span class=\"_ _3d5\"> </span>468,699<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _202\"> </span>-20,13<span class=\"_ _6\"></span>7,588<span class=\"_ _3d5\"> </span>-982,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>-5,169<span class=\"_ _6\"></span>,026<span class=\"_ _3d5\"> </span>-26,28<span class=\"_ _6\"></span>8,903<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1fe\"> </span>3<span class=\"_ _6\"></span>,902<span class=\"_ _3d5\"> </span>-693<span class=\"_ _3d5\"> </span>-685<span class=\"_ _3d5\"> </span>2,524<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>-20,141,4<span class=\"_ _6\"></span>90<span class=\"_ _3d5\"> </span>-981,596<span class=\"_ _3d5\"> </span>-5,168,34<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-26,291,4<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span>As an ass<span class=\"_ _7\"></span>et recogn<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>sed i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce acqu<span class=\"_ _7\"></span>isition <span class=\"_ _7\"></span>costs<span class=\"_ _7\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>As <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span>10,48<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>25,939<span class=\"_ _3d5\"> </span>All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cati<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _204\"> </span>4,538<span class=\"_ _3d5\"> </span>2,945<span class=\"_ _3d5\"> </span>Rel<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> <span class=\"_ _205\"> </span>-10,509<span class=\"_ _3d5\"> </span>-19,312<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _206\"> </span>-725<span class=\"_ _3d5\"> </span>489<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span>423<span class=\"_ _3d5\"> </span>As of <span class=\"_ _6\"></span>31/12 <span class=\"_ _208\"> </span>3,788<span class=\"_ _3d5\"> </span>10,484<span class=\"_ _3d5\"> </span>No <span class=\"_ _6\"></span>facts <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>cir<span class=\"_ _2\"></span>cumstances were<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>identifi<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>eithe<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the curre<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>year <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>vio<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>year <span class=\"_ _6\"></span>that would have <span class=\"_ _6\"></span>indicated th<span class=\"_ _7\"></span>at the item as <span class=\"_ _2\"></span>an asset r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised ins<span class=\"_ _2\"></span>urance acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>n shoul<span class=\"_ _7\"></span>d have be<span class=\"_ _2\"></span>en impaire<span class=\"_ _2\"></span>d. In the curr<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>and pre<span class=\"_ _7\"></span>vio<span class=\"_ _7\"></span>us year<span class=\"_ _10\"></span>, no i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce acquis<span class=\"_ _7\"></span>ition co<span class=\"_ _7\"></span>sts are all<span class=\"_ _7\"></span>ocate<span class=\"_ _7\"></span>d to fut<span class=\"_ _7\"></span>ure gr<span class=\"_ _2\"></span>oups of i<span class=\"_ _7\"></span>nsurance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts, <span class=\"_ _7\"></span>as i<span class=\"_ _7\"></span>t<span class=\"_ _6\"></span> is not exp<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>any r<span class=\"_ _2\"></span>enewal cont<span class=\"_ _7\"></span>racts to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rise fro<span class=\"_ _2\"></span>m new <span class=\"_ _7\"></span>cont<span class=\"_ _7\"></span>racts iss<span class=\"_ _7\"></span>ued in <span class=\"_ _7\"></span>the perio<span class=\"_ _7\"></span>d. The <span class=\"_ _4\"></span>expected<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>derec<span class=\"_ _6\"></span>ogniti<span class=\"_ _6\"></span>on <span class=\"_ _4\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>acqui<span class=\"_ _6\"></span>siti<span class=\"_ _6\"></span>on <span class=\"_ _4\"></span>costs<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>recogni<span class=\"_ _6\"></span>sed <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>a<span class=\"_ _6\"></span>sset<span class=\"_ _6\"></span>s <span class=\"_ _4\"></span>takes<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>place<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>within<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>one <span class=\"_ _4\"> </span>yea<span class=\"_ _6\"></span>r <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>a<span class=\"_ _6\"></span>mounts<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>to<span class=\"_ _6\"></span> EUR 3,78<span class=\"_ _6\"></span>8,000 (<span class=\"_ _6\"></span>EUR <span class=\"_ _6\"></span>10,4<span class=\"_ _6\"></span>84,00<span class=\"_ _6\"></span>0).<span class=\"_ _3d5\"> </span>Insurance <span class=\"_ _6\"></span>service<span class=\"_ _6\"></span> revenue<span class=\"_ _6\"></span> <span class=\"_ _5d\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _209\"> </span><span class=\"fcb\">31/12/2022<span class=\"_ _6\"></span> </span></span>  <span class=\"_ _d1\"> </span><span class=\"fsf\">GMM<span class=\"_ _3d5\"> </span></span>VFA<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>GMM<span class=\"_ _3d5\"> </span>VFA<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g to<span class=\"_ _6\"></span> t<span class=\"_ _1\"></span>he <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>LR<span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ncl<span class=\"_ _6\"></span>. A<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _136\"> </span>582,357<span class=\"_ _3d5\"> </span>699,890<span class=\"_ _3d5\"> </span>1,282,24<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>481,392<span class=\"_ _3d5\"> </span>721,763<span class=\"_ _3d5\"> </span>1,203,15<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cted<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>266,393<span class=\"_ _3d5\"> </span>291,024<span class=\"_ _3d5\"> </span>557,417<span class=\"_ _3d5\"> </span>211,850<span class=\"_ _3d5\"> </span>240,920<span class=\"_ _3d5\"> </span>452,770<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>men<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>ial<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k <span class=\"_ _20a\"> </span>65,370<span class=\"_ _3d5\"> </span>95,720<span class=\"_ _3d5\"> </span>161,090<span class=\"_ _3d5\"> </span>53,448<span class=\"_ _3d5\"> </span>104,328<span class=\"_ _3d5\"> </span>157,776<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _20b\"> </span>204,484<span class=\"_ _3d5\"> </span>408,102<span class=\"_ _3d5\"> </span>612,586<span class=\"_ _3d5\"> </span>166,793<span class=\"_ _3d5\"> </span>422,955<span class=\"_ _3d5\"> </span>589,748<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>am<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>46,110<span class=\"_ _3d5\"> </span>-94,956<span class=\"_ _3d5\"> </span>-48,846<span class=\"_ _3d5\"> </span>49,301<span class=\"_ _3d5\"> </span>-46,440<span class=\"_ _3d5\"> </span>2,861<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g to<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y of<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>nce<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>siti<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1a\"> </span>424,311<span class=\"_ _3d5\"> </span>683,780<span class=\"_ _3d5\"> </span>1,108,09<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>361,005<span class=\"_ _3d5\"> </span>656,687<span class=\"_ _3d5\"> </span>1,017,69<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cati<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>emi<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lat<span class=\"_ _6\"></span>e t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ove<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>of insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> 424,311<span class=\"_ _3d5\"> </span>683,780<span class=\"_ _3d5\"> </span>1,108,09<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>361,005<span class=\"_ _3d5\"> </span>656,687<span class=\"_ _3d5\"> </span>1,017,69<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Total <span class=\"_ _12e\"> </span>1,006,668<span class=\"_ _3d5\"> </span>1,383,67<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>2,390,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>842,397<span class=\"_ _3d5\"> </span>1,378,45<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>2,220,84<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Contract<span class=\"_ _6\"></span>s initially <span class=\"_ _6\"></span>recogni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1d1\"> </span><span class=\"fcb\">31/12<span class=\"_ _6\"></span>/2022<span class=\"_ _6\"></span> </span></span>General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _129\"> </span><span class=\"fsf\">N<span class=\"_ _7\"></span>on-onero<span class=\"_ _6\"></span>us<span class=\"_ _3d5\"> </span></span>Onerous<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>Non-onero<span class=\"_ _6\"></span>us<span class=\"_ _3d5\"> </span>Onerous<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>n-<span class=\"_ _6\"></span>wri<span class=\"_ _6\"></span>tte<span class=\"_ _1\"></span>n <span class=\"_ _fb\"> </span>-7,002<span class=\"_ _3d5\"> </span>-3,234<span class=\"_ _3d5\"> </span>-10,23<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-5,900<span class=\"_ _3d5\"> </span>-29,45<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-35,35<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>utf<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _20c\"> </span>-1,501,61<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-220,586<span class=\"_ _3d5\"> </span>-1,722,20<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,050,54<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-741,022<span class=\"_ _3d5\"> </span>-1,791,56<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _3f\"> </span>-332,238<span class=\"_ _3d5\"> </span>-24,679<span class=\"_ _3d5\"> </span>-356,917<span class=\"_ _3d5\"> </span>-169,408<span class=\"_ _3d5\"> </span>-172,694<span class=\"_ _3d5\"> </span>-342,102<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _21\"> </span>1<span class=\"_ _6\"></span>,817,483<span class=\"_ _3d5\"> </span>222,980<span class=\"_ _3d5\"> </span>2,040,46<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,257,50<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>755,499<span class=\"_ _3d5\"> </span>2,012,99<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>non<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span>-89<span class=\"_ _6\"></span>,417<span class=\"_ _3d5\"> </span>-5,628<span class=\"_ _3d5\"> </span>-95,045<span class=\"_ _3d5\"> </span>-68,372<span class=\"_ _3d5\"> </span>-43,927<span class=\"_ _3d5\"> </span>-112,299<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _12d\"> </span>-233,453<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-233,453<span class=\"_ _3d5\"> </span>-144,485<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-144,485<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _20d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-171,7<span class=\"_ _6\"></span>22<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-171,7<span class=\"_ _6\"></span>22<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>utf<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-292,526<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-292,526<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f3\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-35,655<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-35,655<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ad\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>198,172<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>198,172<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>non<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-8,942<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-8,942<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _144\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-68,426<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-68,426<span class=\"_ _3d5\"> </span>Total <span class=\"_ _1a7\"> </span>-7,002<span class=\"_ _3d5\"> </span>-3,234<span class=\"_ _3d5\"> </span>-10,23<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-177,6<span class=\"_ _6\"></span>22<span class=\"_ _3d5\"> </span>-29,45<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-207,0<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>Contract<span class=\"_ _6\"></span>s initially <span class=\"_ _6\"></span>recogni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1d1\"> </span><span class=\"fcb\">31/12<span class=\"_ _6\"></span>/2022<span class=\"_ _6\"></span> </span></span>Variable Fee<span class=\"_ _6\"></span> Ap<span class=\"_ _6\"></span>proach<span class=\"_ _6\"></span> <span class=\"_ _20e\"> </span><span class=\"fsf\">Non-onero<span class=\"_ _6\"></span>us<span class=\"_ _3d5\"> </span></span>Onerous<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>Non-onero<span class=\"_ _6\"></span>us<span class=\"_ _3d5\"> </span>Onerous<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>n-<span class=\"_ _6\"></span>wri<span class=\"_ _6\"></span>tte<span class=\"_ _1\"></span>n <span class=\"_ _fb\"> </span>-2,537<span class=\"_ _3d5\"> </span>486<span class=\"_ _3d5\"> </span>-2,051<span class=\"_ _3d5\"> </span>-847<span class=\"_ _3d5\"> </span>-762<span class=\"_ _3d5\"> </span>-1,609<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>utf<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _20c\"> </span>-1,955,84<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-71,315<span class=\"_ _3d5\"> </span>-2,027,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-2,160,13<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-13,532<span class=\"_ _3d5\"> </span>-2,173,66<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _3f\"> </span>-269,127<span class=\"_ _3d5\"> </span>-10,180<span class=\"_ _3d5\"> </span>-279,307<span class=\"_ _3d5\"> </span>-258,933<span class=\"_ _3d5\"> </span>-2,182<span class=\"_ _3d5\"> </span>-261,115<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _21\"> </span>2<span class=\"_ _6\"></span>,189,650<span class=\"_ _3d5\"> </span>74,678<span class=\"_ _3d5\"> </span>2,264,32<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>2,349,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>13,542<span class=\"_ _3d5\"> </span>2,362,72<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>non<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span>-55<span class=\"_ _6\"></span>,743<span class=\"_ _3d5\"> </span>-2,877<span class=\"_ _3d5\"> </span>-58,620<span class=\"_ _3d5\"> </span>-62,185<span class=\"_ _3d5\"> </span>-772<span class=\"_ _3d5\"> </span>-62,957<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _12d\"> </span>-180,602<span class=\"_ _3d5\"> </span>-180,602<span class=\"_ _3d5\"> </span>-127,713<span class=\"_ _3d5\"> </span>-127,713<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _20d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-470,0<span class=\"_ _6\"></span>90<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-470,0<span class=\"_ _6\"></span>90<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>utf<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-454,930<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-454,930<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f3\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-18,806<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-18,806<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ad\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>159,047<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>159,047<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>non<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-25,252<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-25,252<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _144\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-148,955<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-148,955<span class=\"_ _3d5\"> </span>Total <span class=\"_ _1a7\"> </span>-2,537<span class=\"_ _3d5\"> </span>486<span class=\"_ _3d5\"> </span>-2,051<span class=\"_ _3d5\"> </span>-470,9<span class=\"_ _6\"></span>37<span class=\"_ _3d5\"> </span>-762<span class=\"_ _3d5\"> </span>-471,6<span class=\"_ _6\"></span>99<span class=\"_ _3d5\"> </span>CSM expecte<span class=\"_ _6\"></span>d to be<span class=\"_ _6\"></span> recogn<span class=\"_ _6\"></span>ised<span class=\"_ _6\"></span> in profit o<span class=\"_ _6\"></span>r loss<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span>Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s iss<span class=\"_ _6\"></span>ued<span class=\"_ _6\"></span> <span class=\"_ _ab\"> </span><span class=\"fsf\">1<span class=\"_ _3d5\"> </span></span>st year<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>nd year<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>rd year<span class=\"_ _3d5\"> </span>4<span class=\"_ _3d5\"> </span>th year<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>th year and lat<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>GM<span class=\"_ _6\"></span>M <span class=\"_ _110\"> </span>-144,551<span class=\"_ _3d5\"> </span>-99,74<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-80,61<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-66,26<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-372,9<span class=\"_ _6\"></span>11<span class=\"_ _3d5\"> </span>-764,0<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _ae\"> </span>-39,250<span class=\"_ _3d5\"> </span>-32,224<span class=\"_ _3d5\"> </span>-27,666<span class=\"_ _3d5\"> </span>-23,238<span class=\"_ _3d5\"> </span>-147,401<span class=\"_ _3d5\"> </span>-269,779<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _1bd\"> </span>-1<span class=\"_ _6\"></span>05,301<span class=\"_ _3d5\"> </span>-67,518<span class=\"_ _3d5\"> </span>-52,944<span class=\"_ _3d5\"> </span>-43,026<span class=\"_ _3d5\"> </span>-225,510<span class=\"_ _3d5\"> </span>-494,299<span class=\"_ _3d5\"> </span>VFA<span class=\"_ _6\"></span> <span class=\"_ _1a5\"> </span>-38<span class=\"_ _6\"></span>6,096<span class=\"_ _3d5\"> </span>-348,8<span class=\"_ _6\"></span>68<span class=\"_ _3d5\"> </span>-319,7<span class=\"_ _6\"></span>52<span class=\"_ _3d5\"> </span>-296,5<span class=\"_ _6\"></span>68<span class=\"_ _3d5\"> </span>-3,768<span class=\"_ _6\"></span>,433<span class=\"_ _3d5\"> </span>-5,119<span class=\"_ _6\"></span>,717<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _20f\"> </span>-62<span class=\"_ _3d5\"> </span>-98<span class=\"_ _3d5\"> </span>-133<span class=\"_ _3d5\"> </span>-163<span class=\"_ _3d5\"> </span>-3,197<span class=\"_ _3d5\"> </span>-3,653<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _1bd\"> </span>-3<span class=\"_ _6\"></span>86,034<span class=\"_ _3d5\"> </span>-348,770<span class=\"_ _3d5\"> </span>-319,619<span class=\"_ _3d5\"> </span>-296,405<span class=\"_ _3d5\"> </span>-3,765,23<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-5,116,06<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Total <span class=\"_ _210\"> </span>-530,6<span class=\"_ _6\"></span>47<span class=\"_ _3d5\"> </span>-448,6<span class=\"_ _6\"></span>10<span class=\"_ _3d5\"> </span>-400,3<span class=\"_ _6\"></span>62<span class=\"_ _3d5\"> </span>-362,8<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>-4,141<span class=\"_ _6\"></span>,344<span class=\"_ _3d5\"> </span>-5,883<span class=\"_ _6\"></span>,795<span class=\"_ _3d5\"> </span>CSM expecte<span class=\"_ _6\"></span>d to be<span class=\"_ _6\"></span> recogn<span class=\"_ _6\"></span>ised<span class=\"_ _6\"></span> in profit o<span class=\"_ _6\"></span>r loss<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span><span class=\"fsf\">31/12/2022<span class=\"_ _6\"></span> </span>Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s iss<span class=\"_ _6\"></span>ued<span class=\"_ _6\"></span> <span class=\"_ _ab\"> </span><span class=\"fsf\">1<span class=\"_ _3d5\"> </span></span>st year<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>nd year<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>rd year<span class=\"_ _3d5\"> </span>4<span class=\"_ _3d5\"> </span>th year<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>th year and lat<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>GM<span class=\"_ _6\"></span>M <span class=\"_ _110\"> </span>-156,456<span class=\"_ _3d5\"> </span>-101,0<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-92,87<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-82,56<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-334,0<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>-767,0<span class=\"_ _6\"></span>59<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _ae\"> </span>-42,636<span class=\"_ _3d5\"> </span>-33,515<span class=\"_ _3d5\"> </span>-27,872<span class=\"_ _3d5\"> </span>-23,459<span class=\"_ _3d5\"> </span>-145,374<span class=\"_ _3d5\"> </span>-272,856<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _1bd\"> </span>-1<span class=\"_ _6\"></span>13,820<span class=\"_ _3d5\"> </span>-67,559<span class=\"_ _3d5\"> </span>-65,007<span class=\"_ _3d5\"> </span>-59,107<span class=\"_ _3d5\"> </span>-188,710<span class=\"_ _3d5\"> </span>-494,203<span class=\"_ _3d5\"> </span>VFA<span class=\"_ _6\"></span> <span class=\"_ _1a5\"> </span>-40<span class=\"_ _6\"></span>7,638<span class=\"_ _3d5\"> </span>-365,8<span class=\"_ _6\"></span>91<span class=\"_ _3d5\"> </span>-337,6<span class=\"_ _6\"></span>08<span class=\"_ _3d5\"> </span>-310,7<span class=\"_ _6\"></span>49<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _6\"></span>,140<span class=\"_ _3d5\"> </span>-5,169<span class=\"_ _6\"></span>,026<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _20f\"> </span>-50<span class=\"_ _3d5\"> </span>-50<span class=\"_ _3d5\"> </span>-47<span class=\"_ _3d5\"> </span>-44<span class=\"_ _3d5\"> </span>-494<span class=\"_ _3d5\"> </span>-685<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _1bd\"> </span>-4<span class=\"_ _6\"></span>07,588<span class=\"_ _3d5\"> </span>-365,841<span class=\"_ _3d5\"> </span>-337,561<span class=\"_ _3d5\"> </span>-310,705<span class=\"_ _3d5\"> </span>-3,746,64<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-5,168,34<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Total <span class=\"_ _210\"> </span>-564,0<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>-466,9<span class=\"_ _6\"></span>65<span class=\"_ _3d5\"> </span>-430,4<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span>-393,3<span class=\"_ _6\"></span>15<span class=\"_ _3d5\"> </span>-4,081<span class=\"_ _6\"></span>,224<span class=\"_ _3d5\"> </span>-5,936<span class=\"_ _6\"></span>,085<span class=\"_ _3d5\"> </span>1.4.<span class=\"ff4a\"> </span>Reinsuranc<span class=\"_ _7\"></span>e contracts h<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ld Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">20<span class=\"_ _6\"></span>23 <span class=\"_ _1b6\"> </span><span class=\"fcb\">2022 </span></span>All measu<span class=\"_ _6\"></span>rement <span class=\"_ _6\"></span>models<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span><span class=\"fsf\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _83\"> </span>LIC / AIC<span class=\"_ _3d5\"> </span></span>LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _1ce\"> </span>LIC / AI<span class=\"_ _6\"></span>C  <span class=\"_ _7a\"> </span><span class=\"fsf\">Excl. LoReCo<span class=\"_ _3d5\"> </span></span>LoReCo<span class=\"_ _3d5\"> </span>Excl. LoReCo<span class=\"_ _3d5\"> </span>LoReCo<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>-37,144<span class=\"_ _3d5\"> </span>17,499<span class=\"_ _3d5\"> </span>1,894,15<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-67,049<span class=\"_ _3d5\"> </span>6<span class=\"_ _3d5\"> </span>1,719,29<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>-53,38<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>559<span class=\"_ _3d5\"> </span>15,089<span class=\"_ _3d5\"> </span>-38,174<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,412<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _ab\"> </span>-90,533<span class=\"_ _3d5\"> </span>18,058<span class=\"_ _3d5\"> </span>1,909,24<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-105,2<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>6<span class=\"_ _3d5\"> </span>1,692,88<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1da\"> </span>-<span class=\"_ _6\"></span>1,320,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-13,421<span class=\"_ _3d5\"> </span>885,654<span class=\"_ _3d5\"> </span>-1,254,80<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>16,788<span class=\"_ _3d5\"> </span>1,164,99<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>-3,174<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>44,794<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>1,261<span class=\"_ _3d5\"> </span>15,453<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _41\"> </span>-5,247<span class=\"_ _3d5\"> </span>-833<span class=\"_ _3d5\"> </span>40,996<span class=\"_ _3d5\"> </span>12,410<span class=\"_ _3d5\"> </span>-720<span class=\"_ _3d5\"> </span>-142,444<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _211\"> </span>-1,329<span class=\"_ _6\"></span>,081<span class=\"_ _3d5\"> </span>-14,24<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>971,444<span class=\"_ _3d5\"> </span>-1,242<span class=\"_ _6\"></span>,386<span class=\"_ _3d5\"> </span>17,329<span class=\"_ _3d5\"> </span>1,038,00<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>26,4<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>752<span class=\"_ _3d5\"> </span>-14,504<span class=\"_ _3d5\"> </span>20,081<span class=\"_ _3d5\"> </span>723<span class=\"_ _3d5\"> </span>33,154<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-7,161<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,268<span class=\"_ _3d5\"> </span>Tot<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>lm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _17e\"> </span>1,<span class=\"_ _6\"></span>318,092<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,011,60<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,244,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-853,535<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _105\"> </span>-<span class=\"_ _6\"></span>75,028<span class=\"_ _3d5\"> </span>4,564<span class=\"_ _3d5\"> </span>1,854,58<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-90,53<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>18,058<span class=\"_ _3d5\"> </span>1,909,24<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>-39,390<span class=\"_ _3d5\"> </span>4,142<span class=\"_ _3d5\"> </span>1,843,54<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-37,144<span class=\"_ _3d5\"> </span>17,499<span class=\"_ _3d5\"> </span>1,894,15<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>-35,63<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>422<span class=\"_ _3d5\"> </span>11,037<span class=\"_ _3d5\"> </span>-53,389<span class=\"_ _3d5\"> </span>559<span class=\"_ _3d5\"> </span>15,089<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span><span class=\"fsf\">2023 </span>Premium Al<span class=\"_ _6\"></span>loca<span class=\"_ _6\"></span>tion Approa<span class=\"_ _6\"></span>ch <span class=\"_ _1fc\"> </span><span class=\"fsf\">LRC / A<span class=\"_ _6\"></span>RC <span class=\"_ _113\"> </span>LI<span class=\"_ _6\"></span>C / AIC </span>  <span class=\"_ _1f9\"> </span><span class=\"fsf\">Excl. LoReCo<span class=\"_ _3d5\"> </span></span>LoReCo<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>PVFCF<span class=\"_ _3d5\"> </span>RA<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>46,406<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>46,405<span class=\"_ _3d5\"> </span>1,257,56<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>28,041<span class=\"_ _3d5\"> </span>1,285,60<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>-22,244<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-22,244<span class=\"_ _3d5\"> </span>16,198<span class=\"_ _3d5\"> </span>210<span class=\"_ _3d5\"> </span>16,408<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>24,<span class=\"_ _6\"></span>162<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>24,161<span class=\"_ _3d5\"> </span>1,273,76<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>28,251<span class=\"_ _3d5\"> </span>1,302,01<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-902,442<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>-902,437<span class=\"_ _3d5\"> </span>565,108<span class=\"_ _3d5\"> </span>-2,829<span class=\"_ _3d5\"> </span>562,279<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1e0\"> </span>-931,526<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-931,526<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span>-9<span class=\"_ _6\"></span>31,526<span class=\"_ _3d5\"> </span>-931,526<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17e\"> </span>45,835<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>45,840<span class=\"_ _3d5\"> </span>548,357<span class=\"_ _3d5\"> </span>-2,829<span class=\"_ _3d5\"> </span>545,528<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>45,8<span class=\"_ _6\"></span>35<span class=\"_ _3d5\"> </span>45,835<span class=\"_ _3d5\"> </span>713,535<span class=\"_ _3d5\"> </span>713,535<span class=\"_ _3d5\"> </span>Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span> 5<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span> 0<span class=\"_ _3d5\"> </span>-165,532<span class=\"_ _3d5\"> </span>-2,829<span class=\"_ _3d5\"> </span>-168,361<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce b<span class=\"_ _1\"></span>y is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>of rein<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> 0<span class=\"_ _3d5\"> </span>354<span class=\"_ _3d5\"> </span>354<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _212\"> </span>-16,751<span class=\"_ _3d5\"> </span>-16,751<span class=\"_ _3d5\"> </span>16,751<span class=\"_ _3d5\"> </span>16,751<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _e0\"> </span>-198<span class=\"_ _3d5\"> </span>-198<span class=\"_ _3d5\"> </span>38,559<span class=\"_ _3d5\"> </span>1,673<span class=\"_ _3d5\"> </span>40,232<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span> ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> 0<span class=\"_ _3d5\"> </span>33,166<span class=\"_ _3d5\"> </span>33,166<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4d\"> </span>-902,640<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>-902,6<span class=\"_ _6\"></span>35<span class=\"_ _3d5\"> </span>636,833<span class=\"_ _3d5\"> </span>-1,156<span class=\"_ _3d5\"> </span>635,677<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>11,725<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>11,728<span class=\"_ _3d5\"> </span>-1,549<span class=\"_ _3d5\"> </span>-160<span class=\"_ _3d5\"> </span>-1,709<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _1ee\"> </span>930<span class=\"_ _6\"></span>,675<span class=\"_ _3d5\"> </span>930,675<span class=\"_ _3d5\"> </span>-733,5<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>-733,5<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _213\"> </span>930,675<span class=\"_ _3d5\"> </span>930,675<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -733,557<span class=\"_ _3d5\"> </span>-733,557<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _168\"> </span>63,922<span class=\"_ _3d5\"> </span>7<span class=\"_ _3d5\"> </span>63,929<span class=\"_ _3d5\"> </span>1,175,49<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>26,935<span class=\"_ _3d5\"> </span>1,202,42<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>67,55<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>6<span class=\"_ _3d5\"> </span>67,558<span class=\"_ _3d5\"> </span>1,163,02<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>26,854<span class=\"_ _3d5\"> </span>1,189,87<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _214\"> </span>-3,631<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>-3,630<span class=\"_ _3d5\"> </span>12,473<span class=\"_ _3d5\"> </span>82<span class=\"_ _3d5\"> </span>12,555<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>022 </span>Premium Al<span class=\"_ _6\"></span>loca<span class=\"_ _6\"></span>tion Approa<span class=\"_ _6\"></span>ch <span class=\"_ _116\"> </span><span class=\"fsf\">LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _113\"> </span>LIC / AIC </span>  <span class=\"_ _7a\"> </span><span class=\"fsf\">Excl. LoReCo<span class=\"_ _3d5\"> </span></span>LoReCo<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>PVFCF<span class=\"_ _3d5\"> </span>RA<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _13b\"> </span>2,720<span class=\"_ _3d5\"> </span>6<span class=\"_ _3d5\"> </span>2,726<span class=\"_ _3d5\"> </span>969,625<span class=\"_ _3d5\"> </span>28,802<span class=\"_ _3d5\"> </span>998,427<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>-10,52<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,527<span class=\"_ _3d5\"> </span>-23,479<span class=\"_ _3d5\"> </span>398<span class=\"_ _3d5\"> </span>-23,081<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 01/01 <span class=\"_ _125\"> </span>-7,807<span class=\"_ _3d5\"> </span>6<span class=\"_ _3d5\"> </span>-7,801<span class=\"_ _3d5\"> </span>946,146<span class=\"_ _3d5\"> </span>29,200<span class=\"_ _3d5\"> </span>975,346<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-8<span class=\"_ _6\"></span>85,836<span class=\"_ _3d5\"> </span>-7<span class=\"_ _3d5\"> </span>-885,843<span class=\"_ _3d5\"> </span>863,762<span class=\"_ _3d5\"> </span>522<span class=\"_ _3d5\"> </span>864,284<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1e0\"> </span>-90<span class=\"_ _6\"></span>7,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-907,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _87\"> </span>-907,486<span class=\"_ _3d5\"> </span>-907,486<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17e\"> </span>31,196<span class=\"_ _3d5\"> </span>-7<span class=\"_ _3d5\"> </span>31,189<span class=\"_ _3d5\"> </span>854,216<span class=\"_ _3d5\"> </span>522<span class=\"_ _3d5\"> </span>854,738<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _215\"> </span>31,196<span class=\"_ _3d5\"> </span>31,196<span class=\"_ _3d5\"> </span>555,987<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555,987<span class=\"_ _3d5\"> </span>Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _3a\"> </span> -7<span class=\"_ _3d5\"> </span>-7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span> 0<span class=\"_ _3d5\"> </span>299,090<span class=\"_ _3d5\"> </span>522<span class=\"_ _3d5\"> </span>299,612<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce b<span class=\"_ _1\"></span>y is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>of rein<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> 0<span class=\"_ _3d5\"> </span>-861<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-861<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>-9,546<span class=\"_ _3d5\"> </span>-9,546<span class=\"_ _3d5\"> </span>9,546<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>9,546<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>78<span class=\"_ _3d5\"> </span>78<span class=\"_ _3d5\"> </span>16,342<span class=\"_ _3d5\"> </span>54<span class=\"_ _3d5\"> </span>16,396<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span> ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> 0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-101,524<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-101,524<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4d\"> </span>-8<span class=\"_ _6\"></span>85,758<span class=\"_ _3d5\"> </span>-7<span class=\"_ _3d5\"> </span>-885,7<span class=\"_ _6\"></span>65<span class=\"_ _3d5\"> </span>778,580<span class=\"_ _3d5\"> </span>576<span class=\"_ _3d5\"> </span>779,156<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>19,6<span class=\"_ _6\"></span>05<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>19,605<span class=\"_ _3d5\"> </span>33,394<span class=\"_ _3d5\"> </span>-1,487<span class=\"_ _3d5\"> </span>31,907<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _1cf\"> </span>-1,163<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,163<span class=\"_ _3d5\"> </span>-2,990<span class=\"_ _3d5\"> </span>-38<span class=\"_ _3d5\"> </span>-3,028<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _e4\"> </span>899,2<span class=\"_ _6\"></span>86<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>899,286<span class=\"_ _3d5\"> </span>-481,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-481,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _213\"> </span>8<span class=\"_ _6\"></span>99,286<span class=\"_ _3d5\"> </span>899,286<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -481,364<span class=\"_ _3d5\"> </span>-481,364<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _168\"> </span>24<span class=\"_ _6\"></span>,163<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>24,162<span class=\"_ _3d5\"> </span>1,273,76<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>28,251<span class=\"_ _3d5\"> </span>1,302,01<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _5a\"> </span>46,406<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>46,405<span class=\"_ _3d5\"> </span>1,257,56<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>28,041<span class=\"_ _3d5\"> </span>1,285,60<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _15c\"> </span>-22,244<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-22,244<span class=\"_ _3d5\"> </span>16,198<span class=\"_ _3d5\"> </span>210<span class=\"_ _3d5\"> </span>16,408<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">2023 <span class=\"_ _1b6\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 </span></span>General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span><span class=\"fsf\">LRC / ARC <span class=\"_ _83\"> </span>LIC / AIC<span class=\"_ _3d5\"> </span></span>LRC / ARC<span class=\"_ _6\"></span> <span class=\"_ _1ce\"> </span>LIC / AI<span class=\"_ _6\"></span>C  <span class=\"_ _1f9\"> </span><span class=\"fsf\">Excl. LoReCo<span class=\"_ _3d5\"> </span></span>LoReCo<span class=\"_ _3d5\"> </span>Excl. LoReCo<span class=\"_ _3d5\"> </span>LoReCo<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>-83,550<span class=\"_ _3d5\"> </span>17,500<span class=\"_ _3d5\"> </span>608,545<span class=\"_ _3d5\"> </span>-69,769<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>720,870<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>-31,145<span class=\"_ _3d5\"> </span>559<span class=\"_ _3d5\"> </span>-1,319<span class=\"_ _3d5\"> </span>-27,647<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,331<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 01/01 <span class=\"_ _1b5\"> </span>-1<span class=\"_ _6\"></span>14,695<span class=\"_ _3d5\"> </span>18,059<span class=\"_ _3d5\"> </span>607,226<span class=\"_ _3d5\"> </span>-97,41<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>717,539<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>-418,218<span class=\"_ _3d5\"> </span>-13,426<span class=\"_ _3d5\"> </span>323,375<span class=\"_ _3d5\"> </span>-368,969<span class=\"_ _3d5\"> </span>16,795<span class=\"_ _3d5\"> </span>300,715<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e \u2013<span class=\"_ _6\"></span> is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed b<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1e0\"> </span>-407,565<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-339,610<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span> <span class=\"_ _143\"> </span>-27,416<span class=\"_ _3d5\"> </span>-69,102<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _123\"> </span>-3<span class=\"_ _6\"></span>80,149<span class=\"_ _3d5\"> </span>-270,508<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>3<span class=\"_ _6\"></span>,859<span class=\"_ _3d5\"> </span>-13,426<span class=\"_ _3d5\"> </span>308,863<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>16,795<span class=\"_ _3d5\"> </span>270,801<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>2,867<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>220,334<span class=\"_ _3d5\"> </span>-160<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>297,421<span class=\"_ _3d5\"> </span>Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cont<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1a\"> </span>0<span class=\"_ _3d5\"> </span>-13,426<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>16,795<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fu<span class=\"_ _6\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>rel<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> t<span class=\"_ _6\"></span>o LI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _17d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>88,775<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,827<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce b<span class=\"_ _1\"></span>y is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>of rein<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> 992<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>207<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _212\"> </span>-14,512<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>14,512<span class=\"_ _3d5\"> </span>-29,914<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>29,914<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _217\"> </span>-2,976<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>4,562<span class=\"_ _3d5\"> </span>-69<span class=\"_ _3d5\"> </span>1,261<span class=\"_ _3d5\"> </span>-943<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span> ac<span class=\"_ _6\"></span>c. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> -5,247<span class=\"_ _3d5\"> </span>-833<span class=\"_ _3d5\"> </span>7,830<span class=\"_ _3d5\"> </span>12,410<span class=\"_ _3d5\"> </span>-720<span class=\"_ _3d5\"> </span>-40,920<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4d\"> </span>-426,441<span class=\"_ _3d5\"> </span>-14,25<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>335,767<span class=\"_ _3d5\"> </span>-356,6<span class=\"_ _6\"></span>28<span class=\"_ _3d5\"> </span>17,336<span class=\"_ _3d5\"> </span>258,852<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>14,769<span class=\"_ _3d5\"> </span>749<span class=\"_ _3d5\"> </span>-12,795<span class=\"_ _3d5\"> </span>476<span class=\"_ _3d5\"> </span>723<span class=\"_ _3d5\"> </span>1,247<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-5,998<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,760<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _1ee\"> </span>387<span class=\"_ _6\"></span>,417<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-278,0<span class=\"_ _6\"></span>43<span class=\"_ _3d5\"> </span>344,871<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-372,1<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _213\"> </span>387,417<span class=\"_ _3d5\"> </span>344,871<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -278,043<span class=\"_ _3d5\"> </span>-372,171<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1b5\"> </span>-1<span class=\"_ _6\"></span>38,950<span class=\"_ _3d5\"> </span>4,557<span class=\"_ _3d5\"> </span>652,155<span class=\"_ _3d5\"> </span>-114,6<span class=\"_ _6\"></span>95<span class=\"_ _3d5\"> </span>18,059<span class=\"_ _3d5\"> </span>607,227<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _15d\"> </span>-106,942<span class=\"_ _3d5\"> </span>4,136<span class=\"_ _3d5\"> </span>653,672<span class=\"_ _3d5\"> </span>-83,550<span class=\"_ _3d5\"> </span>17,500<span class=\"_ _3d5\"> </span>608,545<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _107\"> </span>-32<span class=\"_ _6\"></span>,008<span class=\"_ _3d5\"> </span>421<span class=\"_ _3d5\"> </span>-1,518<span class=\"_ _3d5\"> </span>-31,145<span class=\"_ _3d5\"> </span>559<span class=\"_ _3d5\"> </span>-1,319<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>023 </span>General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _1f8\"> </span><span class=\"fsf\">PVFCF<span class=\"_ _3d5\"> </span></span>RA<span class=\"_ _3d5\"> </span>CSM<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _124\"> </span>465,091<span class=\"_ _3d5\"> </span>8,061<span class=\"_ _3d5\"> </span>69,343<span class=\"_ _3d5\"> </span>542,495<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _9b\"> </span>-62,<span class=\"_ _6\"></span>364<span class=\"_ _3d5\"> </span>1,849<span class=\"_ _3d5\"> </span>28,610<span class=\"_ _3d5\"> </span>-31,905<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 01/01 <span class=\"_ _fc\"> </span>402,<span class=\"_ _6\"></span>727<span class=\"_ _3d5\"> </span>9,910<span class=\"_ _3d5\"> </span>97,953<span class=\"_ _3d5\"> </span>510,590<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1ea\"> </span>-<span class=\"_ _6\"></span>104,461<span class=\"_ _3d5\"> </span>8,589<span class=\"_ _3d5\"> </span>-12,397<span class=\"_ _3d5\"> </span>-108,269<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>-1<span class=\"_ _6\"></span>13,928<span class=\"_ _3d5\"> </span>-59,437<span class=\"_ _3d5\"> </span>-12,051<span class=\"_ _3d5\"> </span>-185,416<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1f2\"> </span> -12,051<span class=\"_ _3d5\"> </span>-12,051<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> -62,087<span class=\"_ _3d5\"> </span>-62,087<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>-1<span class=\"_ _6\"></span>13,928<span class=\"_ _3d5\"> </span>2,650<span class=\"_ _3d5\"> </span>-111,278<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>-78,026<span class=\"_ _3d5\"> </span>63,490<span class=\"_ _3d5\"> </span>-346<span class=\"_ _3d5\"> </span>-14,882<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1b3\"> </span>-98<span class=\"_ _6\"></span>,321<span class=\"_ _3d5\"> </span>62,655<span class=\"_ _3d5\"> </span>55,510<span class=\"_ _3d5\"> </span>19,844<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _f9\"> </span>20,2<span class=\"_ _6\"></span>95<span class=\"_ _3d5\"> </span>835<span class=\"_ _3d5\"> </span>-55,856<span class=\"_ _3d5\"> </span>-34,726<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span>86,748<span class=\"_ _3d5\"> </span>4,536<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>91,284<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _35\"> </span>86,7<span class=\"_ _6\"></span>48<span class=\"_ _3d5\"> </span>4,536<span class=\"_ _3d5\"> </span>91,284<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce b<span class=\"_ _1\"></span>y is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _17f\"> </span>745<span class=\"_ _3d5\"> </span>745<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _219\"> </span>-6,249<span class=\"_ _3d5\"> </span>2,362<span class=\"_ _3d5\"> </span>5,481<span class=\"_ _3d5\"> </span>1,594<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _f8\"> </span>2,774<span class=\"_ _3d5\"> </span>-1,024<span class=\"_ _3d5\"> </span>1,750<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _197\"> </span>-107,936<span class=\"_ _3d5\"> </span>9,927<span class=\"_ _3d5\"> </span>-6,916<span class=\"_ _3d5\"> </span>-104,9<span class=\"_ _6\"></span>25<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>8,022<span class=\"_ _3d5\"> </span>-808<span class=\"_ _3d5\"> </span>-4,491<span class=\"_ _3d5\"> </span>2,723<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _51\"> </span>109,3<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>109,374<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _21b\"> </span>387,417<span class=\"_ _3d5\"> </span>387,417<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _100\"> </span>-27<span class=\"_ _6\"></span>8,043<span class=\"_ _3d5\"> </span>-278,043<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _fc\"> </span>412,<span class=\"_ _6\"></span>187<span class=\"_ _3d5\"> </span>19,029<span class=\"_ _3d5\"> </span>86,546<span class=\"_ _3d5\"> </span>517,762<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span>473,577<span class=\"_ _3d5\"> </span>16,955<span class=\"_ _3d5\"> </span>60,335<span class=\"_ _3d5\"> </span>550,867<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>-61,39<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>2,074<span class=\"_ _3d5\"> </span>26,211<span class=\"_ _3d5\"> </span>-33,105<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nts of LRC<span class=\"_ _6\"></span> / AR<span class=\"_ _6\"></span>C and LI<span class=\"_ _6\"></span>C / AI<span class=\"_ _6\"></span>C by mea<span class=\"_ _6\"></span>surement<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>ponents<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span><span class=\"fsf\">2022 </span>General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span><span class=\"fsf\">PVF<span class=\"_ _6\"></span>CF<span class=\"_ _3d5\"> </span></span>RA<span class=\"_ _3d5\"> </span>CSM<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _8f\"> </span>603,65<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>10,432<span class=\"_ _3d5\"> </span>37,014<span class=\"_ _3d5\"> </span>651,100<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 0<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _9b\"> </span>-57,413<span class=\"_ _3d5\"> </span>833<span class=\"_ _3d5\"> </span>25,602<span class=\"_ _3d5\"> </span>-30,978<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s at<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _82\"> </span>546,241<span class=\"_ _3d5\"> </span>11,265<span class=\"_ _3d5\"> </span>62,616<span class=\"_ _3d5\"> </span>620,122<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>-82,190<span class=\"_ _3d5\"> </span>-646<span class=\"_ _3d5\"> </span>31,377<span class=\"_ _3d5\"> </span>-51,459<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _21c\"> </span>789<span class=\"_ _3d5\"> </span>-45,955<span class=\"_ _3d5\"> </span>4,398<span class=\"_ _3d5\"> </span>-40,768<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _b3\"> </span> 4,398<span class=\"_ _3d5\"> </span>4,398<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> RA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpi<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>nis<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rofi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span> -47,540<span class=\"_ _3d5\"> </span>-47,540<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span>789<span class=\"_ _3d5\"> </span>1,585<span class=\"_ _3d5\"> </span>2,374<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _57\"> </span>-56,0<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>46,342<span class=\"_ _3d5\"> </span>26,979<span class=\"_ _3d5\"> </span>17,298<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>lly<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _1\"></span>eri<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _1a1\"> </span>-4<span class=\"_ _6\"></span>6,584<span class=\"_ _3d5\"> </span>50,855<span class=\"_ _3d5\"> </span>21,185<span class=\"_ _3d5\"> </span>25,456<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _1d8\"> </span>-9,439<span class=\"_ _3d5\"> </span>-4,513<span class=\"_ _3d5\"> </span>5,794<span class=\"_ _3d5\"> </span>-8,158<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o p<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>t s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _21d\"> </span>-27,878<span class=\"_ _3d5\"> </span>-1,033<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-28,911<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> fu<span class=\"_ _1\"></span>lf<span class=\"_ _6\"></span>ilm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>cash<span class=\"_ _1\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>elat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>aim<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f\"> </span>-27,<span class=\"_ _6\"></span>878<span class=\"_ _3d5\"> </span>-1,033<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-28,911<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce b<span class=\"_ _1\"></span>y is<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ad\"> </span>92<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>922<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _86\"> </span>-2,1<span class=\"_ _6\"></span>12<span class=\"_ _3d5\"> </span>-98<span class=\"_ _3d5\"> </span>2,458<span class=\"_ _3d5\"> </span>248<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _21e\"> </span>-28,231<span class=\"_ _3d5\"> </span>-999<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-29,230<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _21f\"> </span>-112,5<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>-1,743<span class=\"_ _3d5\"> </span>33,835<span class=\"_ _3d5\"> </span>-80,44<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>3,525<span class=\"_ _3d5\"> </span>-359<span class=\"_ _3d5\"> </span>-719<span class=\"_ _3d5\"> </span>2,447<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _1fb\"> </span>-7,206<span class=\"_ _3d5\"> </span>747<span class=\"_ _3d5\"> </span>2,221<span class=\"_ _3d5\"> </span>-4,238<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>ulfi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>h f<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _fc\"> </span>-27<span class=\"_ _6\"></span>,300<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-27,30<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ved<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>miu<span class=\"_ _1\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _fe\"> </span>344,8<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>344,871<span class=\"_ _3d5\"> </span>Clai<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s p<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>we<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t comp<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _100\"> </span>-372,171<span class=\"_ _3d5\"> </span>-372,171<span class=\"_ _3d5\"> </span>Net book<span class=\"_ _6\"></span> value as at<span class=\"_ _6\"></span> 31/12 <span class=\"_ _62\"> </span>40<span class=\"_ _6\"></span>2,727<span class=\"_ _3d5\"> </span>9,910<span class=\"_ _3d5\"> </span>97,953<span class=\"_ _3d5\"> </span>510,590<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 31<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _93\"> </span>46<span class=\"_ _6\"></span>5,091<span class=\"_ _3d5\"> </span>8,061<span class=\"_ _3d5\"> </span>69,343<span class=\"_ _3d5\"> </span>542,495<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>-62,364<span class=\"_ _3d5\"> </span>1,849<span class=\"_ _3d5\"> </span>28,610<span class=\"_ _3d5\"> </span>-31,905<span class=\"_ _3d5\"> </span>Contract<span class=\"_ _6\"></span>s initially <span class=\"_ _6\"></span>recogni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _182\"> </span><span class=\"fsf\">31/12/2<span class=\"_ _6\"></span>023<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span><span class=\"fcb\">31/12/2022<span class=\"_ _6\"></span> </span></span>General Me<span class=\"_ _6\"></span>asure<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> Model<span class=\"_ _6\"></span> <span class=\"_ _83\"> </span><span class=\"fsf\">Own-writt<span class=\"_ _6\"></span>en<span class=\"_ _3d5\"> </span></span>Acquired<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>Own-writt<span class=\"_ _6\"></span>en<span class=\"_ _3d5\"> </span>Acquired<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> out<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _220\"> </span>-460,557<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-460,557<span class=\"_ _3d5\"> </span>-318,608<span class=\"_ _3d5\"> </span>-14,456<span class=\"_ _3d5\"> </span>-333,064<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce acqu<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ition<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>cost<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _163\"> </span>2,160<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,160<span class=\"_ _3d5\"> </span>-2,498<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,498<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>ima<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> inf<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ws<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>362<span class=\"_ _6\"></span>,236<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>362,236<span class=\"_ _3d5\"> </span>272,024<span class=\"_ _3d5\"> </span>7,250<span class=\"_ _3d5\"> </span>279,274<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>non<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _221\"> </span>62,655<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>62,655<span class=\"_ _3d5\"> </span>50,855<span class=\"_ _3d5\"> </span>747<span class=\"_ _3d5\"> </span>51,602<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rac<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Ma<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _40\"> </span>55,510<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>55,510<span class=\"_ _3d5\"> </span>21,185<span class=\"_ _3d5\"> </span>2,221<span class=\"_ _3d5\"> </span>23,406<span class=\"_ _3d5\"> </span>Total <span class=\"_ _160\"> </span>19,844<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>19,844<span class=\"_ _3d5\"> </span>25,456<span class=\"_ _3d5\"> </span>-4,238<span class=\"_ _3d5\"> </span>21,218<span class=\"_ _3d5\"> </span>CSM expecte<span class=\"_ _6\"></span>d to be<span class=\"_ _6\"></span> recogn<span class=\"_ _6\"></span>ised<span class=\"_ _6\"></span> in profit o<span class=\"_ _6\"></span>r loss<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span>Reinsurance <span class=\"_ _6\"></span>contract<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>held <span class=\"_ _17e\"> </span><span class=\"fsf\">1<span class=\"_ _3d5\"> </span></span>st year<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>nd year<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>rd year<span class=\"_ _3d5\"> </span>4<span class=\"_ _3d5\"> </span>th year<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>th year and lat<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>GM<span class=\"_ _6\"></span>M <span class=\"_ _115\"> </span>19<span class=\"_ _6\"></span>,394<span class=\"_ _3d5\"> </span>11,751<span class=\"_ _3d5\"> </span>9,266<span class=\"_ _3d5\"> </span>7,800<span class=\"_ _3d5\"> </span>38,335<span class=\"_ _3d5\"> </span>86,546<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _2f\"> </span>17,244<span class=\"_ _3d5\"> </span>6,974<span class=\"_ _3d5\"> </span>5,512<span class=\"_ _3d5\"> </span>4,582<span class=\"_ _3d5\"> </span>26,023<span class=\"_ _3d5\"> </span>60,335<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _e9\"> </span>2,150<span class=\"_ _3d5\"> </span>4,777<span class=\"_ _3d5\"> </span>3,754<span class=\"_ _3d5\"> </span>3,218<span class=\"_ _3d5\"> </span>12,312<span class=\"_ _3d5\"> </span>26,211<span class=\"_ _3d5\"> </span>CSM expecte<span class=\"_ _6\"></span>d to be<span class=\"_ _6\"></span> recogn<span class=\"_ _6\"></span>ised<span class=\"_ _6\"></span> in profit o<span class=\"_ _6\"></span>r loss<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span><span class=\"fsf\">31/12/2022<span class=\"_ _6\"></span> </span>Reinsurance <span class=\"_ _6\"></span>contract<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>held <span class=\"_ _17e\"> </span><span class=\"fsf\">1<span class=\"_ _3d5\"> </span></span>st year<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>nd year<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>rd year<span class=\"_ _3d5\"> </span>4<span class=\"_ _3d5\"> </span>th year<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>th year and lat<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>GM<span class=\"_ _6\"></span>M <span class=\"_ _115\"> </span>16<span class=\"_ _6\"></span>,706<span class=\"_ _3d5\"> </span>7,714<span class=\"_ _3d5\"> </span>7,179<span class=\"_ _3d5\"> </span>7,046<span class=\"_ _3d5\"> </span>59,308<span class=\"_ _3d5\"> </span>97,953<span class=\"_ _3d5\"> </span>Asse<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ain<span class=\"_ _1\"></span>ing<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>age<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(AR<span class=\"_ _1\"></span>C) <span class=\"_ _2f\"> </span>17,959<span class=\"_ _3d5\"> </span>5,780<span class=\"_ _3d5\"> </span>5,003<span class=\"_ _3d5\"> </span>4,235<span class=\"_ _3d5\"> </span>36,366<span class=\"_ _3d5\"> </span>69,343<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r R<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cov<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>(LR<span class=\"_ _1\"></span>C) <span class=\"_ _1b9\"> </span>-1,2<span class=\"_ _6\"></span>53<span class=\"_ _3d5\"> </span>1,934<span class=\"_ _3d5\"> </span>2,176<span class=\"_ _3d5\"> </span>2,811<span class=\"_ _3d5\"> </span>22,942<span class=\"_ _3d5\"> </span>28,610<span class=\"_ _3d5\"> </span>1.5.<span class=\"ff4a\"> </span>Und<span class=\"_ _7\"></span>erlying assets of dir<span class=\"_ _7\"></span>ect profit participatin<span class=\"_ _7\"></span>g contracts<span class=\"_ _7\"></span> Compositio<span class=\"_ _6\"></span>n <span class=\"_ _56\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span><span class=\"fcb\">31/12<span class=\"_ _6\"></span>/2022</span></span>  <span class=\"_ _222\"> </span><span class=\"fsf\">Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span></span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ite<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>s s<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>wn<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _1\"></span>s <span class=\"_ _223\"> </span>25,119,5<span class=\"_ _6\"></span>88<span class=\"_ _3d5\"> </span>25,435,3<span class=\"_ _6\"></span>26<span class=\"_ _3d5\"> </span>24,793,1<span class=\"_ _6\"></span>46<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _224\"> </span>335,674<span class=\"_ _3d5\"> </span>335,674<span class=\"_ _3d5\"> </span>491,361<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>560<span class=\"_ _6\"></span>,776<span class=\"_ _3d5\"> </span>540,828<span class=\"_ _3d5\"> </span>614,192<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _74\"> </span>16,1<span class=\"_ _6\"></span>36,549<span class=\"_ _3d5\"> </span>16,119,4<span class=\"_ _6\"></span>62<span class=\"_ _3d5\"> </span>15,827,8<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>107,599<span class=\"_ _3d5\"> </span>108,549<span class=\"_ _3d5\"> </span>135,402<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _225\"> </span>6,966,36<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>6,960,90<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>6,809,79<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _226\"> </span>1,375<span class=\"_ _3d5\"> </span>1,375<span class=\"_ _3d5\"> </span>2,565<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>395,273<span class=\"_ _3d5\"> </span>395,273<span class=\"_ _3d5\"> </span>352,867<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _12e\"> </span>12,473<span class=\"_ _3d5\"> </span>12,473<span class=\"_ _3d5\"> </span>15,818<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>1,264<span class=\"_ _3d5\"> </span>1,264<span class=\"_ _3d5\"> </span>1,420<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>vab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _228\"> </span>91,801<span class=\"_ _3d5\"> </span>93,065<span class=\"_ _3d5\"> </span>50,619<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>43<span class=\"_ _6\"></span>2,260<span class=\"_ _3d5\"> </span>682,286<span class=\"_ _3d5\"> </span>414,214<span class=\"_ _3d5\"> </span>Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _9d\"> </span>78,178<span class=\"_ _3d5\"> </span>184,177<span class=\"_ _3d5\"> </span>77,020<span class=\"_ _3d5\"> </span>Ite<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>s s<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>wn<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bil<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _1\"></span>s <span class=\"_ _14a\"> </span>547<span class=\"_ _3d5\"> </span>547<span class=\"_ _3d5\"> </span>517<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _6c\"> </span>547<span class=\"_ _3d5\"> </span>547<span class=\"_ _3d5\"> </span>517<span class=\"_ _3d5\"> </span>Amounts reco<span class=\"_ _6\"></span>gnised<span class=\"_ _6\"></span> in p<span class=\"_ _6\"></span>rofit or <span class=\"_ _6\"></span>loss <span class=\"_ _229\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>erl<span class=\"_ _6\"></span>yi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _1\"></span>s <span class=\"_ _22a\"> </span>1,478,16<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-865,5<span class=\"_ _6\"></span>40<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>557,255<span class=\"_ _3d5\"> </span>414,274<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s m<span class=\"_ _1\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>-34<span class=\"_ _3d5\"> </span>-1,862<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _9c\"> </span>-4,579<span class=\"_ _3d5\"> </span>-52,820<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22d\"> </span>909,162<span class=\"_ _3d5\"> </span>-1,233,74<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>own<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>up<span class=\"_ _6\"></span>ied<span class=\"_ _1\"></span> pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _22e\"> </span>16,362<span class=\"_ _3d5\"> </span>8,609<span class=\"_ _3d5\"> </span>Non <span class=\"_ _6\"></span>U<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>der<span class=\"_ _6\"></span>ly<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng A<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22f\"> </span>449,824<span class=\"_ _3d5\"> </span>101,407<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>338,546<span class=\"_ _3d5\"> </span>300,623<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s m<span class=\"_ _1\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _230\"> </span>114<span class=\"_ _3d5\"> </span>-2,380<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _219\"> </span>-51,90<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-52,122<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22d\"> </span>144,509<span class=\"_ _3d5\"> </span>-181,668<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>own<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>up<span class=\"_ _6\"></span>ied<span class=\"_ _1\"></span> pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _fd\"> </span>2,0<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>18,667<span class=\"_ _3d5\"> </span>Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>iate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6f\"> </span>16,<span class=\"_ _6\"></span>466<span class=\"_ _3d5\"> </span>18,287<span class=\"_ _3d5\"> </span>Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _6\"></span>nce r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> \u2013 <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>sued<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>usi<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _11d\"> </span>-1,698,751<span class=\"_ _3d5\"> </span>724,671<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s u<span class=\"_ _6\"></span>sin<span class=\"_ _1\"></span>g <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _a2\"> </span>-904,8<span class=\"_ _6\"></span>97<span class=\"_ _3d5\"> </span>-45,698<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s u<span class=\"_ _6\"></span>sin<span class=\"_ _1\"></span>g <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>-in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _231\"> </span>-22,095<span class=\"_ _3d5\"> </span>-9,673<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ssu<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _232\"> </span>-697,235<span class=\"_ _3d5\"> </span>840,156<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _233\"> </span>-74,524<span class=\"_ _3d5\"> </span>-60,114<span class=\"_ _3d5\"> </span>Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _6\"></span>nce r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> \u2013 <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _228\"> </span>41,628<span class=\"_ _3d5\"> </span>16,722<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s u<span class=\"_ _6\"></span>sin<span class=\"_ _1\"></span>g <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _201\"> </span>38,31<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>19,362<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s u<span class=\"_ _6\"></span>sin<span class=\"_ _1\"></span>g <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>-in<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>1,705<span class=\"_ _3d5\"> </span>101<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ssu<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _234\"> </span>6,517<span class=\"_ _3d5\"> </span>-2,993<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _235\"> </span>-4,911<span class=\"_ _3d5\"> </span>252<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>270,867<span class=\"_ _3d5\"> </span>-22,74<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Amounts reco<span class=\"_ _6\"></span>gnised<span class=\"_ _6\"></span> directl<span class=\"_ _6\"></span>y in eq<span class=\"_ _6\"></span>uity <span class=\"_ _c4\"> </span><span class=\"fsf\">202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>erl<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _c6\"> </span>899,840<span class=\"_ _3d5\"> </span>-2,983,30<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span> Un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>lyin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _77\"> </span>39<span class=\"_ _6\"></span>1,151<span class=\"_ _3d5\"> </span>-1,132,10<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7 \u2013<span class=\"_ _1\"></span> I<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>iss<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>-1,067<span class=\"_ _6\"></span>,611<span class=\"_ _3d5\"> </span>3,990,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7 \u2013<span class=\"_ _1\"></span> R<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>s h<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _b0\"> </span>34,<span class=\"_ _6\"></span>915<span class=\"_ _3d5\"> </span>-130,755<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>258,295<span class=\"_ _3d5\"> </span>-255,6<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>State<span class=\"_ _6\"></span>ment of co<span class=\"_ _6\"></span>mprehensi<span class=\"_ _6\"></span>ve inco<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span> <span class=\"_ _237\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>gni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>ofi<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _238\"> </span>1,478,96<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>1,116,06<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _239\"> </span>1,208,09<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>1,138,80<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>l. r<span class=\"_ _6\"></span>esu<span class=\"_ _1\"></span>lt f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>ass<span class=\"_ _1\"></span>oc<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _1\"></span>ated<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _217\"> </span>1,<span class=\"_ _6\"></span>927,990<span class=\"_ _3d5\"> </span>-764,133<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _23a\"> </span>-1,657,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>741,393<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>gni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>dir<span class=\"_ _6\"></span>ect<span class=\"_ _6\"></span>l<span class=\"_ _1\"></span>y i<span class=\"_ _6\"></span>n e<span class=\"_ _6\"></span>qu<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _23b\"> </span>258,295<span class=\"_ _3d5\"> </span>-255,6<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _109\"> </span>1,290,<span class=\"_ _6\"></span>991<span class=\"_ _3d5\"> </span>-4,115,40<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Unr<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cc.<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _23c\"> </span>-1,032,69<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>3,859,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Total <span class=\"_ _204\"> </span>1,73<span class=\"_ _6\"></span>7,261<span class=\"_ _3d5\"> </span>860,368<span class=\"_ _3d5\"> </span>1.6.<span class=\"ff4a\"> </span>P<span class=\"_ _2\"></span>o<span class=\"_ _6\"></span>rtfolio perfor<span class=\"_ _7\"></span>mance from<span class=\"_ _7\"></span> IFRS 17 transition<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>date (01/01/20<span class=\"_ _7\"></span>22) Insuranc<span class=\"_ _7\"></span>e contra<span class=\"_ _7\"></span>cts issu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d,<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>ure<span class=\"_ _6\"></span>d at<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>fair v<span class=\"_ _7\"></span>a<span class=\"_ _7\"></span>lue (GM<span class=\"_ _7\"></span>M and <span class=\"_ _7\"></span>VF<span class=\"_ _2\"></span>A) Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _23c\"> </span><span class=\"fsf\">2023 <span class=\"_ _1e8\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 </span></span>  <span class=\"_ _6e\"> </span><span class=\"fsf\">GMM<span class=\"_ _3d5\"> </span></span>VFA<span class=\"_ _3d5\"> </span>GMM<span class=\"_ _3d5\"> </span>VFA<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Co<span class=\"_ _6\"></span>ntra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> Ser<span class=\"_ _1\"></span>vice<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>Mar<span class=\"_ _6\"></span>gi<span class=\"_ _6\"></span>n a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _f0\"> </span>-38<span class=\"_ _6\"></span>6,863<span class=\"_ _3d5\"> </span>-4,817<span class=\"_ _6\"></span>,609<span class=\"_ _3d5\"> </span>-458,3<span class=\"_ _6\"></span>05<span class=\"_ _3d5\"> </span>-4,412<span class=\"_ _6\"></span>,645<span class=\"_ _3d5\"> </span>Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1f5\"> </span>69,718<span class=\"_ _3d5\"> </span>218,752<span class=\"_ _3d5\"> </span>64,711<span class=\"_ _3d5\"> </span>-422,9<span class=\"_ _6\"></span>79<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _cf\"> </span>70,129<span class=\"_ _3d5\"> </span>367,148<span class=\"_ _3d5\"> </span>92,409<span class=\"_ _3d5\"> </span>392,774<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _1a1\"> </span>7<span class=\"_ _6\"></span>0,129<span class=\"_ _3d5\"> </span>367,148<span class=\"_ _3d5\"> </span>92,409<span class=\"_ _3d5\"> </span>392,774<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>-4<span class=\"_ _6\"></span>11<span class=\"_ _3d5\"> </span>-148,396<span class=\"_ _3d5\"> </span>-27,698<span class=\"_ _3d5\"> </span>-815,753<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _f6\"> </span>-411<span class=\"_ _3d5\"> </span>-148,396<span class=\"_ _3d5\"> </span>-27,698<span class=\"_ _3d5\"> </span>-815,753<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _10c\"> </span>14,<span class=\"_ _6\"></span>834<span class=\"_ _3d5\"> </span>-5,796<span class=\"_ _3d5\"> </span>-24,416<span class=\"_ _3d5\"> </span>-2,761<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>84,552<span class=\"_ _3d5\"> </span>212,956<span class=\"_ _3d5\"> </span>40,295<span class=\"_ _3d5\"> </span>-425,7<span class=\"_ _6\"></span>40<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _10b\"> </span>-19,367<span class=\"_ _3d5\"> </span>-14,164<span class=\"_ _3d5\"> </span>31,147<span class=\"_ _3d5\"> </span>20,776<span class=\"_ _3d5\"> </span>Contract<span class=\"_ _6\"></span>ual S<span class=\"_ _6\"></span>ervice Mar<span class=\"_ _6\"></span>gin as of 31/1<span class=\"_ _6\"></span>2 <span class=\"_ _231\"> </span>-321,6<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-4,618<span class=\"_ _6\"></span>,817<span class=\"_ _3d5\"> </span>-386,8<span class=\"_ _6\"></span>63<span class=\"_ _3d5\"> </span>-4,817<span class=\"_ _6\"></span>,609<span class=\"_ _3d5\"> </span>Reinsuran<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e contra<span class=\"_ _2\"></span>cts held,<span class=\"_ _2\"></span> measur<span class=\"_ _7\"></span>ed at fa<span class=\"_ _2\"></span>ir value<span class=\"_ _7\"></span> (GM<span class=\"_ _7\"></span>M) Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Co<span class=\"_ _6\"></span>ntra<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> Ser<span class=\"_ _1\"></span>vice<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>Mar<span class=\"_ _6\"></span>gi<span class=\"_ _6\"></span>n a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>63,716<span class=\"_ _3d5\"> </span>62,531<span class=\"_ _3d5\"> </span>Ins<span class=\"_ _6\"></span>ura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _23e\"> </span>-12,68<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-734<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o cu<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _cd\"> </span>-9,387<span class=\"_ _3d5\"> </span>-17,872<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>SM<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _23f\"> </span>-9,387<span class=\"_ _3d5\"> </span>-17,872<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o f<span class=\"_ _6\"></span>utu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _6a\"> </span>-3,3<span class=\"_ _6\"></span>01<span class=\"_ _3d5\"> </span>17,138<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>jus<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>CSM<span class=\"_ _6\"></span> <span class=\"_ _228\"> </span>-3,301<span class=\"_ _3d5\"> </span>17,138<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _240\"> </span>-937<span class=\"_ _3d5\"> </span>2,058<span class=\"_ _3d5\"> </span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s i<span class=\"_ _6\"></span>n t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>state<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sive <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>nco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _109\"> </span>-13,625<span class=\"_ _3d5\"> </span>1,324<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _206\"> </span>-402<span class=\"_ _3d5\"> </span>-139<span class=\"_ _3d5\"> </span>Contract<span class=\"_ _6\"></span>ual S<span class=\"_ _6\"></span>ervice Mar<span class=\"_ _6\"></span>gin as of 31/1<span class=\"_ _6\"></span>2 <span class=\"_ _241\"> </span>49,689<span class=\"_ _3d5\"> </span>63,716<span class=\"_ _3d5\"> </span>Underlying<span class=\"_ _7\"></span> items<span class=\"_ _2\"></span> The <span class=\"_ _0\"></span>fol<span class=\"_ _7\"></span>lowi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>table <span class=\"_ _1\"></span>shows <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>amounts <span class=\"_ _6\"></span>recognis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>compr<span class=\"_ _7\"></span>ehe<span class=\"_ _7\"></span>nsive <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>ncome <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ment <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>compr<span class=\"_ _7\"></span>ehe<span class=\"_ _7\"></span>nsive income.<span class=\"_ _7\"></span> These originate<span class=\"_ _7\"></span> from u<span class=\"_ _7\"></span>nderlyi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>finan<span class=\"_ _7\"></span>cial assets fro<span class=\"_ _2\"></span>m <span class=\"_ _6\"></span>insuran<span class=\"_ _7\"></span>ce contrac<span class=\"_ _7\"></span>ts which were<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d usi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>the <span class=\"_ _7\"></span>FV<span class=\"_ _7\"></span>A at initial r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nition. Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _242\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>As <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> <span class=\"_ _243\"> </span>1,627,85<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,289<span class=\"_ _6\"></span>,096<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed d<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ctl<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _244\"> </span>-796,005<span class=\"_ _3d5\"> </span>2,802,41<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Amou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>r l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _245\"> </span>-38,083<span class=\"_ _3d5\"> </span>110,267<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _246\"> </span>28<span class=\"_ _3d5\"> </span>4,263<span class=\"_ _3d5\"> </span>As of <span class=\"_ _6\"></span>31/12 <span class=\"_ _247\"> </span>793,793<span class=\"_ _3d5\"> </span>1,627,85<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>ude<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k p<span class=\"_ _1\"></span>rov<span class=\"_ _6\"></span>isi<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _5f\"> </span>-121,707<span class=\"_ _3d5\"> </span>-117,248<span class=\"_ _3d5\"> </span>The cha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ge in ris<span class=\"_ _7\"></span>k pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>n is re<span class=\"_ _2\"></span>ported in t<span class=\"_ _7\"></span>he item A<span class=\"_ _7\"></span>mo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nts<span class=\"_ _7\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>direc<span class=\"_ _7\"></span>tly in eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ity<span class=\"_ _e\"></span>.<span class=\"_ _3d5\"> </span>1.7.<span class=\"ff4a\"> </span>Risk of conc<span class=\"_ _7\"></span>entration<span class=\"_ _7\"></span> Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s liabilit<span class=\"_ _6\"></span>ies iss<span class=\"_ _6\"></span>ued<span class=\"_ _6\"></span> <span class=\"_ _248\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _249\"> </span>23,370,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>23,248,3<span class=\"_ _6\"></span>25<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _24a\"> </span>2,851,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>2,686,72<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _24b\"> </span>2,004,10<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>1,650,61<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>l. <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span> <span class=\"_ _24c\"> </span>83,469<span class=\"_ _3d5\"> </span>60,198<span class=\"_ _3d5\"> </span>Bal<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c st<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _24d\"> </span>862,750<span class=\"_ _3d5\"> </span>745,357<span class=\"_ _3d5\"> </span>Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span>115,348<span class=\"_ _3d5\"> </span>107,065<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>254,262<span class=\"_ _3d5\"> </span>232,739<span class=\"_ _3d5\"> </span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _250\"> </span>433,592<span class=\"_ _3d5\"> </span>434,314<span class=\"_ _3d5\"> </span>Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>a <span class=\"_ _250\"> </span>17<span class=\"_ _6\"></span>,210<span class=\"_ _3d5\"> </span>10,539<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rth<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ced<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _251\"> </span>19,778<span class=\"_ _3d5\"> </span>19,079<span class=\"_ _3d5\"> </span>Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _252\"> </span>924,606<span class=\"_ _3d5\"> </span>738,917<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _253\"> </span>313,779<span class=\"_ _3d5\"> </span>303,946<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _254\"> </span>1,563,95<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,480,81<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _253\"> </span>95<span class=\"_ _6\"></span>,723<span class=\"_ _3d5\"> </span>85,535<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _249\"> </span>1,3<span class=\"_ _6\"></span>08,700<span class=\"_ _3d5\"> </span>1,064,43<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _255\"> </span>766,302<span class=\"_ _3d5\"> </span>709,871<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _256\"> </span>20,400<span class=\"_ _3d5\"> </span>19,643<span class=\"_ _3d5\"> </span>Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _257\"> </span>882,881<span class=\"_ _3d5\"> </span>862,785<span class=\"_ _3d5\"> </span>T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1c6\"> </span>795,305<span class=\"_ _3d5\"> </span>612,688<span class=\"_ _3d5\"> </span>Gr<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _258\"> </span>1,120,28<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,296,78<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Total <span class=\"_ _24f\"> </span>37,804,09<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>36,370,3<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Gross writ<span class=\"_ _6\"></span>ten prem<span class=\"_ _6\"></span>iums <span class=\"_ _6\"></span>based<span class=\"_ _6\"></span> on IFRS<span class=\"_ _6\"></span> 17<span class=\"_ _6\"></span> <span class=\"_ _259\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r th<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ty l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _d2\"> </span>2,214,614<span class=\"_ _3d5\"> </span>Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r ow<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e (<span class=\"_ _6\"></span>Ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>co)<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>1,858,66<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _24c\"> </span>6,796,54<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Heal<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _25b\"> </span>898,086<span class=\"_ _3d5\"> </span>Unit<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>x<span class=\"_ _6\"></span>-l<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ked <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _25c\"> </span>600,375<span class=\"_ _3d5\"> </span>Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>ith<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ic<span class=\"_ _6\"></span>ip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _258\"> </span>2,358,228<span class=\"_ _3d5\"> </span>Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>ith<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ut<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>cip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _25d\"> </span>983,620<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _25e\"> </span>-1,926,11<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Total <span class=\"_ _25f\"> </span>13,784,0<span class=\"_ _6\"></span>18<span class=\"_ _3d5\"> </span>Gross writ<span class=\"_ _6\"></span>ten prem<span class=\"_ _6\"></span>iums <span class=\"_ _6\"></span>based<span class=\"_ _6\"></span> on IFRS<span class=\"_ _6\"></span> 4 <span class=\"_ _243\"> </span><span class=\"fsf fcb\">2022<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r th<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ty l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _d2\"> </span><span class=\"fcb\">1,936,231<span class=\"_ _3d5\"> </span></span>Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r ow<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e (<span class=\"_ _6\"></span>Ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>co)<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span><span class=\"fcb\">1,627,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _24c\"> </span><span class=\"fcb\">6,111,69<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></span>Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>reg<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>iu<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _260\"> </span><span class=\"fcb\">2,980,25<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></span>Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>mi<span class=\"_ _6\"></span>um<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d3\"> </span><span class=\"fcb\">860,15<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></span>Heal<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _25b\"> </span><span class=\"fcb\">834,951<span class=\"_ _3d5\"> </span></span>Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _25e\"> </span><span class=\"fcb\">-1,791,40<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></span>Total <span class=\"_ _25f\"> </span><span class=\"fcb\">12,559,2<span class=\"_ _6\"></span>42<span class=\"_ _3d5\"> </span></span>1.8.<span class=\"ff4a\"> </span>Insu<span class=\"_ _7\"></span>rance and market<span class=\"_ _7\"></span> risks \u2013 sensit<span class=\"_ _7\"></span>ivity analysis<span class=\"_ _2\"></span> The <span class=\"_ _6\"></span>foll<span class=\"_ _7\"></span>owi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>sensiti<span class=\"_ _7\"></span>vities<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e calculat<span class=\"_ _7\"></span>ed as <span class=\"_ _6\"></span>ef<span class=\"_ _7\"></span>fects o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the capital of the Gro<span class=\"_ _7\"></span>up solve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cy bala<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>shee<span class=\"_ _7\"></span>t in a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce w<span class=\"_ _7\"></span>ith Solve<span class=\"_ _7\"></span>ncy II. <span class=\"_ _6\"></span>The essential aim <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o establish risk-orien<span class=\"_ _7\"></span>tated sy<span class=\"_ _6\"></span>stems<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>under <span class=\"_ _6\"></span>Solv<span class=\"_ _7\"></span>ency II and <span class=\"_ _1\"></span>impr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ve <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>risk <span class=\"_ _6\"></span>ma<span class=\"_ _7\"></span>nageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t process. <span class=\"_ _10\"></span>T<span class=\"_ _e\"></span>o a<span class=\"_ _7\"></span>chieve <span class=\"_ _2\"></span>this, <span class=\"_ _2\"></span>both q<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>antit<span class=\"_ _7\"></span>ative <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>qualitati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>ust b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>et. <span class=\"_ _2\"></span>VIG I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>establi<span class=\"_ _7\"></span>shed managem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt pr<span class=\"_ _7\"></span>ocess<span class=\"_ _2\"></span>es with this<span class=\"_ _7\"></span> objec<span class=\"_ _7\"></span>tive in mi<span class=\"_ _7\"></span>nd a<span class=\"_ _7\"></span>nd uses<span class=\"_ _7\"></span> them fo<span class=\"_ _7\"></span>r control<span class=\"_ _7\"></span>ling <span class=\"_ _2\"></span>purposes.  Dif<span class=\"_ _2\"></span>ferences <span class=\"_ _2\"></span>between <span class=\"_ _7\"></span>Sol<span class=\"_ _2\"></span>vency II <span class=\"_ _2\"></span>and I<span class=\"_ _7\"></span>FRS 17 <span class=\"_ _2\"></span>calc<span class=\"_ _7\"></span>ulatio<span class=\"_ _7\"></span>ns fo<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>the ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts <span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ise <span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>inl<span class=\"_ _7\"></span>y be<span class=\"_ _7\"></span>caus<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>foll<span class=\"_ _7\"></span>owing:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>dif<span class=\"_ _7\"></span>ferent s<span class=\"_ _7\"></span>cope o<span class=\"_ _7\"></span>f costs to <span class=\"_ _2\"></span>be taken i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to consi<span class=\"_ _7\"></span>derati<span class=\"_ _7\"></span>on,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>contract <span class=\"_ _7\"></span>boundaries <span class=\"_ _2\"></span>and  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>discount <span class=\"_ _7\"></span>rates appl<span class=\"_ _7\"></span>ied.<span class=\"_ _7\"></span> In <span class=\"_ _f\"> </span>accor<span class=\"_ _7\"></span>dan<span class=\"_ _7\"></span>ce <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>IF<span class=\"_ _7\"></span>RS 17, <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly <span class=\"_ _f\"> </span>cos<span class=\"_ _7\"></span>ts <span class=\"_ _f\"> </span>whi<span class=\"_ _7\"></span>ch <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>be<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>di<span class=\"_ _7\"></span>rectl<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>allocat<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>an<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _f\"> </span>cont<span class=\"_ _7\"></span>ract <span class=\"_ _f\"> </span>ca<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>take<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>into consid<span class=\"_ _7\"></span>eration, <span class=\"_ _0\"></span>wher<span class=\"_ _7\"></span>eas <span class=\"_ _0\"></span>under <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>Sol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ency <span class=\"_ _4\"></span>II <span class=\"_ _0\"></span>regi<span class=\"_ _7\"></span>me <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>total <span class=\"_ _0\"></span>costs <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>ppro<span class=\"_ _2\"></span>ach <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>applied <span class=\"_ _0\"></span>when <span class=\"_ _0\"></span>evaluating <span class=\"_ _0\"></span>underwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g oblig<span class=\"_ _7\"></span>ations.<span class=\"_ _7\"></span> Both regi<span class=\"_ _7\"></span>mes t<span class=\"_ _7\"></span>ake i<span class=\"_ _7\"></span>nto acco<span class=\"_ _7\"></span>unt the period o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he contr<span class=\"_ _7\"></span>acts (<span class=\"_ _7\"></span>contract bo<span class=\"_ _2\"></span>undaries) in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e model<span class=\"_ _7\"></span>ling of<span class=\"_ _7\"></span> the futur<span class=\"_ _2\"></span>e ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h flow<span class=\"_ _7\"></span>s. When deriving <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>period of <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>racts, <span class=\"_ _6\"></span>Sol<span class=\"_ _7\"></span>vency II follows <span class=\"_ _6\"></span>prim<span class=\"_ _7\"></span>arily <span class=\"_ _6\"></span>the r<span class=\"_ _6\"></span>isk perspectiv<span class=\"_ _7\"></span>e, whe<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>IFRS 17 focuses<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>the insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>contract<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>itself. <span class=\"_ _1\"></span>Accor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ngly<span class=\"_ _e\"></span>, <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _6\"></span>appro<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lso a<span class=\"_ _6\"></span>pplied<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>suppl<span class=\"_ _7\"></span>ementar<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>ins<span class=\"_ _2\"></span>urance <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _1\"></span>in those <span class=\"_ _6\"></span>cases <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch <span class=\"_ _6\"></span>they <span class=\"_ _6\"></span>are equivale<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>to the <span class=\"_ _6\"></span>underl<span class=\"_ _7\"></span>ying <span class=\"_ _6\"></span>main <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>contract in <span class=\"_ _6\"></span>accord<span class=\"_ _7\"></span>ance <span class=\"_ _6\"></span>with IFRS 17. <span class=\"_ _6\"></span>Th<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is also <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>dif<span class=\"_ _2\"></span>ference <span class=\"_ _6\"></span>with <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>establi<span class=\"_ _7\"></span>shed <span class=\"_ _6\"></span>term <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>ceded <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>einsur<span class=\"_ _7\"></span>ance <span class=\"_ _1\"></span>cont<span class=\"_ _7\"></span>racts. <span class=\"_ _6\"></span>Unde<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>Solv<span class=\"_ _7\"></span>ency <span class=\"_ _1\"></span>II, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>period <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>contra<span class=\"_ _7\"></span>ct foll<span class=\"_ _7\"></span>ows the prima<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contract, <span class=\"_ _2\"></span>whereas <span class=\"_ _7\"></span>IFRS 17 r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nises the <span class=\"_ _7\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ual pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod of<span class=\"_ _7\"></span> the r<span class=\"_ _2\"></span>ein<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract.<span class=\"_ _2\"></span><span class=\"fs2d\"> </span>In <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>d<span class=\"_ _6\"></span>iscou<span class=\"_ _7\"></span>nting <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>cash <span class=\"_ _0\"></span>flows e<span class=\"_ _6\"></span>stabl<span class=\"_ _7\"></span>ished <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>period, <span class=\"_ _1\"></span>Sol<span class=\"_ _7\"></span>vency II <span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>plies <span class=\"_ _6\"></span>strict <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>andator<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>regula<span class=\"_ _7\"></span>to<span class=\"_ _7\"></span>ry definitions that must be obser<span class=\"_ _7\"></span>ved. By <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>rast, both the deri<span class=\"_ _7\"></span>vation of t<span class=\"_ _6\"></span>he inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st rate and <span class=\"_ _6\"></span>the risk margin ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> determin<span class=\"_ _7\"></span>ed by the com<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>y itself b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed o<span class=\"_ _7\"></span>n the I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 17 <span class=\"_ _7\"></span>principl<span class=\"_ _7\"></span>es. Despite <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>dif<span class=\"_ _2\"></span>feren<span class=\"_ _7\"></span>ces <span class=\"_ _1\"></span>lis<span class=\"_ _7\"></span>ted, <span class=\"_ _6\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>considers <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>risk <span class=\"_ _6\"></span>sen<span class=\"_ _6\"></span>siti<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ities <span class=\"_ _6\"></span>establi<span class=\"_ _7\"></span>shed <span class=\"_ _6\"></span>using <span class=\"_ _6\"></span>Solven<span class=\"_ _7\"></span>cy <span class=\"_ _1\"></span>II <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _6\"></span>an appro<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>iate b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sis f<span class=\"_ _7\"></span>or the <span class=\"_ _7\"></span>estimat<span class=\"_ _7\"></span>es in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _7\"></span>wit<span class=\"_ _7\"></span>h IFRS 17<span class=\"_ _7\"></span>.<span class=\"_ _3d5\"> </span>Sensitivitie<span class=\"_ _6\"></span>s Ow<span class=\"_ _6\"></span>n funds<span class=\"_ _6\"></span> <span class=\"_ _261\"> </span><span class=\"fsf\">Change </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>Base <span class=\"_ _b5\"> </span>  <span class=\"_ _18e\"> </span>10,344,7<span class=\"_ _6\"></span>56<span class=\"_ _3d5\"> </span>Und<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>writ<span class=\"_ _1\"></span>i<span class=\"_ _6\"></span>ng ri<span class=\"_ _1\"></span>sk <span class=\"_ _262\"> </span>  <span class=\"_ _263\"> </span> Lif<span class=\"_ _6\"></span>e i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _11d\"> </span>  <span class=\"_ _263\"> </span> Mo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>alit<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _264\"> </span>+5% <span class=\"_ _265\"> </span>-18,251<span class=\"_ _3d5\"> </span>-0.18 <span class=\"_ _1a8\"> </span>-5% <span class=\"_ _3e\"> </span>15,858<span class=\"_ _3d5\"> </span>0.15<span class=\"fs2e\"> </span>Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> /<span class=\"_ _6\"></span> Ad<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>-10%<span class=\"_ _6\"></span> <span class=\"_ _59\"> </span>174,634<span class=\"_ _3d5\"> </span>1.69<span class=\"_ _3d5\"> </span>Lap<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>rate<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _266\"> </span>+100% <span class=\"_ _1d6\"> </span>-328,934<span class=\"_ _3d5\"> </span>-3.18  <span class=\"_ _267\"> </span>-50% <span class=\"_ _59\"> </span>259,5<span class=\"_ _6\"></span>01<span class=\"_ _3d5\"> </span>2.51<span class=\"_ _3d5\"> </span>Non <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _268\"> </span>  <span class=\"_ _263\"> </span> Ult<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>atio<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>IC)<span class=\"_ _6\"></span> <span class=\"_ _d8\"> </span>+1% <span class=\"_ _265\"> </span>-60,947<span class=\"_ _3d5\"> </span>-0.59  <span class=\"_ _269\"> </span>-1% <span class=\"_ _3e\"> </span>58,427<span class=\"_ _3d5\"> </span>0.56<span class=\"_ _3d5\"> </span>Mar<span class=\"_ _6\"></span>ket<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>sk<span class=\"_ _6\"></span>s <span class=\"_ _244\"> </span>  <span class=\"_ _143\"> </span> Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>+100bp<span class=\"_ _6\"></span> <span class=\"_ _e1\"> </span>166,158<span class=\"_ _3d5\"> </span>1.61  <span class=\"_ _269\"> </span>-100bp<span class=\"_ _6\"></span> <span class=\"_ _63\"> </span>-399,000<span class=\"_ _3d5\"> </span>-3.86<span class=\"_ _3d5\"> </span>Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es <span class=\"_ _26c\"> </span>-25% <span class=\"_ _1e0\"> </span>-321,124<span class=\"_ _3d5\"> </span>-3.10<span class=\"_ _3d5\"> </span>Spr<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ads<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> g<span class=\"_ _6\"></span>ove<span class=\"_ _6\"></span>rnm<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rpo<span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e b<span class=\"_ _1\"></span>ond<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _26d\"> </span>+50bp<span class=\"_ _6\"></span> <span class=\"_ _26e\"> </span>-448,404<span class=\"_ _3d5\"> </span>-4.33<span class=\"_ _3d5\"> </span>The <span class=\"_ _6\"></span>chang<span class=\"_ _7\"></span>es in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>base va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _6\"></span>show<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>have to <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>conside<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> isolated <span class=\"_ _6\"></span>in e<span class=\"_ _6\"></span>ac<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>case. <span class=\"_ _6\"></span>This<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>means that <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferent sensitiviti<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s can not be <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dded tog<span class=\"_ _2\"></span>ether to <span class=\"_ _7\"></span>derive <span class=\"_ _7\"></span>a cum<span class=\"_ _7\"></span>ulative c<span class=\"_ _7\"></span>hange i<span class=\"_ _7\"></span>n the bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> valu<span class=\"_ _7\"></span>e. 1.9.<span class=\"ff4a\"> </span>Insu<span class=\"_ _7\"></span>rance risk \u2013 Cl<span class=\"_ _7\"></span>aims development<span class=\"_ _2\"></span> Premium A<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>locat<span class=\"_ _7\"></span>ion Appro<span class=\"_ _7\"></span>ach LIC issued<span class=\"_ _6\"></span> <span class=\"_ _26f\"> </span><span class=\"fsf\">2022<span class=\"_ _3d5\"> </span></span>2023<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Esti<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ndi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>nte<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh o<span class=\"_ _6\"></span>utf<span class=\"_ _1\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s e<span class=\"_ _6\"></span>xcl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>RA<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span> At t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> en<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>ear<span class=\"_ _6\"></span> <span class=\"_ _270\"> </span>-5,606,95<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-5,670,56<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>One <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>late<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6a\"> </span>-5,487,<span class=\"_ _6\"></span>715<span class=\"_ _3d5\"> </span>Cum<span class=\"_ _6\"></span>ulat<span class=\"_ _1\"></span>i<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>clai<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span> <span class=\"_ _271\"> </span>4,252,38<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>2,682,90<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y \u2013<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cid<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span>022<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>-1,235,334<span class=\"_ _3d5\"> </span>-2,987,65<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-4,222,99<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y \u2013<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cid<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span>02<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span> -760,712<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y \u2013<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cid<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s b<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span>021<span class=\"_ _6\"></span> <span class=\"_ _272\"> </span> -1,801,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct o<span class=\"_ _6\"></span>f d<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>oun<span class=\"_ _6\"></span>tin<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _269\"> </span> 1,034,66<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _273\"> </span> -268,349<span class=\"_ _3d5\"> </span>Total <span class=\"_ _274\"> </span> -6,019<span class=\"_ _6\"></span>,329<span class=\"_ _3d5\"> </span>1.10.<span class=\"ff4a\"> </span>Credit ris<span class=\"_ _7\"></span>k The <span class=\"_ _0\"></span>maxim<span class=\"_ _7\"></span>um <span class=\"_ _0\"></span>credit <span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _0\"></span>VIG <span class=\"_ _0\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>expos<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rrespo<span class=\"_ _7\"></span>nds <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>amo<span class=\"_ _7\"></span>unts <span class=\"_ _0\"></span>recog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>IFRS consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet.<span class=\"_ _3d5\"> </span>Share of the<span class=\"_ _6\"></span> rei<span class=\"_ _6\"></span>nsurer's ra<span class=\"_ _6\"></span>ting<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>AAA<span class=\"_ _6\"></span> <span class=\"_ _275\"> </span>4.95<span class=\"_ _3d5\"> </span>20.44<span class=\"_ _3d5\"> </span>AA <span class=\"_ _276\"> </span>39.53<span class=\"_ _3d5\"> </span>27.42<span class=\"_ _3d5\"> </span>A <span class=\"_ _277\"> </span>48.62<span class=\"_ _3d5\"> </span>47.76<span class=\"_ _3d5\"> </span>BBB<span class=\"_ _6\"></span> <span class=\"_ _275\"> </span>2.58<span class=\"_ _3d5\"> </span>1.89<span class=\"_ _3d5\"> </span>BB <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1cd\"> </span>0.<span class=\"_ _6\"></span>97<span class=\"_ _3d5\"> </span>0.67<span class=\"_ _3d5\"> </span>No <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _278\"> </span>3.35<span class=\"_ _3d5\"> </span>1.82<span class=\"_ _3d5\"> </span>Due to <span class=\"_ _2\"></span>the go<span class=\"_ _7\"></span>od <span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>quality <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the r<span class=\"_ _7\"></span>einsur<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _2\"></span>In<span class=\"_ _6\"></span>sura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p, o<span class=\"_ _2\"></span>n 31 <span class=\"_ _2\"></span>December 2<span class=\"_ _7\"></span>023 <span class=\"_ _2\"></span>and 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _7\"></span>r 20<span class=\"_ _7\"></span>22 <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts for <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>hares o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he rei<span class=\"_ _7\"></span>nsur<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>were r<span class=\"_ _2\"></span>equired.<span class=\"_ _2\"></span> 1.11.<span class=\"ff4a\"> </span>Liquid<span class=\"_ _7\"></span>ity risk Undiscoun<span class=\"_ _6\"></span>ted ne<span class=\"_ _6\"></span>t cash-flow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _279\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span>Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s iss<span class=\"_ _6\"></span>ued<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">GMM<span class=\"_ _3d5\"> </span></span>VFA<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>One <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>late<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>-199,964<span class=\"_ _3d5\"> </span>-1,441,78<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-1,641,75<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Two <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> lat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>-94,897<span class=\"_ _3d5\"> </span>-1,140,69<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-1,235,59<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Thr<span class=\"_ _6\"></span>ee<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r <span class=\"_ _6d\"> </span>-62<span class=\"_ _6\"></span>,586<span class=\"_ _3d5\"> </span>-995,471<span class=\"_ _3d5\"> </span>-1,058,05<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fou<span class=\"_ _6\"></span>r y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ter<span class=\"_ _6\"></span> <span class=\"_ _27a\"> </span>-95,365<span class=\"_ _3d5\"> </span>-936,965<span class=\"_ _3d5\"> </span>-1,032,33<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Fiv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ars <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _c8\"> </span>-97,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,066,29<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,163,41<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Bey<span class=\"_ _6\"></span>ond<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _56\"> </span>-2,824,914<span class=\"_ _3d5\"> </span>-33,121,1<span class=\"_ _6\"></span>60<span class=\"_ _3d5\"> </span>-35,946,0<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Total <span class=\"_ _26f\"> </span>-3,374,84<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-38,70<span class=\"_ _6\"></span>2,369<span class=\"_ _3d5\"> </span>-42,07<span class=\"_ _6\"></span>7,218<span class=\"_ _3d5\"> </span>Undiscoun<span class=\"_ _6\"></span>ted ne<span class=\"_ _6\"></span>t cash-flow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _27b\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>Reinsurance <span class=\"_ _6\"></span>contract<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>held <span class=\"_ _27c\"> </span><span class=\"fsf\">GMM<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>One <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>late<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _27d\"> </span>236,062<span class=\"_ _3d5\"> </span>Two <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> lat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _16f\"> </span>115,894<span class=\"_ _3d5\"> </span>Thr<span class=\"_ _6\"></span>ee<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r <span class=\"_ _27e\"> </span>57,721<span class=\"_ _3d5\"> </span>Fou<span class=\"_ _6\"></span>r y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ter<span class=\"_ _6\"></span> <span class=\"_ _27f\"> </span>35,370<span class=\"_ _3d5\"> </span>Fiv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ars <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _280\"> </span>21,212<span class=\"_ _3d5\"> </span>Bey<span class=\"_ _6\"></span>ond<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _25e\"> </span>77,46<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Total <span class=\"_ _281\"> </span>543,722<span class=\"_ _3d5\"> </span>The <span class=\"_ _0\"></span>liquidi<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>risk <span class=\"_ _1\"></span>ar<span class=\"_ _6\"></span>ising <span class=\"_ _1\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _2\"></span>unts <span class=\"_ _0\"></span>payable <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>dem<span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>simulate<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>effec<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>mass<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>canc<span class=\"_ _7\"></span>ellation <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>fe<span class=\"_ _6\"></span> insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>policies. <span class=\"_ _0\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>param<span class=\"_ _7\"></span>eters<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>are <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>pplied<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>a<span class=\"_ _7\"></span>ccord<span class=\"_ _7\"></span>ance <span class=\"_ _1\"></span>with <span class=\"_ _0\"></span>A<span class=\"_ _7\"></span>rticle <span class=\"_ _0\"></span>142 <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>6) <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>EU <span class=\"_ _1\"></span>Commissi<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>Del<span class=\"_ _7\"></span>egate<span class=\"_ _7\"></span>d Regulatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> 2015<span class=\"_ _7\"></span>/35. In t<span class=\"_ _7\"></span>he event of<span class=\"_ _7\"></span> mass ca<span class=\"_ _7\"></span>ncellatio<span class=\"_ _7\"></span>n, the best estim<span class=\"_ _2\"></span>ate rese<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ves in<span class=\"_ _7\"></span>cre<span class=\"_ _7\"></span>ase by EU<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> 1,573.<span class=\"_ _7\"></span>2 mil<span class=\"_ _7\"></span>lio<span class=\"_ _7\"></span>n. Under IFRS, <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>release<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>Contra<span class=\"_ _7\"></span>ctual <span class=\"_ _2\"></span>Ser<span class=\"_ _7\"></span>vice <span class=\"_ _10\"></span>Margin <span class=\"_ _10\"></span>would <span class=\"_ _10\"></span>have <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>significa<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>positiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>cou<span class=\"_ _7\"></span>nteref<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-472": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs11e0\">1.7.<span class=\"ff4a\"> </span>Risk of conc<span class=\"_ _7\"></span>entration<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs11e1\">Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s liabilit<span class=\"_ _6\"></span>ies iss<span class=\"_ _6\"></span>ued<span class=\"_ _6\"></span> <span class=\"_ _248\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs11e2\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs11e3\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs11e4\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11e5\">Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _249\"> </span>23,370,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11e6\">23,248,3<span class=\"_ _6\"></span>25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11e7\">Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _24a\"> </span>2,851,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11e8\">2,686,72<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11e9\">Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _24b\"> </span>2,004,10<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11ea\">1,650,61<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11eb\">Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>l. <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span> <span class=\"_ _24c\"> </span>83,469<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11ec\">60,198<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11ed\">Bal<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c st<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _24d\"> </span>862,750<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11ee\">745,357<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11ef\">Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span>115,348<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11f0\">107,065<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11f1\">Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>254,262<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11f2\">232,739<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11f3\">Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _250\"> </span>433,592<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11f4\">434,314<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11f5\">Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>a <span class=\"_ _250\"> </span>17<span class=\"_ _6\"></span>,210<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11f6\">10,539<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11f7\">No<span class=\"_ _6\"></span>rth<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ced<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _251\"> </span>19,778<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11f8\">19,079<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11f9\">Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _252\"> </span>924,606<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11fa\">738,917<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11fb\">Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _253\"> </span>313,779<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11fc\">303,946<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11fd\">Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _254\"> </span>1,563,95<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs11fe\">1,480,81<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs11ff\">Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _253\"> </span>95<span class=\"_ _6\"></span>,723<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1200\">85,535<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1201\">Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _249\"> </span>1,3<span class=\"_ _6\"></span>08,700<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1202\">1,064,43<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1203\">Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _255\"> </span>766,302<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1204\">709,871<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1205\">Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _256\"> </span>20,400<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1206\">19,643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1207\">Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _257\"> </span>882,881<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1208\">862,785<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1209\">T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1c6\"> </span>795,305<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs120a\">612,688<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs120b\">Gr<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _258\"> </span>1,120,28<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs120c\">1,296,78<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs120d\">Total <span class=\"_ _24f\"> </span>37,804,09<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs120e\">36,370,3<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs120f\">Gross writ<span class=\"_ _6\"></span>ten prem<span class=\"_ _6\"></span>iums <span class=\"_ _6\"></span>based<span class=\"_ _6\"></span> on IFRS<span class=\"_ _6\"></span> 17<span class=\"_ _6\"></span> <span class=\"_ _259\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"c w24 h28 gs1210\"><div class=\"t m0 x0 h29 y638 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1211\"><div class=\"t m0 x0 h29 y638 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1212\">Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r th<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ty l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _d2\"> </span>2,214,614<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1213\">Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r ow<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e (<span class=\"_ _6\"></span>Ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>co)<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>1,858,66<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1214\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _24c\"> </span>6,796,54<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1215\">Heal<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _25b\"> </span>898,086<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1216\">Unit<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>x<span class=\"_ _6\"></span>-l<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ked <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _25c\"> </span>600,375<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1217\">Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>ith<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ic<span class=\"_ _6\"></span>ip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _258\"> </span>2,358,228<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1218\">Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>ith<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ut<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>cip<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _25d\"> </span>983,620<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1219\">Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _25e\"> </span>-1,926,11<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs121a\">Total <span class=\"_ _25f\"> </span>13,784,0<span class=\"_ _6\"></span>18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs121b\">Gross writ<span class=\"_ _6\"></span>ten prem<span class=\"_ _6\"></span>iums <span class=\"_ _6\"></span>based<span class=\"_ _6\"></span> on IFRS<span class=\"_ _6\"></span> 4 <span class=\"_ _243\"> </span><span class=\"fsf fcb\">2022<span class=\"_ _3d5\"> </span></span></div><div class=\"c w24 h28 gs121c\"><div class=\"t m0 x0 h29 ya9f ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs121d\"><div class=\"t m0 x0 h29 ya9f ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs121e\">Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r th<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ty l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _d2\"> </span><span class=\"fcb\">1,936,231<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs121f\">Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r ow<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e (<span class=\"_ _6\"></span>Ca<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>co)<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span><span class=\"fcb\">1,627,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1220\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _24c\"> </span><span class=\"fcb\">6,111,69<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1221\">Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>reg<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>iu<span class=\"_ _6\"></span>ms<span class=\"_ _6\"></span> <span class=\"_ _260\"> </span><span class=\"fcb\">2,980,25<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1222\">Life<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> \u2013<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>mi<span class=\"_ _6\"></span>um<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d3\"> </span><span class=\"fcb\">860,15<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1223\">Heal<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _25b\"> </span><span class=\"fcb\">834,951<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1224\">Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>olid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _25e\"> </span><span class=\"fcb\">-1,791,40<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1225\">Total <span class=\"_ _25f\"> </span><span class=\"fcb\">12,559,2<span class=\"_ _6\"></span>42<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1227\">1.8.<span class=\"ff4a\"> </span>Insu<span class=\"_ _7\"></span>rance and market<span class=\"_ _7\"></span> risks \u2013 sensit<span class=\"_ _7\"></span>ivity analysis<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1228\">The <span class=\"_ _6\"></span>foll<span class=\"_ _7\"></span>owi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>sensiti<span class=\"_ _7\"></span>vities<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e calculat<span class=\"_ _7\"></span>ed as <span class=\"_ _6\"></span>ef<span class=\"_ _7\"></span>fects o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the capital of the Gro<span class=\"_ _7\"></span>up solve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cy bala<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>shee<span class=\"_ _7\"></span>t in a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce w<span class=\"_ _7\"></span>ith </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1229\">Solve<span class=\"_ _7\"></span>ncy II. <span class=\"_ _6\"></span>The essential aim <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o establish risk-orien<span class=\"_ _7\"></span>tated sy<span class=\"_ _6\"></span>stems<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>under <span class=\"_ _6\"></span>Solv<span class=\"_ _7\"></span>ency II and <span class=\"_ _1\"></span>impr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ve <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>risk <span class=\"_ _6\"></span>ma<span class=\"_ _7\"></span>nageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs122a\">process. <span class=\"_ _10\"></span>T<span class=\"_ _e\"></span>o a<span class=\"_ _7\"></span>chieve <span class=\"_ _2\"></span>this, <span class=\"_ _2\"></span>both q<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>antit<span class=\"_ _7\"></span>ative <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>qualitati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents m<span class=\"_ _2\"></span>ust b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>et. <span class=\"_ _2\"></span>VIG I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>establi<span class=\"_ _7\"></span>shed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs122b\">managem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt pr<span class=\"_ _7\"></span>ocess<span class=\"_ _2\"></span>es with this<span class=\"_ _7\"></span> objec<span class=\"_ _7\"></span>tive in mi<span class=\"_ _7\"></span>nd a<span class=\"_ _7\"></span>nd uses<span class=\"_ _7\"></span> them fo<span class=\"_ _7\"></span>r control<span class=\"_ _7\"></span>ling <span class=\"_ _2\"></span>purposes.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs122c\">Dif<span class=\"_ _2\"></span>ferences <span class=\"_ _2\"></span>between <span class=\"_ _7\"></span>Sol<span class=\"_ _2\"></span>vency II <span class=\"_ _2\"></span>and I<span class=\"_ _7\"></span>FRS 17 <span class=\"_ _2\"></span>calc<span class=\"_ _7\"></span>ulatio<span class=\"_ _7\"></span>ns fo<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>the ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts <span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ise <span class=\"_ _7\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>inl<span class=\"_ _7\"></span>y be<span class=\"_ _7\"></span>caus<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>foll<span class=\"_ _7\"></span>owing:<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs122d\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>dif<span class=\"_ _7\"></span>ferent s<span class=\"_ _7\"></span>cope o<span class=\"_ _7\"></span>f costs to <span class=\"_ _2\"></span>be taken i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to consi<span class=\"_ _7\"></span>derati<span class=\"_ _7\"></span>on,  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs122e\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>contract <span class=\"_ _7\"></span>boundaries <span class=\"_ _2\"></span>and  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs122f\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>discount <span class=\"_ _7\"></span>rates appl<span class=\"_ _7\"></span>ied.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1230\">In <span class=\"_ _f\"> </span>accor<span class=\"_ _7\"></span>dan<span class=\"_ _7\"></span>ce <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>IF<span class=\"_ _7\"></span>RS 17, <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly <span class=\"_ _f\"> </span>cos<span class=\"_ _7\"></span>ts <span class=\"_ _f\"> </span>whi<span class=\"_ _7\"></span>ch <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>be<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>di<span class=\"_ _7\"></span>rectl<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>allocat<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>an<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _f\"> </span>cont<span class=\"_ _7\"></span>ract <span class=\"_ _f\"> </span>ca<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>take<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>into </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1231\">consid<span class=\"_ _7\"></span>eration, <span class=\"_ _0\"></span>wher<span class=\"_ _7\"></span>eas <span class=\"_ _0\"></span>under <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>Sol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ency <span class=\"_ _4\"></span>II <span class=\"_ _0\"></span>regi<span class=\"_ _7\"></span>me <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>total <span class=\"_ _0\"></span>costs <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>ppro<span class=\"_ _2\"></span>ach <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>applied <span class=\"_ _0\"></span>when <span class=\"_ _0\"></span>evaluating <span class=\"_ _0\"></span>underwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1232\">oblig<span class=\"_ _7\"></span>ations.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1233\">Both regi<span class=\"_ _7\"></span>mes t<span class=\"_ _7\"></span>ake i<span class=\"_ _7\"></span>nto acco<span class=\"_ _7\"></span>unt the period o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he contr<span class=\"_ _7\"></span>acts (<span class=\"_ _7\"></span>contract bo<span class=\"_ _2\"></span>undaries) in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e model<span class=\"_ _7\"></span>ling of<span class=\"_ _7\"></span> the futur<span class=\"_ _2\"></span>e ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h flow<span class=\"_ _7\"></span>s. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1234\">When deriving <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>period of <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>racts, <span class=\"_ _6\"></span>Sol<span class=\"_ _7\"></span>vency II follows <span class=\"_ _6\"></span>prim<span class=\"_ _7\"></span>arily <span class=\"_ _6\"></span>the r<span class=\"_ _6\"></span>isk perspectiv<span class=\"_ _7\"></span>e, whe<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>IFRS 17 focuses<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1235\">insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>contract<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>itself. <span class=\"_ _1\"></span>Accor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ngly<span class=\"_ _e\"></span>, <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _6\"></span>appro<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lso a<span class=\"_ _6\"></span>pplied<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>suppl<span class=\"_ _7\"></span>ementar<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>ins<span class=\"_ _2\"></span>urance <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _1\"></span>in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1236\">those <span class=\"_ _6\"></span>cases <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch <span class=\"_ _6\"></span>they <span class=\"_ _6\"></span>are equivale<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>to the <span class=\"_ _6\"></span>underl<span class=\"_ _7\"></span>ying <span class=\"_ _6\"></span>main <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>contract in <span class=\"_ _6\"></span>accord<span class=\"_ _7\"></span>ance <span class=\"_ _6\"></span>with IFRS 17. <span class=\"_ _6\"></span>Th<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1237\">also <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>dif<span class=\"_ _2\"></span>ference <span class=\"_ _6\"></span>with <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>establi<span class=\"_ _7\"></span>shed <span class=\"_ _6\"></span>term <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>ceded <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>einsur<span class=\"_ _7\"></span>ance <span class=\"_ _1\"></span>cont<span class=\"_ _7\"></span>racts. <span class=\"_ _6\"></span>Unde<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>Solv<span class=\"_ _7\"></span>ency <span class=\"_ _1\"></span>II, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>period <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>contra<span class=\"_ _7\"></span>ct </div><div class=\"t m0 h90 ff47 fse fc3 sc0 ls5 ws2 gs1238\">foll<span class=\"_ _7\"></span>ows the prima<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contract, <span class=\"_ _2\"></span>whereas <span class=\"_ _7\"></span>IFRS 17 r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nises the <span class=\"_ _7\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ual pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod of<span class=\"_ _7\"></span> the r<span class=\"_ _2\"></span>ein<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract.<span class=\"_ _2\"></span><span class=\"fs2d\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1239\">In <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>d<span class=\"_ _6\"></span>iscou<span class=\"_ _7\"></span>nting <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>cash <span class=\"_ _0\"></span>flows e<span class=\"_ _6\"></span>stabl<span class=\"_ _7\"></span>ished <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>period, <span class=\"_ _1\"></span>Sol<span class=\"_ _7\"></span>vency II <span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>plies <span class=\"_ _6\"></span>strict <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>andator<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>regula<span class=\"_ _7\"></span>to<span class=\"_ _7\"></span>ry </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs123a\">definitions that must be obser<span class=\"_ _7\"></span>ved. By <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>rast, both the deri<span class=\"_ _7\"></span>vation of t<span class=\"_ _6\"></span>he inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st rate and <span class=\"_ _6\"></span>the risk margin ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> determin<span class=\"_ _7\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs123b\">by the com<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>y itself b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed o<span class=\"_ _7\"></span>n the I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 17 <span class=\"_ _7\"></span>principl<span class=\"_ _7\"></span>es. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs123c\">Despite <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>dif<span class=\"_ _2\"></span>feren<span class=\"_ _7\"></span>ces <span class=\"_ _1\"></span>lis<span class=\"_ _7\"></span>ted, <span class=\"_ _6\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>considers <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>risk <span class=\"_ _6\"></span>sen<span class=\"_ _6\"></span>siti<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ities <span class=\"_ _6\"></span>establi<span class=\"_ _7\"></span>shed <span class=\"_ _6\"></span>using <span class=\"_ _6\"></span>Solven<span class=\"_ _7\"></span>cy <span class=\"_ _1\"></span>II <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _6\"></span>an </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs123d\">appro<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>iate b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sis f<span class=\"_ _7\"></span>or the <span class=\"_ _7\"></span>estimat<span class=\"_ _7\"></span>es in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _7\"></span>wit<span class=\"_ _7\"></span>h IFRS 17<span class=\"_ _7\"></span>.<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs123f\">Sensitivitie<span class=\"_ _6\"></span>s Ow<span class=\"_ _6\"></span>n funds<span class=\"_ _6\"></span> <span class=\"_ _261\"> </span><span class=\"fsf\">Change </span></div><div class=\"c w24 h28 gs1240\"><div class=\"t m0 x0 h29 y125 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1241\"><div class=\"t m0 x0 h29 y125 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"c w2a h28 gs1242\"><div class=\"t m0 x0 h29 y125 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1243\">Base <span class=\"_ _b5\"> </span>  <span class=\"_ _18e\"> </span>10,344,7<span class=\"_ _6\"></span>56<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1244\">Und<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>writ<span class=\"_ _1\"></span>i<span class=\"_ _6\"></span>ng ri<span class=\"_ _1\"></span>sk <span class=\"_ _262\"> </span>  <span class=\"_ _263\"> </span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1245\">Lif<span class=\"_ _6\"></span>e i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _11d\"> </span>  <span class=\"_ _263\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1246\">Mo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>alit<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _264\"> </span>+5% <span class=\"_ _265\"> </span>-18,251<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1247\">-0.18</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1248\"> <span class=\"_ _1a8\"> </span>-5% <span class=\"_ _3e\"> </span>15,858<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1249\">0.15<span class=\"fs2e\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs124a\">Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> /<span class=\"_ _6\"></span> Ad<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>sts<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>-10%<span class=\"_ _6\"></span> <span class=\"_ _59\"> </span>174,634<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs124b\">1.69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs124c\">Lap<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>rate<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _266\"> </span>+100% <span class=\"_ _1d6\"> </span>-328,934<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs124d\">-3.18</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs124e\">  <span class=\"_ _267\"> </span>-50% <span class=\"_ _59\"> </span>259,5<span class=\"_ _6\"></span>01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs124f\">2.51<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1250\">Non <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _268\"> </span>  <span class=\"_ _263\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1251\">Ult<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>atio<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>IC)<span class=\"_ _6\"></span> <span class=\"_ _d8\"> </span>+1% <span class=\"_ _265\"> </span>-60,947<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1252\">-0.59</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1253\">  <span class=\"_ _269\"> </span>-1% <span class=\"_ _3e\"> </span>58,427<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1254\">0.56<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1255\">Mar<span class=\"_ _6\"></span>ket<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>sk<span class=\"_ _6\"></span>s <span class=\"_ _244\"> </span>  <span class=\"_ _143\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1256\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>+100bp<span class=\"_ _6\"></span> <span class=\"_ _e1\"> </span>166,158<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1257\">1.61</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1258\">  <span class=\"_ _269\"> </span>-100bp<span class=\"_ _6\"></span> <span class=\"_ _63\"> </span>-399,000<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1259\">-3.86<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs125a\">Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es <span class=\"_ _26c\"> </span>-25% <span class=\"_ _1e0\"> </span>-321,124<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs125b\">-3.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs125c\">Spr<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ads<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> g<span class=\"_ _6\"></span>ove<span class=\"_ _6\"></span>rnm<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rpo<span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e b<span class=\"_ _1\"></span>ond<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _26d\"> </span>+50bp<span class=\"_ _6\"></span> <span class=\"_ _26e\"> </span>-448,404<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs125d\">-4.33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs125e\">The <span class=\"_ _6\"></span>chang<span class=\"_ _7\"></span>es in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>base va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _6\"></span>show<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>have to <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>conside<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> isolated <span class=\"_ _6\"></span>in e<span class=\"_ _6\"></span>ac<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>case. <span class=\"_ _6\"></span>This<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>means that <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferent sensitiviti<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs125f\">can not be <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dded tog<span class=\"_ _2\"></span>ether to <span class=\"_ _7\"></span>derive <span class=\"_ _7\"></span>a cum<span class=\"_ _7\"></span>ulative c<span class=\"_ _7\"></span>hange i<span class=\"_ _7\"></span>n the bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> valu<span class=\"_ _7\"></span>e. </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1260\">1.9.<span class=\"ff4a\"> </span>Insu<span class=\"_ _7\"></span>rance risk \u2013 Cl<span class=\"_ _7\"></span>aims development<span class=\"_ _2\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs1261\">Premium A<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>locat<span class=\"_ _7\"></span>ion Appro<span class=\"_ _7\"></span>ach </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1262\">LIC issued<span class=\"_ _6\"></span> <span class=\"_ _26f\"> </span><span class=\"fsf\">2022<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1263\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1264\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1265\"><div class=\"t m0 x0 h29 y6e1 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1266\"><div class=\"t m0 x0 h29 y6e1 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1267\">Esti<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ndi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>nte<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh o<span class=\"_ _6\"></span>utf<span class=\"_ _1\"></span>lo<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>s e<span class=\"_ _6\"></span>xcl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>RA<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1268\">At t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> en<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>ear<span class=\"_ _6\"></span> <span class=\"_ _270\"> </span>-5,606,95<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1269\">-5,670,56<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs126a\">One <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>late<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6a\"> </span>-5,487,<span class=\"_ _6\"></span>715<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs126b\">Cum<span class=\"_ _6\"></span>ulat<span class=\"_ _1\"></span>i<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>clai<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span> <span class=\"_ _271\"> </span>4,252,38<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs126c\">2,682,90<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs126d\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y \u2013<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cid<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span>022<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>-1,235,334<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs126e\">-2,987,65<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs126f\">-4,222,99<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1270\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y \u2013<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cid<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span>02<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1271\">-760,712<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1272\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y \u2013<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cid<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s b<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span>021<span class=\"_ _6\"></span> <span class=\"_ _272\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1273\">-1,801,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1274\">Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct o<span class=\"_ _6\"></span>f d<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>oun<span class=\"_ _6\"></span>tin<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _269\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1275\">1,034,66<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1276\">Ris<span class=\"_ _6\"></span>k A<span class=\"_ _6\"></span>dju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _273\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1277\">-268,349<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1278\">Total <span class=\"_ _274\"> </span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1279\">-6,019<span class=\"_ _6\"></span>,329<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs14b3\">2.5.<span class=\"ff4a\"> </span>Risk of conc<span class=\"_ _7\"></span>entration<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs14b4\">Risk-bea<span class=\"_ _6\"></span>ring po<span class=\"_ _6\"></span>rtfolio* <span class=\"_ _239\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs14b5\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs14b6\"><div class=\"t m0 x0 h29 y608 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs14b7\"><div class=\"t m0 x0 h29 y608 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14b8\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23a\"> </span>1,<span class=\"_ _6\"></span>447,034<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14b9\">2,180,88<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14ba\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 9<span class=\"_ _6\"></span> <span class=\"_ _2b2\"> </span>30,333,0<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14bb\">28,783,8<span class=\"_ _6\"></span>97<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14bc\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2b3\"> </span>2,852,09<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14bd\">2,645,01<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14be\">Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _246\"> </span>470,950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14bf\">482,841<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14c0\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ates<span class=\"_ _6\"></span> <span class=\"_ _2b4\"> </span>185,622<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14c1\">287,961<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs14c2\">Total <span class=\"_ _24f\"> </span>35,288,69<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs14c3\">34,380,5<span class=\"_ _6\"></span>98<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs14c4\">*Excl. fin<span class=\"_ _7\"></span>ancial instruments fr<span class=\"_ _7\"></span>om<span class=\"_ _6\"></span> uni<span class=\"_ _7\"></span>t- and index-linked life insuran<span class=\"_ _7\"></span>ce<span class=\"_ _6\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs14c5\">Financial as<span class=\"_ _6\"></span>sets<span class=\"_ _6\"></span>* <span class=\"_ _2a2\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"c w24 h28 gs14c6\"><div class=\"t m0 x0 h29 y795 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs14c7\"><div class=\"t m0 x0 h29 y795 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs14c8\">Ex<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> lo<span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _2b5\"> </span>33,251,9<span class=\"_ _6\"></span>04<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14c9\">Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2b6\"> </span>7,560,32<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14ca\">Unit<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>tat<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f A<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ica<span class=\"_ _6\"></span> <span class=\"_ _205\"> </span>1,716<span class=\"_ _6\"></span>,049<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14cb\">Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _2b7\"> </span>3,024,89<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14cc\">Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2b8\"> </span>1,062,14<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14cd\">Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _2b9\"> </span>766,217<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14ce\">Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _2ba\"> </span>2,082,59<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14cf\">Res<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Wo<span class=\"_ _6\"></span>rl<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _1c2\"> </span>17,039,<span class=\"_ _6\"></span>692<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs14d0\">Ex<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>omi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>te<span class=\"_ _1\"></span>d i<span class=\"_ _6\"></span>n <span class=\"_ _1cd\"> </span>33,251,904<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14d1\">EUR<span class=\"_ _6\"></span> <span class=\"_ _2bb\"> </span>25,463,4<span class=\"_ _6\"></span>14<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14d2\">USD<span class=\"_ _6\"></span> <span class=\"_ _2bc\"> </span>693,807<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14d3\">CZK<span class=\"_ _6\"></span> <span class=\"_ _29b\"> </span>2,8<span class=\"_ _6\"></span>76,979<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14d4\">RON<span class=\"_ _6\"></span> <span class=\"_ _2bd\"> </span>922,236<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14d5\">HUF<span class=\"_ _6\"></span> <span class=\"_ _172\"> </span>665,382<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14d6\">PLN<span class=\"_ _6\"></span> <span class=\"_ _2be\"> </span>1,699,16<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14d7\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ren<span class=\"_ _1\"></span>cies<span class=\"_ _6\"></span> <span class=\"_ _29d\"> </span>930,923<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs14d8\">*Excl. fin<span class=\"_ _7\"></span>ancial instruments fr<span class=\"_ _7\"></span>om<span class=\"_ _6\"></span> uni<span class=\"_ _7\"></span>t- and index-linked life insuran<span class=\"_ _7\"></span>ce<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs14d9\">Due <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>struct<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _1\"></span>liabil<span class=\"_ _7\"></span>ities <span class=\"_ _1\"></span>issu<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>l<span class=\"_ _7\"></span>ong <span class=\"_ _1\"></span>term <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>capital <span class=\"_ _1\"></span>marke<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>lesser <span class=\"_ _6\"></span>importa<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs14da\">liabil<span class=\"_ _7\"></span>ities at individ<span class=\"_ _2\"></span>ual cre<span class=\"_ _7\"></span>dit instit<span class=\"_ _7\"></span>utions, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e is no si<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>nificant risk of<span class=\"_ _7\"></span> co<span class=\"_ _7\"></span>ncentratio<span class=\"_ _7\"></span>n. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs14db\">Governmen<span class=\"_ _6\"></span>t bonds<span class=\"_ _6\"></span>*<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs14dc\">(boo<span class=\"_ _6\"></span>k value)<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span><span class=\"fsf\">Measured at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1e7\"> </span>Measured at<span class=\"_ _6\"></span> FVtOCI<span class=\"_ _6\"></span> <span class=\"_ _63\"> </span>Measured at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs14dd\">  <span class=\"_ _138\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs14de\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs14df\">31/12/2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs14e0\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs14e1\">31/12/2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs14e2\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w2a h28 gs14e3\"><div class=\"t m0 x0 h29 y752 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14e4\">Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1ef\"> </span>3.<span class=\"_ _6\"></span>79<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14e5\">4.18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14e6\">8.93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14e7\">8.52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14e8\">3.11<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14e9\">3.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14ea\">Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _15d\"> </span>0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14eb\">0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14ec\">2.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14ed\">1.61<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14ee\">21.59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14ef\">38.65<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14f0\">Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _1df\"> </span>1<span class=\"_ _6\"></span>5.17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14f1\">14.57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14f2\">14.84<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14f3\">14.59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14f4\">60.86<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14f5\">40.94<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14f6\">Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _58\"> </span>2.25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14f7\">2.51<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14f8\">5.31<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14f9\">6.02<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14fa\">0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14fb\">0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14fc\">Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _58\"> </span>5<span class=\"_ _6\"></span>1.67<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14fd\">53.81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs14fe\">11.64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14ff\">11.94<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1500\">1.37<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1501\">1.68<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1502\">Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _144\"> </span>0<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1503\">0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1504\">6.29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1505\">5.66<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1506\">2.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1507\">1.27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1508\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>oun<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1df\"> </span>27<span class=\"_ _6\"></span>.12<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1509\">24.93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs150a\">50.41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs150b\">51.66<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs150c\">10.97<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs150d\">13.88<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs150e\">*Excl. fin<span class=\"_ _7\"></span>ancial instruments fr<span class=\"_ _7\"></span>om<span class=\"_ _6\"></span> uni<span class=\"_ _7\"></span>t- and index-linked life insuran<span class=\"_ _7\"></span>ce<span class=\"_ _3d5\"> </span><span class=\"_ _6\"></span> </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1808\">2.8.<span class=\"ff4a\"> </span>Market ris<span class=\"_ _7\"></span>k </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1809\">Reduction i<span class=\"_ _6\"></span>n mark<span class=\"_ _6\"></span>et value<span class=\"_ _6\"></span> <span class=\"_ _99\"> </span><span class=\"fsf\">Sce<span class=\"_ _6\"></span>nario <span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs180a\">Scenar<span class=\"_ _6\"></span>io 1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs180b\">Scenar<span class=\"_ _6\"></span>io 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs180c\">Scenar<span class=\"_ _6\"></span>io 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs180d\">Scenar<span class=\"_ _6\"></span>io 4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs180e\">Scenar<span class=\"_ _6\"></span>io 5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs180f\">of <span class=\"_ _6\"></span>sh<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2c5\"> </span>0%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1810\">-20%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1811\">-10%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1812\">-20%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1813\">-20%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1814\">0%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1815\">of <span class=\"_ _6\"></span>bo<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> <span class=\"_ _1a7\"> </span>0%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1816\">-5%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1817\">-3%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1818\">-5%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1819\">0%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs181a\">-5%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs181b\">of <span class=\"_ _6\"></span>rea<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span> <span class=\"_ _1aa\"> </span>0%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs181c\">-5%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs181d\">-10%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs181e\">0%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs181f\">-10%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1820\">-10%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1821\">Marke<span class=\"_ _6\"></span>t value o<span class=\"_ _6\"></span>f assets le<span class=\"_ _6\"></span>ss liabilit<span class=\"_ _6\"></span>ies (in EUR \u2018000)<span class=\"_ _6\"></span> <span class=\"_ _2c6\"> </span>7,881,96<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1822\">6,036,75<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1823\">6,368,86<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1824\">6,306,19<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1825\">7,108,69<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1826\">6,001,67<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1827\">Dependi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>on <span class=\"_ _0\"></span>the <span class=\"_ _4\"> </span>intende<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>applicatio<span class=\"_ _7\"></span>n, <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>H<span class=\"_ _7\"></span>olding <span class=\"_ _0\"></span>perfo<span class=\"_ _7\"></span>rms <span class=\"_ _4\"></span>V<span class=\"_ _2\"></span>alue<span class=\"_ _7\"></span>-at-Risk <span class=\"_ _0\"></span>calculations <span class=\"_ _0\"></span>for <span class=\"_ _4\"></span>dif<span class=\"_ _2\"></span>ferent <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ub-po<span class=\"_ _7\"></span>rtfolio<span class=\"_ _7\"></span>s <span class=\"_ _4\"></span>on </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1828\">behalf <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>VIG <span class=\"_ _2\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>confide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _7\"></span>le<span class=\"_ _7\"></span>vels <span class=\"_ _2\"></span>vary <span class=\"_ _2\"></span>betwee<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>95.0% <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>99.5% <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>holding <span class=\"_ _2\"></span>periods <span class=\"_ _10\"></span>between<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1829\">20 <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>250 <span class=\"_ _6\"></span>days. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>accor<span class=\"_ _7\"></span>danc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>wit<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>nature <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>portfol<span class=\"_ _7\"></span>io, <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>la<span class=\"_ _7\"></span>rgest <span class=\"_ _1\"></span>cont<span class=\"_ _7\"></span>ributions <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>V<span class=\"_ _2\"></span>alue-at-Risk <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>made <span class=\"_ _6\"></span>by </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs182a\">inter<span class=\"_ _7\"></span>est <span class=\"_ _1\"></span>rate<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _0\"></span>spre<span class=\"_ _2\"></span>ad <span class=\"_ _0\"></span>compo<span class=\"_ _7\"></span>nents. <span class=\"_ _6\"></span>As <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>ay <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>va<span class=\"_ _6\"></span>lidati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>pla<span class=\"_ _7\"></span>usibili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>calc<span class=\"_ _7\"></span>ulations, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue-at-Risk <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs182b\">most <span class=\"_ _6\"></span>important <span class=\"_ _6\"></span>sub<span class=\"_ _7\"></span>-portfol<span class=\"_ _7\"></span>ios is <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>alculated <span class=\"_ _6\"></span>both <span class=\"_ _6\"></span>accor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>param<span class=\"_ _7\"></span>etric <span class=\"_ _6\"></span>method de<span class=\"_ _6\"></span>scribe<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>above <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>accor<span class=\"_ _2\"></span>ding <span class=\"_ _1\"></span>to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs182c\">the histo<span class=\"_ _7\"></span>rical cal<span class=\"_ _7\"></span>culatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> method.<span class=\"_ _3d5\"> </span> <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs182e\">The follo<span class=\"_ _7\"></span>wing tabl<span class=\"_ _2\"></span>e sh<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ws the <span class=\"_ _7\"></span>V<span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>lue-a<span class=\"_ _7\"></span>t-Risk (<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith a co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>fide<span class=\"_ _7\"></span>nce le<span class=\"_ _7\"></span>vel of 99%<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> of fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> assets m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at fair <span class=\"_ _7\"></span>value:<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs182f\">Value-at-<span class=\"_ _6\"></span>Risk <span class=\"_ _2c7\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"c w11 h28 gs1830\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">in EU<span class=\"_ _6\"></span>R million<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1831\">10-<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _6\"></span> <span class=\"_ _2b7\"> </span>781.9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1832\">20-<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _6\"></span> <span class=\"_ _276\"> </span>1<span class=\"_ _6\"></span>,105.8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1833\">60-<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _6\"></span> <span class=\"_ _276\"> </span>1<span class=\"_ _6\"></span>,915.4<span class=\"_ _3d5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-473": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs127b\">1.10.<span class=\"ff4a\"> </span>Credit ris<span class=\"_ _7\"></span>k </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b4\">The <span class=\"_ _0\"></span>maxim<span class=\"_ _7\"></span>um <span class=\"_ _0\"></span>credit <span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _0\"></span>VIG <span class=\"_ _0\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>expos<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rrespo<span class=\"_ _7\"></span>nds <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>amo<span class=\"_ _7\"></span>unts <span class=\"_ _0\"></span>recog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>IFRS </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b5\">consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div>Share of the<span class=\"_ _6\"></span> rei<span class=\"_ _6\"></span>nsurer's ra<span class=\"_ _6\"></span>ting<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>AAA<span class=\"_ _6\"></span> <span class=\"_ _275\"> </span>4.95<span class=\"_ _3d5\"> </span>20.44<span class=\"_ _3d5\"> </span>AA <span class=\"_ _276\"> </span>39.53<span class=\"_ _3d5\"> </span>27.42<span class=\"_ _3d5\"> </span>A <span class=\"_ _277\"> </span>48.62<span class=\"_ _3d5\"> </span>47.76<span class=\"_ _3d5\"> </span>BBB<span class=\"_ _6\"></span> <span class=\"_ _275\"> </span>2.58<span class=\"_ _3d5\"> </span>1.89<span class=\"_ _3d5\"> </span>BB <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1cd\"> </span>0.<span class=\"_ _6\"></span>97<span class=\"_ _3d5\"> </span>0.67<span class=\"_ _3d5\"> </span>No <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _278\"> </span>3.35<span class=\"_ _3d5\"> </span>1.82<span class=\"_ _3d5\"> </span>Due to <span class=\"_ _2\"></span>the go<span class=\"_ _7\"></span>od <span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>quality <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the r<span class=\"_ _7\"></span>einsur<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _2\"></span>In<span class=\"_ _6\"></span>sura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p, o<span class=\"_ _2\"></span>n 31 <span class=\"_ _2\"></span>December 2<span class=\"_ _7\"></span>023 <span class=\"_ _2\"></span>and 31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _7\"></span>r 20<span class=\"_ _7\"></span>22 <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts for <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>hares o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he rei<span class=\"_ _7\"></span>nsur<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>were r<span class=\"_ _2\"></span>equired.<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1510\">2.6.<span class=\"ff4a\"> </span>Credit ris<span class=\"_ _7\"></span>k </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs1511\">Financial<span class=\"_ _7\"></span> liabiliti<span class=\"_ _7\"></span>es </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1512\">Financial <span class=\"_ _6\"></span>liabiliti<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>that <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>desig<span class=\"_ _7\"></span>nated <span class=\"_ _6\"></span>measur<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtPL <span class=\"_ _1\"></span>bear <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>ow<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>d<span class=\"_ _7\"></span>efault <span class=\"_ _6\"></span>risk, <span class=\"_ _1\"></span>which <span class=\"_ _6\"></span>would <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>av<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>nised </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1513\">thro<span class=\"_ _7\"></span>ugh Oth<span class=\"_ _7\"></span>er compr<span class=\"_ _2\"></span>ehensiv<span class=\"_ _7\"></span>e incom<span class=\"_ _7\"></span>e. </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs1514\">Financial<span class=\"_ _7\"></span> assets<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1515\">The <span class=\"_ _2\"></span>stated <span class=\"_ _10\"></span>credit <span class=\"_ _10\"></span>risk <span class=\"_ _2\"></span>refe<span class=\"_ _7\"></span>rs <span class=\"_ _2\"></span>only <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _e\"></span>s <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>beari<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>portfol<span class=\"_ _7\"></span>io <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>describe<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Note <span class=\"_ _10\"></span>2.5. <span class=\"_ _10\"></span>R<span class=\"_ _6\"></span>isk <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>ce<span class=\"_ _7\"></span>ntratio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>startin<span class=\"_ _7\"></span>g </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1516\">on page 93<span class=\"_ _7\"></span>. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1517\">Credit risk<span class=\"_ _6\"></span> <span class=\"_ _2bf\"> </span><span class=\"fsf\">Mandatori<span class=\"_ _6\"></span>ly measured at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>Designat<span class=\"_ _6\"></span>ed mea<span class=\"_ _6\"></span>sured </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1518\">at F<span class=\"_ _6\"></span>VtPL</div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1519\">  <span class=\"_ _2af\"> </span><span class=\"fsf\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs151a\">Funds<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs151b\">Share<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs151c\">Bonds<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs151d\"><div class=\"t m0 x0 h29 y721 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs151e\"><div class=\"t m0 x0 h29 y721 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs151f\">Ma<span class=\"_ _6\"></span>x. <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>edi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>899,582<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1520\">1,457,52<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1521\">403,289<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1522\">211,078<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1523\">Coll<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rals<span class=\"_ _6\"></span> <span class=\"_ _1d3\"> </span>161,079<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1524\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1525\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1526\">5,246<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1527\">The risk p<span class=\"_ _2\"></span>rovision<span class=\"_ _2\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 9 i<span class=\"_ _7\"></span>s c<span class=\"_ _7\"></span>alculate<span class=\"_ _7\"></span>d o<span class=\"_ _7\"></span>n the basi<span class=\"_ _7\"></span>s of t<span class=\"_ _2\"></span>he nomin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l val<span class=\"_ _7\"></span>ue. Co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sequ<span class=\"_ _7\"></span>ently<span class=\"_ _e\"></span>, the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1528\">carrying <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mount m<span class=\"_ _2\"></span>ay be lo<span class=\"_ _7\"></span>wer than t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _7\"></span>umulativ<span class=\"_ _7\"></span>e risk pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>sion, particula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ly in S<span class=\"_ _7\"></span>tage 3.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1529\">Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _232\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs152a\">  <span class=\"_ _1e1\"> </span><span class=\"fsf\">AAA<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs152b\">AA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs152c\">A<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs152d\">BBB<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs152e\">BB and lower<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs152f\">No rat<span class=\"_ _6\"></span>ing<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1530\">Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1531\">Risk </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1532\">provision<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1533\"><div class=\"t m0 x0 h29 y36d ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1534\"><div class=\"t m0 x0 h29 y36d ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1535\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>3,10<span class=\"_ _6\"></span>3,904<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1536\">6,341,60<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1537\">7,636,69<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1538\">5,583,13<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1539\">960,371<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs153a\">68,133<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs153b\">23,693,8<span class=\"_ _6\"></span>46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs153c\">-28,89<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs153d\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1f6\"> </span>3,1<span class=\"_ _6\"></span>03,904<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs153e\">6,341,60<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs153f\">7,636,69<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1540\">5,583,13<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1541\">960,371<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1542\">68,133<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1543\">23,693,8<span class=\"_ _6\"></span>46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1544\">-28,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1545\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span> <span class=\"_ _125\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1546\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1547\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1548\">6,391<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1549\">225,916<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs154a\">63,820<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs154b\">296,127<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs154c\">-36,82<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs154d\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _111\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs154e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs154f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1550\">6,391<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1551\">225,916<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1552\">63,820<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1553\">296,127<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1554\">-36,827<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1555\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span> <span class=\"_ _125\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1556\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1557\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1558\">1,013<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1559\">22,520<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs155a\">7,565<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs155b\">31,098<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs155c\">-106,8<span class=\"_ _6\"></span>88<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs155d\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _111\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs155e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs155f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1560\">1,013<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1561\">22,520<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1562\">7,565<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1563\">31,098<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1564\">-106,888<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1565\">Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _232\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2022<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1566\">  <span class=\"_ _1e1\"> </span><span class=\"fsf\">AAA<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1567\">AA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1568\">A<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1569\">BBB<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs156a\">BB and lower<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs156b\">No rat<span class=\"_ _6\"></span>ing<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs156c\">Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs156d\">Risk </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs156e\">provision<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs156f\"><div class=\"t m0 x0 h29 y38f ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1570\"><div class=\"t m0 x0 h29 y38f ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1571\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>2,33<span class=\"_ _6\"></span>8,931<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1572\">5,907,93<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1573\">7,113,55<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1574\">5,487,78<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1575\">869,149<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1576\">76,286<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1577\">21,793,6<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1578\">-34,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1579\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1f6\"> </span>2,3<span class=\"_ _6\"></span>38,931<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs157a\">5,907,93<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs157b\">7,113,55<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs157c\">5,487,78<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs157d\">869,149<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs157e\">76,286<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs157f\">21,793,6<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1580\">-34,469<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1581\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span> <span class=\"_ _1de\"> </span>4,341<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1582\">3,757<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1583\">3,039<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1584\">19,661<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1585\">373,531<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1586\">91,862<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1587\">496,191<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1588\">-47,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1589\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _99\"> </span>4,341<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs158a\">3,757<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs158b\">3,039<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs158c\">19,661<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs158d\">373,531<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs158e\">91,862<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs158f\">496,191<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1590\">-47,824<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1591\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span> <span class=\"_ _125\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1592\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1593\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1594\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1595\">72,450<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1596\">1,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1597\">73,950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1598\">-88,56<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1599\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _111\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs159a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs159b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs159c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs159d\">72,450<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs159e\">1,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs159f\">73,950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs15a0\">-88,561<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs15a2\">Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _a4\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs15a3\">  <span class=\"_ _35\"> </span><span class=\"fsf\">AAA<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15a4\">AA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15a5\">A<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15a6\">BBB<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15a7\">BB and lower<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15a8\">No rat<span class=\"_ _6\"></span>ing<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15a9\">Gross </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15aa\">carrying </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15ab\">amount<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15ac\">Risk </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15ad\">provision<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15ae\">Net car<span class=\"_ _6\"></span>rying </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15af\">amount*<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs15b0\"><div class=\"t m0 x0 h29 y41c ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs15b1\"><div class=\"t m0 x0 h29 y41c ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15b2\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>10<span class=\"_ _6\"></span>,944<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15b3\">384,088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15b4\">1,376,78<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15b5\">408,340<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15b6\">513,636<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15b7\">87,380<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15b8\">2,781,17<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15b9\">-45,79<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15ba\">2,735,38<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15bb\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>5,4<span class=\"_ _6\"></span>26<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15bc\">135,391<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15bd\">111,360<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15be\">212,492<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15bf\">9,831<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15c0\">68,409<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15c1\">542,909<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15c2\">-528<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15c3\">542,381<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15c4\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _f3\"> </span>511<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15c5\">237,512<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15c6\">438,375<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15c7\">61,277<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15c8\">217,384<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15c9\">18,971<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15ca\">974,030<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15cb\">-23,548<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15cc\">950,482<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15cd\">Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _af\"> </span>5,007<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15ce\">11,185<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15cf\">827,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15d0\">134,571<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15d1\">286,421<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15d2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15d3\">1,264,23<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15d4\">-21,714<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15d5\">1,242,52<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15d6\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15d7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15d8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15d9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15da\">122,700<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15db\">119,439<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15dc\">242,139<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15dd\">-14,33<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15de\">227,806<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15df\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15e0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15e1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15e2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15e3\">94,363<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15e4\">119,439<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15e5\">213,802<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15e6\">-14,005<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15e7\">199,797<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15e8\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15e9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15ea\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15eb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15ec\">28,337<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15ed\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15ee\">28,337<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15ef\">-328<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15f0\">28,009<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15f1\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15f2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15f3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15f4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15f5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15f6\">7,816<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15f7\">7,816<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15f8\">-7,688<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs15f9\">128<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15fa\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15fb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15fc\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15fd\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15fe\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs15ff\">7,816<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1600\">7,816<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1601\">-7,688<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1602\">128<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1603\">*The net <span class=\"_ _7\"></span>carrying amount is <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> maximu<span class=\"_ _7\"></span>m exposure to credit risk excludin<span class=\"_ _7\"></span>g collaterals.<span class=\"_ _6\"></span> </div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1604\">Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _a4\"> </span><span class=\"fsf\">31/12/2022<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1605\">  <span class=\"_ _35\"> </span><span class=\"fsf\">AAA<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1606\">AA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1607\">A<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1608\">BBB<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1609\">BB and lower<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs160a\">No rat<span class=\"_ _6\"></span>ing<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs160b\">Gross </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs160c\">carrying </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs160d\">amount<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs160e\">Risk </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs160f\">provision<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1610\">Net car<span class=\"_ _6\"></span>rying </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1611\">amount*<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1612\"><div class=\"t m0 x0 h29 y3c3 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1613\"><div class=\"t m0 x0 h29 y3c3 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1614\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>12<span class=\"_ _6\"></span>,641<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1615\">411,590<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1616\">1,123,02<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1617\">429,757<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1618\">424,589<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1619\">69,908<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs161a\">2,471,50<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs161b\">-9,710<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs161c\">2,461,79<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs161d\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>5,5<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs161e\">138,797<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs161f\">166,122<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1620\">201,059<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1621\">9,973<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1622\">50,758<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1623\">572,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1624\">-855<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1625\">571,441<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1626\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1627\">218,822<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1628\">406,318<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1629\">58,106<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs162a\">152,622<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs162b\">19,150<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs162c\">855,018<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs162d\">-4,776<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs162e\">850,242<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs162f\">Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _af\"> </span>7,054<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1630\">53,971<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1631\">550,583<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1632\">170,592<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1633\">261,994<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1634\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1635\">1,044,19<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1636\">-4,079<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1637\">1,040,11<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1638\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1639\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs163a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs163b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs163c\">152,162<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs163d\">122,324<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs163e\">274,486<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs163f\">-19,23<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1640\">255,248<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1641\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1642\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1643\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1644\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1645\">110,209<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1646\">122,324<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1647\">232,533<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1648\">-15,123<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1649\">217,410<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs164a\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs164b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs164c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs164d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs164e\">41,953<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs164f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1650\">41,953<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1651\">-4,115<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1652\">37,838<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1653\">Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1654\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1655\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1656\">333<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1657\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1658\">2,001<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1659\">2,334<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs165a\">-1,900<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs165b\">434<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs165c\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs165d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs165e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs165f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1660\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1661\">2,001<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1662\">2,001<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1663\">-1,900<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1664\">101<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1665\">Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d6\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1666\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1667\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1668\">333<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1669\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs166a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs166b\">333<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs166c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs166d\">333<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs166e\">*The net <span class=\"_ _7\"></span>carrying amount is <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> maximu<span class=\"_ _7\"></span>m exposure to credit risk excludin<span class=\"_ _7\"></span>g collaterals.<span class=\"_ _6\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs166f\">Impairment<span class=\"_ _6\"></span> Provisio<span class=\"_ _6\"></span>n Matr<span class=\"_ _6\"></span>ix <span class=\"_ _2a4\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1670\">IFRS 9 <span class=\"_ _6\"></span>measured rece<span class=\"_ _6\"></span>iva<span class=\"_ _6\"></span>bles <span class=\"_ _21f\"> </span><span class=\"fsf\">Due, not o<span class=\"_ _6\"></span>verdue<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1671\">1\u201330 <span class=\"_ _6\"></span>days </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1672\">overdue<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1673\">31\u201390<span class=\"_ _6\"></span> days </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1674\">overdue<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1675\">&gt; 90 days </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1676\">overdue<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1677\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1678\"><div class=\"t m0 x0 h29 y6ee ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1679\"><div class=\"t m0 x0 h29 y6ee ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs167a\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> fro<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ser<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>(IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>15)<span class=\"_ _6\"></span> <span class=\"_ _19b\"> </span>38,<span class=\"_ _6\"></span>552<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs167b\">645<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs167c\">167<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs167d\">15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs167e\">39,379<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs167f\">Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _1d8\"> </span>38,55<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1680\">648<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1681\">169<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1682\">93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1683\">39,464<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1684\">Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2c0\"> </span>-2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1685\">-3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1686\">-2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1687\">-78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1688\">-85<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1689\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> fro<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> le<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> <span class=\"_ _de\"> </span>55,326<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs168a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs168b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs168c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs168d\">55,326<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs168e\">Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _1d8\"> </span>55,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs168f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1690\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1691\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1692\">55,326<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1693\">Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9 <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _163\"> </span>3<span class=\"_ _6\"></span>01,834<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1694\">3,548<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1695\">2,144<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1696\">16,726<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1697\">324,252<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1698\">Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _1b3\"> </span>317,569<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1699\">3,916<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs169a\">2,170<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs169b\">21,929<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs169c\">345,584<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs169d\">Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _21c\"> </span>-15,735<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs169e\">-368<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs169f\">-26<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16a0\">-5,203<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16a1\">-21,332<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16a2\">Total <span class=\"_ _200\"> </span>395<span class=\"_ _6\"></span>,712<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16a3\">4,193<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16a4\">2,311<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16a5\">16,741<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16a6\">418,957<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16a7\">Los<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e \u2013<span class=\"_ _1\"></span> ran<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>0.01%\u2013<span class=\"_ _6\"></span>100.0<span class=\"_ _6\"></span>0%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16a8\">0.84%\u2013<span class=\"_ _6\"></span>62.00%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16a9\">2.07%\u2013<span class=\"_ _6\"></span>100.00%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16aa\">1.53%\u2013<span class=\"_ _6\"></span>100.00%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs16ac\">Impairment<span class=\"_ _6\"></span> Provisio<span class=\"_ _6\"></span>n Matr<span class=\"_ _6\"></span>ix <span class=\"_ _9d\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs16ad\">IFRS 9 <span class=\"_ _6\"></span>measured rece<span class=\"_ _6\"></span>iva<span class=\"_ _6\"></span>bles <span class=\"_ _193\"> </span><span class=\"fsf\">Due, not over<span class=\"_ _6\"></span>due <span class=\"_ _a6\"> </span>1\u201330 days </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16ae\">overdue<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16af\">31\u201390<span class=\"_ _6\"></span> days </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16b0\">overdue<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16b1\">&gt; 90 days </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16b2\">overdue<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16b3\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs16b4\"><div class=\"t m0 x0 h29 y12b ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs16b5\"><div class=\"t m0 x0 h29 y12b ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16b6\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> fro<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ser<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>(IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>15)<span class=\"_ _6\"></span> <span class=\"_ _ed\"> </span>21,224<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16b7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16b8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16b9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16ba\">21,224<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16bb\">Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _2c1\"> </span>21,347<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16bc\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16bd\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16be\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16bf\">21,347<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16c0\">Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>-123<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16c1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16c2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16c3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16c4\">-123<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16c5\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> fro<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> le<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> <span class=\"_ _de\"> </span>55<span class=\"_ _6\"></span>,918<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16c6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16c7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16c8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16c9\">55,918<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16ca\">Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _2c1\"> </span>55,918<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16cb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16cc\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16cd\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16ce\">55,918<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16cf\">Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9 <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c2\"> </span>308,285<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16d0\">5,570<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16d1\">2,764<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16d2\">11,941<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16d3\">328,560<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16d4\">Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _1b3\"> </span>3<span class=\"_ _6\"></span>11,105<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16d5\">5,897<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16d6\">2,780<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16d7\">15,015<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16d8\">334,797<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16d9\">Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2a1\"> </span>-2,82<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16da\">-327<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16db\">-16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16dc\">-3,074<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16dd\">-6,237<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16de\">Total <span class=\"_ _2c3\"> </span>385,427<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16df\">5,570<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16e0\">2,764<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16e1\">11,941<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs16e2\">405,702<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16e3\">Los<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e \u2013<span class=\"_ _1\"></span> ran<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>0.45%\u201325.0<span class=\"_ _6\"></span>0%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16e4\">0.10%\u2013<span class=\"_ _6\"></span>62.00%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16e5\">2.34%\u2013<span class=\"_ _6\"></span>50.00%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs16e6\">4.44%\u2013<span class=\"_ _6\"></span>100.00%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs16e7\">In <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nci<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>year<span class=\"_ _e\"></span>, <span class=\"_ _10\"></span>bo<span class=\"_ _2\"></span>nds <span class=\"_ _10\"></span>valu<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>at <span class=\"_ _10\"></span>FVt<span class=\"_ _7\"></span>OC<span class=\"_ _2\"></span>I <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>EUR <span class=\"_ _2\"></span>11,4<span class=\"_ _2\"></span>56,<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>00 <span class=\"_ _10\"></span>we<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vid<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>as <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>lla<span class=\"_ _2\"></span>ter<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>lia<span class=\"_ _2\"></span>bili<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>or <span class=\"_ _10\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ti<span class=\"_ _2\"></span>nge<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-474": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs127d\">1.11.<span class=\"ff4a\"> </span>Liquid<span class=\"_ _7\"></span>ity risk </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs127e\">Undiscoun<span class=\"_ _6\"></span>ted ne<span class=\"_ _6\"></span>t cash-flow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _279\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs127f\">Insurance co<span class=\"_ _6\"></span>ntract<span class=\"_ _6\"></span>s iss<span class=\"_ _6\"></span>ued<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">GMM<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1280\">VFA<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1281\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1282\"><div class=\"t m0 x0 h29 y352 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1283\"><div class=\"t m0 x0 h29 y352 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1284\">One <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>late<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>-199,964<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1285\">-1,441,78<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1286\">-1,641,75<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1287\">Two <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> lat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>-94,897<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1288\">-1,140,69<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1289\">-1,235,59<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs128a\">Thr<span class=\"_ _6\"></span>ee<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r <span class=\"_ _6d\"> </span>-62<span class=\"_ _6\"></span>,586<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs128b\">-995,471<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs128c\">-1,058,05<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs128d\">Fou<span class=\"_ _6\"></span>r y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ter<span class=\"_ _6\"></span> <span class=\"_ _27a\"> </span>-95,365<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs128e\">-936,965<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs128f\">-1,032,33<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1290\">Fiv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ars <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _c8\"> </span>-97,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1291\">-1,066,29<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1292\">-1,163,41<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1293\">Bey<span class=\"_ _6\"></span>ond<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _56\"> </span>-2,824,914<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1294\">-33,121,1<span class=\"_ _6\"></span>60<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1295\">-35,946,0<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1296\">Total <span class=\"_ _26f\"> </span>-3,374,84<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1297\">-38,70<span class=\"_ _6\"></span>2,369<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1298\">-42,07<span class=\"_ _6\"></span>7,218<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1299\">Undiscoun<span class=\"_ _6\"></span>ted ne<span class=\"_ _6\"></span>t cash-flow<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _27b\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs129a\">Reinsurance <span class=\"_ _6\"></span>contract<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>held <span class=\"_ _27c\"> </span><span class=\"fsf\">GMM<span class=\"_ _3d5\"> </span></span></div><div class=\"c w24 h28 gs129b\"><div class=\"t m0 x0 h29 y63f ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs129c\"><div class=\"t m0 x0 h29 y63f ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs129d\">One <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>late<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _27d\"> </span>236,062<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs129e\">Two <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> lat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _16f\"> </span>115,894<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs129f\">Thr<span class=\"_ _6\"></span>ee<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r <span class=\"_ _27e\"> </span>57,721<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12a0\">Fou<span class=\"_ _6\"></span>r y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ter<span class=\"_ _6\"></span> <span class=\"_ _27f\"> </span>35,370<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12a1\">Fiv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ars <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _280\"> </span>21,212<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12a2\">Bey<span class=\"_ _6\"></span>ond<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _25e\"> </span>77,46<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12a3\">Total <span class=\"_ _281\"> </span>543,722<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs12a4\">The <span class=\"_ _0\"></span>liquidi<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>risk <span class=\"_ _1\"></span>ar<span class=\"_ _6\"></span>ising <span class=\"_ _1\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _2\"></span>unts <span class=\"_ _0\"></span>payable <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>dem<span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>simulate<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>effec<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>mass<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>canc<span class=\"_ _7\"></span>ellation <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>fe<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs12a5\">insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>policies. <span class=\"_ _0\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>param<span class=\"_ _7\"></span>eters<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>are <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>pplied<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>a<span class=\"_ _7\"></span>ccord<span class=\"_ _7\"></span>ance <span class=\"_ _1\"></span>with <span class=\"_ _0\"></span>A<span class=\"_ _7\"></span>rticle <span class=\"_ _0\"></span>142 <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>6) <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>EU <span class=\"_ _1\"></span>Commissi<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>Del<span class=\"_ _7\"></span>egate<span class=\"_ _7\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs12a6\">Regulatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> 2015<span class=\"_ _7\"></span>/35. In t<span class=\"_ _7\"></span>he event of<span class=\"_ _7\"></span> mass ca<span class=\"_ _7\"></span>ncellatio<span class=\"_ _7\"></span>n, the best estim<span class=\"_ _2\"></span>ate rese<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ves in<span class=\"_ _7\"></span>cre<span class=\"_ _7\"></span>ase by EU<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> 1,573.<span class=\"_ _7\"></span>2 mil<span class=\"_ _7\"></span>lio<span class=\"_ _7\"></span>n. Under </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs12a7\">IFRS, <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>release<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>Contra<span class=\"_ _7\"></span>ctual <span class=\"_ _2\"></span>Ser<span class=\"_ _7\"></span>vice <span class=\"_ _10\"></span>Margin <span class=\"_ _10\"></span>would <span class=\"_ _10\"></span>have <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>significa<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>positiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>cou<span class=\"_ _7\"></span>nteref<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t. </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs16e9\">2.7.<span class=\"ff4a\"> </span>Liquid<span class=\"_ _7\"></span>ity risk </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs16ea\">Maturity ana<span class=\"_ _6\"></span>lysis <span class=\"_ _149\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16eb\">&lt;1 year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16ec\">&gt;1 year\u2013<span class=\"_ _6\"></span>5 year<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16ed\">&gt;5\u201310<span class=\"_ _6\"></span> years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16ee\">&gt;10 year<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16ef\">No mat<span class=\"_ _6\"></span>urity<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16f0\">Book val<span class=\"_ _6\"></span>ue excl. </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16f1\">risk provision<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs16f2\"><div class=\"t m0 x0 h29 y3e2 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs16f3\"><div class=\"t m0 x0 h29 y3e2 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16f4\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e2\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16f5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16f6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16f7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16f8\">1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs16f9\">1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16fa\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _129\"> </span>3,589,517<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16fb\">10,188,0<span class=\"_ _6\"></span>34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16fc\">8,718,48<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16fd\">6,504,46<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16fe\">9,057,54<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs16ff\">38,058,0<span class=\"_ _6\"></span>50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1700\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _e9\"> </span>1,490<span class=\"_ _6\"></span>,415<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1701\">619,738<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1702\">276,158<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1703\">644,820<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1704\">3,031,13<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1705\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1fd\"> </span>19<span class=\"_ _6\"></span>1,999<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1706\">111,953<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1707\">95,146<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1708\">365,429<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1709\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs170a\">764,527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs170b\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>2<span class=\"_ _6\"></span>28,349<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs170c\">314,773<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs170d\">179,977<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs170e\">279,268<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs170f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1710\">1,002,36<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1711\">Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _35\"> </span>1<span class=\"_ _6\"></span>,070,067<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1712\">193,012<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1713\">1,035<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1714\">123<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1715\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1716\">1,264,23<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1717\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>1,929,02<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1718\">8,747,43<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1719\">8,017,05<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs171a\">5,327,55<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs171b\">399,293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs171c\">24,420,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs171d\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _69\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs171e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs171f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1720\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1721\">399,293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1722\">399,293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1723\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _192\"> </span>1,929,022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1724\">8,747,43<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1725\">8,017,05<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1726\">5,327,55<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1727\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1728\">24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1729\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _1b9\"> </span>170,080<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs172a\">820,858<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs172b\">425,278<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs172c\">532,085<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs172d\">8,658,25<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs172e\">10,606,5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs172f\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _69\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1730\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1731\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1732\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1733\">484,219<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1734\">484,219<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1735\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>1<span class=\"_ _6\"></span>68,401<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1736\">804,458<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1737\">424,314<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1738\">532,085<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1739\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs173a\">1,929,25<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs173b\">Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs173c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs173d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs173e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs173f\">8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1740\">8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1741\">De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _192\"> </span>1,679<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1742\">16,400<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1743\">964<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1744\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1745\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1746\">19,043<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1747\">Total <span class=\"_ _11e\"> </span>3,589,51<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1748\">10,188,0<span class=\"_ _6\"></span>34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1749\">8,718,48<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs174a\">6,504,46<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs174b\">10,615,6<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs174c\">39,616,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs174d\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _37\"> </span>-149,4<span class=\"_ _6\"></span>95<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs174e\">-731,3<span class=\"_ _6\"></span>18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs174f\">-345,7<span class=\"_ _6\"></span>61<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1750\">-1,169<span class=\"_ _6\"></span>,747<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1751\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1752\">-2,396<span class=\"_ _6\"></span>,321<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1753\">Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span>-103<span class=\"_ _6\"></span>,091<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1754\">-506,192<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1755\">-200,000<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1756\">-500,000<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1757\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1758\">-1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1759\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _14d\"> </span>-6,950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs175a\">-158,406<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs175b\">-80,025<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs175c\">-61,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs175d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs175e\">-306,881<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs175f\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _5e\"> </span>-9<span class=\"_ _6\"></span>,646<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1760\">-3,625<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1761\">-40,879<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1762\">-525,758<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1763\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1764\">-579,908<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1765\">Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c4\"> </span>-29,029<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1766\">-62,759<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1767\">-24,121<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1768\">-82,489<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1769\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs176a\">-198,398<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs176b\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs176c\">-72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs176d\">-336<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs176e\">-147<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs176f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1770\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1771\">-555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1772\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _141\"> </span>-707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1773\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1774\">-589<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1775\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1776\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1777\">-1,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1779\">Maturity ana<span class=\"_ _6\"></span>lysis <span class=\"_ _149\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs177a\">&lt;1 year<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs177b\">&gt;1 year\u2013<span class=\"_ _6\"></span>5 year<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs177c\">&gt;5\u201310<span class=\"_ _6\"></span> years<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs177d\">&gt;10 year<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs177e\">No mat<span class=\"_ _6\"></span>urity<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs177f\">Book val<span class=\"_ _6\"></span>ue excl. </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1780\">risk provision<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1781\"><div class=\"t m0 x0 h29 y12b ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1782\"><div class=\"t m0 x0 h29 y12b ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1783\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e2\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1784\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1785\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1786\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1787\">2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1788\">2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1789\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _129\"> </span>3,009,961<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs178a\">9,686,31<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs178b\">7,901,56<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs178c\">6,375,96<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs178d\">8,871,02<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs178e\">35,844,8<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs178f\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _e9\"> </span>1,219<span class=\"_ _6\"></span>,488<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1790\">650,680<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1791\">256,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1792\">621,205<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1793\">2,748,32<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1794\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1fd\"> </span>14<span class=\"_ _6\"></span>5,887<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1795\">201,874<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1796\">86,413<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1797\">372,656<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1798\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1799\">806,830<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs179a\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>1<span class=\"_ _6\"></span>09,514<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs179b\">371,555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs179c\">167,476<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs179d\">248,426<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs179e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs179f\">896,971<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17a0\">Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1f6\"> </span>964,<span class=\"_ _6\"></span>087<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17a1\">77,251<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17a2\">3,066<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17a3\">123<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17a4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17a5\">1,044,52<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17a6\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>1,562,93<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17a7\">8,265,29<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17a8\">7,227,23<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17a9\">5,308,31<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17aa\">237,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17ab\">22,601,2<span class=\"_ _6\"></span>16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17ac\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _69\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17ad\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17ae\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17af\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17b0\">237,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17b1\">237,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17b2\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _192\"> </span>1,562,933<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17b3\">8,265,29<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17b4\">7,227,23<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17b5\">5,308,31<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17b6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17b7\">22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17b8\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _1b9\"> </span>227,540<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17b9\">770,348<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17ba\">417,373<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17bb\">446,449<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17bc\">8,633,57<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17bd\">10,495,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17be\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _69\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17bf\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17c0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17c1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17c2\">477,686<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17c3\">477,686<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17c4\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>2<span class=\"_ _6\"></span>23,732<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17c5\">745,772<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17c6\">417,074<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17c7\">446,449<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17c8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17c9\">1,833,02<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17ca\">Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17cb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17cc\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17cd\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17ce\">8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17cf\">8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17d0\">De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _192\"> </span>3,808<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17d1\">24,576<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17d2\">299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17d3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17d4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17d5\">28,683<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17d6\">Total <span class=\"_ _11e\"> </span>3,009,96<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17d7\">9,686,31<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17d8\">7,901,56<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17d9\">6,375,96<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17da\">11,186,2<span class=\"_ _6\"></span>40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17db\">38,160,0<span class=\"_ _6\"></span>52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17dc\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _37\"> </span>-558,4<span class=\"_ _6\"></span>79<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17dd\">-772,0<span class=\"_ _6\"></span>47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17de\">-181,9<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17df\">-1,400<span class=\"_ _6\"></span>,134<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17e0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs17e1\">-2,912<span class=\"_ _6\"></span>,614<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17e2\">Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span>-512<span class=\"_ _6\"></span>,611<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17e3\">-576,670<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17e4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17e5\">-700,000<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17e6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17e7\">-1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17e8\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _14d\"> </span>-6,848<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17e9\">-132,825<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17ea\">-130,725<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17eb\">-73,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17ec\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17ed\">-343,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17ee\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _5e\"> </span>-9<span class=\"_ _6\"></span>,641<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17ef\">-3,624<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17f0\">-29,378<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17f1\">-550,475<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17f2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17f3\">-593,118<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17f4\">Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c4\"> </span>-26,875<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17f5\">-58,574<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17f6\">-21,518<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17f7\">-76,159<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17f8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17f9\">-183,126<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17fa\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17fb\">-71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17fc\">-354<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17fd\">-147<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17fe\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs17ff\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1800\">-572<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1801\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _33\"> </span>-2,433<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1802\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1803\">-186<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1804\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1805\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1806\">-2,619<span class=\"_ _3d5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-8": {
   "value": "2.<span class=\"ff4a\"> </span>FIN<span class=\"_ _6\"></span>ANC<span class=\"_ _7\"></span>IAL <span class=\"_ _7\"></span>ASSE<span class=\"_ _7\"></span>TS <span class=\"_ _2\"></span>AND LIABILITIES <span class=\"_ _2\"></span>AS <span class=\"_ _2\"></span>WELL <span class=\"_ _7\"></span>AS<span class=\"_ _7\"></span> O<span class=\"_ _6\"></span>T<span class=\"_ _7\"></span>HER BALANCE S<span class=\"_ _7\"></span>HEET ITEMS EV<span class=\"_ _10\"></span>ALUA<span class=\"_ _2\"></span>TED <span class=\"_ _7\"></span>ACCO<span class=\"_ _7\"></span>RDING <span class=\"_ _2\"></span>TO IFRS 9 The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.4. Financi<span class=\"_ _7\"></span>al instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts sta<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting on <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 163.<span class=\"_ _2\"></span> Short de<span class=\"_ _6\"></span>scription<span class=\"_ _6\"></span> <span class=\"_ _ea\"> </span><span class=\"fsf\">Long descri<span class=\"_ _6\"></span>ption </span>Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _eb\"> </span>Measured at A<span class=\"_ _6\"></span>mortised Cost<span class=\"_ _6\"></span> Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _ec\"> </span>Measured at Fair <span class=\"_ _6\"></span>Value throu<span class=\"_ _6\"></span>gh Othe<span class=\"_ _6\"></span>r Comp<span class=\"_ _6\"></span>rehensiv<span class=\"_ _6\"></span>e Income<span class=\"_ _6\"></span> Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L <span class=\"_ _ed\"> </span>Measured at Fair <span class=\"_ _6\"></span>Value throu<span class=\"_ _6\"></span>gh Profit <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> Loss Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _ee\"> </span>Designated<span class=\"_ _6\"></span> measured<span class=\"_ _6\"></span> at Fair Value th<span class=\"_ _6\"></span>rough Oth<span class=\"_ _6\"></span>er Comp<span class=\"_ _6\"></span>rehensiv<span class=\"_ _6\"></span>e Income<span class=\"_ _6\"></span> Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _ef\"> </span>Designated<span class=\"_ _6\"></span> measured<span class=\"_ _6\"></span> at Fair Value th<span class=\"_ _6\"></span>rough P<span class=\"_ _6\"></span>rofit an<span class=\"_ _6\"></span>d Loss EC<span class=\"_ _6\"></span>L <span class=\"_ _f0\"> </span>Expected Credit <span class=\"_ _6\"></span>Loss<span class=\"_ _6\"></span> FV <span class=\"_ _f1\"> </span>Fair Value<span class=\"_ _6\"></span> SPP<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span>S<span class=\"_ _6\"></span>olely Paymen<span class=\"_ _6\"></span>ts of Principa<span class=\"_ _6\"></span>l and In<span class=\"_ _6\"></span>terest<span class=\"_ _6\"></span> Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _f2\"> </span>Mandatorily measu<span class=\"_ _6\"></span>red at <span class=\"_ _6\"></span>Fair Value th<span class=\"_ _6\"></span>rough<span class=\"_ _6\"></span> Other Com<span class=\"_ _6\"></span>prehensive <span class=\"_ _6\"></span>Income<span class=\"_ _6\"></span> Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _f3\"> </span>Mandatorily measu<span class=\"_ _6\"></span>red at <span class=\"_ _6\"></span>Fair Value th<span class=\"_ _6\"></span>rough<span class=\"_ _6\"></span> Profit and Loss<span class=\"_ _6\"></span> 2.1.<span class=\"ff4a\"> </span>Overview Mea<span class=\"_ _6\"></span>surement and<span class=\"_ _6\"></span> balance<span class=\"_ _6\"></span> of risk <span class=\"_ _6\"></span>provisio<span class=\"_ _6\"></span>n <span class=\"_ _182\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1d1\"> </span><span class=\"fcb\">31/12/202<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> </span></span>  <span class=\"_ _1ac\"> </span><span class=\"fsf\">Book value<span class=\"_ _3d5\"> </span></span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Measured at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _282\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s <span class=\"_ _90\"> </span>5,<span class=\"_ _6\"></span>029,612<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>5,475,60<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-37,20<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>1,5<span class=\"_ _6\"></span>58,107<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _126\"> </span>3,03<span class=\"_ _6\"></span>1,131<span class=\"_ _3d5\"> </span>-67,811<span class=\"_ _3d5\"> </span>2,748,32<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-30,848<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _285\"> </span>440,374<span class=\"_ _3d5\"> </span>-21,417<span class=\"_ _3d5\"> </span>412,062<span class=\"_ _3d5\"> </span>-6,360<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _286\"> </span>-2,981<span class=\"_ _6\"></span>,684<span class=\"_ _3d5\"> </span>-3,467<span class=\"_ _6\"></span>,443<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _14b\"> </span>-2,394,470<span class=\"_ _3d5\"> </span>-2,909,42<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>-587,214<span class=\"_ _3d5\"> </span>-558,020<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span>  <span class=\"_ _196\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _1de\"> </span>24,02<span class=\"_ _6\"></span>1,071<span class=\"_ _3d5\"> </span>-172,6<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>24,021,071<span class=\"_ _3d5\"> </span>-172,613<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,854<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>399,<span class=\"_ _6\"></span>293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtPL <span class=\"_ _125\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>10,393,733<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span>-1,296<span class=\"_ _3d5\"> </span>-2,619<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _13e\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1af\"> </span>-5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>-572<span class=\"_ _3d5\"> </span>2.2.<span class=\"ff4a\"> </span>Categories and<span class=\"_ _7\"></span> measure<span class=\"_ _7\"></span>ments Assets<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>4,940,<span class=\"_ _6\"></span>384<span class=\"_ _3d5\"> </span>5,438,40<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _288\"> </span>1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>742,306<span class=\"_ _3d5\"> </span>788,952<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>978<span class=\"_ _6\"></span>,491<span class=\"_ _3d5\"> </span>888,080<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _28a\"> </span>1,242,52<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,040,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28b\"> </span>418,957<span class=\"_ _3d5\"> </span>405,702<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _28c\"> </span>24,420,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>22,601,2<span class=\"_ _6\"></span>16<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _c2\"> </span>24<span class=\"_ _6\"></span>,021,071<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _cc\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>3<span class=\"_ _6\"></span>8,259<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>7<span class=\"_ _6\"></span>0,088<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28f\"> </span>290,946<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>10,6<span class=\"_ _6\"></span>06,555<span class=\"_ _3d5\"> </span>10,495,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>10,393,73<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>484,219<span class=\"_ _3d5\"> </span>477,686<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _290\"> </span>450,075<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>3<span class=\"_ _6\"></span>0,116<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _134\"> </span>4,028<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d3\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _117\"> </span>8,174,035<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>19,043<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Total <span class=\"_ _24f\"> </span>39<span class=\"_ _6\"></span>,967,303<span class=\"_ _3d5\"> </span>38,534,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span>Liabilities<span class=\"_ _6\"></span> <span class=\"_ _293\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>2,981,<span class=\"_ _6\"></span>684<span class=\"_ _3d5\"> </span>3,467,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _295\"> </span>306,881<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>579,908<span class=\"_ _3d5\"> </span>593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b2\"> </span>198<span class=\"_ _6\"></span>,398<span class=\"_ _3d5\"> </span>183,126<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>587,214<span class=\"_ _3d5\"> </span>558,020<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _297\"> </span>1,851<span class=\"_ _3d5\"> </span>3,191<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _238\"> </span>1,296<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _298\"> </span>555<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>2,983,53<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>3,470,63<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Details <span class=\"_ _6\"></span>regardi<span class=\"_ _2\"></span>ng <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _1\"></span>resulti<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>fr<span class=\"_ _7\"></span>om <span class=\"_ _1\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>anci<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>activi<span class=\"_ _2\"></span>ties <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>be <span class=\"_ _0\"></span>fo<span class=\"_ _7\"></span>und <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>Note <span class=\"_ _6\"></span>8. <span class=\"_ _1\"></span>F<span class=\"_ _6\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _1\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>page 108<span class=\"_ _7\"></span>. The condi<span class=\"_ _7\"></span>tions of<span class=\"_ _7\"></span> subor<span class=\"_ _7\"></span>di<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ated liabil<span class=\"_ _7\"></span>ities ar<span class=\"_ _2\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _2\"></span>n Note <span class=\"_ _2\"></span>2.10. Subordi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ated li<span class=\"_ _7\"></span>abiliti<span class=\"_ _7\"></span>es starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 99.<span class=\"_ _3d5\"> </span>2.3.<span class=\"ff4a\"> </span>Eq<span class=\"_ _7\"></span>uity instru<span class=\"_ _7\"></span>ments designated measured <span class=\"_ _7\"></span>at F<span class=\"_ _6\"></span>Vt<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>CI Financial i<span class=\"_ _6\"></span>nvestment<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _29a\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue \u2013<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>fol<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span> <span class=\"_ _1c7\"> </span>399,293<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _29b\"> </span>38,259<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _29c\"> </span>70,088<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r B<span class=\"_ _6\"></span>\u00f6<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>e A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _277\"> </span>31,710<span class=\"_ _3d5\"> </span>GRO<span class=\"_ _6\"></span>PYU<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> AG<span class=\"_ _6\"></span> <span class=\"_ _25e\"> </span>14,003<span class=\"_ _3d5\"> </span>Rem<span class=\"_ _6\"></span>ain<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> su<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> <span class=\"_ _29d\"> </span>24,375<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _273\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>olan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>/R<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng B<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span>V.<span class=\"_ _6\"></span> <span class=\"_ _29e\"> </span>97,664<span class=\"_ _3d5\"> </span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l E<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>, s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o. <span class=\"_ _1be\"> </span>53,12<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>HOTE<span class=\"_ _1\"></span>LY <span class=\"_ _6\"></span>SRN<span class=\"_ _1\"></span>\u00cd, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _275\"> </span>31,609<span class=\"_ _3d5\"> </span>CARPA<span class=\"_ _1\"></span>TH<span class=\"_ _6\"></span>IA <span class=\"_ _6\"></span>PE<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I-<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>OCIET<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>TE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>DE A<span class=\"_ _1\"></span>DMI<span class=\"_ _6\"></span>NI<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>RAR<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>FON<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>URI<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>OR <span class=\"_ _6\"></span>DE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>PEN<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I P<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA<span class=\"_ _6\"></span>TE S<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _202\"> </span>20,03<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Rem<span class=\"_ _6\"></span>ain<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> su<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> <span class=\"_ _29d\"> </span>88,517<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue at<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>der<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>niti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>date<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>4,9<span class=\"_ _6\"></span>97<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _29f\"> </span>494<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a0\"> </span>202<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>4,301<span class=\"_ _3d5\"> </span>Of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>shar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>still <span class=\"_ _10\"></span>held <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rtfolio<span class=\"_ _7\"></span>, <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>single <span class=\"_ _10\"></span>investme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>amounts <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>mo<span class=\"_ _7\"></span>re <span class=\"_ _10\"></span>than <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>UR 5.0 <span class=\"_ _e\"></span>milli<span class=\"_ _7\"></span>on. <span class=\"_ _2\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>remai<span class=\"_ _7\"></span>ning <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>ts<span class=\"_ _7\"></span> in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>item <span class=\"_ _6\"></span>Shares <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>parti<span class=\"_ _7\"></span>cipating <span class=\"_ _6\"></span>comp<span class=\"_ _7\"></span>anies <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>Shares <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>aff<span class=\"_ _7\"></span>ili<span class=\"_ _7\"></span>ated <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-consoli<span class=\"_ _7\"></span>dated companies, n<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>single <span class=\"_ _6\"></span>investment with a fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of m<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e than EU<span class=\"_ _7\"></span>R 10.0 mi<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>on is inclu<span class=\"_ _7\"></span>ded. The <span class=\"_ _6\"></span>dere<span class=\"_ _2\"></span>cognition of sh<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>es and <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>es <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>compani<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s is due <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>mergers and <span class=\"_ _6\"></span>a capital red<span class=\"_ _7\"></span>uction and <span class=\"_ _6\"></span>the individual values do not exc<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span>d a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> amo<span class=\"_ _7\"></span>unt of EU<span class=\"_ _2\"></span>R 10.0 mil<span class=\"_ _7\"></span>lion. Additional<span class=\"_ _6\"></span> Information<span class=\"_ _6\"></span> <span class=\"_ _240\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>div<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> fr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>m e<span class=\"_ _6\"></span>q<span class=\"_ _6\"></span>uit<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>str<span class=\"_ _6\"></span>um<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _2a1\"> </span>6,943<span class=\"_ _3d5\"> </span>7,361<span class=\"_ _3d5\"> </span>In <span class=\"_ _6\"></span>Po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>foli<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> <span class=\"_ _292\"> </span>6,91<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>7,166<span class=\"_ _3d5\"> </span>So<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _2a2\"> </span>25<span class=\"_ _3d5\"> </span>195<span class=\"_ _3d5\"> </span>Wit<span class=\"_ _6\"></span>hin<span class=\"_ _6\"></span> sh<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>s' <span class=\"_ _6\"></span>eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>cum<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>lat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1f1\"> </span>-4,294<span class=\"_ _3d5\"> </span>-4,382<span class=\"_ _3d5\"> </span>2.4.<span class=\"ff4a\"> </span>Exp<span class=\"_ _7\"></span>ected credit loss Overview Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI and<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at AC<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-44,17<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-67,06<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-90,46<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-201,7<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>6,335<span class=\"_ _3d5\"> </span>133<span class=\"_ _3d5\"> </span>196<span class=\"_ _3d5\"> </span>6,664<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-29,234<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-4,840<span class=\"_ _3d5\"> </span>-34,075<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a5\"> </span>-4,711<span class=\"_ _3d5\"> </span>1,064<span class=\"_ _3d5\"> </span>-67,457<span class=\"_ _3d5\"> </span>-71,104<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>5,436<span class=\"_ _3d5\"> </span>1,300<span class=\"_ _3d5\"> </span>53,002<span class=\"_ _3d5\"> </span>59,738<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,635<span class=\"_ _3d5\"> </span>8,635<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2a7\"> </span>81<span class=\"_ _3d5\"> </span>-81<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>172<span class=\"_ _3d5\"> </span>4,852<span class=\"_ _3d5\"> </span>-5,024<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _b7\"> </span>47<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>47<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-74,68<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,16<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-114,5<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span>-240,4<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI and<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at AC<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-20,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-69,25<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-15,13<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-104,4<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>3,129<span class=\"_ _3d5\"> </span>716<span class=\"_ _3d5\"> </span>16<span class=\"_ _3d5\"> </span>3,861<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-31,937<span class=\"_ _3d5\"> </span>-153<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-32,090<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a9\"> </span>10,393<span class=\"_ _3d5\"> </span>-77,515<span class=\"_ _3d5\"> </span>-14,843<span class=\"_ _3d5\"> </span>-81,965<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>2,294<span class=\"_ _3d5\"> </span>9,794<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>12,088<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,667<span class=\"_ _3d5\"> </span>8,667<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>848<span class=\"_ _3d5\"> </span>-848<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _2aa\"> </span>0<span class=\"_ _3d5\"> </span>61,449<span class=\"_ _3d5\"> </span>-61,449<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _232\"> </span>-125<span class=\"_ _3d5\"> </span>79<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-47<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _225\"> </span>-7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-7<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-44,17<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-67,06<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-90,46<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-201,7<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>Loans Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2ab\"> </span>-855<span class=\"_ _3d5\"> </span>-15,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,900<span class=\"_ _3d5\"> </span>-17,87<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2ac\"> </span>2<span class=\"_ _3d5\"> </span>-15<span class=\"_ _3d5\"> </span>-157<span class=\"_ _3d5\"> </span>-170<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d5\"> </span>-10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-4,840<span class=\"_ _3d5\"> </span>-4,948<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2ad\"> </span>0<span class=\"_ _3d5\"> </span>378<span class=\"_ _3d5\"> </span>-799<span class=\"_ _3d5\"> </span>-421<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>432<span class=\"_ _3d5\"> </span>756<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,188<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _1ac\"> </span>-52<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-14,00<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-7,688<span class=\"_ _3d5\"> </span>-22,22<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2ab\"> </span>-172<span class=\"_ _3d5\"> </span>-15,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-2,163<span class=\"_ _3d5\"> </span>-17,50<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2ac\"> </span>1<span class=\"_ _3d5\"> </span>6<span class=\"_ _3d5\"> </span>16<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d5\"> </span>-57<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-574<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _1b1\"> </span>-142<span class=\"_ _3d5\"> </span>-1,290<span class=\"_ _3d5\"> </span>-700<span class=\"_ _3d5\"> </span>-2,132<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _8e\"> </span>25<span class=\"_ _3d5\"> </span>1,257<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,282<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _74\"> </span>-3<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2aa\"> </span>9<span class=\"_ _3d5\"> </span>-9<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _234\"> </span>0<span class=\"_ _3d5\"> </span>79<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>79<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _1ac\"> </span>-85<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-15,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,900<span class=\"_ _3d5\"> </span>-17,87<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Bonds<span class=\"_ _7\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _2ae\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-34,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-47,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-88,56<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>5,850<span class=\"_ _3d5\"> </span>68<span class=\"_ _3d5\"> </span>353<span class=\"_ _3d5\"> </span>6,271<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-5,658<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-5,658<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a9\"> </span>11,984<span class=\"_ _3d5\"> </span>-2,918<span class=\"_ _3d5\"> </span>-66,658<span class=\"_ _3d5\"> </span>-57,592<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>1,730<span class=\"_ _3d5\"> </span>441<span class=\"_ _3d5\"> </span>53,002<span class=\"_ _3d5\"> </span>55,173<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,635<span class=\"_ _3d5\"> </span>8,635<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2a7\"> </span>81<span class=\"_ _3d5\"> </span>-81<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>172<span class=\"_ _3d5\"> </span>4,852<span class=\"_ _3d5\"> </span>-5,024<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _b7\"> </span>47<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>47<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-28,89<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-36,82<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-106,8<span class=\"_ _6\"></span>88<span class=\"_ _3d5\"> </span>-172,6<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _2ae\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-15,09<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-53,92<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-12,96<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-81,98<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>2,417<span class=\"_ _3d5\"> </span>184<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,601<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-21,491<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-21,491<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _10a\"> </span>7,313<span class=\"_ _3d5\"> </span>-72,245<span class=\"_ _3d5\"> </span>-14,143<span class=\"_ _3d5\"> </span>-79,075<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>744<span class=\"_ _3d5\"> </span>8,480<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>9,224<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,664<span class=\"_ _3d5\"> </span>8,664<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>434<span class=\"_ _3d5\"> </span>-434<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _2aa\"> </span>0<span class=\"_ _3d5\"> </span>61,449<span class=\"_ _3d5\"> </span>-61,449<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _232\"> </span>-125<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-126<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _225\"> </span>-7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-7<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-34,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-47,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-88,56<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-4,776<span class=\"_ _3d5\"> </span>-4,115<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-8,891<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b8\"> </span>83<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>163<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-10,479<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,479<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a5\"> </span>-8,708<span class=\"_ _3d5\"> </span>3,604<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-5,104<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>332<span class=\"_ _3d5\"> </span>103<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>435<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-23,54<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-23,87<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-1,814<span class=\"_ _3d5\"> </span>-161<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,975<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _95\"> </span>447<span class=\"_ _3d5\"> </span>526<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>973<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-4,737<span class=\"_ _3d5\"> </span>-152<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,889<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _10f\"> </span>85<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-3,980<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,124<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _8e\"> </span>67<span class=\"_ _3d5\"> </span>57<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>124<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>405<span class=\"_ _3d5\"> </span>-405<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2b1\"> </span>-4,776<span class=\"_ _3d5\"> </span>-4,115<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-8,891<span class=\"_ _3d5\"> </span>T<span class=\"_ _10\"></span>erm deposit<span class=\"_ _7\"></span>s Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-4,079<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,079<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _95\"> </span>400<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>400<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-12,990<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-12,990<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a5\"> </span>-7,987<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-7,987<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>2,942<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,942<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-21,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-21,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-3,031<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,031<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _95\"> </span>264<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>264<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-5,136<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-5,136<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _10a\"> </span>2,366<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,366<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>1,458<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,458<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2b1\"> </span>-4,079<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,079<span class=\"_ _3d5\"> </span>Cash and<span class=\"_ _7\"></span> cash<span class=\"_ _7\"></span> equiva<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>ents C<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>h a<span class=\"_ _2\"></span>nd <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>h <span class=\"_ _7\"></span>eq<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>va<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>ns<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>be<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>du<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>da<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span>,<span class=\"_ _7\"></span> w<span class=\"_ _2\"></span>hich<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>why<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>EC<span class=\"_ _7\"></span>L <span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>lc<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>at<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>ove<span class=\"_ _2\"></span>r t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>erm<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>zer<span class=\"_ _2\"></span>o. T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ef<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e,<span class=\"_ _7\"></span> n<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ris<span class=\"_ _2\"></span>k p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>visi<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>acc<span class=\"_ _2\"></span>oun<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d.<span class=\"_ _3d5\"> </span>2.5.<span class=\"ff4a\"> </span>Risk of conc<span class=\"_ _7\"></span>entration<span class=\"_ _7\"></span> Risk-bea<span class=\"_ _6\"></span>ring po<span class=\"_ _6\"></span>rtfolio* <span class=\"_ _239\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23a\"> </span>1,<span class=\"_ _6\"></span>447,034<span class=\"_ _3d5\"> </span>2,180,88<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS<span class=\"_ _6\"></span> 9<span class=\"_ _6\"></span> <span class=\"_ _2b2\"> </span>30,333,0<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>28,783,8<span class=\"_ _6\"></span>97<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2b3\"> </span>2,852,09<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>2,645,01<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _246\"> </span>470,950<span class=\"_ _3d5\"> </span>482,841<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ates<span class=\"_ _6\"></span> <span class=\"_ _2b4\"> </span>185,622<span class=\"_ _3d5\"> </span>287,961<span class=\"_ _3d5\"> </span>Total <span class=\"_ _24f\"> </span>35,288,69<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>34,380,5<span class=\"_ _6\"></span>98<span class=\"_ _3d5\"> </span>*Excl. fin<span class=\"_ _7\"></span>ancial instruments fr<span class=\"_ _7\"></span>om<span class=\"_ _6\"></span> uni<span class=\"_ _7\"></span>t- and index-linked life insuran<span class=\"_ _7\"></span>ce<span class=\"_ _6\"></span> Financial as<span class=\"_ _6\"></span>sets<span class=\"_ _6\"></span>* <span class=\"_ _2a2\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> lo<span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _2b5\"> </span>33,251,9<span class=\"_ _6\"></span>04<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2b6\"> </span>7,560,32<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Unit<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>tat<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f A<span class=\"_ _1\"></span>me<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ica<span class=\"_ _6\"></span> <span class=\"_ _205\"> </span>1,716<span class=\"_ _6\"></span>,049<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _2b7\"> </span>3,024,89<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2b8\"> </span>1,062,14<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _2b9\"> </span>766,217<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _2ba\"> </span>2,082,59<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Res<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Wo<span class=\"_ _6\"></span>rl<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _1c2\"> </span>17,039,<span class=\"_ _6\"></span>692<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>omi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>te<span class=\"_ _1\"></span>d i<span class=\"_ _6\"></span>n <span class=\"_ _1cd\"> </span>33,251,904<span class=\"_ _3d5\"> </span>EUR<span class=\"_ _6\"></span> <span class=\"_ _2bb\"> </span>25,463,4<span class=\"_ _6\"></span>14<span class=\"_ _3d5\"> </span>USD<span class=\"_ _6\"></span> <span class=\"_ _2bc\"> </span>693,807<span class=\"_ _3d5\"> </span>CZK<span class=\"_ _6\"></span> <span class=\"_ _29b\"> </span>2,8<span class=\"_ _6\"></span>76,979<span class=\"_ _3d5\"> </span>RON<span class=\"_ _6\"></span> <span class=\"_ _2bd\"> </span>922,236<span class=\"_ _3d5\"> </span>HUF<span class=\"_ _6\"></span> <span class=\"_ _172\"> </span>665,382<span class=\"_ _3d5\"> </span>PLN<span class=\"_ _6\"></span> <span class=\"_ _2be\"> </span>1,699,16<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ren<span class=\"_ _1\"></span>cies<span class=\"_ _6\"></span> <span class=\"_ _29d\"> </span>930,923<span class=\"_ _3d5\"> </span>*Excl. fin<span class=\"_ _7\"></span>ancial instruments fr<span class=\"_ _7\"></span>om<span class=\"_ _6\"></span> uni<span class=\"_ _7\"></span>t- and index-linked life insuran<span class=\"_ _7\"></span>ce<span class=\"_ _6\"></span> Due <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>struct<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _1\"></span>liabil<span class=\"_ _7\"></span>ities <span class=\"_ _1\"></span>issu<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>l<span class=\"_ _7\"></span>ong <span class=\"_ _1\"></span>term <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>capital <span class=\"_ _1\"></span>marke<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>lesser <span class=\"_ _6\"></span>importa<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> liabil<span class=\"_ _7\"></span>ities at individ<span class=\"_ _2\"></span>ual cre<span class=\"_ _7\"></span>dit instit<span class=\"_ _7\"></span>utions, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e is no si<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>nificant risk of<span class=\"_ _7\"></span> co<span class=\"_ _7\"></span>ncentratio<span class=\"_ _7\"></span>n. Governmen<span class=\"_ _6\"></span>t bonds<span class=\"_ _6\"></span>*<span class=\"_ _3d5\"> </span>(boo<span class=\"_ _6\"></span>k value)<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span><span class=\"fsf\">Measured at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1e7\"> </span>Measured at<span class=\"_ _6\"></span> FVtOCI<span class=\"_ _6\"></span> <span class=\"_ _63\"> </span>Measured at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> </span>  <span class=\"_ _138\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1ef\"> </span>3.<span class=\"_ _6\"></span>79<span class=\"_ _3d5\"> </span>4.18<span class=\"_ _3d5\"> </span>8.93<span class=\"_ _3d5\"> </span>8.52<span class=\"_ _3d5\"> </span>3.11<span class=\"_ _3d5\"> </span>3.58<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _15d\"> </span>0.00<span class=\"_ _3d5\"> </span>0.00<span class=\"_ _3d5\"> </span>2.58<span class=\"_ _3d5\"> </span>1.61<span class=\"_ _3d5\"> </span>21.59<span class=\"_ _3d5\"> </span>38.65<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _1df\"> </span>1<span class=\"_ _6\"></span>5.17<span class=\"_ _3d5\"> </span>14.57<span class=\"_ _3d5\"> </span>14.84<span class=\"_ _3d5\"> </span>14.59<span class=\"_ _3d5\"> </span>60.86<span class=\"_ _3d5\"> </span>40.94<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _58\"> </span>2.25<span class=\"_ _3d5\"> </span>2.51<span class=\"_ _3d5\"> </span>5.31<span class=\"_ _3d5\"> </span>6.02<span class=\"_ _3d5\"> </span>0.00<span class=\"_ _3d5\"> </span>0.00<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _58\"> </span>5<span class=\"_ _6\"></span>1.67<span class=\"_ _3d5\"> </span>53.81<span class=\"_ _3d5\"> </span>11.64<span class=\"_ _3d5\"> </span>11.94<span class=\"_ _3d5\"> </span>1.37<span class=\"_ _3d5\"> </span>1.68<span class=\"_ _3d5\"> </span>Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _144\"> </span>0<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>0.00<span class=\"_ _3d5\"> </span>6.29<span class=\"_ _3d5\"> </span>5.66<span class=\"_ _3d5\"> </span>2.10<span class=\"_ _3d5\"> </span>1.27<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>oun<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1df\"> </span>27<span class=\"_ _6\"></span>.12<span class=\"_ _3d5\"> </span>24.93<span class=\"_ _3d5\"> </span>50.41<span class=\"_ _3d5\"> </span>51.66<span class=\"_ _3d5\"> </span>10.97<span class=\"_ _3d5\"> </span>13.88<span class=\"_ _3d5\"> </span>*Excl. fin<span class=\"_ _7\"></span>ancial instruments fr<span class=\"_ _7\"></span>om<span class=\"_ _6\"></span> uni<span class=\"_ _7\"></span>t- and index-linked life insuran<span class=\"_ _7\"></span>ce<span class=\"_ _3d5\"> </span>2.6.<span class=\"ff4a\"> </span>Credit ris<span class=\"_ _7\"></span>k Financial<span class=\"_ _7\"></span> liabiliti<span class=\"_ _7\"></span>es Financial <span class=\"_ _6\"></span>liabiliti<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>that <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>desig<span class=\"_ _7\"></span>nated <span class=\"_ _6\"></span>measur<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtPL <span class=\"_ _1\"></span>bear <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>ow<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>d<span class=\"_ _7\"></span>efault <span class=\"_ _6\"></span>risk, <span class=\"_ _1\"></span>which <span class=\"_ _6\"></span>would <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>av<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>nised thro<span class=\"_ _7\"></span>ugh Oth<span class=\"_ _7\"></span>er compr<span class=\"_ _2\"></span>ehensiv<span class=\"_ _7\"></span>e incom<span class=\"_ _7\"></span>e. Financial<span class=\"_ _7\"></span> assets<span class=\"_ _2\"></span> The <span class=\"_ _2\"></span>stated <span class=\"_ _10\"></span>credit <span class=\"_ _10\"></span>risk <span class=\"_ _2\"></span>refe<span class=\"_ _7\"></span>rs <span class=\"_ _2\"></span>only <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _e\"></span>s <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>beari<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>portfol<span class=\"_ _7\"></span>io <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>describe<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Note <span class=\"_ _10\"></span>2.5. <span class=\"_ _10\"></span>R<span class=\"_ _6\"></span>isk <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>ce<span class=\"_ _7\"></span>ntratio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>startin<span class=\"_ _7\"></span>g on page 93<span class=\"_ _7\"></span>. Credit risk<span class=\"_ _6\"></span> <span class=\"_ _2bf\"> </span><span class=\"fsf\">Mandatori<span class=\"_ _6\"></span>ly measured at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>Designat<span class=\"_ _6\"></span>ed mea<span class=\"_ _6\"></span>sured </span>at F<span class=\"_ _6\"></span>VtPL  <span class=\"_ _2af\"> </span><span class=\"fsf\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span></span>Funds<span class=\"_ _3d5\"> </span>Share<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>Bonds<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ma<span class=\"_ _6\"></span>x. <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>edi<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ris<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>899,582<span class=\"_ _3d5\"> </span>1,457,52<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>403,289<span class=\"_ _3d5\"> </span>211,078<span class=\"_ _3d5\"> </span>Coll<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rals<span class=\"_ _6\"></span> <span class=\"_ _1d3\"> </span>161,079<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>5,246<span class=\"_ _3d5\"> </span>The risk p<span class=\"_ _2\"></span>rovision<span class=\"_ _2\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith I<span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>RS 9 i<span class=\"_ _7\"></span>s c<span class=\"_ _7\"></span>alculate<span class=\"_ _7\"></span>d o<span class=\"_ _7\"></span>n the basi<span class=\"_ _7\"></span>s of t<span class=\"_ _2\"></span>he nomin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l val<span class=\"_ _7\"></span>ue. Co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sequ<span class=\"_ _7\"></span>ently<span class=\"_ _e\"></span>, the carrying <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mount m<span class=\"_ _2\"></span>ay be lo<span class=\"_ _7\"></span>wer than t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _7\"></span>umulativ<span class=\"_ _7\"></span>e risk pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>sion, particula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ly in S<span class=\"_ _7\"></span>tage 3.<span class=\"_ _2\"></span> Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _232\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _1e1\"> </span><span class=\"fsf\">AAA<span class=\"_ _3d5\"> </span></span>AA<span class=\"_ _3d5\"> </span>A<span class=\"_ _3d5\"> </span>BBB<span class=\"_ _3d5\"> </span>BB and lower<span class=\"_ _3d5\"> </span>No rat<span class=\"_ _6\"></span>ing<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span>Risk provision<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>3,10<span class=\"_ _6\"></span>3,904<span class=\"_ _3d5\"> </span>6,341,60<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>7,636,69<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>5,583,13<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>960,371<span class=\"_ _3d5\"> </span>68,133<span class=\"_ _3d5\"> </span>23,693,8<span class=\"_ _6\"></span>46<span class=\"_ _3d5\"> </span>-28,89<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1f6\"> </span>3,1<span class=\"_ _6\"></span>03,904<span class=\"_ _3d5\"> </span>6,341,60<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>7,636,69<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>5,583,13<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>960,371<span class=\"_ _3d5\"> </span>68,133<span class=\"_ _3d5\"> </span>23,693,8<span class=\"_ _6\"></span>46<span class=\"_ _3d5\"> </span>-28,898<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span> <span class=\"_ _125\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>6,391<span class=\"_ _3d5\"> </span>225,916<span class=\"_ _3d5\"> </span>63,820<span class=\"_ _3d5\"> </span>296,127<span class=\"_ _3d5\"> </span>-36,82<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _111\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>6,391<span class=\"_ _3d5\"> </span>225,916<span class=\"_ _3d5\"> </span>63,820<span class=\"_ _3d5\"> </span>296,127<span class=\"_ _3d5\"> </span>-36,827<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span> <span class=\"_ _125\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,013<span class=\"_ _3d5\"> </span>22,520<span class=\"_ _3d5\"> </span>7,565<span class=\"_ _3d5\"> </span>31,098<span class=\"_ _3d5\"> </span>-106,8<span class=\"_ _6\"></span>88<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _111\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,013<span class=\"_ _3d5\"> </span>22,520<span class=\"_ _3d5\"> </span>7,565<span class=\"_ _3d5\"> </span>31,098<span class=\"_ _3d5\"> </span>-106,888<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _232\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2022<span class=\"_ _6\"></span> </span>  <span class=\"_ _1e1\"> </span><span class=\"fsf\">AAA<span class=\"_ _3d5\"> </span></span>AA<span class=\"_ _3d5\"> </span>A<span class=\"_ _3d5\"> </span>BBB<span class=\"_ _3d5\"> </span>BB and lower<span class=\"_ _3d5\"> </span>No rat<span class=\"_ _6\"></span>ing<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span>Risk provision<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>2,33<span class=\"_ _6\"></span>8,931<span class=\"_ _3d5\"> </span>5,907,93<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>7,113,55<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>5,487,78<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>869,149<span class=\"_ _3d5\"> </span>76,286<span class=\"_ _3d5\"> </span>21,793,6<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>-34,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1f6\"> </span>2,3<span class=\"_ _6\"></span>38,931<span class=\"_ _3d5\"> </span>5,907,93<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>7,113,55<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>5,487,78<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>869,149<span class=\"_ _3d5\"> </span>76,286<span class=\"_ _3d5\"> </span>21,793,6<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>-34,469<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span> <span class=\"_ _1de\"> </span>4,341<span class=\"_ _3d5\"> </span>3,757<span class=\"_ _3d5\"> </span>3,039<span class=\"_ _3d5\"> </span>19,661<span class=\"_ _3d5\"> </span>373,531<span class=\"_ _3d5\"> </span>91,862<span class=\"_ _3d5\"> </span>496,191<span class=\"_ _3d5\"> </span>-47,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _99\"> </span>4,341<span class=\"_ _3d5\"> </span>3,757<span class=\"_ _3d5\"> </span>3,039<span class=\"_ _3d5\"> </span>19,661<span class=\"_ _3d5\"> </span>373,531<span class=\"_ _3d5\"> </span>91,862<span class=\"_ _3d5\"> </span>496,191<span class=\"_ _3d5\"> </span>-47,824<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span> <span class=\"_ _125\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>72,450<span class=\"_ _3d5\"> </span>1,500<span class=\"_ _3d5\"> </span>73,950<span class=\"_ _3d5\"> </span>-88,56<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _111\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>72,450<span class=\"_ _3d5\"> </span>1,500<span class=\"_ _3d5\"> </span>73,950<span class=\"_ _3d5\"> </span>-88,561<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _a4\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _35\"> </span><span class=\"fsf\">AAA<span class=\"_ _3d5\"> </span></span>AA<span class=\"_ _3d5\"> </span>A<span class=\"_ _3d5\"> </span>BBB<span class=\"_ _3d5\"> </span>BB and lower<span class=\"_ _3d5\"> </span>No rat<span class=\"_ _6\"></span>ing<span class=\"_ _3d5\"> </span>Gross carrying amount<span class=\"_ _3d5\"> </span>Risk provision<span class=\"_ _3d5\"> </span>Net car<span class=\"_ _6\"></span>rying amount*<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>10<span class=\"_ _6\"></span>,944<span class=\"_ _3d5\"> </span>384,088<span class=\"_ _3d5\"> </span>1,376,78<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>408,340<span class=\"_ _3d5\"> </span>513,636<span class=\"_ _3d5\"> </span>87,380<span class=\"_ _3d5\"> </span>2,781,17<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-45,79<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>2,735,38<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>5,4<span class=\"_ _6\"></span>26<span class=\"_ _3d5\"> </span>135,391<span class=\"_ _3d5\"> </span>111,360<span class=\"_ _3d5\"> </span>212,492<span class=\"_ _3d5\"> </span>9,831<span class=\"_ _3d5\"> </span>68,409<span class=\"_ _3d5\"> </span>542,909<span class=\"_ _3d5\"> </span>-528<span class=\"_ _3d5\"> </span>542,381<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _f3\"> </span>511<span class=\"_ _3d5\"> </span>237,512<span class=\"_ _3d5\"> </span>438,375<span class=\"_ _3d5\"> </span>61,277<span class=\"_ _3d5\"> </span>217,384<span class=\"_ _3d5\"> </span>18,971<span class=\"_ _3d5\"> </span>974,030<span class=\"_ _3d5\"> </span>-23,548<span class=\"_ _3d5\"> </span>950,482<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _af\"> </span>5,007<span class=\"_ _3d5\"> </span>11,185<span class=\"_ _3d5\"> </span>827,053<span class=\"_ _3d5\"> </span>134,571<span class=\"_ _3d5\"> </span>286,421<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,264,23<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-21,714<span class=\"_ _3d5\"> </span>1,242,52<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>122,700<span class=\"_ _3d5\"> </span>119,439<span class=\"_ _3d5\"> </span>242,139<span class=\"_ _3d5\"> </span>-14,33<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>227,806<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>94,363<span class=\"_ _3d5\"> </span>119,439<span class=\"_ _3d5\"> </span>213,802<span class=\"_ _3d5\"> </span>-14,005<span class=\"_ _3d5\"> </span>199,797<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>28,337<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>28,337<span class=\"_ _3d5\"> </span>-328<span class=\"_ _3d5\"> </span>28,009<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>7,816<span class=\"_ _3d5\"> </span>7,816<span class=\"_ _3d5\"> </span>-7,688<span class=\"_ _3d5\"> </span>128<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>7,816<span class=\"_ _3d5\"> </span>7,816<span class=\"_ _3d5\"> </span>-7,688<span class=\"_ _3d5\"> </span>128<span class=\"_ _3d5\"> </span>*The net <span class=\"_ _7\"></span>carrying amount is <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> maximu<span class=\"_ _7\"></span>m exposure to credit risk excludin<span class=\"_ _7\"></span>g collaterals.<span class=\"_ _6\"></span> Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _a4\"> </span><span class=\"fsf\">31/12/2022<span class=\"_ _6\"></span> </span>  <span class=\"_ _35\"> </span><span class=\"fsf\">AAA<span class=\"_ _3d5\"> </span></span>AA<span class=\"_ _3d5\"> </span>A<span class=\"_ _3d5\"> </span>BBB<span class=\"_ _3d5\"> </span>BB and lower<span class=\"_ _3d5\"> </span>No rat<span class=\"_ _6\"></span>ing<span class=\"_ _3d5\"> </span>Gross carrying amount<span class=\"_ _3d5\"> </span>Risk provision<span class=\"_ _3d5\"> </span>Net car<span class=\"_ _6\"></span>rying amount*<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 1<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>12<span class=\"_ _6\"></span>,641<span class=\"_ _3d5\"> </span>411,590<span class=\"_ _3d5\"> </span>1,123,02<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>429,757<span class=\"_ _3d5\"> </span>424,589<span class=\"_ _3d5\"> </span>69,908<span class=\"_ _3d5\"> </span>2,471,50<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-9,710<span class=\"_ _3d5\"> </span>2,461,79<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>5,5<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span>138,797<span class=\"_ _3d5\"> </span>166,122<span class=\"_ _3d5\"> </span>201,059<span class=\"_ _3d5\"> </span>9,973<span class=\"_ _3d5\"> </span>50,758<span class=\"_ _3d5\"> </span>572,296<span class=\"_ _3d5\"> </span>-855<span class=\"_ _3d5\"> </span>571,441<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>0<span class=\"_ _3d5\"> </span>218,822<span class=\"_ _3d5\"> </span>406,318<span class=\"_ _3d5\"> </span>58,106<span class=\"_ _3d5\"> </span>152,622<span class=\"_ _3d5\"> </span>19,150<span class=\"_ _3d5\"> </span>855,018<span class=\"_ _3d5\"> </span>-4,776<span class=\"_ _3d5\"> </span>850,242<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _af\"> </span>7,054<span class=\"_ _3d5\"> </span>53,971<span class=\"_ _3d5\"> </span>550,583<span class=\"_ _3d5\"> </span>170,592<span class=\"_ _3d5\"> </span>261,994<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,044,19<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-4,079<span class=\"_ _3d5\"> </span>1,040,11<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 2<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>152,162<span class=\"_ _3d5\"> </span>122,324<span class=\"_ _3d5\"> </span>274,486<span class=\"_ _3d5\"> </span>-19,23<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>255,248<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>110,209<span class=\"_ _3d5\"> </span>122,324<span class=\"_ _3d5\"> </span>232,533<span class=\"_ _3d5\"> </span>-15,123<span class=\"_ _3d5\"> </span>217,410<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>41,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>41,953<span class=\"_ _3d5\"> </span>-4,115<span class=\"_ _3d5\"> </span>37,838<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>333<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,001<span class=\"_ _3d5\"> </span>2,334<span class=\"_ _3d5\"> </span>-1,900<span class=\"_ _3d5\"> </span>434<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,001<span class=\"_ _3d5\"> </span>2,001<span class=\"_ _3d5\"> </span>-1,900<span class=\"_ _3d5\"> </span>101<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>333<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>333<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>333<span class=\"_ _3d5\"> </span>*The net <span class=\"_ _7\"></span>carrying amount is <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> maximu<span class=\"_ _7\"></span>m exposure to credit risk excludin<span class=\"_ _7\"></span>g collaterals.<span class=\"_ _6\"></span> Impairment<span class=\"_ _6\"></span> Provisio<span class=\"_ _6\"></span>n Matr<span class=\"_ _6\"></span>ix <span class=\"_ _2a4\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _6\"></span> </span>IFRS 9 <span class=\"_ _6\"></span>measured rece<span class=\"_ _6\"></span>iva<span class=\"_ _6\"></span>bles <span class=\"_ _21f\"> </span><span class=\"fsf\">Due, not o<span class=\"_ _6\"></span>verdue<span class=\"_ _3d5\"> </span></span>1\u201330 <span class=\"_ _6\"></span>days overdue<span class=\"_ _3d5\"> </span>31\u201390<span class=\"_ _6\"></span> days overdue<span class=\"_ _3d5\"> </span>&gt; 90 days overdue<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> fro<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ser<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>(IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>15)<span class=\"_ _6\"></span> <span class=\"_ _19b\"> </span>38,<span class=\"_ _6\"></span>552<span class=\"_ _3d5\"> </span>645<span class=\"_ _3d5\"> </span>167<span class=\"_ _3d5\"> </span>15<span class=\"_ _3d5\"> </span>39,379<span class=\"_ _3d5\"> </span>Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _1d8\"> </span>38,55<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>648<span class=\"_ _3d5\"> </span>169<span class=\"_ _3d5\"> </span>93<span class=\"_ _3d5\"> </span>39,464<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2c0\"> </span>-2<span class=\"_ _3d5\"> </span>-3<span class=\"_ _3d5\"> </span>-2<span class=\"_ _3d5\"> </span>-78<span class=\"_ _3d5\"> </span>-85<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> fro<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> le<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> <span class=\"_ _de\"> </span>55,326<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>55,326<span class=\"_ _3d5\"> </span>Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _1d8\"> </span>55,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>55,326<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9 <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _163\"> </span>3<span class=\"_ _6\"></span>01,834<span class=\"_ _3d5\"> </span>3,548<span class=\"_ _3d5\"> </span>2,144<span class=\"_ _3d5\"> </span>16,726<span class=\"_ _3d5\"> </span>324,252<span class=\"_ _3d5\"> </span>Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _1b3\"> </span>317,569<span class=\"_ _3d5\"> </span>3,916<span class=\"_ _3d5\"> </span>2,170<span class=\"_ _3d5\"> </span>21,929<span class=\"_ _3d5\"> </span>345,584<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _21c\"> </span>-15,735<span class=\"_ _3d5\"> </span>-368<span class=\"_ _3d5\"> </span>-26<span class=\"_ _3d5\"> </span>-5,203<span class=\"_ _3d5\"> </span>-21,332<span class=\"_ _3d5\"> </span>Total <span class=\"_ _200\"> </span>395<span class=\"_ _6\"></span>,712<span class=\"_ _3d5\"> </span>4,193<span class=\"_ _3d5\"> </span>2,311<span class=\"_ _3d5\"> </span>16,741<span class=\"_ _3d5\"> </span>418,957<span class=\"_ _3d5\"> </span>Los<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e \u2013<span class=\"_ _1\"></span> ran<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>0.01%\u2013<span class=\"_ _6\"></span>100.0<span class=\"_ _6\"></span>0%<span class=\"_ _3d5\"> </span>0.84%\u2013<span class=\"_ _6\"></span>62.00%<span class=\"_ _3d5\"> </span>2.07%\u2013<span class=\"_ _6\"></span>100.00%<span class=\"_ _3d5\"> </span>1.53%\u2013<span class=\"_ _6\"></span>100.00%<span class=\"_ _3d5\"> </span>Impairment<span class=\"_ _6\"></span> Provisio<span class=\"_ _6\"></span>n Matr<span class=\"_ _6\"></span>ix <span class=\"_ _9d\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> </span>IFRS 9 <span class=\"_ _6\"></span>measured rece<span class=\"_ _6\"></span>iva<span class=\"_ _6\"></span>bles <span class=\"_ _193\"> </span><span class=\"fsf\">Due, not over<span class=\"_ _6\"></span>due <span class=\"_ _a6\"> </span>1\u201330 days </span>overdue<span class=\"_ _3d5\"> </span>31\u201390<span class=\"_ _6\"></span> days overdue<span class=\"_ _3d5\"> </span>&gt; 90 days overdue<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> fro<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ser<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>(IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>15)<span class=\"_ _6\"></span> <span class=\"_ _ed\"> </span>21,224<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>21,224<span class=\"_ _3d5\"> </span>Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _2c1\"> </span>21,347<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>21,347<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> fro<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> le<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> <span class=\"_ _de\"> </span>55<span class=\"_ _6\"></span>,918<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>55,918<span class=\"_ _3d5\"> </span>Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _2c1\"> </span>55,918<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>55,918<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9 <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c2\"> </span>308,285<span class=\"_ _3d5\"> </span>5,570<span class=\"_ _3d5\"> </span>2,764<span class=\"_ _3d5\"> </span>11,941<span class=\"_ _3d5\"> </span>328,560<span class=\"_ _3d5\"> </span>Gr<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ryin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>t <span class=\"_ _1b3\"> </span>3<span class=\"_ _6\"></span>11,105<span class=\"_ _3d5\"> </span>5,897<span class=\"_ _3d5\"> </span>2,780<span class=\"_ _3d5\"> </span>15,015<span class=\"_ _3d5\"> </span>334,797<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2a1\"> </span>-2,82<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-327<span class=\"_ _3d5\"> </span>-16<span class=\"_ _3d5\"> </span>-3,074<span class=\"_ _3d5\"> </span>-6,237<span class=\"_ _3d5\"> </span>Total <span class=\"_ _2c3\"> </span>385,427<span class=\"_ _3d5\"> </span>5,570<span class=\"_ _3d5\"> </span>2,764<span class=\"_ _3d5\"> </span>11,941<span class=\"_ _3d5\"> </span>405,702<span class=\"_ _3d5\"> </span>Los<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e \u2013<span class=\"_ _1\"></span> ran<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>0.45%\u201325.0<span class=\"_ _6\"></span>0%<span class=\"_ _3d5\"> </span>0.10%\u2013<span class=\"_ _6\"></span>62.00%<span class=\"_ _3d5\"> </span>2.34%\u2013<span class=\"_ _6\"></span>50.00%<span class=\"_ _3d5\"> </span>4.44%\u2013<span class=\"_ _6\"></span>100.00%<span class=\"_ _3d5\"> </span>In <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nci<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>year<span class=\"_ _e\"></span>, <span class=\"_ _10\"></span>bo<span class=\"_ _2\"></span>nds <span class=\"_ _10\"></span>valu<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>at <span class=\"_ _10\"></span>FVt<span class=\"_ _7\"></span>OC<span class=\"_ _2\"></span>I <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>EUR <span class=\"_ _2\"></span>11,4<span class=\"_ _2\"></span>56,<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>00 <span class=\"_ _10\"></span>we<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vid<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>as <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>lla<span class=\"_ _2\"></span>ter<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>lia<span class=\"_ _2\"></span>bili<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>or <span class=\"_ _10\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ti<span class=\"_ _2\"></span>nge<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>abili<span class=\"_ _2\"></span>ties<span class=\"_ _2\"></span>. 2.7.<span class=\"ff4a\"> </span>Liquid<span class=\"_ _7\"></span>ity risk Maturity ana<span class=\"_ _6\"></span>lysis <span class=\"_ _149\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> </span>&lt;1 year<span class=\"_ _3d5\"> </span>&gt;1 year\u2013<span class=\"_ _6\"></span>5 year<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>&gt;5\u201310<span class=\"_ _6\"></span> years<span class=\"_ _3d5\"> </span>&gt;10 year<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>No mat<span class=\"_ _6\"></span>urity<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue excl. risk provision<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e2\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _129\"> </span>3,589,517<span class=\"_ _3d5\"> </span>10,188,0<span class=\"_ _6\"></span>34<span class=\"_ _3d5\"> </span>8,718,48<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>6,504,46<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>9,057,54<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>38,058,0<span class=\"_ _6\"></span>50<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _e9\"> </span>1,490<span class=\"_ _6\"></span>,415<span class=\"_ _3d5\"> </span>619,738<span class=\"_ _3d5\"> </span>276,158<span class=\"_ _3d5\"> </span>644,820<span class=\"_ _3d5\"> </span>3,031,13<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1fd\"> </span>19<span class=\"_ _6\"></span>1,999<span class=\"_ _3d5\"> </span>111,953<span class=\"_ _3d5\"> </span>95,146<span class=\"_ _3d5\"> </span>365,429<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>764,527<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>2<span class=\"_ _6\"></span>28,349<span class=\"_ _3d5\"> </span>314,773<span class=\"_ _3d5\"> </span>179,977<span class=\"_ _3d5\"> </span>279,268<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,002,36<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _35\"> </span>1<span class=\"_ _6\"></span>,070,067<span class=\"_ _3d5\"> </span>193,012<span class=\"_ _3d5\"> </span>1,035<span class=\"_ _3d5\"> </span>123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,264,23<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>1,929,02<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>8,747,43<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>8,017,05<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>5,327,55<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>399,293<span class=\"_ _3d5\"> </span>24,420,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _69\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>399,293<span class=\"_ _3d5\"> </span>399,293<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _192\"> </span>1,929,022<span class=\"_ _3d5\"> </span>8,747,43<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>8,017,05<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>5,327,55<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _1b9\"> </span>170,080<span class=\"_ _3d5\"> </span>820,858<span class=\"_ _3d5\"> </span>425,278<span class=\"_ _3d5\"> </span>532,085<span class=\"_ _3d5\"> </span>8,658,25<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>10,606,5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _69\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>484,219<span class=\"_ _3d5\"> </span>484,219<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>1<span class=\"_ _6\"></span>68,401<span class=\"_ _3d5\"> </span>804,458<span class=\"_ _3d5\"> </span>424,314<span class=\"_ _3d5\"> </span>532,085<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,929,25<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _192\"> </span>1,679<span class=\"_ _3d5\"> </span>16,400<span class=\"_ _3d5\"> </span>964<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>19,043<span class=\"_ _3d5\"> </span>Total <span class=\"_ _11e\"> </span>3,589,51<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>10,188,0<span class=\"_ _6\"></span>34<span class=\"_ _3d5\"> </span>8,718,48<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>6,504,46<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>10,615,6<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>39,616,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _37\"> </span>-149,4<span class=\"_ _6\"></span>95<span class=\"_ _3d5\"> </span>-731,3<span class=\"_ _6\"></span>18<span class=\"_ _3d5\"> </span>-345,7<span class=\"_ _6\"></span>61<span class=\"_ _3d5\"> </span>-1,169<span class=\"_ _6\"></span>,747<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,396<span class=\"_ _6\"></span>,321<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span>-103<span class=\"_ _6\"></span>,091<span class=\"_ _3d5\"> </span>-506,192<span class=\"_ _3d5\"> </span>-200,000<span class=\"_ _3d5\"> </span>-500,000<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _14d\"> </span>-6,950<span class=\"_ _3d5\"> </span>-158,406<span class=\"_ _3d5\"> </span>-80,025<span class=\"_ _3d5\"> </span>-61,500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-306,881<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _5e\"> </span>-9<span class=\"_ _6\"></span>,646<span class=\"_ _3d5\"> </span>-3,625<span class=\"_ _3d5\"> </span>-40,879<span class=\"_ _3d5\"> </span>-525,758<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-579,908<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c4\"> </span>-29,029<span class=\"_ _3d5\"> </span>-62,759<span class=\"_ _3d5\"> </span>-24,121<span class=\"_ _3d5\"> </span>-82,489<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-198,398<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _3d5\"> </span>-72<span class=\"_ _3d5\"> </span>-336<span class=\"_ _3d5\"> </span>-147<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-555<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _141\"> </span>-707<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-589<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,296<span class=\"_ _3d5\"> </span>Maturity ana<span class=\"_ _6\"></span>lysis <span class=\"_ _149\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> </span>&lt;1 year<span class=\"_ _3d5\"> </span>&gt;1 year\u2013<span class=\"_ _6\"></span>5 year<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>&gt;5\u201310<span class=\"_ _6\"></span> years<span class=\"_ _3d5\"> </span>&gt;10 year<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>No mat<span class=\"_ _6\"></span>urity<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue excl. risk provision<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e2\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _129\"> </span>3,009,961<span class=\"_ _3d5\"> </span>9,686,31<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>7,901,56<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>6,375,96<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>8,871,02<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>35,844,8<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _e9\"> </span>1,219<span class=\"_ _6\"></span>,488<span class=\"_ _3d5\"> </span>650,680<span class=\"_ _3d5\"> </span>256,955<span class=\"_ _3d5\"> </span>621,205<span class=\"_ _3d5\"> </span>2,748,32<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1fd\"> </span>14<span class=\"_ _6\"></span>5,887<span class=\"_ _3d5\"> </span>201,874<span class=\"_ _3d5\"> </span>86,413<span class=\"_ _3d5\"> </span>372,656<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>806,830<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>1<span class=\"_ _6\"></span>09,514<span class=\"_ _3d5\"> </span>371,555<span class=\"_ _3d5\"> </span>167,476<span class=\"_ _3d5\"> </span>248,426<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>896,971<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1f6\"> </span>964,<span class=\"_ _6\"></span>087<span class=\"_ _3d5\"> </span>77,251<span class=\"_ _3d5\"> </span>3,066<span class=\"_ _3d5\"> </span>123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,044,52<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _1bb\"> </span>1,562,93<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>8,265,29<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>7,227,23<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>5,308,31<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>22,601,2<span class=\"_ _6\"></span>16<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _69\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _192\"> </span>1,562,933<span class=\"_ _3d5\"> </span>8,265,29<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>7,227,23<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>5,308,31<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _1b9\"> </span>227,540<span class=\"_ _3d5\"> </span>770,348<span class=\"_ _3d5\"> </span>417,373<span class=\"_ _3d5\"> </span>446,449<span class=\"_ _3d5\"> </span>8,633,57<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>10,495,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _69\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>477,686<span class=\"_ _3d5\"> </span>477,686<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>2<span class=\"_ _6\"></span>23,732<span class=\"_ _3d5\"> </span>745,772<span class=\"_ _3d5\"> </span>417,074<span class=\"_ _3d5\"> </span>446,449<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,833,02<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _5a\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _192\"> </span>3,808<span class=\"_ _3d5\"> </span>24,576<span class=\"_ _3d5\"> </span>299<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Total <span class=\"_ _11e\"> </span>3,009,96<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>9,686,31<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>7,901,56<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>6,375,96<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>11,186,2<span class=\"_ _6\"></span>40<span class=\"_ _3d5\"> </span>38,160,0<span class=\"_ _6\"></span>52<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _37\"> </span>-558,4<span class=\"_ _6\"></span>79<span class=\"_ _3d5\"> </span>-772,0<span class=\"_ _6\"></span>47<span class=\"_ _3d5\"> </span>-181,9<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>-1,400<span class=\"_ _6\"></span>,134<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,912<span class=\"_ _6\"></span>,614<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span>-512<span class=\"_ _6\"></span>,611<span class=\"_ _3d5\"> </span>-576,670<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-700,000<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _14d\"> </span>-6,848<span class=\"_ _3d5\"> </span>-132,825<span class=\"_ _3d5\"> </span>-130,725<span class=\"_ _3d5\"> </span>-73,500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _5e\"> </span>-9<span class=\"_ _6\"></span>,641<span class=\"_ _3d5\"> </span>-3,624<span class=\"_ _3d5\"> </span>-29,378<span class=\"_ _3d5\"> </span>-550,475<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c4\"> </span>-26,875<span class=\"_ _3d5\"> </span>-58,574<span class=\"_ _3d5\"> </span>-21,518<span class=\"_ _3d5\"> </span>-76,159<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-183,126<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _3d5\"> </span>-71<span class=\"_ _3d5\"> </span>-354<span class=\"_ _3d5\"> </span>-147<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-572<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _33\"> </span>-2,433<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-186<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,619<span class=\"_ _3d5\"> </span>2.8.<span class=\"ff4a\"> </span>Market ris<span class=\"_ _7\"></span>k Reduction i<span class=\"_ _6\"></span>n mark<span class=\"_ _6\"></span>et value<span class=\"_ _6\"></span> <span class=\"_ _99\"> </span><span class=\"fsf\">Sce<span class=\"_ _6\"></span>nario <span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></span>Scenar<span class=\"_ _6\"></span>io 1<span class=\"_ _3d5\"> </span>Scenar<span class=\"_ _6\"></span>io 2<span class=\"_ _3d5\"> </span>Scenar<span class=\"_ _6\"></span>io 3<span class=\"_ _3d5\"> </span>Scenar<span class=\"_ _6\"></span>io 4<span class=\"_ _3d5\"> </span>Scenar<span class=\"_ _6\"></span>io 5<span class=\"_ _3d5\"> </span>of <span class=\"_ _6\"></span>sh<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2c5\"> </span>0%<span class=\"_ _3d5\"> </span>-20%<span class=\"_ _3d5\"> </span>-10%<span class=\"_ _3d5\"> </span>-20%<span class=\"_ _3d5\"> </span>-20%<span class=\"_ _3d5\"> </span>0%<span class=\"_ _3d5\"> </span>of <span class=\"_ _6\"></span>bo<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> <span class=\"_ _1a7\"> </span>0%<span class=\"_ _3d5\"> </span>-5%<span class=\"_ _3d5\"> </span>-3%<span class=\"_ _3d5\"> </span>-5%<span class=\"_ _3d5\"> </span>0%<span class=\"_ _3d5\"> </span>-5%<span class=\"_ _3d5\"> </span>of <span class=\"_ _6\"></span>rea<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span> <span class=\"_ _1aa\"> </span>0%<span class=\"_ _3d5\"> </span>-5%<span class=\"_ _3d5\"> </span>-10%<span class=\"_ _3d5\"> </span>0%<span class=\"_ _3d5\"> </span>-10%<span class=\"_ _3d5\"> </span>-10%<span class=\"_ _3d5\"> </span>Marke<span class=\"_ _6\"></span>t value o<span class=\"_ _6\"></span>f assets le<span class=\"_ _6\"></span>ss liabilit<span class=\"_ _6\"></span>ies (in EUR \u2018000)<span class=\"_ _6\"></span> <span class=\"_ _2c6\"> </span>7,881,96<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>6,036,75<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>6,368,86<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>6,306,19<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>7,108,69<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>6,001,67<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Dependi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>on <span class=\"_ _0\"></span>the <span class=\"_ _4\"> </span>intende<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>applicatio<span class=\"_ _7\"></span>n, <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>H<span class=\"_ _7\"></span>olding <span class=\"_ _0\"></span>perfo<span class=\"_ _7\"></span>rms <span class=\"_ _4\"></span>V<span class=\"_ _2\"></span>alue<span class=\"_ _7\"></span>-at-Risk <span class=\"_ _0\"></span>calculations <span class=\"_ _0\"></span>for <span class=\"_ _4\"></span>dif<span class=\"_ _2\"></span>ferent <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ub-po<span class=\"_ _7\"></span>rtfolio<span class=\"_ _7\"></span>s <span class=\"_ _4\"></span>on behalf <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>VIG <span class=\"_ _2\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>confide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _7\"></span>le<span class=\"_ _7\"></span>vels <span class=\"_ _2\"></span>vary <span class=\"_ _2\"></span>betwee<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>95.0% <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>99.5% <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>holding <span class=\"_ _2\"></span>periods <span class=\"_ _10\"></span>between<span class=\"_ _7\"></span> 20 <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>250 <span class=\"_ _6\"></span>days. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>accor<span class=\"_ _7\"></span>danc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>wit<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>nature <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>portfol<span class=\"_ _7\"></span>io, <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>la<span class=\"_ _7\"></span>rgest <span class=\"_ _1\"></span>cont<span class=\"_ _7\"></span>ributions <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>V<span class=\"_ _2\"></span>alue-at-Risk <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>made <span class=\"_ _6\"></span>by inter<span class=\"_ _7\"></span>est <span class=\"_ _1\"></span>rate<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _0\"></span>spre<span class=\"_ _2\"></span>ad <span class=\"_ _0\"></span>compo<span class=\"_ _7\"></span>nents. <span class=\"_ _6\"></span>As <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>ay <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>va<span class=\"_ _6\"></span>lidati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>pla<span class=\"_ _7\"></span>usibili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>calc<span class=\"_ _7\"></span>ulations, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue-at-Risk <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he most <span class=\"_ _6\"></span>important <span class=\"_ _6\"></span>sub<span class=\"_ _7\"></span>-portfol<span class=\"_ _7\"></span>ios is <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>alculated <span class=\"_ _6\"></span>both <span class=\"_ _6\"></span>accor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>param<span class=\"_ _7\"></span>etric <span class=\"_ _6\"></span>method de<span class=\"_ _6\"></span>scribe<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>above <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>accor<span class=\"_ _2\"></span>ding <span class=\"_ _1\"></span>to the histo<span class=\"_ _7\"></span>rical cal<span class=\"_ _7\"></span>culatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> method.<span class=\"_ _3d5\"> </span>The follo<span class=\"_ _7\"></span>wing tabl<span class=\"_ _2\"></span>e sh<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ws the <span class=\"_ _7\"></span>V<span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>lue-a<span class=\"_ _7\"></span>t-Risk (<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith a co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>fide<span class=\"_ _7\"></span>nce le<span class=\"_ _7\"></span>vel of 99%<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> of fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> assets m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at fair <span class=\"_ _7\"></span>value:<span class=\"_ _7\"></span> Value-at-<span class=\"_ _6\"></span>Risk <span class=\"_ _2c7\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>in EU<span class=\"_ _6\"></span>R million<span class=\"_ _3d5\"> </span>10-<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _6\"></span> <span class=\"_ _2b7\"> </span>781.9<span class=\"_ _3d5\"> </span>20-<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _6\"></span> <span class=\"_ _276\"> </span>1<span class=\"_ _6\"></span>,105.8<span class=\"_ _3d5\"> </span>60-<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _6\"></span> <span class=\"_ _276\"> </span>1<span class=\"_ _6\"></span>,915.4<span class=\"_ _3d5\"> </span>2.9.<span class=\"ff4a\"> </span>Details regardin<span class=\"_ _7\"></span>g the<span class=\"_ _7\"></span> net result<span class=\"_ _2\"></span> Result fro<span class=\"_ _6\"></span>m financial<span class=\"_ _6\"></span> inst<span class=\"_ _6\"></span>ruments<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at FVtPL<span class=\"_ _1\"></span> <span class=\"_ _14a\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Financial<span class=\"_ _6\"></span> assets<span class=\"_ _6\"></span> <span class=\"_ _242\"> </span>950,9<span class=\"_ _6\"></span>81<span class=\"_ _3d5\"> </span>-1,548<span class=\"_ _6\"></span>,835<span class=\"_ _3d5\"> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _2c8\"> </span>935,325<span class=\"_ _3d5\"> </span>-1,539<span class=\"_ _6\"></span>,910<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _278\"> </span>176<span class=\"_ _3d5\"> </span>30<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>164,226<span class=\"_ _3d5\"> </span>-272,522<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c9\"> </span>713,568<span class=\"_ _3d5\"> </span>-1,187,68<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _2ca\"> </span>67,422<span class=\"_ _3d5\"> </span>-69,518<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2cb\"> </span>-10,067<span class=\"_ _3d5\"> </span>-10,218<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>15,6<span class=\"_ _6\"></span>56<span class=\"_ _3d5\"> </span>-8,925<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24b\"> </span>15,<span class=\"_ _6\"></span>656<span class=\"_ _3d5\"> </span>-8,925<span class=\"_ _3d5\"> </span>Financial<span class=\"_ _6\"></span> lia<span class=\"_ _6\"></span>bilities <span class=\"_ _2cc\"> </span>17<span class=\"_ _3d5\"> </span>-71<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _298\"> </span>17<span class=\"_ _3d5\"> </span>-71<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>* <span class=\"_ _68\"> </span>17<span class=\"_ _3d5\"> </span>-71<span class=\"_ _3d5\"> </span>*Fin<span class=\"_ _7\"></span>ancial liabilities that are design<span class=\"_ _7\"></span>ated measured at FVtPL bear no own <span class=\"_ _7\"></span>default risk, which <span class=\"_ _7\"></span>wo<span class=\"_ _6\"></span>uld have to be recogni<span class=\"_ _7\"></span>sed through other comp<span class=\"_ _7\"></span>rehensive income.<span class=\"_ _3d5\"> </span>Interest res<span class=\"_ _6\"></span>ult <span class=\"_ _ba\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>nue<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2cd\"> </span>1,110,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>948,436<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>8<span class=\"_ _6\"></span>95,801<span class=\"_ _3d5\"> </span>715,099<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _66\"> </span>145,064<span class=\"_ _3d5\"> </span>95,249<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>750<span class=\"_ _6\"></span>,737<span class=\"_ _3d5\"> </span>619,850<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _2ce\"> </span>215,194<span class=\"_ _3d5\"> </span>233,337<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _6\"></span>69,128<span class=\"_ _3d5\"> </span>205,142<span class=\"_ _3d5\"> </span>Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nst<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tOC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2cf\"> </span>6,943<span class=\"_ _3d5\"> </span>7,362<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>nan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>39,1<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>20,833<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _243\"> </span>-126,973<span class=\"_ _3d5\"> </span>-137,3<span class=\"_ _6\"></span>31<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> us<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>eff<span class=\"_ _6\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ere<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>-87,869<span class=\"_ _3d5\"> </span>-90,032<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span>-87,869<span class=\"_ _3d5\"> </span>-89,830<span class=\"_ _3d5\"> </span>Neg<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2d0\"> </span>0<span class=\"_ _3d5\"> </span>-202<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2d1\"> </span>-39,104<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _d4\"> </span>17<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>ume<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d2\"> </span>-39,121<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>9<span class=\"_ _6\"></span>84,022<span class=\"_ _3d5\"> </span>811,105<span class=\"_ _3d5\"> </span>The fee fo<span class=\"_ _7\"></span>r investm<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>manag<span class=\"_ _7\"></span>ement r<span class=\"_ _2\"></span>ecognised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ves<span class=\"_ _7\"></span>tment r<span class=\"_ _2\"></span>esult amou<span class=\"_ _7\"></span>nts to EU<span class=\"_ _2\"></span>R 39,086,00<span class=\"_ _7\"></span>0 (EUR 3<span class=\"_ _7\"></span>4,071,0<span class=\"_ _7\"></span>00<span class=\"_ _2\"></span>).<span class=\"_ _3d5\"> </span>2.10.<span class=\"ff4a\"> </span>Su<span class=\"_ _7\"></span>bordinated liabilities<span class=\"_ _2\"></span> Subordina<span class=\"_ _7\"></span>ted liab<span class=\"_ _7\"></span>ilities o<span class=\"_ _7\"></span>f the Gro<span class=\"_ _7\"></span>up Issuing com<span class=\"_ _6\"></span>pany<span class=\"_ _6\"></span> <span class=\"_ _2d3\"> </span><span class=\"fsf\">Issue dat<span class=\"_ _6\"></span>e<span class=\"_ _3d5\"> </span></span>Outstanding volume<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>there<span class=\"_ _6\"></span>of a<span class=\"_ _6\"></span>ccrued intere<span class=\"_ _6\"></span>st<span class=\"_ _3d5\"> </span>Maturit<span class=\"_ _6\"></span>y<span class=\"_ _3d5\"> </span>Yield<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in years<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> 02/03/2015<span class=\"_ _3d5\"> </span>221,091<span class=\"_ _3d5\"> </span>6,678<span class=\"_ _3d5\"> </span>31<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>First 11 yea<span class=\"_ _6\"></span>rs: 3.75% p<span class=\"_ _6\"></span>.a.; thereafter variable<span class=\"_ _3d5\"> </span>212,768<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> 13/04/2017<span class=\"_ _3d5\"> </span>205,369<span class=\"_ _3d5\"> </span>5,369<span class=\"_ _3d5\"> </span>30<span class=\"_ _3d5\"> </span>4<span class=\"_ _3d5\"> </span>First 10 yea<span class=\"_ _6\"></span>rs: 3.75% p<span class=\"_ _6\"></span>.a.; thereafter variable<span class=\"_ _3d5\"> </span>195,948<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> 15/06/2022<span class=\"_ _3d5\"> </span>513,253<span class=\"_ _3d5\"> </span>13,253<span class=\"_ _3d5\"> </span>20<span class=\"_ _3d5\"> </span>4<span class=\"_ _3d5\"> </span>First 10 yea<span class=\"_ _6\"></span>rs: 4.875% p<span class=\"_ _6\"></span>.a.; thereafter variable<span class=\"_ _3d5\"> </span>502,755<span class=\"_ _3d5\"> </span>Don<span class=\"_ _6\"></span>au <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>che<span class=\"_ _6\"></span>run<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> 15/04. + 21/05/2004<span class=\"_ _3d5\"> </span>9,977<span class=\"_ _3d5\"> </span>477<span class=\"_ _3d5\"> </span>unlimited<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>4.95% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span>9,560<span class=\"_ _3d5\"> </span>Don<span class=\"_ _6\"></span>au <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>che<span class=\"_ _6\"></span>run<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _2d4\"> </span>01/07/1999<span class=\"_ _3d5\"> </span>1,537<span class=\"_ _3d5\"> </span>37<span class=\"_ _3d5\"> </span>unlimited<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>4.95% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span>1,493<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che <span class=\"_ _2d5\"> </span>01/03/1999<span class=\"_ _3d5\"> </span>8,587<span class=\"_ _3d5\"> </span>337<span class=\"_ _3d5\"> </span>unlimited<span class=\"_ _3d5\"> </span>6<span class=\"_ _3d5\"> </span>4.90% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span>8,224<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che <span class=\"_ _2d5\"> </span>02/07/2001<span class=\"_ _3d5\"> </span>16,588<span class=\"_ _3d5\"> </span>488<span class=\"_ _3d5\"> </span>unlimited<span class=\"_ _3d5\"> </span>7<span class=\"_ _3d5\"> </span>6.10% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span>16,114<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che <span class=\"_ _2d5\"> </span>15/11/2003<span class=\"_ _3d5\"> </span>19,229<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>unlimited<span class=\"_ _3d5\"> </span>7<span class=\"_ _3d5\"> </span>4.95% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span>19,040<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che <span class=\"_ _2d5\"> </span>30/06/2006<span class=\"_ _3d5\"> </span>35,529<span class=\"_ _3d5\"> </span>829<span class=\"_ _3d5\"> </span>unlimited<span class=\"_ _3d5\"> </span>7<span class=\"_ _3d5\"> </span>4.75% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span>34,502<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che <span class=\"_ _2d5\"> </span>11/05/2017<span class=\"_ _3d5\"> </span>255,594<span class=\"_ _3d5\"> </span>5,594<span class=\"_ _3d5\"> </span>10<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>3.50% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span>248,243<span class=\"_ _3d5\"> </span>Ko<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span> (Cz<span class=\"_ _1\"></span>ech <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>ub<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>) <span class=\"_ _63\"> </span>22/12<span class=\"_ _6\"></span>/2010<span class=\"_ _3d5\"> </span>22,529<span class=\"_ _3d5\"> </span>283<span class=\"_ _3d5\"> </span>unlimited<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>5.05% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span>21,655<span class=\"_ _3d5\"> </span>Total <span class=\"_ _1ec\"> </span>  <span class=\"_ _2d6\"> </span>1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>33,464  <span class=\"_ _24\"> </span>  <span class=\"_ _ad\"> </span>1,270,301<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>The outstandi<span class=\"_ _7\"></span>ng in<span class=\"_ _7\"></span>c<span class=\"_ _6\"></span>lude <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> respective pr<span class=\"_ _7\"></span>o rata interest according <span class=\"_ _7\"></span>to the dirty value method. 2 <span class=\"_ _3\"> </span>The fair<span class=\"_ _7\"></span> value is calcul<span class=\"_ _7\"></span>ated on the basis of the securities' nomin<span class=\"_ _7\"></span>al value only, excluding accrued interest. 3 <span class=\"_ _3\"> </span>The ri<span class=\"_ _7\"></span>ght to ordin<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>ry and <span class=\"_ _7\"></span>extraordinary cancellation by the h<span class=\"_ _7\"></span>older is excluded. Regular cancellation by the issuer<span class=\"_ _7\"></span> is first allowed effective 2 March <span class=\"_ _7\"></span>2026.<span class=\"_ _6\"></span> 4 <span class=\"_ _3\"> </span>The ri<span class=\"_ _7\"></span>ght to ordin<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>ry and <span class=\"_ _7\"></span>extraordinary cancellation by the h<span class=\"_ _7\"></span>older is excluded. Regular cancellation by the issuer<span class=\"_ _7\"></span> is first allowed after 10 years. 5 <span class=\"_ _3\"> </span>Due to the <span class=\"_ _7\"></span>call, <span class=\"_ _7\"></span>t<span class=\"_ _6\"></span>he supplementary capi<span class=\"_ _7\"></span>tal will be repaid in full in<span class=\"_ _7\"></span> 2025.<span class=\"_ _6\"></span> 6 <span class=\"_ _3\"> </span>This <span class=\"_ _7\"></span>can only be cancelled sub<span class=\"_ _7\"></span>ject to not less than <span class=\"_ _7\"></span>5<span class=\"_ _6\"></span> years\u2019 n<span class=\"_ _7\"></span>otice, unless Austrian insurance regul<span class=\"_ _7\"></span>ators ag<span class=\"_ _6\"></span>ree to repayment b<span class=\"_ _7\"></span>eing made <span class=\"_ _7\"></span>early. The bond will be fully r<span class=\"_ _7\"></span>epaid in 2025<span class=\"_ _6\"></span>. 7 <span class=\"_ _3\"> </span>This <span class=\"_ _7\"></span>can only be cancelled sub<span class=\"_ _7\"></span>ject to not less than <span class=\"_ _7\"></span>5<span class=\"_ _6\"></span> years\u2019 n<span class=\"_ _7\"></span>otice, unless Austrian insurance regul<span class=\"_ _7\"></span>ators ag<span class=\"_ _6\"></span>ree to repayment b<span class=\"_ _7\"></span>eing made <span class=\"_ _7\"></span>early. The bond will be fully r<span class=\"_ _7\"></span>epaid in 2024<span class=\"_ _6\"></span>. 8 <span class=\"_ _3\"> </span>The ri<span class=\"_ _7\"></span>ght to ordin<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>ry and <span class=\"_ _7\"></span>extraordinary cancellation by the h<span class=\"_ _7\"></span>older is excluded. No provision has <span class=\"_ _7\"></span>been ma<span class=\"_ _6\"></span>de for r<span class=\"_ _7\"></span>egular cancellation b<span class=\"_ _7\"></span>y the<span class=\"_ _6\"></span> issu<span class=\"_ _7\"></span>er.<span class=\"_ _6\"></span> 9 <span class=\"_ _3\"> </span>Due to the <span class=\"_ _7\"></span>call, <span class=\"_ _7\"></span>t<span class=\"_ _6\"></span>he supplementary capi<span class=\"_ _7\"></span>tal will be repaid in full in<span class=\"_ _7\"></span> 2024.<span class=\"_ _6\"></span> Subordina<span class=\"_ _7\"></span>ted liab<span class=\"_ _7\"></span>ilities o<span class=\"_ _7\"></span>f VIG Hol<span class=\"_ _7\"></span>ding<span class=\"_ _2\"></span> Interes<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>suppleme<span class=\"_ _2\"></span>ntary <span class=\"_ _1\"></span>capital <span class=\"_ _6\"></span>bonds <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>paid <span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>if <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>interest <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>covered by<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the n<span class=\"_ _6\"></span>ational <span class=\"_ _6\"></span>annu<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>profit <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he company<span class=\"_ _e\"></span>. Ho<span class=\"_ _7\"></span>wever<span class=\"_ _e\"></span>, the i<span class=\"_ _7\"></span>nterest i<span class=\"_ _7\"></span>s i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cluded i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the exp<span class=\"_ _2\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>es in an<span class=\"_ _7\"></span>y case.<span class=\"_ _7\"></span> S<span class=\"_ _7\"></span>ub<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>nat<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d <span class=\"_ _10\"></span>bo<span class=\"_ _2\"></span>nds<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>wi<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>to<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>no<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t <span class=\"_ _10\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>EU<span class=\"_ _7\"></span>R <span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>0,<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0,<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0.<span class=\"_ _7\"></span>00<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>ter<span class=\"_ _2\"></span>m <span class=\"_ _10\"></span>o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>30<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>yea<span class=\"_ _2\"></span>rs <span class=\"_ _e\"></span>wer<span class=\"_ _10\"></span>e <span class=\"_ _e\"></span>is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d <span class=\"_ _10\"></span>on<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>9 <span class=\"_ _e\"></span>Oct<span class=\"_ _2\"></span>ob<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>20<span class=\"_ _2\"></span>13<span class=\"_ _2\"></span>. A<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>r <span class=\"_ _6\"></span>an<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>ea<span class=\"_ _2\"></span>rl<span class=\"_ _2\"></span>y pa<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>bu<span class=\"_ _2\"></span>yb<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>k<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e s<span class=\"_ _7\"></span>ub<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>na<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d<span class=\"_ _7\"></span> bo<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> in<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>Ju<span class=\"_ _2\"></span>ne 2<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e r<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>ai<span class=\"_ _10\"></span>ni<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>ou<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>and<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> vo<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>um<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>EU<span class=\"_ _10\"></span>R 2<span class=\"_ _2\"></span>84<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ll<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span> wa<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ca<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>wi<span class=\"_ _2\"></span>th <span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>f<span class=\"_ _7\"></span>ec<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>9<span class=\"_ _7\"></span> O<span class=\"_ _2\"></span>cto<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span>. A<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>su<span class=\"_ _7\"></span>bo<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>bo<span class=\"_ _2\"></span>nd <span class=\"_ _10\"></span>wi<span class=\"_ _2\"></span>th <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>tal <span class=\"_ _10\"></span>no<span class=\"_ _7\"></span>mi<span class=\"_ _2\"></span>nal<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>amo<span class=\"_ _7\"></span>un<span class=\"_ _7\"></span>t <span class=\"_ _10\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>EU<span class=\"_ _7\"></span>R 4<span class=\"_ _2\"></span>00,0<span class=\"_ _2\"></span>00<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span>00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span>00<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>m <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>ye<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>wa<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>ss<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>2 <span class=\"_ _10\"></span>Ma<span class=\"_ _2\"></span>rc<span class=\"_ _2\"></span>h <span class=\"_ _2\"></span>201<span class=\"_ _2\"></span>5. It <span class=\"_ _6\"></span>can be call<span class=\"_ _7\"></span>ed at <span class=\"_ _6\"></span>100<span class=\"_ _7\"></span>% <span class=\"_ _6\"></span>by VI<span class=\"_ _7\"></span>G <span class=\"_ _6\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g for the <span class=\"_ _6\"></span>first<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>time at 2 <span class=\"_ _6\"></span>Marc<span class=\"_ _7\"></span>h 2026 and at every coupo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> date after that. In the firs<span class=\"_ _7\"></span>t 11 <span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ears <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e te<span class=\"_ _7\"></span>rm, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e s<span class=\"_ _7\"></span>ubor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>nated bo<span class=\"_ _2\"></span>nd bears <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>fixed<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>inter<span class=\"_ _7\"></span>est <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _2\"></span>of 3.<span class=\"_ _7\"></span>75% pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>annum, <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ft<span class=\"_ _7\"></span>er whic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>rate <span class=\"_ _2\"></span>is variable.<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>subor<span class=\"_ _2\"></span>dinated <span class=\"_ _f\"> </span>bo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _f\"> </span>me<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>T<span class=\"_ _6\"></span>ier <span class=\"_ _f\"> </span>2<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>requir<span class=\"_ _2\"></span>ements <span class=\"_ _f\"> </span>ac<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ordi<span class=\"_ _2\"></span>ng <span class=\"_ _3\"> </span>to<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>Solv<span class=\"_ _7\"></span>ency <span class=\"_ _f\"> </span>II. <span class=\"_ _f\"> </span>Th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>bond <span class=\"_ _f\"> </span>is<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>listed<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>the Luxembo<span class=\"_ _2\"></span>urg Stock Ex<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>nge. An e<span class=\"_ _7\"></span>arly p<span class=\"_ _7\"></span>artial bu<span class=\"_ _7\"></span>yback of s<span class=\"_ _2\"></span>ubordi<span class=\"_ _7\"></span>nated bo<span class=\"_ _2\"></span>nds was <span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fected on<span class=\"_ _7\"></span> 21 April<span class=\"_ _7\"></span> 2023.<span class=\"_ _7\"></span> Abo<span class=\"_ _7\"></span>ut 46%<span class=\"_ _2\"></span> (EUR 185.6 m<span class=\"_ _7\"></span>illi<span class=\"_ _7\"></span>on) w<span class=\"_ _7\"></span>ere <span class=\"_ _7\"></span>bought <span class=\"_ _7\"></span>back. Th<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s, th<span class=\"_ _7\"></span>e still<span class=\"_ _7\"></span> outsta<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding vol<span class=\"_ _2\"></span>ume of thes<span class=\"_ _7\"></span>e bo<span class=\"_ _7\"></span>nds is EU<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> 214.4 <span class=\"_ _7\"></span>mill<span class=\"_ _7\"></span>ion.<span class=\"_ _3d5\"> </span>A <span class=\"_ _7\"></span>subor<span class=\"_ _2\"></span>dinated <span class=\"_ _7\"></span>bo<span class=\"_ _7\"></span>nd of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>EUR 200,000,<span class=\"_ _7\"></span>000.00<span class=\"_ _2\"></span> w<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>issu<span class=\"_ _7\"></span>ed o<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>6 <span class=\"_ _7\"></span>April <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>as pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>t o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>a p<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ivate<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>placeme<span class=\"_ _2\"></span>nt. Th<span class=\"_ _7\"></span>e s<span class=\"_ _2\"></span>ubordi<span class=\"_ _7\"></span>nated bond <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as a <span class=\"_ _2\"></span>term <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>30 y<span class=\"_ _7\"></span>ears <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>can <span class=\"_ _7\"></span>be <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>lled <span class=\"_ _2\"></span>by V<span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>G Ho<span class=\"_ _7\"></span>ldi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>for <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>first <span class=\"_ _7\"></span>time <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ft<span class=\"_ _7\"></span>er t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>expiry <span class=\"_ _2\"></span>of 1<span class=\"_ _7\"></span>0 <span class=\"_ _7\"></span>years. It <span class=\"_ _2\"></span>compl<span class=\"_ _7\"></span>ies <span class=\"_ _7\"></span>wi<span class=\"_ _7\"></span>th the <span class=\"_ _4\"></span>Tie<span class=\"_ _7\"></span>r <span class=\"_ _4\"></span>2<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ements<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>ccor<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>Sol<span class=\"_ _7\"></span>vency <span class=\"_ _0\"></span>II <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>qualifi<span class=\"_ _7\"></span>es <span class=\"_ _4\"></span>as <span class=\"_ _0\"></span>capital<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>cor<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>anc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>the <span class=\"_ _4\"> </span>r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>ents <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ating agency <span class=\"_ _6\"></span>S&amp;P<span class=\"_ _44\"></span>. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>first <span class=\"_ _6\"></span>ten <span class=\"_ _6\"></span>years <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>term, <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>subor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>nated <span class=\"_ _6\"></span>debt <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nstrumen<span class=\"_ _7\"></span>ts <span class=\"_ _6\"></span>bear <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fixed-i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>teres<span class=\"_ _2\"></span>t <span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>3.75% <span class=\"_ _6\"></span>per annum, aft<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich the in<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e is variable. T<span class=\"_ _2\"></span>he incl<span class=\"_ _7\"></span>usio<span class=\"_ _7\"></span>n in the Thir<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> M<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rket of t<span class=\"_ _2\"></span>he Vienna Sto<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>k Ex<span class=\"_ _7\"></span>change too<span class=\"_ _2\"></span>k place on 13 Ap<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>il 20<span class=\"_ _7\"></span>17. A subor<span class=\"_ _2\"></span>dinated T<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>er 2 bo<span class=\"_ _7\"></span>nd wit<span class=\"_ _7\"></span>h an agg<span class=\"_ _7\"></span>reg<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te prin<span class=\"_ _7\"></span>cipal amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt of EUR 50<span class=\"_ _7\"></span>0,000<span class=\"_ _7\"></span>,000.00<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>was plac<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d o<span class=\"_ _7\"></span>n 8 June 20<span class=\"_ _7\"></span>22. T<span class=\"_ _2\"></span>he subor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>ated<span class=\"_ _7\"></span> bond has a <span class=\"_ _6\"></span>term of <span class=\"_ _6\"></span>20 years and ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>be called by VIG <span class=\"_ _6\"></span>Holdi<span class=\"_ _7\"></span>ng for the first <span class=\"_ _6\"></span>time after the expiry of 10 years. The <span class=\"_ _f\"> </span>debt <span class=\"_ _f\"> </span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>initial<span class=\"_ _7\"></span>ly <span class=\"_ _f\"> </span>bear <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>fixed-i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>terest <span class=\"_ _4\"> </span>r<span class=\"_ _6\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>4.875% <span class=\"_ _f\"> </span>p<span class=\"_ _7\"></span>er <span class=\"_ _f\"> </span>annum. <span class=\"_ _f\"> </span>Pro<span class=\"_ _2\"></span>vided <span class=\"_ _f\"> </span>they <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>re <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>ot <span class=\"_ _f\"> </span>called <span class=\"_ _4\"> </span>and rep<span class=\"_ _7\"></span>urch<span class=\"_ _7\"></span>ased befo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> this<span class=\"_ _7\"></span> date,<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he debt i<span class=\"_ _2\"></span>nstruments <span class=\"_ _7\"></span>will b<span class=\"_ _2\"></span>e subject to<span class=\"_ _2\"></span> a varia<span class=\"_ _7\"></span>ble rat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> as <span class=\"_ _7\"></span>of a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>ncluding <span class=\"_ _7\"></span>15 J<span class=\"_ _7\"></span>une 2032.<span class=\"_ _2\"></span> The debt inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nts ar<span class=\"_ _7\"></span>e traded o<span class=\"_ _2\"></span>n the Vie<span class=\"_ _7\"></span>nna Sto<span class=\"_ _7\"></span>ck Exc<span class=\"_ _7\"></span>hange.<span class=\"_ _3d5\"> </span>7.<span class=\"ff4a\"> </span>RECEIV<span class=\"_ _10\"></span>AB<span class=\"_ _6\"></span>LES <span class=\"_ _2\"></span>AND LIABILITIES<span class=\"_ _7\"></span> The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.12. Re<span class=\"_ _7\"></span>ceivables <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd Li<span class=\"_ _7\"></span>abiliti<span class=\"_ _7\"></span>es starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>79.<span class=\"_ _3d5\"> </span>7.1.<span class=\"ff4a\"> </span>Receiv<span class=\"_ _7\"></span>ables Compositio<span class=\"_ _6\"></span>n <span class=\"_ _14b\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> <span class=\"_ _220\"> </span><span class=\"fcb\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span></span>  <span class=\"_ _12c\"> </span><span class=\"fsf\">G<span class=\"_ _6\"></span>ross carryin<span class=\"_ _6\"></span>g </span>amount<span class=\"_ _3d5\"> </span>Risk provision<span class=\"_ _3d5\"> </span>Net car<span class=\"_ _6\"></span>rying amount<span class=\"_ _3d5\"> </span>Gross carryin<span class=\"_ _6\"></span>g amount<span class=\"_ _3d5\"> </span>Risk provision<span class=\"_ _3d5\"> </span>Net car<span class=\"_ _6\"></span>rying amount<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _39\"> </span>440,3<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-21,417<span class=\"_ _3d5\"> </span>418,957<span class=\"_ _3d5\"> </span>412,062<span class=\"_ _3d5\"> </span>-6,360<span class=\"_ _3d5\"> </span>405,702<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>vab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2ff\"> </span>76,715<span class=\"_ _3d5\"> </span>76,715<span class=\"_ _3d5\"> </span>84,984<span class=\"_ _3d5\"> </span>84,984<span class=\"_ _3d5\"> </span>Total <span class=\"_ _15d\"> </span>517,089<span class=\"_ _3d5\"> </span>-21,41<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>495,672<span class=\"_ _3d5\"> </span>497,046<span class=\"_ _3d5\"> </span>-6,360<span class=\"_ _3d5\"> </span>490,686<span class=\"_ _3d5\"> </span>For detai<span class=\"_ _7\"></span>led inform<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion o<span class=\"_ _7\"></span>n the devel<span class=\"_ _7\"></span>opme<span class=\"_ _7\"></span>nt of risk pro<span class=\"_ _2\"></span>visions, pleas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> to t<span class=\"_ _7\"></span>he stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts in Not<span class=\"_ _7\"></span>e 2<span class=\"_ _7\"></span>.4. Expected c<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>dit loss<span class=\"_ _7\"></span> starting on <span class=\"_ _7\"></span>page 90.<span class=\"_ _2\"></span> Maturity s<span class=\"_ _6\"></span>tructu<span class=\"_ _6\"></span>re 31/12/2023<span class=\"_ _3d5\"> </span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Up t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>1 <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _24d\"> </span>359,471<span class=\"_ _3d5\"> </span>357,254<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> on<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _7b\"> </span>60,6<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>54,096<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> up<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>ten<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _222\"> </span>19,570<span class=\"_ _3d5\"> </span>18,379<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs <span class=\"_ _24c\"> </span>55,976<span class=\"_ _3d5\"> </span>60,957<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>495,672<span class=\"_ _3d5\"> </span>490,686<span class=\"_ _3d5\"> </span>7.2.<span class=\"ff4a\"> </span>Liabiliti<span class=\"_ _7\"></span>es Compositio<span class=\"_ _6\"></span>n <span class=\"_ _297\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>587,214<span class=\"_ _3d5\"> </span>558,020<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _25c\"> </span>525,461<span class=\"_ _3d5\"> </span>391,808<span class=\"_ _3d5\"> </span>Total <span class=\"_ _204\"> </span>1,11<span class=\"_ _6\"></span>2,675<span class=\"_ _3d5\"> </span>949,828<span class=\"_ _3d5\"> </span>For detai<span class=\"_ _7\"></span>led info<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>matio<span class=\"_ _7\"></span>n on t<span class=\"_ _7\"></span>he tax li<span class=\"_ _7\"></span>abiliti<span class=\"_ _7\"></span>es, pleas<span class=\"_ _7\"></span>e refe<span class=\"_ _7\"></span>r to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ments i<span class=\"_ _2\"></span>n Note 11. <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>axes sta<span class=\"_ _7\"></span>rting on <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 112.<span class=\"_ _2\"></span> Fo<span class=\"_ _2\"></span>r d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nfo<span class=\"_ _7\"></span>rm<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>ab<span class=\"_ _7\"></span>ili<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>ple<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span> to<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>st<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>ote<span class=\"_ _2\"></span> 8<span class=\"_ _2\"></span>. <span class=\"_ _7\"></span>Fin<span class=\"_ _2\"></span>anci<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> l<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>abi<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>rti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>ge <span class=\"_ _7\"></span>10<span class=\"_ _2\"></span>8. Maturity s<span class=\"_ _6\"></span>tructu<span class=\"_ _6\"></span>re <span class=\"_ _300\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Up t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>1 <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _24d\"> </span>798,211<span class=\"_ _3d5\"> </span>622,773<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> on<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _7b\"> </span>51,9<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span>41,817<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> up<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>ten<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _222\"> </span>28,203<span class=\"_ _3d5\"> </span>38,549<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs <span class=\"_ _2f5\"> </span>23<span class=\"_ _6\"></span>4,274<span class=\"_ _3d5\"> </span>246,689<span class=\"_ _3d5\"> </span>Total <span class=\"_ _204\"> </span>1,11<span class=\"_ _6\"></span>2,675<span class=\"_ _3d5\"> </span>949,828<span class=\"_ _3d5\"> </span>8.<span class=\"ff4a\"> </span>FIN<span class=\"_ _6\"></span>ANC<span class=\"_ _7\"></span>IAL LIABILIT<span class=\"_ _7\"></span>IES Compositio<span class=\"_ _6\"></span>n <span class=\"_ _2ee\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _23e\"> </span>1,309,283<span class=\"_ _3d5\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>306,881<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _301\"> </span>579,908<span class=\"_ _3d5\"> </span>593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d2\"> </span>198,39<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>183,126<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _302\"> </span>1,296<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _27a\"> </span>555<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>2,396,32<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>2,912,61<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _26f\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _2dd\"> </span><span class=\"fsf\">Sub<span class=\"_ _7\"></span>ordinat<span class=\"_ _6\"></span>ed lia<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>ies </span>(incl. inte<span class=\"_ _6\"></span>rest)<span class=\"_ _3d5\"> </span>Liabil<span class=\"_ _6\"></span>ities to bank<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>Other fi<span class=\"_ _6\"></span>nancial liabil<span class=\"_ _6\"></span>ities*<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Boo<span class=\"_ _6\"></span>k v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lue<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>777,111<span class=\"_ _3d5\"> </span>Ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _271\"> </span>-546,81<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-42,11<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-40,21<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _303\"> </span>0<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>509<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _304\"> </span>-469,987<span class=\"_ _3d5\"> </span>-37,719<span class=\"_ _3d5\"> </span>-35,094<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _305\"> </span>-76,825<span class=\"_ _3d5\"> </span>-4,417<span class=\"_ _3d5\"> </span>-5,630<span class=\"_ _3d5\"> </span>Non-<span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _306\"> </span>66,814<span class=\"_ _3d5\"> </span>5,096<span class=\"_ _3d5\"> </span>42,159<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _307\"> </span>67,382<span class=\"_ _3d5\"> </span>5,096<span class=\"_ _3d5\"> </span>60,980<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,621<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _96\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-21,760<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8,643<span class=\"_ _3d5\"> </span>Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _308\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-442<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d8\"> </span>-568<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,641<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _100\"> </span>1,3<span class=\"_ _6\"></span>09,283<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>779,055<span class=\"_ _3d5\"> </span>*It contains <span class=\"_ _7\"></span>derivative liabilities <span class=\"_ _7\"></span>from financing liabilities, other financin<span class=\"_ _7\"></span>g liabilities and lease liabilities. Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _26f\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2022<span class=\"_ _6\"></span> </span>  <span class=\"_ _2dd\"> </span><span class=\"fsf\">Sub<span class=\"_ _7\"></span>ordinat<span class=\"_ _6\"></span>ed lia<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>ies </span>(incl. inte<span class=\"_ _6\"></span>rest)<span class=\"_ _3d5\"> </span>Liabil<span class=\"_ _6\"></span>ities to bank<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>Other fi<span class=\"_ _6\"></span>nancial liabil<span class=\"_ _6\"></span>ities*<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Boo<span class=\"_ _6\"></span>k v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lue<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>1,493,59<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>351,087<span class=\"_ _3d5\"> </span>776,708<span class=\"_ _3d5\"> </span>Ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _309\"> </span>223,666<span class=\"_ _3d5\"> </span>-12,59<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-40,11<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _309\"> </span>500,0<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>55,007<span class=\"_ _3d5\"> </span>13,000<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _304\"> </span>-215,600<span class=\"_ _3d5\"> </span>-63,117<span class=\"_ _3d5\"> </span>-46,930<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _305\"> </span>-60,734<span class=\"_ _3d5\"> </span>-4,489<span class=\"_ _3d5\"> </span>-6,186<span class=\"_ _3d5\"> </span>Non-<span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _306\"> </span>72,016<span class=\"_ _3d5\"> </span>5,410<span class=\"_ _3d5\"> </span>40,519<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _307\"> </span>71,327<span class=\"_ _3d5\"> </span>5,410<span class=\"_ _3d5\"> </span>38,324<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-607<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _96\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,160<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,823<span class=\"_ _3d5\"> </span>Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _308\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>62<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _8e\"> </span>689<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,403<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _100\"> </span>1,7<span class=\"_ _6\"></span>89,281<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>777,111<span class=\"_ _3d5\"> </span>*It contains <span class=\"_ _7\"></span>derivative liabilities <span class=\"_ _7\"></span>from financing liabilities, other financin<span class=\"_ _7\"></span>g liabilities and lease liabilities.<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>16.<span class=\"ff4a\"> </span>CALCULA<span class=\"_ _10\"></span>TION OF F<span class=\"_ _2\"></span>AIR <span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>AL<span class=\"_ _6\"></span>UE<span class=\"_ _7\"></span> The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.9. Calcula<span class=\"_ _7\"></span>tion of fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ue sta<span class=\"_ _7\"></span>rting on p<span class=\"_ _7\"></span>age 173. <span class=\"_ _2\"></span> 16.1.<span class=\"ff4a\"> </span>F<span class=\"_ _7\"></span>air value and<span class=\"_ _7\"></span> book values<span class=\"_ _7\"></span> of financial inst<span class=\"_ _7\"></span>rument<span class=\"_ _7\"></span>s and invest<span class=\"_ _7\"></span>ments<span class=\"_ _7\"></span> Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>37,990,239<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,241,37<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>3,268,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>37,969,1<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>6,112,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>3,135,87<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,716,4<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span>406,366<span class=\"_ _3d5\"> </span>848,137<span class=\"_ _3d5\"> </span>461,933<span class=\"_ _3d5\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,17<span class=\"_ _6\"></span>4,035<span class=\"_ _3d5\"> </span>5,361,04<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,251,94<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>561,042<span class=\"_ _3d5\"> </span>8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>19,043<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,679<span class=\"_ _3d5\"> </span>17,364<span class=\"_ _3d5\"> </span>19,043<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>50,075<span class=\"_ _3d5\"> </span>345,186<span class=\"_ _3d5\"> </span>31,829<span class=\"_ _3d5\"> </span>73,060<span class=\"_ _3d5\"> </span>450,075<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>30,116<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>4,0<span class=\"_ _6\"></span>28<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,282<span class=\"_ _3d5\"> </span>1,746<span class=\"_ _3d5\"> </span>4,028<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>212,82<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,963,320<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>1,004,63<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,488,75<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,942,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>742,306<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>594,559<span class=\"_ _3d5\"> </span>127,842<span class=\"_ _3d5\"> </span>722,401<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>978,<span class=\"_ _6\"></span>491<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>410,078<span class=\"_ _3d5\"> </span>97,406<span class=\"_ _3d5\"> </span>956,342<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,24<span class=\"_ _6\"></span>2,523<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>24,021,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>24,021,071<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>3<span class=\"_ _6\"></span>99,293<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>364,354<span class=\"_ _3d5\"> </span>399,293<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>38,25<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>3,320<span class=\"_ _3d5\"> </span>38,259<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>70,088<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,85<span class=\"_ _6\"></span>2,090<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>32,988<span class=\"_ _3d5\"> </span>4,384,99<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>4,417,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>470,949<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,107<span class=\"_ _3d5\"> </span>792,142<span class=\"_ _3d5\"> </span>831,249<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>185,622<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>41,4<span class=\"_ _6\"></span>98,900<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,313,46<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>8,445,14<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>43,218,3<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>ook<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>35,813,985<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,362,75<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,730,54<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>35,681,8<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>7,345,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,517,41<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,702,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>543,061<span class=\"_ _3d5\"> </span>1,034,01<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>125,080<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,15<span class=\"_ _6\"></span>5,893<span class=\"_ _3d5\"> </span>6,431,29<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,477,14<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>247,454<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>28,683<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,771<span class=\"_ _3d5\"> </span>26,912<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>27,950<span class=\"_ _3d5\"> </span>371,175<span class=\"_ _3d5\"> </span>4,479<span class=\"_ _3d5\"> </span>52,296<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>35,528<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2ff\"> </span>14,208<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>130,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>130,<span class=\"_ _6\"></span>870<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,717,480<span class=\"_ _3d5\"> </span>886,538<span class=\"_ _3d5\"> </span>953,116<span class=\"_ _3d5\"> </span>745,715<span class=\"_ _3d5\"> </span>2,585,36<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>788,952<span class=\"_ _3d5\"> </span>144,483<span class=\"_ _3d5\"> </span>576,739<span class=\"_ _3d5\"> </span>20,747<span class=\"_ _3d5\"> </span>741,969<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>888,<span class=\"_ _6\"></span>080<span class=\"_ _3d5\"> </span>396,184<span class=\"_ _3d5\"> </span>376,377<span class=\"_ _3d5\"> </span>29,916<span class=\"_ _3d5\"> </span>802,477<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,04<span class=\"_ _6\"></span>0,448<span class=\"_ _3d5\"> </span>345,871<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>695,052<span class=\"_ _3d5\"> </span>1,040,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>22,363,77<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>22,363,774<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>2<span class=\"_ _6\"></span>37,442<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,483<span class=\"_ _3d5\"> </span>207,316<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>33,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,234<span class=\"_ _3d5\"> </span>3,345<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>68,930<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>135<span class=\"_ _6\"></span>,290<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>249<span class=\"_ _3d5\"> </span>135,041<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,64<span class=\"_ _6\"></span>5,015<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>44,582<span class=\"_ _3d5\"> </span>4,220,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>4,264,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>482,841<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,007<span class=\"_ _3d5\"> </span>820,868<span class=\"_ _3d5\"> </span>859,875<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>287,961<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>39,2<span class=\"_ _6\"></span>29,802<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,446,34<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>6,771,77<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>40,806,6<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>555<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,196,072<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,644,86<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>416,711<span class=\"_ _3d5\"> </span>2,061,57<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>30<span class=\"_ _6\"></span>6,881<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>579,90<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>396,217<span class=\"_ _3d5\"> </span>88,175<span class=\"_ _3d5\"> </span>484,392<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,309,283<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,248,64<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>21,655<span class=\"_ _3d5\"> </span>1,270,30<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,197,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,645,57<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>417,855<span class=\"_ _3d5\"> </span>2,063,42<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>*Excl. lease <span class=\"_ _7\"></span>liabilities<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>572<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,726,297<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,087,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>466,896<span class=\"_ _3d5\"> </span>2,554,01<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>34<span class=\"_ _6\"></span>3,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>593,11<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>320,939<span class=\"_ _3d5\"> </span>101,339<span class=\"_ _3d5\"> </span>422,278<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,789,281<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,766,18<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>21,659<span class=\"_ _3d5\"> </span>1,787,84<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,729,48<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,089,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>467,949<span class=\"_ _3d5\"> </span>2,557,21<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>*Excl. lease <span class=\"_ _7\"></span>liabilities The unr<span class=\"_ _2\"></span>ealised ef<span class=\"_ _2\"></span>fect (<span class=\"_ _7\"></span>net p<span class=\"_ _7\"></span>rofi<span class=\"_ _7\"></span>t or loss<span class=\"_ _7\"></span>) of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>Level 3 fi<span class=\"_ _2\"></span>nancial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts th<span class=\"_ _7\"></span>at ar<span class=\"_ _2\"></span>e still h<span class=\"_ _7\"></span>eld and<span class=\"_ _7\"></span> whos<span class=\"_ _2\"></span>e fair val<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>will be r<span class=\"_ _2\"></span>ecog-<span class=\"_ _3d5\"> </span>nised thro<span class=\"_ _2\"></span>ugh prof<span class=\"_ _7\"></span>it <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>s was EU<span class=\"_ _7\"></span>R 21,544,<span class=\"_ _7\"></span>000 i<span class=\"_ _2\"></span>n the re<span class=\"_ _2\"></span>port<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng period.<span class=\"_ _3d5\"> </span>16.2.<span class=\"ff4a\"> </span>Recl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssification <span class=\"_ _7\"></span>of financial instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts The compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ularly re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>iew t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t v<span class=\"_ _7\"></span>alidity of <span class=\"_ _7\"></span>the last f<span class=\"_ _2\"></span>air value classif<span class=\"_ _7\"></span>icati<span class=\"_ _7\"></span>on perfo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>med <span class=\"_ _7\"></span>on each <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>uation <span class=\"_ _7\"></span>date. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xampl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>a r<span class=\"_ _2\"></span>eclassifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n is <span class=\"_ _2\"></span>perfor<span class=\"_ _7\"></span>med <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ecess<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ry <span class=\"_ _7\"></span>inputs <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>no lo<span class=\"_ _7\"></span>nger <span class=\"_ _2\"></span>direc<span class=\"_ _7\"></span>tly obs<span class=\"_ _2\"></span>ervable <span class=\"_ _2\"></span>in the<span class=\"_ _7\"></span> market.<span class=\"_ _7\"></span> Reclassifica<span class=\"_ _6\"></span>tions<span class=\"_ _6\"></span> <span class=\"_ _23e\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _d0\"> </span><span class=\"fsf\">Between Le<span class=\"_ _6\"></span>vel 1 </span>and Level 2<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _c8\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _5f\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _222\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>189<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>10<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>183<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _344\"> </span>183<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span>6<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _269\"> </span>6<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Total <span class=\"_ _302\"> </span>2<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span>11<span class=\"_ _3d5\"> </span>15<span class=\"_ _3d5\"> </span>The r<span class=\"_ _7\"></span>eclassifi<span class=\"_ _7\"></span>cations bet<span class=\"_ _7\"></span>wee<span class=\"_ _7\"></span>n Level 1 and <span class=\"_ _7\"></span>Level 2 are d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e to chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s in li<span class=\"_ _7\"></span>quidity<span class=\"_ _10\"></span>, trading fr<span class=\"_ _2\"></span>equenc<span class=\"_ _7\"></span>y and tradi<span class=\"_ _7\"></span>ng activity<span class=\"_ _e\"></span>, as well as <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>harmonis<span class=\"_ _7\"></span>ation of v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>uation h<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>erarc<span class=\"_ _7\"></span>hies. The <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>fro<span class=\"_ _7\"></span>m L<span class=\"_ _6\"></span>ev<span class=\"_ _7\"></span>el 1 <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>Level 3 <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>prim<span class=\"_ _7\"></span>aril<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>based on <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>worseni<span class=\"_ _7\"></span>ng o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>liq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>idity<span class=\"_ _e\"></span>, fo<span class=\"_ _2\"></span>r ex<span class=\"_ _7\"></span>ample<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>connectio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _2\"></span>developm<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>estate <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>arket. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>ns fro<span class=\"_ _7\"></span>m Level 2 to <span class=\"_ _2\"></span>Level 3 ar<span class=\"_ _7\"></span>e prim<span class=\"_ _7\"></span>arily b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed o<span class=\"_ _7\"></span>n a wo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>sening <span class=\"_ _7\"></span>of the <span class=\"_ _7\"></span>credi<span class=\"_ _7\"></span>t quality o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> liquidit<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span>Reclassifica<span class=\"_ _6\"></span>tions<span class=\"_ _6\"></span> <span class=\"_ _345\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _103\"> </span><span class=\"fsf\">Between Level 1<span class=\"_ _6\"></span> </span>and Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _6\"></span> to Level 1<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _6\"></span> to Level 2<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _346\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _347\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _22e\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _214\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _5d\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Total <span class=\"_ _2bf\"> </span>2<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Recl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssif<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>atio<span class=\"_ _2\"></span>ns b<span class=\"_ _7\"></span>etw<span class=\"_ _7\"></span>een <span class=\"_ _2\"></span>Level <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>and 2 <span class=\"_ _2\"></span>prim<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>il<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> o<span class=\"_ _2\"></span>ccur <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>liq<span class=\"_ _7\"></span>uidi<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>tradin<span class=\"_ _2\"></span>g fr<span class=\"_ _7\"></span>eq<span class=\"_ _2\"></span>uency <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r t<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>adi<span class=\"_ _2\"></span>ng a<span class=\"_ _7\"></span>ctivi<span class=\"_ _2\"></span>ty of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>parti<span class=\"_ _7\"></span>cula<span class=\"_ _7\"></span>r f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nan-<span class=\"_ _3d5\"> </span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _7\"></span>nt onc<span class=\"_ _2\"></span>e a<span class=\"_ _6\"></span>gai<span class=\"_ _7\"></span>n, o<span class=\"_ _7\"></span>r ceas<span class=\"_ _7\"></span>e to allo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> one to co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>ud<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>at an<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ive m<span class=\"_ _7\"></span>ark<span class=\"_ _7\"></span>et exi<span class=\"_ _7\"></span>sts.<span class=\"_ _7\"></span> For exa<span class=\"_ _7\"></span>mpl<span class=\"_ _2\"></span>e, the mar<span class=\"_ _7\"></span>ket mak<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r for <span class=\"_ _7\"></span>a sec<span class=\"_ _2\"></span>urity fr<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>ntly c<span class=\"_ _7\"></span>ha<span class=\"_ _7\"></span>nges, <span class=\"_ _2\"></span>with a c<span class=\"_ _2\"></span>orre<span class=\"_ _7\"></span>spo<span class=\"_ _7\"></span>ndi<span class=\"_ _2\"></span>ng imp<span class=\"_ _7\"></span>act o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> li<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>idi<span class=\"_ _7\"></span>ty<span class=\"_ _e\"></span>. A si<span class=\"_ _7\"></span>mil<span class=\"_ _2\"></span>ar exam<span class=\"_ _2\"></span>ple is <span class=\"_ _2\"></span>when s<span class=\"_ _2\"></span>har<span class=\"_ _7\"></span>es ar<span class=\"_ _2\"></span>e i<span class=\"_ _7\"></span>nclude<span class=\"_ _2\"></span>d in (or r<span class=\"_ _7\"></span>emo<span class=\"_ _7\"></span>ved<span class=\"_ _7\"></span> from<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> an in<span class=\"_ _7\"></span>dex th<span class=\"_ _7\"></span>at acts<span class=\"_ _7\"></span> as a benc<span class=\"_ _7\"></span>hma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>or ma<span class=\"_ _7\"></span>ny fund<span class=\"_ _7\"></span>s. In this c<span class=\"_ _2\"></span>ase, the cla<span class=\"_ _7\"></span>ssif<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n ca<span class=\"_ _7\"></span>n also cha<span class=\"_ _7\"></span>nge.<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>As a res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>t of t<span class=\"_ _7\"></span>he d<span class=\"_ _7\"></span>ece<span class=\"_ _7\"></span>ntr<span class=\"_ _7\"></span>alis<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d s<span class=\"_ _7\"></span>truc<span class=\"_ _2\"></span>tur<span class=\"_ _7\"></span>e of V<span class=\"_ _7\"></span>IG I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>ranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up, <span class=\"_ _2\"></span>classi<span class=\"_ _7\"></span>fic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>ns ar<span class=\"_ _2\"></span>e ge<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>all<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>evie<span class=\"_ _2\"></span>wed by <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>ubsi<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>arie<span class=\"_ _2\"></span>s at th<span class=\"_ _7\"></span>e end <span class=\"_ _7\"></span>of t<span class=\"_ _2\"></span>he pe<span class=\"_ _7\"></span>rio<span class=\"_ _7\"></span>d. A<span class=\"_ _7\"></span>ny <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>cati<span class=\"_ _2\"></span>ons <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>sen<span class=\"_ _7\"></span>ted <span class=\"_ _2\"></span>as if <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>ey <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ad <span class=\"_ _7\"></span>take<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pl<span class=\"_ _2\"></span>ace at <span class=\"_ _2\"></span>the e<span class=\"_ _7\"></span>nd of<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>he pe<span class=\"_ _7\"></span>riod.<span class=\"_ _3d5\"> </span>Measurem<span class=\"_ _7\"></span>ent m<span class=\"_ _7\"></span>ethod for<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>fair<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ass<span class=\"_ _7\"></span>essment<span class=\"_ _2\"></span> Mea<span class=\"_ _6\"></span>surement p<span class=\"_ _6\"></span>rocedure<span class=\"_ _6\"></span> for fair<span class=\"_ _6\"></span> value<span class=\"_ _6\"></span> assessment<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>831,249<span class=\"_ _3d5\"> </span>859,689<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>ind<span class=\"_ _6\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span> <span class=\"_ _340\"> </span>378,82<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>394,979<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>452,42<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>464,710<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _b9\"> </span>4,4<span class=\"_ _6\"></span>17,978<span class=\"_ _3d5\"> </span>4,265,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>ind<span class=\"_ _6\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _3d5\"> </span>* <span class=\"_ _84\"> </span>1,01<span class=\"_ _6\"></span>0,579<span class=\"_ _3d5\"> </span>1,017,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span> <span class=\"_ _348\"> </span>3,407,39<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>3,247,46<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>*This corr<span class=\"_ _7\"></span>esponds to 22.87% <span class=\"_ _7\"></span>(23.86%) of the fair value of in<span class=\"_ _7\"></span>vestment property. Mea<span class=\"_ _6\"></span>surement met<span class=\"_ _6\"></span>hod<span class=\"_ _6\"></span> <span class=\"_ _bc\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>831,249<span class=\"_ _3d5\"> </span>859,689<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _c2\"> </span>647,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>683,016<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d/<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>et <span class=\"_ _6\"></span>app<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span> <span class=\"_ _349\"> </span>179,883<span class=\"_ _3d5\"> </span>127,271<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _34a\"> </span>4,353<span class=\"_ _3d5\"> </span>49,402<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _b9\"> </span>4,4<span class=\"_ _6\"></span>17,978<span class=\"_ _3d5\"> </span>4,265,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>4,008,590<span class=\"_ _3d5\"> </span>3,489,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d/<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>et <span class=\"_ _6\"></span>app<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span> <span class=\"_ _349\"> </span>354,114<span class=\"_ _3d5\"> </span>123,614<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _2cb\"> </span>55,274<span class=\"_ _3d5\"> </span>652,119<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>5,249,22<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>5,124,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>16.3.<span class=\"ff4a\"> </span>Reconciliati<span class=\"_ _7\"></span>on of financial inst<span class=\"_ _7\"></span>rument<span class=\"_ _7\"></span>s For informatio<span class=\"_ _7\"></span>n on the effects<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>of changes in value re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed thro<span class=\"_ _2\"></span>ugh <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it and loss, ple<span class=\"_ _7\"></span>ase <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>efer to Note <span class=\"_ _7\"></span>9. Notes <span class=\"_ _6\"></span>to the consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed i<span class=\"_ _7\"></span>ncome sta<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 109.<span class=\"_ _7\"></span> A harmo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>isation of IT<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ystems r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ults in l<span class=\"_ _7\"></span>evel r<span class=\"_ _7\"></span>eclass<span class=\"_ _7\"></span>ifi<span class=\"_ _7\"></span>cations that ar<span class=\"_ _2\"></span>e not attrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>table <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o c<span class=\"_ _7\"></span>hanges i<span class=\"_ _7\"></span>n mark<span class=\"_ _7\"></span>et value.<span class=\"_ _2\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">2023 <span class=\"_ _eb\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 adjusted<span class=\"_ _6\"></span> </span></span>Financial as<span class=\"_ _6\"></span>sets<span class=\"_ _6\"></span> measured at<span class=\"_ _6\"></span> FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _34b\"> </span><span class=\"fsf\">Level 1<span class=\"_ _3d5\"> </span></span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 o<span class=\"_ _6\"></span>f<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vio<span class=\"_ _1\"></span>us <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar <span class=\"_ _6\"></span>= <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>air<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s of 0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> 18,251,9<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span>3,865,88<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>483,349<span class=\"_ _3d5\"> </span>19,738,7<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>4,456,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>461,982<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>21,703<span class=\"_ _3d5\"> </span>-1,505<span class=\"_ _3d5\"> </span>-16,257<span class=\"_ _3d5\"> </span>149,066<span class=\"_ _3d5\"> </span>1,917<span class=\"_ _3d5\"> </span>745<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>etw<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>las<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1a2\"> </span>-25,816<span class=\"_ _3d5\"> </span>15,770<span class=\"_ _3d5\"> </span>127,046<span class=\"_ _3d5\"> </span>-35,014<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>4,107<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o l<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _107\"> </span>224,0<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>1,112,09<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>164,679<span class=\"_ _3d5\"> </span>40,319<span class=\"_ _3d5\"> </span>9,205<span class=\"_ _3d5\"> </span>203,276<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _192\"> </span>-1<span class=\"_ _6\"></span>,131,929<span class=\"_ _3d5\"> </span>-315,281<span class=\"_ _3d5\"> </span>-53,658<span class=\"_ _3d5\"> </span>-183,672<span class=\"_ _3d5\"> </span>-65,272<span class=\"_ _3d5\"> </span>-3,857<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>crue<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>56,8<span class=\"_ _6\"></span>86<span class=\"_ _3d5\"> </span>12,793<span class=\"_ _3d5\"> </span>-1,884<span class=\"_ _3d5\"> </span>81,356<span class=\"_ _3d5\"> </span>10,829<span class=\"_ _3d5\"> </span>-3,619<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fb\"> </span>3,39<span class=\"_ _6\"></span>6,212<span class=\"_ _3d5\"> </span>591,244<span class=\"_ _3d5\"> </span>200,781<span class=\"_ _3d5\"> </span>3,885,21<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>601,839<span class=\"_ _3d5\"> </span>61,476<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _a2\"> </span>-2,977<span class=\"_ _6\"></span>,020<span class=\"_ _3d5\"> </span>-522,290<span class=\"_ _3d5\"> </span>-108,319<span class=\"_ _3d5\"> </span>-2,849,30<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-410,592<span class=\"_ _3d5\"> </span>-93,211<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>-4,538<span class=\"_ _3d5\"> </span>-110,758<span class=\"_ _3d5\"> </span>644,983<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-16,544<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _ae\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed d<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ctl<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _265\"> </span>920,538<span class=\"_ _3d5\"> </span>295,543<span class=\"_ _3d5\"> </span>-50,980<span class=\"_ _3d5\"> </span>-3,219,71<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-738,081<span class=\"_ _3d5\"> </span>-131,006<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value as of<span class=\"_ _6\"></span> 31/12 <span class=\"_ _212\"> </span>18,736,6<span class=\"_ _6\"></span>50<span class=\"_ _3d5\"> </span>5,049,71<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>633,999<span class=\"_ _3d5\"> </span>18,251,9<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span>3,865,88<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>483,349<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span><span class=\"fcb\"> <span class=\"_ _d9\"> </span></span><span class=\"fsf\">2023 <span class=\"_ _eb\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 adjusted<span class=\"_ _6\"></span> </span></span>Financial as<span class=\"_ _6\"></span>sets<span class=\"_ _6\"></span> measured at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> <span class=\"_ _2d3\"> </span><span class=\"fsf\">Level 1<span class=\"_ _3d5\"> </span></span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 o<span class=\"_ _6\"></span>f<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vio<span class=\"_ _1\"></span>us <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar <span class=\"_ _6\"></span>= <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>air<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s of 0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> 7,450,05<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,543,75<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>9,554,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>3,161,44<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>562,236<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>72,100<span class=\"_ _3d5\"> </span>-1,029<span class=\"_ _3d5\"> </span>-16,755<span class=\"_ _3d5\"> </span>29,777<span class=\"_ _3d5\"> </span>2,864<span class=\"_ _3d5\"> </span>-307<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>etw<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>las<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _34c\"> </span>11,519<span class=\"_ _3d5\"> </span>2,675<span class=\"_ _3d5\"> </span>-14,193<span class=\"_ _3d5\"> </span>33,340<span class=\"_ _3d5\"> </span>-2,434<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o l<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _107\"> </span>244,1<span class=\"_ _6\"></span>14<span class=\"_ _3d5\"> </span>774,013<span class=\"_ _3d5\"> </span>592,993<span class=\"_ _3d5\"> </span>1,601<span class=\"_ _3d5\"> </span>274<span class=\"_ _3d5\"> </span>6,771<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _192\"> </span>-1<span class=\"_ _6\"></span>,230,251<span class=\"_ _3d5\"> </span>-377,942<span class=\"_ _3d5\"> </span>-2,928<span class=\"_ _3d5\"> </span>-6,985<span class=\"_ _3d5\"> </span>-1,651<span class=\"_ _3d5\"> </span>-8<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>crue<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest<span class=\"_ _6\"></span> <span class=\"_ _1d4\"> </span>1,081<span class=\"_ _3d5\"> </span>8,718<span class=\"_ _3d5\"> </span>5,142<span class=\"_ _3d5\"> </span>5,929<span class=\"_ _3d5\"> </span>11,803<span class=\"_ _3d5\"> </span>6,418<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fb\"> </span>2,45<span class=\"_ _6\"></span>9,074<span class=\"_ _3d5\"> </span>467,755<span class=\"_ _3d5\"> </span>177,649<span class=\"_ _3d5\"> </span>2,486,75<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>354,032<span class=\"_ _3d5\"> </span>201,570<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _a2\"> </span>-3,231<span class=\"_ _6\"></span>,600<span class=\"_ _3d5\"> </span>-483,055<span class=\"_ _3d5\"> </span>-107,460<span class=\"_ _3d5\"> </span>-3,563,91<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-741,384<span class=\"_ _3d5\"> </span>-210,800<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-12,528<span class=\"_ _3d5\"> </span>15,942<span class=\"_ _3d5\"> </span>180,376<span class=\"_ _3d5\"> </span>-42,271<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>498,1<span class=\"_ _6\"></span>86<span class=\"_ _3d5\"> </span>252,125<span class=\"_ _3d5\"> </span>21,863<span class=\"_ _3d5\"> </span>-1,107,38<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-421,567<span class=\"_ _3d5\"> </span>-22,131<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed d<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ctl<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _2d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value as of<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1e9\"> </span>6,274,276<span class=\"_ _3d5\"> </span>3,187,01<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>7,450,05<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,543,75<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">20<span class=\"_ _6\"></span>23 <span class=\"_ _eb\"> </span><span class=\"fcb\">2022 adjusted<span class=\"_ _6\"></span> </span></span>Financial l<span class=\"_ _6\"></span>iabilities <span class=\"_ _6\"></span>measu<span class=\"_ _6\"></span>red at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span><span class=\"fsf\">Level 1<span class=\"_ _3d5\"> </span></span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 o<span class=\"_ _6\"></span>f<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vio<span class=\"_ _1\"></span>us <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar <span class=\"_ _6\"></span>= <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>air<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s of 0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> 0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>1,053<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,059<span class=\"_ _3d5\"> </span>813<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _21e\"> </span>0<span class=\"_ _3d5\"> </span>728<span class=\"_ _3d5\"> </span>-2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,825<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>etw<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>las<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o l<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _fa\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _21e\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>crue<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>404<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>180<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _34d\"> </span>0<span class=\"_ _3d5\"> </span>-2,159<span class=\"_ _3d5\"> </span>-311<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,702<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>993<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-40<span class=\"_ _3d5\"> </span>60<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed d<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ctl<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _2d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value as of<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1ab\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>1,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>1,053<span class=\"_ _3d5\"> </span>16.4.<span class=\"ff4a\"> </span>Unobservabl<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>inpu<span class=\"_ _7\"></span>t factors<span class=\"_ _7\"></span> Asset clas<span class=\"_ _6\"></span>s <span class=\"_ _1d6\"> </span><span class=\"fsf\">Mea<span class=\"_ _6\"></span>surement me<span class=\"_ _6\"></span>thods </span>Unobservable<span class=\"_ _6\"></span> input f<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>ors Range 2023 <span class=\"_ _30\"> </span><span class=\"fcb\">2022 </span>  <span class=\"_ _274\"> </span><span class=\"fsf\">f<span class=\"_ _6\"></span>rom<span class=\"_ _3d5\"> </span></span>to<span class=\"_ _3d5\"> </span>from<span class=\"_ _3d5\"> </span>to<span class=\"_ _3d5\"> </span>Prop<span class=\"_ _1\"></span>erty<span class=\"_ _6\"></span> <span class=\"_ _265\"> </span>Capitalised ea<span class=\"_ _6\"></span>rning<span class=\"_ _6\"></span>s value<span class=\"_ _6\"></span> <span class=\"_ _34e\"> </span>Capitalisation r<span class=\"_ _6\"></span>ate <span class=\"_ _2c6\"> </span>in % <span class=\"_ _216\"> </span>0.30<span class=\"_ _3d5\"> </span>7.47<span class=\"_ _3d5\"> </span>0.30<span class=\"_ _3d5\"> </span>7.47  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>Rental income <span class=\"_ _e1\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000 <span class=\"_ _195\"> </span>7<span class=\"_ _3d5\"> </span>4,090<span class=\"_ _3d5\"> </span>7<span class=\"_ _3d5\"> </span>3,999  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>Land price <span class=\"_ _265\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000 <span class=\"_ _195\"> </span>0<span class=\"_ _3d5\"> </span>12<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>12  <span class=\"_ _158\"> </span>Discoun<span class=\"_ _6\"></span>ted Cash flow<span class=\"_ _1\"></span> <span class=\"_ _34f\"> </span>Capitalisation r<span class=\"_ _6\"></span>ate <span class=\"_ _2c6\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000 <span class=\"_ _350\"> </span>4.11<span class=\"_ _3d5\"> </span>8.92<span class=\"_ _3d5\"> </span>3.56<span class=\"_ _3d5\"> </span>8.26  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>Rental income <span class=\"_ _e1\"> </span>in % <span class=\"_ _af\"> </span>111<span class=\"_ _3d5\"> </span>7,394<span class=\"_ _3d5\"> </span>102<span class=\"_ _3d5\"> </span>5,699<span class=\"_ _3d5\"> </span>Buil<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> righ<span class=\"_ _7\"></span>ts \u2013<span class=\"_ _7\"></span> capi<span class=\"_ _7\"></span>talise<span class=\"_ _2\"></span>d earnin<span class=\"_ _2\"></span>g<span class=\"_ _6\"></span>s val<span class=\"_ _2\"></span>ue Capitalisation r<span class=\"_ _6\"></span>ate in % <span class=\"_ _216\"> </span>2.50<span class=\"_ _3d5\"> </span>4.00<span class=\"_ _3d5\"> </span>2.50<span class=\"_ _3d5\"> </span>4  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>Rental income <span class=\"_ _e1\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000 <span class=\"_ _34\"> </span>83<span class=\"_ _3d5\"> </span>4,378<span class=\"_ _3d5\"> </span>83<span class=\"_ _3d5\"> </span>4,378  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>Land prices <span class=\"_ _59\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000 <span class=\"_ _350\"> </span>0.30<span class=\"_ _3d5\"> </span>0.73<span class=\"_ _3d5\"> </span>0.30<span class=\"_ _3d5\"> </span>0.73  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>C<span class=\"_ _7\"></span>onstruction in<span class=\"_ _6\"></span>terest actua<span class=\"_ _6\"></span>lly paid<span class=\"_ _6\"></span> <span class=\"_ _351\"> </span>in % <span class=\"_ _216\"> </span>0.90<span class=\"_ _3d5\"> </span>3.96<span class=\"_ _3d5\"> </span>0.90<span class=\"_ _3d5\"> </span>5.70<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _32\"> </span>Presen<span class=\"_ _6\"></span>t value method<span class=\"_ _1\"></span> <span class=\"_ _34f\"> </span>Spreads <span class=\"_ _352\"> </span>in % <span class=\"_ _2ab\"> </span>-0.20<span class=\"_ _3d5\"> </span>5.62<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>AC<span class=\"_ _6\"></span> <span class=\"_ _34\"> </span>Present value method<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Spreads <span class=\"_ _352\"> </span>in <span class=\"_ _6\"></span>% <span class=\"_ _353\"> </span>-0.20<span class=\"_ _3d5\"> </span>5.62<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _354\"> </span>Present value meth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Spreads <span class=\"_ _352\"> </span>in % <span class=\"_ _353\"> </span>-0.2<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>4.13<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L <span class=\"_ _162\"> </span>Present value m<span class=\"_ _6\"></span>ethod<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Spreads <span class=\"_ _352\"> </span>in <span class=\"_ _6\"></span>% <span class=\"_ _353\"> </span>-0.20<span class=\"_ _3d5\"> </span>3.81<span class=\"_ _3d5\"> </span>16.5.<span class=\"ff4a\"> </span>Sensitivit<span class=\"_ _7\"></span>ies With resp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>t to <span class=\"_ _2\"></span>the v<span class=\"_ _7\"></span>alue of<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>hares m<span class=\"_ _2\"></span>easur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d usi<span class=\"_ _7\"></span>ng a<span class=\"_ _2\"></span> Level <span class=\"_ _7\"></span>3 met<span class=\"_ _7\"></span>hod (m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ltiples <span class=\"_ _2\"></span>approac<span class=\"_ _2\"></span>h), VIG I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mes that alternativ<span class=\"_ _7\"></span>e inpu<span class=\"_ _7\"></span>ts and alt<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>nati<span class=\"_ _7\"></span>ve met<span class=\"_ _7\"></span>hods do <span class=\"_ _7\"></span>not lead t<span class=\"_ _2\"></span>o significant c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>anges i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> valu<span class=\"_ _7\"></span>e.<span class=\"_ _3d5\"> </span>Investment <span class=\"_ _2\"></span>property The follo<span class=\"_ _7\"></span>wing s<span class=\"_ _7\"></span>ensitiviti<span class=\"_ _7\"></span>es r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sult fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> a par<span class=\"_ _7\"></span>t of the po<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>fol<span class=\"_ _7\"></span>io fr<span class=\"_ _2\"></span>om calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s usi<span class=\"_ _7\"></span>ng the Sol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ency II <span class=\"_ _7\"></span>partial i<span class=\"_ _7\"></span>nte<span class=\"_ _7\"></span>rna<span class=\"_ _6\"></span>l model<span class=\"_ _7\"></span>: Property <span class=\"_ _2b9\"> </span><span class=\"fsf\">Fair value<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1cb\"> </span>4,619,995<span class=\"_ _3d5\"> </span>Rent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>l i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span>5%<span class=\"_ _6\"></span> <span class=\"_ _328\"> </span>4,440,131<span class=\"_ _3d5\"> </span>Rent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>l i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span> +5<span class=\"_ _6\"></span>%<span class=\"_ _6\"></span> <span class=\"_ _355\"> </span>4,805,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>-5<span class=\"_ _6\"></span>0bp<span class=\"_ _6\"></span> <span class=\"_ _356\"> </span>4,918,76<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>+5<span class=\"_ _6\"></span>0bp<span class=\"_ _1\"></span> <span class=\"_ _357\"> </span>4,369,45<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Lan<span class=\"_ _6\"></span>d p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ices<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span>5<span class=\"_ _6\"></span>%<span class=\"_ _6\"></span> <span class=\"_ _29d\"> </span>4,583,548<span class=\"_ _3d5\"> </span>Lan<span class=\"_ _6\"></span>d p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ices<span class=\"_ _6\"></span> +<span class=\"_ _1\"></span>5%<span class=\"_ _6\"></span> <span class=\"_ _2b7\"> </span>4,660,96<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Since prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty is <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d at<span class=\"_ _6\"></span> amorti<span class=\"_ _7\"></span>sed cost in the <span class=\"_ _6\"></span>bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce sheet <span class=\"_ _6\"></span>of VIG, negati<span class=\"_ _7\"></span>ve sensitivities wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld only affec<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it or loss<span class=\"_ _7\"></span> if pr<span class=\"_ _7\"></span>operty valu<span class=\"_ _7\"></span>e fell bel<span class=\"_ _7\"></span>ow boo<span class=\"_ _7\"></span>k <span class=\"_ _7\"></span>value. Ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er comp<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ensive i<span class=\"_ _7\"></span>ncome i<span class=\"_ _7\"></span>s ther<span class=\"_ _2\"></span>efore <span class=\"_ _7\"></span>unaff<span class=\"_ _7\"></span>ected.<span class=\"_ _3d5\"> </span>Measured at<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>A<span class=\"_ _7\"></span>C As <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>change<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ans <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>bo<span class=\"_ _7\"></span>nds <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lassi<span class=\"_ _7\"></span>fie<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>as <span class=\"_ _2\"></span>measu<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> a<span class=\"_ _2\"></span>t AC<span class=\"_ _2\"></span> idoes<span class=\"_ _2\"></span> no<span class=\"_ _7\"></span>t i<span class=\"_ _7\"></span>nclu<span class=\"_ _7\"></span>de <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>ponent, there is<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>no impact f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>ensiti<span class=\"_ _7\"></span>vity calcula<span class=\"_ _2\"></span>tion on the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>com<span class=\"_ _7\"></span>e stateme<span class=\"_ _7\"></span>nt a<span class=\"_ _7\"></span>nd other com<span class=\"_ _2\"></span>preh<span class=\"_ _7\"></span>ensive i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come.<span class=\"_ _2\"></span> Measured at<span class=\"_ _2\"></span> FVtPL<span class=\"_ _7\"></span> Bonds <span class=\"_ _2be\"> </span><span class=\"fsf\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1ca\"> </span>4<span class=\"_ _6\"></span>61,933<span class=\"_ _3d5\"> </span>Spr<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>+50<span class=\"_ _6\"></span>bp<span class=\"_ _1\"></span> <span class=\"_ _358\"> </span>-9,971<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tat<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>-9,<span class=\"_ _6\"></span>971<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> st<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>pr<span class=\"_ _6\"></span>eh<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _318\"> </span>0<span class=\"_ _3d5\"> </span>Measured at<span class=\"_ _2\"></span> FVt<span class=\"_ _6\"></span>O<span class=\"_ _7\"></span>CI Bonds <span class=\"_ _2be\"> </span><span class=\"fsf\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1ca\"> </span>2<span class=\"_ _6\"></span>69,645<span class=\"_ _3d5\"> </span>Spr<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>+50<span class=\"_ _6\"></span>bp<span class=\"_ _1\"></span> <span class=\"_ _358\"> </span>-4,821<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tat<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1cb\"> </span>0<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> st<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>pr<span class=\"_ _6\"></span>eh<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>-4,821",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-475": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs12a9\">2.1.<span class=\"ff4a\"> </span>Overview </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs12aa\">Mea<span class=\"_ _6\"></span>surement and<span class=\"_ _6\"></span> balance<span class=\"_ _6\"></span> of risk <span class=\"_ _6\"></span>provisio<span class=\"_ _6\"></span>n <span class=\"_ _182\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1d1\"> </span><span class=\"fcb\">31/12/202<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs12ab\">  <span class=\"_ _1ac\"> </span><span class=\"fsf\">Book value<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12ac\">Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs12ad\">Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs12ae\">Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs12af\"><div class=\"t m0 x0 h29 y3df ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs12b0\"><div class=\"t m0 x0 h29 y3df ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12b1\">Measured at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _282\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12b2\">As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s <span class=\"_ _90\"> </span>5,<span class=\"_ _6\"></span>029,612<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12b3\">-89,22<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs12b4\">5,475,60<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs12b5\">-37,20<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12b6\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>1,5<span class=\"_ _6\"></span>58,107<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12b7\">2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12b8\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _126\"> </span>3,03<span class=\"_ _6\"></span>1,131<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12b9\">-67,811<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12ba\">2,748,32<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12bb\">-30,848<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12bc\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _285\"> </span>440,374<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12bd\">-21,417<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12be\">412,062<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12bf\">-6,360<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12c0\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _286\"> </span>-2,981<span class=\"_ _6\"></span>,684<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs12c1\">-3,467<span class=\"_ _6\"></span>,443<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12c2\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _14b\"> </span>-2,394,470<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12c3\">-2,909,42<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12c4\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>-587,214<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12c5\">-558,020<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12c6\">Measured at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span>  <span class=\"_ _196\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12c7\">Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _1de\"> </span>24,02<span class=\"_ _6\"></span>1,071<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12c8\">-172,6<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs12c9\">22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs12ca\">-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12cb\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>24,021,071<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12cc\">-172,613<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12cd\">22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12ce\">-170,854<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12cf\">Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span>399,293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs12d0\">237,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12d1\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>399,<span class=\"_ _6\"></span>293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12d2\">237,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12d3\">Measured at F<span class=\"_ _6\"></span>VtPL <span class=\"_ _125\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12d4\">Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12d5\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>10,393,733<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12d6\">10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12d7\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span>-1,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12d8\">-2,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12d9\">Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _13e\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12da\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12db\">130,870<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12dc\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1af\"> </span>-5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12dd\">-572<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs12df\">2.2.<span class=\"ff4a\"> </span>Categories and<span class=\"_ _7\"></span> measure<span class=\"_ _7\"></span>ments </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs12e0\">Assets<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs12e1\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs12e2\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs12e3\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12e4\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>4,940,<span class=\"_ _6\"></span>384<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs12e5\">5,438,40<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12e6\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _288\"> </span>1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12e7\">2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12e8\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>742,306<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12e9\">788,952<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12ea\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>978<span class=\"_ _6\"></span>,491<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12eb\">888,080<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12ec\">Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _28a\"> </span>1,242,52<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12ed\">1,040,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12ee\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28b\"> </span>418,957<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12ef\">405,702<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs12f0\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _28c\"> </span>24,420,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs12f1\">22,601,2<span class=\"_ _6\"></span>16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12f2\">Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _c2\"> </span>24<span class=\"_ _6\"></span>,021,071<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12f3\">22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12f4\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12f5\">22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12f6\">Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _cc\"> </span>399,293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12f7\">237,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12f8\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>399,293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12f9\">237,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12fa\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>3<span class=\"_ _6\"></span>8,259<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12fb\">33,222<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12fc\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>7<span class=\"_ _6\"></span>0,088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12fd\">68,930<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs12fe\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28f\"> </span>290,946<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs12ff\">135,290<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1300\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>10,6<span class=\"_ _6\"></span>06,555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1301\">10,495,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1302\">Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>10,393,73<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1303\">10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1304\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>484,219<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1305\">477,686<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1306\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _290\"> </span>450,075<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1307\">427,950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1308\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>3<span class=\"_ _6\"></span>0,116<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1309\">35,528<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs130a\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _134\"> </span>4,028<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs130b\">14,208<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs130c\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d3\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs130d\">1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs130e\">Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _117\"> </span>8,174,035<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs130f\">8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1310\">De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>19,043<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1311\">28,683<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1312\">Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>212,822<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1313\">130,870<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1314\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>212,822<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1315\">130,870<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1316\">Total <span class=\"_ _24f\"> </span>39<span class=\"_ _6\"></span>,967,303<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1317\">38,534,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1318\">Liabilities<span class=\"_ _6\"></span> <span class=\"_ _293\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1319\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs131a\"><div class=\"t m0 x0 h29 ya3b ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs131b\"><div class=\"t m0 x0 h29 ya3b ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs131c\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>2,981,<span class=\"_ _6\"></span>684<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs131d\">3,467,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs131e\">Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs131f\">1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1320\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _295\"> </span>306,881<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1321\">343,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1322\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>579,908<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1323\">593,118<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1324\">Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b2\"> </span>198<span class=\"_ _6\"></span>,398<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1325\">183,126<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1326\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>587,214<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1327\">558,020<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1328\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _297\"> </span>1,851<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1329\">3,191<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs132a\">Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _238\"> </span>1,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs132b\">2,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs132c\">Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _298\"> </span>555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs132d\">572<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs132e\">Total <span class=\"_ _299\"> </span>2,983,53<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs132f\">3,470,63<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1331\">2.3.<span class=\"ff4a\"> </span>Eq<span class=\"_ _7\"></span>uity instru<span class=\"_ _7\"></span>ments designated measured <span class=\"_ _7\"></span>at F<span class=\"_ _6\"></span>Vt<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>CI </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1332\">Financial i<span class=\"_ _6\"></span>nvestment<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _29a\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"c w24 h28 gs1333\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1334\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1335\">Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue \u2013<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>fol<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span> <span class=\"_ _1c7\"> </span>399,293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1336\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _29b\"> </span>38,259<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1337\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _29c\"> </span>70,088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1338\">Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r B<span class=\"_ _6\"></span>\u00f6<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>e A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _277\"> </span>31,710<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1339\">GRO<span class=\"_ _6\"></span>PYU<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> AG<span class=\"_ _6\"></span> <span class=\"_ _25e\"> </span>14,003<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs133a\">Rem<span class=\"_ _6\"></span>ain<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> su<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> <span class=\"_ _29d\"> </span>24,375<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs133b\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _273\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs133c\">VIG <span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>olan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>/R<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng B<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span>V.<span class=\"_ _6\"></span> <span class=\"_ _29e\"> </span>97,664<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs133d\">Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l E<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>, s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o. <span class=\"_ _1be\"> </span>53,12<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs133e\">HOTE<span class=\"_ _1\"></span>LY <span class=\"_ _6\"></span>SRN<span class=\"_ _1\"></span>\u00cd, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _275\"> </span>31,609<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs133f\">CARPA<span class=\"_ _1\"></span>TH<span class=\"_ _6\"></span>IA <span class=\"_ _6\"></span>PE<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I-<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>OCIET<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>TE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>DE A<span class=\"_ _1\"></span>DMI<span class=\"_ _6\"></span>NI<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>RAR<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>FON<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>URI<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>OR <span class=\"_ _6\"></span>DE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>PEN<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I P<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA<span class=\"_ _6\"></span>TE S<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _202\"> </span>20,03<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1340\">Rem<span class=\"_ _6\"></span>ain<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> su<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> <span class=\"_ _29d\"> </span>88,517<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1341\">Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue at<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>der<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>niti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>date<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>4,9<span class=\"_ _6\"></span>97<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1342\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _29f\"> </span>494<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1343\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a0\"> </span>202<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1344\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>4,301<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1345\">Of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>shar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>still <span class=\"_ _10\"></span>held <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rtfolio<span class=\"_ _7\"></span>, <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>single <span class=\"_ _10\"></span>investme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>amounts <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>mo<span class=\"_ _7\"></span>re <span class=\"_ _10\"></span>than <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>UR 5.0 <span class=\"_ _e\"></span>milli<span class=\"_ _7\"></span>on. <span class=\"_ _2\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>remai<span class=\"_ _7\"></span>ning <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>ts<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1346\">in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>item <span class=\"_ _6\"></span>Shares <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>parti<span class=\"_ _7\"></span>cipating <span class=\"_ _6\"></span>comp<span class=\"_ _7\"></span>anies <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>Shares <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>aff<span class=\"_ _7\"></span>ili<span class=\"_ _7\"></span>ated <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-consoli<span class=\"_ _7\"></span>dated companies, n<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>single <span class=\"_ _6\"></span>investment </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1347\">with a fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of m<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e than EU<span class=\"_ _7\"></span>R 10.0 mi<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>on is inclu<span class=\"_ _7\"></span>ded. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1348\">The <span class=\"_ _6\"></span>dere<span class=\"_ _2\"></span>cognition of sh<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>es and <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>es <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>compani<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s is due <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>mergers and <span class=\"_ _6\"></span>a capital red<span class=\"_ _7\"></span>uction and <span class=\"_ _6\"></span>the individual values </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1349\">do not exc<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span>d a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> amo<span class=\"_ _7\"></span>unt of EU<span class=\"_ _2\"></span>R 10.0 mil<span class=\"_ _7\"></span>lion. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs134a\">Additional<span class=\"_ _6\"></span> Information<span class=\"_ _6\"></span> <span class=\"_ _240\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs134b\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs134c\"><div class=\"t m0 x0 h29 y6e1 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs134d\"><div class=\"t m0 x0 h29 y6e1 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs134e\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>div<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> fr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>m e<span class=\"_ _6\"></span>q<span class=\"_ _6\"></span>uit<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>str<span class=\"_ _6\"></span>um<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _2a1\"> </span>6,943<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs134f\">7,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1350\">In <span class=\"_ _6\"></span>Po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>foli<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> <span class=\"_ _292\"> </span>6,91<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1351\">7,166<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1352\">So<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _2a2\"> </span>25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1353\">195<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1354\">Wit<span class=\"_ _6\"></span>hin<span class=\"_ _6\"></span> sh<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>s' <span class=\"_ _6\"></span>eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>cum<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>lat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1f1\"> </span>-4,294<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1355\">-4,382<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1357\">2.4.<span class=\"ff4a\"> </span>Exp<span class=\"_ _7\"></span>ected credit loss </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs1358\">Overview </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1359\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs135a\">Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI and<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at AC<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs135b\">Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs135c\">Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs135d\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs135e\"><div class=\"t m0 x0 h29 y605 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs135f\"><div class=\"t m0 x0 h29 y605 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1360\">Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-44,17<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1361\">-67,06<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1362\">-90,46<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1363\">-201,7<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1364\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>6,335<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1365\">133<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1366\">196<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1367\">6,664<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1368\">In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-29,234<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1369\">-1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs136a\">-4,840<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs136b\">-34,075<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs136c\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a5\"> </span>-4,711<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs136d\">1,064<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs136e\">-67,457<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs136f\">-71,104<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1370\">De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>5,436<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1371\">1,300<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1372\">53,002<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1373\">59,738<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1374\">De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1375\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1376\">8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1377\">8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1378\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,635<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1379\">8,635<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs137a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs137b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs137c\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2a7\"> </span>81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs137d\">-81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs137e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs137f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1380\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>172<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1381\">4,852<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1382\">-5,024<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1383\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1384\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _b7\"> </span>47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1385\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1386\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1387\">47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1388\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22d\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1389\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs138a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs138b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs138c\">Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-74,68<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs138d\">-51,16<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs138e\">-114,5<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs138f\">-240,4<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1390\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1391\">Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI and<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at AC<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1392\">Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1393\">Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1394\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1395\"><div class=\"t m0 x0 h29 y62e ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1396\"><div class=\"t m0 x0 h29 y62e ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1397\">Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-20,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1398\">-69,25<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1399\">-15,13<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs139a\">-104,4<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs139b\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>3,129<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs139c\">716<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs139d\">16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs139e\">3,861<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs139f\">In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-31,937<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13a0\">-153<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13a1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13a2\">-32,090<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13a3\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a9\"> </span>10,393<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13a4\">-77,515<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13a5\">-14,843<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13a6\">-81,965<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13a7\">De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>2,294<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13a8\">9,794<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13a9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13aa\">12,088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13ab\">De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13ac\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13ad\">947<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13ae\">947<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13af\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,667<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13b0\">8,667<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13b1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13b2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13b3\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>848<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13b4\">-848<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13b5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13b6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13b7\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _2aa\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13b8\">61,449<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13b9\">-61,449<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13ba\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13bb\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _232\"> </span>-125<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13bc\">79<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13bd\">-1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13be\">-47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13bf\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _225\"> </span>-7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13c0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13c1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs13c2\">-7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs13c3\">Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-44,17<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs13c4\">-67,06<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs13c5\">-90,46<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs13c6\">-201,7<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs13c8\">Bonds<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs13c9\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs13ca\">Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _2ae\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs13cb\">Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs13cc\">Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs13cd\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs13ce\"><div class=\"t m0 x0 h29 y848 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs13cf\"><div class=\"t m0 x0 h29 y848 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs13d0\">Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-34,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs13d1\">-47,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs13d2\">-88,56<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs13d3\">-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13d4\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>5,850<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13d5\">68<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13d6\">353<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13d7\">6,271<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13d8\">In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-5,658<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13d9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13da\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13db\">-5,658<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13dc\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a9\"> </span>11,984<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13dd\">-2,918<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13de\">-66,658<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13df\">-57,592<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13e0\">De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>1,730<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13e1\">441<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13e2\">53,002<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13e3\">55,173<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13e4\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,635<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13e5\">8,635<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13e6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13e7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13e8\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2a7\"> </span>81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13e9\">-81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13ea\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13eb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13ec\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>172<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13ed\">4,852<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13ee\">-5,024<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13ef\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13f0\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _b7\"> </span>47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13f1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13f2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs13f3\">47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs13f4\">Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-28,89<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs13f5\">-36,82<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs13f6\">-106,8<span class=\"_ _6\"></span>88<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs13f7\">-172,6<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs13f8\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs13f9\">Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _2ae\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs13fa\">Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs13fb\">Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs13fc\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs13fd\"><div class=\"t m0 x0 h29 y5c9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs13fe\"><div class=\"t m0 x0 h29 y5c9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs13ff\">Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-15,09<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1400\">-53,92<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1401\">-12,96<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1402\">-81,98<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1403\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>2,417<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1404\">184<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1405\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1406\">2,601<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1407\">In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-21,491<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1408\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1409\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs140a\">-21,491<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs140b\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _10a\"> </span>7,313<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs140c\">-72,245<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs140d\">-14,143<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs140e\">-79,075<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs140f\">De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>744<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1410\">8,480<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1411\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1412\">9,224<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1413\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,664<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1414\">8,664<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1415\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1416\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1417\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>434<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1418\">-434<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1419\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs141a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs141b\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _2aa\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs141c\">61,449<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs141d\">-61,449<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs141e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs141f\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _232\"> </span>-125<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1420\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1421\">-1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1422\">-126<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1423\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _225\"> </span>-7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1424\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1425\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1426\">-7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1427\">Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-34,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1428\">-47,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1429\">-88,56<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs142a\">-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1835\">2.9.<span class=\"ff4a\"> </span>Details regardin<span class=\"_ _7\"></span>g the<span class=\"_ _7\"></span> net result<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1836\">Result fro<span class=\"_ _6\"></span>m financial<span class=\"_ _6\"></span> inst<span class=\"_ _6\"></span>ruments<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at FVtPL<span class=\"_ _1\"></span> <span class=\"_ _14a\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1837\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1838\"><div class=\"t m0 x0 h29 y3af ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1839\"><div class=\"t m0 x0 h29 y3af ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs183a\">Financial<span class=\"_ _6\"></span> assets<span class=\"_ _6\"></span> <span class=\"_ _242\"> </span>950,9<span class=\"_ _6\"></span>81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs183b\">-1,548<span class=\"_ _6\"></span>,835<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs183c\">Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _2c8\"> </span>935,325<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs183d\">-1,539<span class=\"_ _6\"></span>,910<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs183e\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _278\"> </span>176<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs183f\">30<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1840\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>164,226<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1841\">-272,522<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1842\">Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c9\"> </span>713,568<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1843\">-1,187,68<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1844\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _2ca\"> </span>67,422<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1845\">-69,518<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1846\">De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2cb\"> </span>-10,067<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1847\">-10,218<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1848\">Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>15,6<span class=\"_ _6\"></span>56<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1849\">-8,925<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs184a\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24b\"> </span>15,<span class=\"_ _6\"></span>656<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs184b\">-8,925<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs184c\">Financial<span class=\"_ _6\"></span> lia<span class=\"_ _6\"></span>bilities <span class=\"_ _2cc\"> </span>17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs184d\">-71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs184e\">Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _298\"> </span>17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs184f\">-71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1850\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>* <span class=\"_ _68\"> </span>17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1851\">-71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1852\">*Fin<span class=\"_ _7\"></span>ancial liabilities that are design<span class=\"_ _7\"></span>ated measured at FVtPL bear no own <span class=\"_ _7\"></span>default risk, which <span class=\"_ _7\"></span>wo<span class=\"_ _6\"></span>uld have to be recogni<span class=\"_ _7\"></span>sed through other comp<span class=\"_ _7\"></span>rehensive income.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1853\">Interest res<span class=\"_ _6\"></span>ult <span class=\"_ _ba\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1854\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1855\"><div class=\"t m0 x0 h29 y7a9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1856\"><div class=\"t m0 x0 h29 y7a9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1857\">Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>nue<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2cd\"> </span>1,110,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1858\">948,436<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1859\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>8<span class=\"_ _6\"></span>95,801<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs185a\">715,099<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs185b\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _66\"> </span>145,064<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs185c\">95,249<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs185d\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>750<span class=\"_ _6\"></span>,737<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs185e\">619,850<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs185f\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _2ce\"> </span>215,194<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1860\">233,337<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1861\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _6\"></span>69,128<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1862\">205,142<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1863\">Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nst<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tOC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2cf\"> </span>6,943<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1864\">7,362<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1865\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>nan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>39,1<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1866\">20,833<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1867\">Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _243\"> </span>-126,973<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1868\">-137,3<span class=\"_ _6\"></span>31<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1869\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> us<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>eff<span class=\"_ _6\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ere<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>-87,869<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs186a\">-90,032<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs186b\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span>-87,869<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs186c\">-89,830<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs186d\">Neg<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2d0\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs186e\">-202<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs186f\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2d1\"> </span>-39,104<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1870\">-47,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1871\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _d4\"> </span>17<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1872\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1873\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>ume<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d2\"> </span>-39,121<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1874\">-47,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1875\">Total <span class=\"_ _236\"> </span>9<span class=\"_ _6\"></span>84,022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1876\">811,105<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1877\">The fee fo<span class=\"_ _7\"></span>r investm<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>manag<span class=\"_ _7\"></span>ement r<span class=\"_ _2\"></span>ecognised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ves<span class=\"_ _7\"></span>tment r<span class=\"_ _2\"></span>esult amou<span class=\"_ _7\"></span>nts to EU<span class=\"_ _2\"></span>R 39,086,00<span class=\"_ _7\"></span>0 (EUR 3<span class=\"_ _7\"></span>4,071,0<span class=\"_ _7\"></span>00<span class=\"_ _2\"></span>).<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1be8\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1be9\">  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bea\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1beb\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1bec\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bed\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bee\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1bef\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bf0\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bf1\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1bf2\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bf3\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bf4\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1bf5\"><div class=\"t m0 x0 h29 y1c1 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1bf6\"><div class=\"t m0 x0 h29 y1c1 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1bf7\">Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bf8\">-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1bf9\">183,108<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bfa\">-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1bfb\">130,074<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bfc\">-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1bfd\">293,611<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bfe\">-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1bff\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c00\">int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c01\">450,204<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c02\">422,286<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c03\">91,970<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c04\">81,789<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c05\">61,016<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c06\">43,256<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c07\">186,751<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c08\">144,147<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c09\">Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c0a\">fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c0b\">-3,953<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c0c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c0d\">-87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c0e\">-1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c0f\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c10\">158<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c11\">420<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c12\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c13\">on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c14\">-1,697<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c15\">-59,305<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c16\">-12,345<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c17\">-1,016<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c18\">-1,058<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c19\">-502<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c1a\">-41,948<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c1b\">-20,357<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c1c\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c1d\">ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c1e\">-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c1f\">103,483<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c20\">-96,406<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c21\">70,117<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c22\">-57,600<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c23\">148,650<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c24\">-138,097<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c25\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c26\">fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c27\">450,961<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c28\">-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c29\">85,029<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c2a\">-100,775<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c2b\">46,694<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c2c\">-23,533<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c2d\">139,636<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c2e\">-164,139<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c2f\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c30\">ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c31\">-120,577<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c32\">7,726<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c33\">-5,807<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c34\">37,271<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c35\">-35,587<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c36\">14,103<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c37\">-23,075<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c38\">Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c39\">inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c3a\">18,701<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c3b\">-1,040<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c3c\">105<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c3d\">339<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c3e\">25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c3f\">226<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c40\">2,918<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c41\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c42\">69,487<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c43\">535<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c44\">511<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c45\">682<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c46\">312<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c47\">5,446<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c48\">4,354<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c49\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c4a\">-51,073<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c4b\">-1,575<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c4c\">-407<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c4d\">-344<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c4e\">-288<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c4f\">-5,302<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c50\">-2,033<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c51\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c52\">287<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c53\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c54\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c55\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c56\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c57\">81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c58\">323<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c59\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c5a\">-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c5b\">-2,935<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c5c\">-1,911<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c5d\">-1,012<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c5e\">-1,134<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c5f\">-8,276<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c60\">-4,374<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c61\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c62\">pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c63\">-4,486<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c64\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c65\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c66\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c67\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c68\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c69\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c6a\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c6b\">liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c6c\">-1,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c6d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c6e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c6f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c70\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c71\">-57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c72\">-4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c73\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c74\">liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c75\">-818<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c76\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c77\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c78\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c79\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c7a\">-466<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c7b\">-350<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c7c\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c7d\">subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c7e\">-35,989<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c7f\">-1,224<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c80\">-1,131<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c81\">-1,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c82\">-612<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c83\">-6,397<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c84\">-3,097<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c85\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c86\">liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c87\">-1,561<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c88\">-1,506<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c89\">-979<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c8a\">-297<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c8b\">-174<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c8c\">-961<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c8d\">-750<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c8e\">Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c8f\">pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c90\">325<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c91\">2,768<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c92\">-5,485<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c93\">-6,174<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c94\">-788<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c95\">-679<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1c96\">-2,779<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1c97\">-2,459<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c98\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c99\">-7,286<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c9a\">-5,101<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c9b\">-3,834<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c9c\">-411<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c9d\">-398<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1c9e\">-3,333<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1c9f\">-3,282<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ca0\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ca1\">496<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ca2\">-29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ca3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ca4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ca5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ca6\">590<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ca7\">896<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1ca9\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1caa\">  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cab\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cac\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1cad\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cae\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1caf\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1cb0\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cb1\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cb2\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1cb3\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cb4\">2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cb5\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1cb6\"><div class=\"t m0 x0 h29 y12b ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1cb7\"><div class=\"t m0 x0 h29 y12b ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1cb8\">Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cb9\">30,784<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1cba\">50,780<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cbb\">-8,756<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1cbc\">-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cbd\">-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1cbe\">1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cbf\">-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cc0\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cc1\">int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cc2\">89,306<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cc3\">29,870<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cc4\">53,210<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cc5\">26,355<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cc6\">-36,656<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cc7\">-32,806<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cc8\">895,801<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cc9\">714,897<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cca\">Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ccb\">fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ccc\">-123<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ccd\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cce\">-500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ccf\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cd0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cd1\">80<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cd2\">-4,242<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cd3\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cd4\">on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cd5\">-2,880<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cd6\">-18,327<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cd7\">3,444<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cd8\">-5,435<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cd9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cda\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cdb\">-56,484<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cdc\">-104,942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cdd\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cde\">ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cdf\">19,364<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ce0\">-5,874<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ce1\">-29,176<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ce2\">-12,901<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ce3\">-13,834<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ce4\">1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ce5\">-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ce6\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ce7\">fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ce8\">50,994<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ce9\">-87,830<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cea\">-1,140<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ceb\">-8,518<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cec\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ced\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cee\">772,174<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cef\">-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cf0\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cf1\">ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cf2\">-3,747<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cf3\">-5,815<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cf4\">-21,328<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cf5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cf6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1cf7\">65,520<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1cf8\">-210,121<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1cf9\">Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1cfa\">inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cfb\">379<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1cfc\">5,579<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cfd\">15,728<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1cfe\">-55<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1cff\">-54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d00\">31,844<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1d01\">37,802<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d02\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d03\">625<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d04\">32,853<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d05\">32,420<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d06\">-55<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d07\">-54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d08\">124,712<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d09\">107,655<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d0a\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d0b\">-246<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d0c\">-30,530<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d0d\">-18,951<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d0e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d0f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d10\">-96,340<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d11\">-72,998<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d12\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d13\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d14\">3,256<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d15\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d16\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d17\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d18\">3,470<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d19\">610<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d1a\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1d1b\">-317<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d1c\">-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1d1d\">-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d1e\">47,944<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1d1f\">46,554<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d20\">-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1d21\">-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d22\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d23\">pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d24\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d25\">-1,829<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d26\">-704<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d27\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d28\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d29\">-10,466<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d2a\">-5,190<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d2b\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d2c\">liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d2d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d2e\">-3,004<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d2f\">-3,146<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d30\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d31\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d32\">-4,752<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d33\">-5,048<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d34\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d35\">liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d36\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d37\">-26,604<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d38\">-26,794<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d39\">21,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d3a\">21,413<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d3b\">-6,229<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d3c\">-6,549<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d3d\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d3e\">subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d3f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d40\">-54,126<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d41\">-58,294<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d42\">26,305<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d43\">24,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d44\">-72,229<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d45\">-74,827<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d46\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d47\">liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d48\">-316<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d49\">-96<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d4a\">-87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d4b\">479<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d4c\">462<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d4d\">-4,677<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d4e\">-3,405<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d4f\">Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d50\">pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d51\">325<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1d52\">436<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d53\">510<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1d54\">104<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d55\">-5,496<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1d56\">-4,522<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d57\">-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1d58\">-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d59\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d5a\">-261<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d5b\">-1,200<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d5c\">-1,098<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d5d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d5e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d5f\">-17,931<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d60\">-16,159<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d61\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d62\">119<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d63\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d64\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d65\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d66\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d67\">715<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1d68\">1,511<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1f70\">Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1f71\">  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f72\">Level 1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f73\">Level 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f74\">Level 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f75\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1f76\"><div class=\"t m0 x0 h29 y141 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1f77\"><div class=\"t m0 x0 h29 y141 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f78\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>37,990,239<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f79\">25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f7a\">9,241,37<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f7b\">3,268,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f7c\">37,969,1<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f7d\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f7e\">6,112,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f7f\">3,135,87<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f80\">1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f81\">10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f82\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,716,4<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f83\">406,366<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f84\">848,137<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f85\">461,933<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f86\">1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f87\">Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,17<span class=\"_ _6\"></span>4,035<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f88\">5,361,04<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f89\">2,251,94<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f8a\">561,042<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f8b\">8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f8c\">De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>19,043<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f8d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f8e\">1,679<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f8f\">17,364<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f90\">19,043<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f91\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>50,075<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f92\">345,186<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f93\">31,829<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f94\">73,060<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f95\">450,075<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f96\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>30,116<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f97\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f98\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f99\">30,116<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f9a\">30,116<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f9b\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>4,0<span class=\"_ _6\"></span>28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f9c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f9d\">2,282<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f9e\">1,746<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f9f\">4,028<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fa0\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>212,82<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fa1\">161,678<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fa2\">51,144<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fa3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fa4\">212,822<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fa5\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fa6\">161,678<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fa7\">51,144<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fa8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fa9\">212,822<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1faa\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,963,320<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fab\">448,858<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fac\">1,004,63<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fad\">1,488,75<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fae\">2,942,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1faf\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>742,306<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fb0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fb1\">594,559<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fb2\">127,842<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fb3\">722,401<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fb4\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>978,<span class=\"_ _6\"></span>491<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fb5\">448,858<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fb6\">410,078<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fb7\">97,406<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fb8\">956,342<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fb9\">Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,24<span class=\"_ _6\"></span>2,523<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fba\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fbb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fbc\">1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fbd\">1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fbe\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>24,021,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fbf\">18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fc0\">5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fc1\">269,645<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fc2\">24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fc3\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>24,021,071<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fc4\">18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fc5\">5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fc6\">269,645<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fc7\">24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fc8\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>3<span class=\"_ _6\"></span>99,293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fc9\">29,784<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fca\">5,155<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fcb\">364,354<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fcc\">399,293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fcd\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>38,25<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fce\">29,784<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fcf\">5,155<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fd0\">3,320<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fd1\">38,259<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fd2\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>70,088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fd3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fd4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fd5\">70,088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fd6\">70,088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fd7\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fd8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fd9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fda\">290,946<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1fdb\">290,946<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fdc\">Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,85<span class=\"_ _6\"></span>2,090<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fdd\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fde\">32,988<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fdf\">4,384,99<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fe0\">4,417,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fe1\">Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>470,949<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fe2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fe3\">39,107<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fe4\">792,142<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fe5\">831,249<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fe6\">Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>185,622<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fe7\">Total <span class=\"_ _337\"> </span>41,4<span class=\"_ _6\"></span>98,900<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fe8\">25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fe9\">9,313,46<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1fea\">8,445,14<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1feb\">43,218,3<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1fed\">Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1fee\">  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1fef\">Level 1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ff0\">Level 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ff1\">Level 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ff2\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1ff3\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1ff4\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ff5\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>35,813,985<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ff6\">26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ff7\">7,362,75<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ff8\">1,730,54<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ff9\">35,681,8<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ffa\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ffb\">7,345,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ffc\">2,517,41<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ffd\">501,478<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ffe\">10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1fff\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,702,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2000\">543,061<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2001\">1,034,01<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2002\">125,080<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2003\">1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2004\">Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,15<span class=\"_ _6\"></span>5,893<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2005\">6,431,29<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2006\">1,477,14<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2007\">247,454<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2008\">8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2009\">De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>28,683<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs200a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs200b\">1,771<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs200c\">26,912<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs200d\">28,683<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs200e\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>27,950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs200f\">371,175<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2010\">4,479<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2011\">52,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2012\">427,950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2013\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>35,528<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2014\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2015\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2016\">35,528<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2017\">35,528<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2018\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2ff\"> </span>14,208<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2019\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs201a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs201b\">14,208<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs201c\">14,208<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs201d\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>130,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs201e\">104,527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs201f\">26,343<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2020\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2021\">130,870<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2022\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>130,<span class=\"_ _6\"></span>870<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2023\">104,527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2024\">26,343<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2025\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2026\">130,870<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2027\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,717,480<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2028\">886,538<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2029\">953,116<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs202a\">745,715<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs202b\">2,585,36<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs202c\">Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>788,952<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs202d\">144,483<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs202e\">576,739<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs202f\">20,747<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2030\">741,969<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2031\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>888,<span class=\"_ _6\"></span>080<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2032\">396,184<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2033\">376,377<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2034\">29,916<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2035\">802,477<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2036\">Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,04<span class=\"_ _6\"></span>0,448<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2037\">345,871<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2038\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2039\">695,052<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs203a\">1,040,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs203b\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>22,363,77<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs203c\">18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs203d\">3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs203e\">276,033<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs203f\">22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2040\">Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>22,363,774<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2041\">18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2042\">3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2043\">276,033<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2044\">22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2045\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>2<span class=\"_ _6\"></span>37,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2046\">25,643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2047\">4,483<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2048\">207,316<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2049\">237,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs204a\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>33,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs204b\">25,643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs204c\">4,234<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs204d\">3,345<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs204e\">33,222<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs204f\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>68,930<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2050\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2051\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2052\">68,930<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2053\">68,930<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2054\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>135<span class=\"_ _6\"></span>,290<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2055\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2056\">249<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2057\">135,041<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2058\">135,290<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2059\">Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,64<span class=\"_ _6\"></span>5,015<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs205a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs205b\">44,582<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs205c\">4,220,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs205d\">4,264,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs205e\">Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>482,841<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs205f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2060\">39,007<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2061\">820,868<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2062\">859,875<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2063\">Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>287,961<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2064\">Total <span class=\"_ _337\"> </span>39,2<span class=\"_ _6\"></span>29,802<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2065\">26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2066\">7,446,34<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2067\">6,771,77<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2068\">40,806,6<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2069\">Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs206a\">  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs206b\">Level 1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs206c\">Level 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs206d\">Level 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs206e\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs206f\"><div class=\"t m0 x0 h29 y7ac ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs2070\"><div class=\"t m0 x0 h29 y7ac ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2071\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>1,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2072\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2073\">707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2074\">589<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2075\">1,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2076\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>1,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2077\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2078\">707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2079\">589<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs207a\">1,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs207b\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs207c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs207d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs207e\">555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs207f\">555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2080\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2081\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2082\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2083\">555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2084\">555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2085\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,196,072<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2086\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2087\">1,644,86<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2088\">416,711<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2089\">2,061,57<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs208a\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>30<span class=\"_ _6\"></span>6,881<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs208b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs208c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs208d\">306,881<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs208e\">306,881<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs208f\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>579,90<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2090\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2091\">396,217<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2092\">88,175<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2093\">484,392<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2094\">Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,309,283<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2095\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2096\">1,248,64<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2097\">21,655<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2098\">1,270,30<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2099\">Total <span class=\"_ _149\"> </span>2,197,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs209a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs209b\">1,645,57<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs209c\">417,855<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs209d\">2,063,42<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs209f\">Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs20a0\">  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20a1\">Level 1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20a2\">Level 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20a3\">Level 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20a4\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs20a5\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs20a6\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20a7\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>2,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20a8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20a9\">2,138<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20aa\">481<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20ab\">2,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20ac\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>2,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20ad\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20ae\">2,138<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20af\">481<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20b0\">2,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20b1\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>572<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20b2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20b3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20b4\">572<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20b5\">572<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20b6\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20b7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20b8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20b9\">572<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20ba\">572<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20bb\">Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,726,297<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20bc\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20bd\">2,087,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20be\">466,896<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20bf\">2,554,01<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20c0\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>34<span class=\"_ _6\"></span>3,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20c1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20c2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20c3\">343,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20c4\">343,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20c5\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>593,11<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20c6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20c7\">320,939<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20c8\">101,339<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20c9\">422,278<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20ca\">Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,789,281<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20cb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20cc\">1,766,18<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20cd\">21,659<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs20ce\">1,787,84<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20cf\">Total <span class=\"_ _149\"> </span>2,729,48<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20d0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20d1\">2,089,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20d2\">467,949<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs20d3\">2,557,21<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs20d5\">16.2.<span class=\"ff4a\"> </span>Recl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssification <span class=\"_ _7\"></span>of financial instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs20d6\">The compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ularly re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>iew t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t v<span class=\"_ _7\"></span>alidity of <span class=\"_ _7\"></span>the last f<span class=\"_ _2\"></span>air value classif<span class=\"_ _7\"></span>icati<span class=\"_ _7\"></span>on perfo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>med <span class=\"_ _7\"></span>on </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs20d7\">each <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>uation <span class=\"_ _7\"></span>date. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xampl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>a r<span class=\"_ _2\"></span>eclassifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n is <span class=\"_ _2\"></span>perfor<span class=\"_ _7\"></span>med <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ecess<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ry <span class=\"_ _7\"></span>inputs <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>no lo<span class=\"_ _7\"></span>nger <span class=\"_ _2\"></span>direc<span class=\"_ _7\"></span>tly obs<span class=\"_ _2\"></span>ervable <span class=\"_ _2\"></span>in the<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs20d8\">market.<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs20d9\">Reclassifica<span class=\"_ _6\"></span>tions<span class=\"_ _6\"></span> <span class=\"_ _23e\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs20da\">  <span class=\"_ _d0\"> </span><span class=\"fsf\">Between Le<span class=\"_ _6\"></span>vel 1 </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20db\">and Level 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20dc\">Level 1<span class=\"_ _6\"></span> to </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20dd\">Level 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20de\">Level 2<span class=\"_ _6\"></span> to </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20df\">Level 3<span class=\"_ _3d5\"> </span></div><div class=\"c w35 h28 gs20e0\"><div class=\"t m0 x0 h29 y1ff ff48 fsf fca sc0 ls5 ws2\">Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20e1\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _c8\"> </span>87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20e2\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20e3\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20e4\">Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _5f\"> </span>87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20e5\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20e6\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20e7\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _222\"> </span>87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20e8\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20e9\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20ea\">Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>189<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20eb\">9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20ec\">10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20ed\">Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>183<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20ee\">9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20ef\">8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20f0\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _344\"> </span>183<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20f1\">9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20f2\">8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20f3\">Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20f4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20f5\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20f6\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _269\"> </span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20f7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs20f8\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20f9\">Total <span class=\"_ _302\"> </span>2<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20fa\">11<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs20fb\">15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs20fc\">The r<span class=\"_ _7\"></span>eclassifi<span class=\"_ _7\"></span>cations bet<span class=\"_ _7\"></span>wee<span class=\"_ _7\"></span>n Level 1 and <span class=\"_ _7\"></span>Level 2 are d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e to chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s in li<span class=\"_ _7\"></span>quidity<span class=\"_ _10\"></span>, trading fr<span class=\"_ _2\"></span>equenc<span class=\"_ _7\"></span>y and tradi<span class=\"_ _7\"></span>ng activity<span class=\"_ _e\"></span>, as </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs20fd\">well as <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>harmonis<span class=\"_ _7\"></span>ation of v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>uation h<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>erarc<span class=\"_ _7\"></span>hies. The <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>fro<span class=\"_ _7\"></span>m L<span class=\"_ _6\"></span>ev<span class=\"_ _7\"></span>el 1 <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>Level 3 <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>prim<span class=\"_ _7\"></span>aril<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>based </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs20fe\">on <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>worseni<span class=\"_ _7\"></span>ng o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>liq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>idity<span class=\"_ _e\"></span>, fo<span class=\"_ _2\"></span>r ex<span class=\"_ _7\"></span>ample<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>connectio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _2\"></span>developm<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>estate <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>arket. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>ns </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs20ff\">fro<span class=\"_ _7\"></span>m Level 2 to <span class=\"_ _2\"></span>Level 3 ar<span class=\"_ _7\"></span>e prim<span class=\"_ _7\"></span>arily b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed o<span class=\"_ _7\"></span>n a wo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>sening <span class=\"_ _7\"></span>of the <span class=\"_ _7\"></span>credi<span class=\"_ _7\"></span>t quality o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> liquidit<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span></div>1<span class=\"_ _3d5\"> </span>eclassifica<span class=\"_ _6\"></span>tions<span class=\"_ _6\"></span> <span class=\"_ _345\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _103\"> </span><span class=\"fsf\">Between Level 1<span class=\"_ _6\"></span> </span>and Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _6\"></span> to Level 1<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _6\"></span> to Level 2<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _346\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _347\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _22e\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _214\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _5d\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Total <span class=\"_ _2bf\"> </span>2<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Recl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssif<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>atio<span class=\"_ _2\"></span>ns b<span class=\"_ _7\"></span>etw<span class=\"_ _7\"></span>een <span class=\"_ _2\"></span>Level <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>and 2 <span class=\"_ _2\"></span>prim<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>il<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> o<span class=\"_ _2\"></span>ccur <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>liq<span class=\"_ _7\"></span>uidi<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>tradin<span class=\"_ _2\"></span>g fr<span class=\"_ _7\"></span>eq<span class=\"_ _2\"></span>uency <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r t<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>adi<span class=\"_ _2\"></span>ng a<span class=\"_ _7\"></span>ctivi<span class=\"_ _2\"></span>ty of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>parti<span class=\"_ _7\"></span>cula<span class=\"_ _7\"></span>r f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nan-<span class=\"_ _3d5\"> </span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _7\"></span>nt onc<span class=\"_ _2\"></span>e a<span class=\"_ _6\"></span>gai<span class=\"_ _7\"></span>n, o<span class=\"_ _7\"></span>r ceas<span class=\"_ _7\"></span>e to allo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> one to co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>ud<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>at an<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ive m<span class=\"_ _7\"></span>ark<span class=\"_ _7\"></span>et exi<span class=\"_ _7\"></span>sts.<span class=\"_ _7\"></span> For exa<span class=\"_ _7\"></span>mpl<span class=\"_ _2\"></span>e, the mar<span class=\"_ _7\"></span>ket mak<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r for <span class=\"_ _7\"></span>a sec<span class=\"_ _2\"></span>urity fr<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>ntly c<span class=\"_ _7\"></span>ha<span class=\"_ _7\"></span>nges, <span class=\"_ _2\"></span>with a c<span class=\"_ _2\"></span>orre<span class=\"_ _7\"></span>spo<span class=\"_ _7\"></span>ndi<span class=\"_ _2\"></span>ng imp<span class=\"_ _7\"></span>act o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> li<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>idi<span class=\"_ _7\"></span>ty<span class=\"_ _e\"></span>. A si<span class=\"_ _7\"></span>mil<span class=\"_ _2\"></span>ar exam<span class=\"_ _2\"></span>ple is <span class=\"_ _2\"></span>when s<span class=\"_ _2\"></span>har<span class=\"_ _7\"></span>es ar<span class=\"_ _2\"></span>e i<span class=\"_ _7\"></span>nclude<span class=\"_ _2\"></span>d in (or r<span class=\"_ _7\"></span>emo<span class=\"_ _7\"></span>ved<span class=\"_ _7\"></span> from<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> an in<span class=\"_ _7\"></span>dex th<span class=\"_ _7\"></span>at acts<span class=\"_ _7\"></span> as a benc<span class=\"_ _7\"></span>hma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>or ma<span class=\"_ _7\"></span>ny fund<span class=\"_ _7\"></span>s. In this c<span class=\"_ _2\"></span>ase, the cla<span class=\"_ _7\"></span>ssif<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n ca<span class=\"_ _7\"></span>n also cha<span class=\"_ _7\"></span>nge.<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>As a res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>t of t<span class=\"_ _7\"></span>he d<span class=\"_ _7\"></span>ece<span class=\"_ _7\"></span>ntr<span class=\"_ _7\"></span>alis<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d s<span class=\"_ _7\"></span>truc<span class=\"_ _2\"></span>tur<span class=\"_ _7\"></span>e of V<span class=\"_ _7\"></span>IG I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>ranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up, <span class=\"_ _2\"></span>classi<span class=\"_ _7\"></span>fic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>ns ar<span class=\"_ _2\"></span>e ge<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>all<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>evie<span class=\"_ _2\"></span>wed by <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>ubsi<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>arie<span class=\"_ _2\"></span>s at th<span class=\"_ _7\"></span>e end <span class=\"_ _7\"></span>of t<span class=\"_ _2\"></span>he pe<span class=\"_ _7\"></span>rio<span class=\"_ _7\"></span>d. A<span class=\"_ _7\"></span>ny <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>cati<span class=\"_ _2\"></span>ons <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>sen<span class=\"_ _7\"></span>ted <span class=\"_ _2\"></span>as if <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>ey <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ad <span class=\"_ _7\"></span>take<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pl<span class=\"_ _2\"></span>ace at <span class=\"_ _2\"></span>the e<span class=\"_ _7\"></span>nd of<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>he pe<span class=\"_ _7\"></span>riod.<span class=\"_ _3d5\"> </span><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs212e\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span><span class=\"fcb\"> <span class=\"_ _d9\"> </span></span><span class=\"fsf\">2023 <span class=\"_ _eb\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 adjusted<span class=\"_ _6\"></span> </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs212f\">Financial as<span class=\"_ _6\"></span>sets<span class=\"_ _6\"></span> measured at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> <span class=\"_ _2d3\"> </span><span class=\"fsf\">Level 1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2130\">Level 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2131\">Level 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2132\">Level 1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2133\">Level 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2134\">Level 3<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs2135\"><div class=\"t m0 x0 h29 y373 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs2136\"><div class=\"t m0 x0 h29 y373 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2137\">Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 o<span class=\"_ _6\"></span>f<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vio<span class=\"_ _1\"></span>us <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar <span class=\"_ _6\"></span>= <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>air<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2138\">of 0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2139\">7,450,05<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs213a\">2,543,75<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs213b\">501,478<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs213c\">9,554,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs213d\">3,161,44<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs213e\">562,236<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs213f\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>72,100<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2140\">-1,029<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2141\">-16,755<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2142\">29,777<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2143\">2,864<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2144\">-307<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2145\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>etw<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>las<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _34c\"> </span>11,519<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2146\">2,675<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2147\">-14,193<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2148\">33,340<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2149\">-2,434<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs214a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs214b\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o l<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _107\"> </span>244,1<span class=\"_ _6\"></span>14<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs214c\">774,013<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs214d\">592,993<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs214e\">1,601<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs214f\">274<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2150\">6,771<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2151\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _192\"> </span>-1<span class=\"_ _6\"></span>,230,251<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2152\">-377,942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2153\">-2,928<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2154\">-6,985<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2155\">-1,651<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2156\">-8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2157\">Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>crue<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest<span class=\"_ _6\"></span> <span class=\"_ _1d4\"> </span>1,081<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2158\">8,718<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2159\">5,142<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs215a\">5,929<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs215b\">11,803<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs215c\">6,418<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs215d\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fb\"> </span>2,45<span class=\"_ _6\"></span>9,074<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs215e\">467,755<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs215f\">177,649<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2160\">2,486,75<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2161\">354,032<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2162\">201,570<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2163\">Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _a2\"> </span>-3,231<span class=\"_ _6\"></span>,600<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2164\">-483,055<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2165\">-107,460<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2166\">-3,563,91<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2167\">-741,384<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2168\">-210,800<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2169\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs216a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs216b\">-12,528<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs216c\">15,942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs216d\">180,376<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs216e\">-42,271<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs216f\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>498,1<span class=\"_ _6\"></span>86<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2170\">252,125<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2171\">21,863<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2172\">-1,107,38<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2173\">-421,567<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2174\">-22,131<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2175\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed d<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ctl<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _2d5\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2176\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2177\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2178\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2179\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs217a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs217b\">Fair<span class=\"_ _6\"></span> value as of<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1e9\"> </span>6,274,276<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs217c\">3,187,01<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs217d\">1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs217e\">7,450,05<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs217f\">2,543,75<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2180\">501,478<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2182\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">20<span class=\"_ _6\"></span>23 <span class=\"_ _eb\"> </span><span class=\"fcb\">2022 adjusted<span class=\"_ _6\"></span> </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2183\">Financial l<span class=\"_ _6\"></span>iabilities <span class=\"_ _6\"></span>measu<span class=\"_ _6\"></span>red at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span><span class=\"fsf\">Level 1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2184\">Level 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2185\">Level 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2186\">Level 1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2187\">Level 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2188\">Level 3<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs2189\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs218a\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs218b\">Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 o<span class=\"_ _6\"></span>f<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vio<span class=\"_ _1\"></span>us <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar <span class=\"_ _6\"></span>= <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>air<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs218c\">of 0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs218d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs218e\">2,138<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs218f\">1,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2190\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2191\">3,059<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2192\">813<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2193\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _21e\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2194\">728<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2195\">-2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2196\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2197\">1,825<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2198\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2199\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>etw<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>las<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d6\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs219a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs219b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs219c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs219d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs219e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs219f\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o l<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _fa\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21a0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21a1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21a2\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21a3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21a4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21a5\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _21e\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21a6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21a7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21a8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21a9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21aa\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21ab\">Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>crue<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21ac\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21ad\">404<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21ae\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21af\">3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21b0\">180<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21b1\">Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _34d\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21b2\">-2,159<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21b3\">-311<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21b4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21b5\">-3,702<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21b6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21b7\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21b8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21b9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21ba\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21bb\">993<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21bc\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21bd\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21be\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21bf\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21c0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21c1\">-40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21c2\">60<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21c3\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed d<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ctl<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _2d5\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21c4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21c5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21c6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21c7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs21c8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs21c9\">Fair<span class=\"_ _6\"></span> value as of<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1ab\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs21ca\">707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs21cb\">1,144<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs21cc\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs21cd\">2,138<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs21ce\">1,053<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs21d0\">Measured at<span class=\"_ _2\"></span> FVtPL<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs21d1\">Bonds <span class=\"_ _2be\"> </span><span class=\"fsf\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></span></div><div class=\"c w24 h28 gs21d2\"><div class=\"t m0 x0 h29 y92d ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gs21d3\"><div class=\"t m0 x0 h29 y92d ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w2f h28 gs21d4\"><div class=\"t m0 x0 h29 y92d ff48 fsf fca sc0 ls5 ws2\">\u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21d5\">Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1ca\"> </span>4<span class=\"_ _6\"></span>61,933<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21d6\">Spr<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>+50<span class=\"_ _6\"></span>bp<span class=\"_ _1\"></span> <span class=\"_ _358\"> </span>-9,971<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21d7\">Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tat<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>-9,<span class=\"_ _6\"></span>971<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21d8\">Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> st<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>pr<span class=\"_ _6\"></span>eh<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _318\"> </span>0<span class=\"_ _3d5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-497": {
   "value": "2.1.<span class=\"ff4a\"> </span>Overview Mea<span class=\"_ _6\"></span>surement and<span class=\"_ _6\"></span> balance<span class=\"_ _6\"></span> of risk <span class=\"_ _6\"></span>provisio<span class=\"_ _6\"></span>n <span class=\"_ _182\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1d1\"> </span><span class=\"fcb\">31/12/202<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> </span></span>  <span class=\"_ _1ac\"> </span><span class=\"fsf\">Book value<span class=\"_ _3d5\"> </span></span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Measured at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _282\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s <span class=\"_ _90\"> </span>5,<span class=\"_ _6\"></span>029,612<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>5,475,60<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-37,20<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>1,5<span class=\"_ _6\"></span>58,107<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _126\"> </span>3,03<span class=\"_ _6\"></span>1,131<span class=\"_ _3d5\"> </span>-67,811<span class=\"_ _3d5\"> </span>2,748,32<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-30,848<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _285\"> </span>440,374<span class=\"_ _3d5\"> </span>-21,417<span class=\"_ _3d5\"> </span>412,062<span class=\"_ _3d5\"> </span>-6,360<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _286\"> </span>-2,981<span class=\"_ _6\"></span>,684<span class=\"_ _3d5\"> </span>-3,467<span class=\"_ _6\"></span>,443<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _14b\"> </span>-2,394,470<span class=\"_ _3d5\"> </span>-2,909,42<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>-587,214<span class=\"_ _3d5\"> </span>-558,020<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span>  <span class=\"_ _196\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _1de\"> </span>24,02<span class=\"_ _6\"></span>1,071<span class=\"_ _3d5\"> </span>-172,6<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>24,021,071<span class=\"_ _3d5\"> </span>-172,613<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,854<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>399,<span class=\"_ _6\"></span>293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtPL <span class=\"_ _125\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>10,393,733<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span>-1,296<span class=\"_ _3d5\"> </span>-2,619<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _13e\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1af\"> </span>-5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>-572<span class=\"_ _3d5\"> </span>2.2.<span class=\"ff4a\"> </span>Categories and<span class=\"_ _7\"></span> measure<span class=\"_ _7\"></span>ments Assets<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>4,940,<span class=\"_ _6\"></span>384<span class=\"_ _3d5\"> </span>5,438,40<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _288\"> </span>1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>742,306<span class=\"_ _3d5\"> </span>788,952<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>978<span class=\"_ _6\"></span>,491<span class=\"_ _3d5\"> </span>888,080<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _28a\"> </span>1,242,52<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,040,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28b\"> </span>418,957<span class=\"_ _3d5\"> </span>405,702<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _28c\"> </span>24,420,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>22,601,2<span class=\"_ _6\"></span>16<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _c2\"> </span>24<span class=\"_ _6\"></span>,021,071<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _cc\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>3<span class=\"_ _6\"></span>8,259<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>7<span class=\"_ _6\"></span>0,088<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28f\"> </span>290,946<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>10,6<span class=\"_ _6\"></span>06,555<span class=\"_ _3d5\"> </span>10,495,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>10,393,73<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>484,219<span class=\"_ _3d5\"> </span>477,686<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _290\"> </span>450,075<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>3<span class=\"_ _6\"></span>0,116<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _134\"> </span>4,028<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d3\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _117\"> </span>8,174,035<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>19,043<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Total <span class=\"_ _24f\"> </span>39<span class=\"_ _6\"></span>,967,303<span class=\"_ _3d5\"> </span>38,534,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span>Liabilities<span class=\"_ _6\"></span> <span class=\"_ _293\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>2,981,<span class=\"_ _6\"></span>684<span class=\"_ _3d5\"> </span>3,467,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _295\"> </span>306,881<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>579,908<span class=\"_ _3d5\"> </span>593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b2\"> </span>198<span class=\"_ _6\"></span>,398<span class=\"_ _3d5\"> </span>183,126<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>587,214<span class=\"_ _3d5\"> </span>558,020<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _297\"> </span>1,851<span class=\"_ _3d5\"> </span>3,191<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _238\"> </span>1,296<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _298\"> </span>555<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>2,983,53<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>3,470,63<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-536": {
   "value": "2.1.<span class=\"ff4a\"> </span>Overview Mea<span class=\"_ _6\"></span>surement and<span class=\"_ _6\"></span> balance<span class=\"_ _6\"></span> of risk <span class=\"_ _6\"></span>provisio<span class=\"_ _6\"></span>n <span class=\"_ _182\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1d1\"> </span><span class=\"fcb\">31/12/202<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> </span></span>  <span class=\"_ _1ac\"> </span><span class=\"fsf\">Book value<span class=\"_ _3d5\"> </span></span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Measured at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _282\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s <span class=\"_ _90\"> </span>5,<span class=\"_ _6\"></span>029,612<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>5,475,60<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-37,20<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>1,5<span class=\"_ _6\"></span>58,107<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _126\"> </span>3,03<span class=\"_ _6\"></span>1,131<span class=\"_ _3d5\"> </span>-67,811<span class=\"_ _3d5\"> </span>2,748,32<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-30,848<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _285\"> </span>440,374<span class=\"_ _3d5\"> </span>-21,417<span class=\"_ _3d5\"> </span>412,062<span class=\"_ _3d5\"> </span>-6,360<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _286\"> </span>-2,981<span class=\"_ _6\"></span>,684<span class=\"_ _3d5\"> </span>-3,467<span class=\"_ _6\"></span>,443<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _14b\"> </span>-2,394,470<span class=\"_ _3d5\"> </span>-2,909,42<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>-587,214<span class=\"_ _3d5\"> </span>-558,020<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span>  <span class=\"_ _196\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _1de\"> </span>24,02<span class=\"_ _6\"></span>1,071<span class=\"_ _3d5\"> </span>-172,6<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>24,021,071<span class=\"_ _3d5\"> </span>-172,613<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,854<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>399,<span class=\"_ _6\"></span>293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtPL <span class=\"_ _125\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>10,393,733<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span>-1,296<span class=\"_ _3d5\"> </span>-2,619<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _13e\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1af\"> </span>-5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>-572<span class=\"_ _3d5\"> </span>2.2.<span class=\"ff4a\"> </span>Categories and<span class=\"_ _7\"></span> measure<span class=\"_ _7\"></span>ments Assets<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>4,940,<span class=\"_ _6\"></span>384<span class=\"_ _3d5\"> </span>5,438,40<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _288\"> </span>1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>742,306<span class=\"_ _3d5\"> </span>788,952<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>978<span class=\"_ _6\"></span>,491<span class=\"_ _3d5\"> </span>888,080<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _28a\"> </span>1,242,52<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,040,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28b\"> </span>418,957<span class=\"_ _3d5\"> </span>405,702<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _28c\"> </span>24,420,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>22,601,2<span class=\"_ _6\"></span>16<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _c2\"> </span>24<span class=\"_ _6\"></span>,021,071<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _cc\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>3<span class=\"_ _6\"></span>8,259<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>7<span class=\"_ _6\"></span>0,088<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28f\"> </span>290,946<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>10,6<span class=\"_ _6\"></span>06,555<span class=\"_ _3d5\"> </span>10,495,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>10,393,73<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>484,219<span class=\"_ _3d5\"> </span>477,686<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _290\"> </span>450,075<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>3<span class=\"_ _6\"></span>0,116<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _134\"> </span>4,028<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d3\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _117\"> </span>8,174,035<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>19,043<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Total <span class=\"_ _24f\"> </span>39<span class=\"_ _6\"></span>,967,303<span class=\"_ _3d5\"> </span>38,534,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs14af\">Cash and<span class=\"_ _7\"></span> cash<span class=\"_ _7\"></span> equiva<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>ents </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs14b0\">C<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>h a<span class=\"_ _2\"></span>nd <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>h <span class=\"_ _7\"></span>eq<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>va<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>ns<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>be<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>du<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>da<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span>,<span class=\"_ _7\"></span> w<span class=\"_ _2\"></span>hich<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>why<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>EC<span class=\"_ _7\"></span>L <span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>lc<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>at<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>ove<span class=\"_ _2\"></span>r t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>erm<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>zer<span class=\"_ _2\"></span>o. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs14b1\">T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ef<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e,<span class=\"_ _7\"></span> n<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ris<span class=\"_ _2\"></span>k p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>visi<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>acc<span class=\"_ _2\"></span>oun<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-517": {
   "value": "2.1.<span class=\"ff4a\"> </span>Overview Mea<span class=\"_ _6\"></span>surement and<span class=\"_ _6\"></span> balance<span class=\"_ _6\"></span> of risk <span class=\"_ _6\"></span>provisio<span class=\"_ _6\"></span>n <span class=\"_ _182\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1d1\"> </span><span class=\"fcb\">31/12/202<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> </span></span>  <span class=\"_ _1ac\"> </span><span class=\"fsf\">Book value<span class=\"_ _3d5\"> </span></span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Measured at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _282\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s <span class=\"_ _90\"> </span>5,<span class=\"_ _6\"></span>029,612<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>5,475,60<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-37,20<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>1,5<span class=\"_ _6\"></span>58,107<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _126\"> </span>3,03<span class=\"_ _6\"></span>1,131<span class=\"_ _3d5\"> </span>-67,811<span class=\"_ _3d5\"> </span>2,748,32<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-30,848<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _285\"> </span>440,374<span class=\"_ _3d5\"> </span>-21,417<span class=\"_ _3d5\"> </span>412,062<span class=\"_ _3d5\"> </span>-6,360<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _286\"> </span>-2,981<span class=\"_ _6\"></span>,684<span class=\"_ _3d5\"> </span>-3,467<span class=\"_ _6\"></span>,443<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _14b\"> </span>-2,394,470<span class=\"_ _3d5\"> </span>-2,909,42<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>-587,214<span class=\"_ _3d5\"> </span>-558,020<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span>  <span class=\"_ _196\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _1de\"> </span>24,02<span class=\"_ _6\"></span>1,071<span class=\"_ _3d5\"> </span>-172,6<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>24,021,071<span class=\"_ _3d5\"> </span>-172,613<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,854<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>399,<span class=\"_ _6\"></span>293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtPL <span class=\"_ _125\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>10,393,733<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span>-1,296<span class=\"_ _3d5\"> </span>-2,619<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _13e\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1af\"> </span>-5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>-572<span class=\"_ _3d5\"> </span>Liabilities<span class=\"_ _6\"></span> <span class=\"_ _293\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>2,981,<span class=\"_ _6\"></span>684<span class=\"_ _3d5\"> </span>3,467,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _295\"> </span>306,881<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>579,908<span class=\"_ _3d5\"> </span>593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b2\"> </span>198<span class=\"_ _6\"></span>,398<span class=\"_ _3d5\"> </span>183,126<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>587,214<span class=\"_ _3d5\"> </span>558,020<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _297\"> </span>1,851<span class=\"_ _3d5\"> </span>3,191<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _238\"> </span>1,296<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _298\"> </span>555<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>2,983,53<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>3,470,63<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2299\">20.<span class=\"ff4a\"> </span>CONTINGENT RE<span class=\"_ _7\"></span>CEIV<span class=\"_ _2\"></span>ABLES <span class=\"_ _7\"></span>AND LI<span class=\"_ _7\"></span>ABILITIES </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs229a\">In their c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pacit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> as i<span class=\"_ _7\"></span>nsurance com<span class=\"_ _2\"></span>panies, t<span class=\"_ _7\"></span>he Gr<span class=\"_ _2\"></span>oup comp<span class=\"_ _7\"></span>anies a<span class=\"_ _2\"></span>re invol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ed in a <span class=\"_ _7\"></span>numb<span class=\"_ _7\"></span>er of <span class=\"_ _7\"></span>court pr<span class=\"_ _2\"></span>oceedings <span class=\"_ _7\"></span>as defe<span class=\"_ _2\"></span>nd-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs229b\">ants <span class=\"_ _0\"></span>or <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>ave <span class=\"_ _0\"></span>been <span class=\"_ _0\"></span>thr<span class=\"_ _2\"></span>eatened <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>litigation. <span class=\"_ _0\"></span>In <span class=\"_ _1\"></span>additio<span class=\"_ _7\"></span>n, <span class=\"_ _0\"></span>there <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>proceedi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gs, <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>which <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>not<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs229c\">involved<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>as <span class=\"_ _2\"></span>parties,<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>ut m<span class=\"_ _7\"></span>ay <span class=\"_ _7\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>affect<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>by t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>outcome <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>suc<span class=\"_ _7\"></span>h l<span class=\"_ _2\"></span>aw<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uits <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>gre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ments<span class=\"_ _2\"></span> wit<span class=\"_ _7\"></span>h <span class=\"_ _7\"></span>ot<span class=\"_ _7\"></span>her i<span class=\"_ _7\"></span>nsur<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>ncerning </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs229d\">participatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> in claims<span class=\"_ _7\"></span>. In t<span class=\"_ _7\"></span>he opinio<span class=\"_ _7\"></span>n of the Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p, <span class=\"_ _7\"></span>adequat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> provisi<span class=\"_ _7\"></span>ons <span class=\"_ _7\"></span>propo<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>ion<span class=\"_ _7\"></span>ate to the amo<span class=\"_ _2\"></span>unt in dispute <span class=\"_ _7\"></span>have be<span class=\"_ _7\"></span>en </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs229e\">establis<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ed fo<span class=\"_ _7\"></span>r all claims<span class=\"_ _7\"></span> in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e law<span class=\"_ _2\"></span>. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs229f\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _2ee\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs22a0\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs22a1\"><div class=\"t m0 x0 h29 y879 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs22a2\"><div class=\"t m0 x0 h29 y879 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22a3\">Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2cd\"> </span>7,445<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22a4\">9,082<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs22a5\">The conti<span class=\"_ _7\"></span>ngent r<span class=\"_ _2\"></span>eceivables <span class=\"_ _2\"></span>repres<span class=\"_ _2\"></span>ents a bank <span class=\"_ _7\"></span>guara<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tee.<span class=\"_ _7\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-528": {
   "value": "2.1.<span class=\"ff4a\"> </span>Overview Mea<span class=\"_ _6\"></span>surement and<span class=\"_ _6\"></span> balance<span class=\"_ _6\"></span> of risk <span class=\"_ _6\"></span>provisio<span class=\"_ _6\"></span>n <span class=\"_ _182\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1d1\"> </span><span class=\"fcb\">31/12/202<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> </span></span>  <span class=\"_ _1ac\"> </span><span class=\"fsf\">Book value<span class=\"_ _3d5\"> </span></span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Measured at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _282\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s <span class=\"_ _90\"> </span>5,<span class=\"_ _6\"></span>029,612<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>5,475,60<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-37,20<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>1,5<span class=\"_ _6\"></span>58,107<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _126\"> </span>3,03<span class=\"_ _6\"></span>1,131<span class=\"_ _3d5\"> </span>-67,811<span class=\"_ _3d5\"> </span>2,748,32<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-30,848<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _285\"> </span>440,374<span class=\"_ _3d5\"> </span>-21,417<span class=\"_ _3d5\"> </span>412,062<span class=\"_ _3d5\"> </span>-6,360<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _286\"> </span>-2,981<span class=\"_ _6\"></span>,684<span class=\"_ _3d5\"> </span>-3,467<span class=\"_ _6\"></span>,443<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _14b\"> </span>-2,394,470<span class=\"_ _3d5\"> </span>-2,909,42<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>-587,214<span class=\"_ _3d5\"> </span>-558,020<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span>  <span class=\"_ _196\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _1de\"> </span>24,02<span class=\"_ _6\"></span>1,071<span class=\"_ _3d5\"> </span>-172,6<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>24,021,071<span class=\"_ _3d5\"> </span>-172,613<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,854<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>399,<span class=\"_ _6\"></span>293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtPL <span class=\"_ _125\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>10,393,733<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span>-1,296<span class=\"_ _3d5\"> </span>-2,619<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _13e\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1af\"> </span>-5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>-572<span class=\"_ _3d5\"> </span>Liabilities<span class=\"_ _6\"></span> <span class=\"_ _293\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>2,981,<span class=\"_ _6\"></span>684<span class=\"_ _3d5\"> </span>3,467,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _295\"> </span>306,881<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>579,908<span class=\"_ _3d5\"> </span>593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b2\"> </span>198<span class=\"_ _6\"></span>,398<span class=\"_ _3d5\"> </span>183,126<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>587,214<span class=\"_ _3d5\"> </span>558,020<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _297\"> </span>1,851<span class=\"_ _3d5\"> </span>3,191<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _238\"> </span>1,296<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _298\"> </span>555<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>2,983,53<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>3,470,63<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-444": {
   "value": "2.1.<span class=\"ff4a\"> </span>Overview Mea<span class=\"_ _6\"></span>surement and<span class=\"_ _6\"></span> balance<span class=\"_ _6\"></span> of risk <span class=\"_ _6\"></span>provisio<span class=\"_ _6\"></span>n <span class=\"_ _182\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> <span class=\"_ _1d1\"> </span><span class=\"fcb\">31/12/202<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> </span></span>  <span class=\"_ _1ac\"> </span><span class=\"fsf\">Book value<span class=\"_ _3d5\"> </span></span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue<span class=\"_ _3d5\"> </span>Risk provision <span class=\"_ _6\"></span>gross<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Measured at A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _282\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>As<span class=\"_ _6\"></span>set<span class=\"_ _6\"></span>s <span class=\"_ _90\"> </span>5,<span class=\"_ _6\"></span>029,612<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>5,475,60<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-37,20<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>1,5<span class=\"_ _6\"></span>58,107<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _126\"> </span>3,03<span class=\"_ _6\"></span>1,131<span class=\"_ _3d5\"> </span>-67,811<span class=\"_ _3d5\"> </span>2,748,32<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-30,848<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _285\"> </span>440,374<span class=\"_ _3d5\"> </span>-21,417<span class=\"_ _3d5\"> </span>412,062<span class=\"_ _3d5\"> </span>-6,360<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>iti<span class=\"_ _6\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _286\"> </span>-2,981<span class=\"_ _6\"></span>,684<span class=\"_ _3d5\"> </span>-3,467<span class=\"_ _6\"></span>,443<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _14b\"> </span>-2,394,470<span class=\"_ _3d5\"> </span>-2,909,42<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>-587,214<span class=\"_ _3d5\"> </span>-558,020<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtOCI<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span>  <span class=\"_ _196\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _1de\"> </span>24,02<span class=\"_ _6\"></span>1,071<span class=\"_ _3d5\"> </span>-172,6<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>24,021,071<span class=\"_ _3d5\"> </span>-172,613<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>-170,854<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>399,<span class=\"_ _6\"></span>293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Measured at F<span class=\"_ _6\"></span>VtPL <span class=\"_ _125\"> </span>  <span class=\"_ _283\"> </span>  <span class=\"_ _283\"> </span><span class=\"fcb\">  <span class=\"_ _284\"> </span> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _f5\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _218\"> </span>10,393,733<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span>-1,296<span class=\"_ _3d5\"> </span>-2,619<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _13e\"> </span> Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _11\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1af\"> </span>-5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>-572<span class=\"_ _3d5\"> </span>2.2.<span class=\"ff4a\"> </span>Categories and<span class=\"_ _7\"></span> measure<span class=\"_ _7\"></span>ments Assets<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>4,940,<span class=\"_ _6\"></span>384<span class=\"_ _3d5\"> </span>5,438,40<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _288\"> </span>1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>742,306<span class=\"_ _3d5\"> </span>788,952<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>978<span class=\"_ _6\"></span>,491<span class=\"_ _3d5\"> </span>888,080<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _28a\"> </span>1,242,52<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,040,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28b\"> </span>418,957<span class=\"_ _3d5\"> </span>405,702<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _28c\"> </span>24,420,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>22,601,2<span class=\"_ _6\"></span>16<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _c2\"> </span>24<span class=\"_ _6\"></span>,021,071<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _cc\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>3<span class=\"_ _6\"></span>8,259<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>7<span class=\"_ _6\"></span>0,088<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28f\"> </span>290,946<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>10,6<span class=\"_ _6\"></span>06,555<span class=\"_ _3d5\"> </span>10,495,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>10,393,73<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>484,219<span class=\"_ _3d5\"> </span>477,686<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _290\"> </span>450,075<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>3<span class=\"_ _6\"></span>0,116<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _134\"> </span>4,028<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d3\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _117\"> </span>8,174,035<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>19,043<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Total <span class=\"_ _24f\"> </span>39<span class=\"_ _6\"></span>,967,303<span class=\"_ _3d5\"> </span>38,534,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span>Liabilities<span class=\"_ _6\"></span> <span class=\"_ _293\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>2,981,<span class=\"_ _6\"></span>684<span class=\"_ _3d5\"> </span>3,467,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _295\"> </span>306,881<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>579,908<span class=\"_ _3d5\"> </span>593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b2\"> </span>198<span class=\"_ _6\"></span>,398<span class=\"_ _3d5\"> </span>183,126<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>587,214<span class=\"_ _3d5\"> </span>558,020<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _297\"> </span>1,851<span class=\"_ _3d5\"> </span>3,191<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _238\"> </span>1,296<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _298\"> </span>555<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>2,983,53<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>3,470,63<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>2.4.<span class=\"ff4a\"> </span>Exp<span class=\"_ _7\"></span>ected credit loss Overview Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI and<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at AC<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-44,17<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-67,06<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-90,46<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-201,7<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>6,335<span class=\"_ _3d5\"> </span>133<span class=\"_ _3d5\"> </span>196<span class=\"_ _3d5\"> </span>6,664<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-29,234<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-4,840<span class=\"_ _3d5\"> </span>-34,075<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a5\"> </span>-4,711<span class=\"_ _3d5\"> </span>1,064<span class=\"_ _3d5\"> </span>-67,457<span class=\"_ _3d5\"> </span>-71,104<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>5,436<span class=\"_ _3d5\"> </span>1,300<span class=\"_ _3d5\"> </span>53,002<span class=\"_ _3d5\"> </span>59,738<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,635<span class=\"_ _3d5\"> </span>8,635<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2a7\"> </span>81<span class=\"_ _3d5\"> </span>-81<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>172<span class=\"_ _3d5\"> </span>4,852<span class=\"_ _3d5\"> </span>-5,024<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _b7\"> </span>47<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>47<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-74,68<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,16<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-114,5<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span>-240,4<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI and<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at AC<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-20,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-69,25<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-15,13<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-104,4<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>3,129<span class=\"_ _3d5\"> </span>716<span class=\"_ _3d5\"> </span>16<span class=\"_ _3d5\"> </span>3,861<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-31,937<span class=\"_ _3d5\"> </span>-153<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-32,090<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a9\"> </span>10,393<span class=\"_ _3d5\"> </span>-77,515<span class=\"_ _3d5\"> </span>-14,843<span class=\"_ _3d5\"> </span>-81,965<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>2,294<span class=\"_ _3d5\"> </span>9,794<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>12,088<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,667<span class=\"_ _3d5\"> </span>8,667<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>848<span class=\"_ _3d5\"> </span>-848<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _2aa\"> </span>0<span class=\"_ _3d5\"> </span>61,449<span class=\"_ _3d5\"> </span>-61,449<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _232\"> </span>-125<span class=\"_ _3d5\"> </span>79<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-47<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _225\"> </span>-7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-7<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-44,17<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-67,06<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-90,46<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-201,7<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>Loans Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2ab\"> </span>-855<span class=\"_ _3d5\"> </span>-15,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,900<span class=\"_ _3d5\"> </span>-17,87<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2ac\"> </span>2<span class=\"_ _3d5\"> </span>-15<span class=\"_ _3d5\"> </span>-157<span class=\"_ _3d5\"> </span>-170<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d5\"> </span>-10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-4,840<span class=\"_ _3d5\"> </span>-4,948<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2ad\"> </span>0<span class=\"_ _3d5\"> </span>378<span class=\"_ _3d5\"> </span>-799<span class=\"_ _3d5\"> </span>-421<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>432<span class=\"_ _3d5\"> </span>756<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,188<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _1ac\"> </span>-52<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-14,00<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-7,688<span class=\"_ _3d5\"> </span>-22,22<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2ab\"> </span>-172<span class=\"_ _3d5\"> </span>-15,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-2,163<span class=\"_ _3d5\"> </span>-17,50<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2ac\"> </span>1<span class=\"_ _3d5\"> </span>6<span class=\"_ _3d5\"> </span>16<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d5\"> </span>-57<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-574<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _1b1\"> </span>-142<span class=\"_ _3d5\"> </span>-1,290<span class=\"_ _3d5\"> </span>-700<span class=\"_ _3d5\"> </span>-2,132<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _8e\"> </span>25<span class=\"_ _3d5\"> </span>1,257<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,282<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _74\"> </span>-3<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2aa\"> </span>9<span class=\"_ _3d5\"> </span>-9<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _234\"> </span>0<span class=\"_ _3d5\"> </span>79<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>79<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _1ac\"> </span>-85<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-15,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,900<span class=\"_ _3d5\"> </span>-17,87<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Bonds<span class=\"_ _7\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _2ae\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-34,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-47,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-88,56<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>5,850<span class=\"_ _3d5\"> </span>68<span class=\"_ _3d5\"> </span>353<span class=\"_ _3d5\"> </span>6,271<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-5,658<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-5,658<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a9\"> </span>11,984<span class=\"_ _3d5\"> </span>-2,918<span class=\"_ _3d5\"> </span>-66,658<span class=\"_ _3d5\"> </span>-57,592<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>1,730<span class=\"_ _3d5\"> </span>441<span class=\"_ _3d5\"> </span>53,002<span class=\"_ _3d5\"> </span>55,173<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,635<span class=\"_ _3d5\"> </span>8,635<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2a7\"> </span>81<span class=\"_ _3d5\"> </span>-81<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>172<span class=\"_ _3d5\"> </span>4,852<span class=\"_ _3d5\"> </span>-5,024<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _b7\"> </span>47<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>47<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-28,89<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-36,82<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-106,8<span class=\"_ _6\"></span>88<span class=\"_ _3d5\"> </span>-172,6<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _2ae\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-15,09<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-53,92<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-12,96<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-81,98<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>2,417<span class=\"_ _3d5\"> </span>184<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,601<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-21,491<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-21,491<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _10a\"> </span>7,313<span class=\"_ _3d5\"> </span>-72,245<span class=\"_ _3d5\"> </span>-14,143<span class=\"_ _3d5\"> </span>-79,075<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>744<span class=\"_ _3d5\"> </span>8,480<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>9,224<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,664<span class=\"_ _3d5\"> </span>8,664<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>434<span class=\"_ _3d5\"> </span>-434<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _2aa\"> </span>0<span class=\"_ _3d5\"> </span>61,449<span class=\"_ _3d5\"> </span>-61,449<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _232\"> </span>-125<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-126<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _225\"> </span>-7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-7<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-34,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-47,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-88,56<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs142c\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs142d\">Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs142e\">Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs142f\">Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1430\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1431\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1432\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1433\">Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-4,776<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1434\">-4,115<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1435\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1436\">-8,891<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1437\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b8\"> </span>83<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1438\">80<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1439\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs143a\">163<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs143b\">In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-10,479<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs143c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs143d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs143e\">-10,479<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs143f\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a5\"> </span>-8,708<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1440\">3,604<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1441\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1442\">-5,104<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1443\">De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>332<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1444\">103<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1445\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1446\">435<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1447\">Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-23,54<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1448\">-328<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1449\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs144a\">-23,87<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs144b\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs144c\">Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs144d\">Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs144e\">Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs144f\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1450\"><div class=\"t m0 x0 h29 y3b2 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1451\"><div class=\"t m0 x0 h29 y3b2 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1452\">Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-1,814<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1453\">-161<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1454\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1455\">-1,975<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1456\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _95\"> </span>447<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1457\">526<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1458\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1459\">973<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs145a\">In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-4,737<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs145b\">-152<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs145c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs145d\">-4,889<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs145e\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _10f\"> </span>85<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs145f\">-3,980<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1460\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1461\">-3,124<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1462\">De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _8e\"> </span>67<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1463\">57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1464\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1465\">124<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1466\">Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>405<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1467\">-405<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1468\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1469\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs146a\">Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2b1\"> </span>-4,776<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs146b\">-4,115<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs146c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs146d\">-8,891<span class=\"_ _3d5\"> </span></div>16.<span class=\"ff4a\"> </span>CALCULA<span class=\"_ _10\"></span>TION OF F<span class=\"_ _2\"></span>AIR <span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>AL<span class=\"_ _6\"></span>UE<span class=\"_ _7\"></span> The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.9. Calcula<span class=\"_ _7\"></span>tion of fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ue sta<span class=\"_ _7\"></span>rting on p<span class=\"_ _7\"></span>age 173. <span class=\"_ _2\"></span> 16.1.<span class=\"ff4a\"> </span>F<span class=\"_ _7\"></span>air value and<span class=\"_ _7\"></span> book values<span class=\"_ _7\"></span> of financial inst<span class=\"_ _7\"></span>rument<span class=\"_ _7\"></span>s and invest<span class=\"_ _7\"></span>ments<span class=\"_ _7\"></span> Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>37,990,239<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,241,37<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>3,268,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>37,969,1<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>6,112,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>3,135,87<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,716,4<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span>406,366<span class=\"_ _3d5\"> </span>848,137<span class=\"_ _3d5\"> </span>461,933<span class=\"_ _3d5\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,17<span class=\"_ _6\"></span>4,035<span class=\"_ _3d5\"> </span>5,361,04<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,251,94<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>561,042<span class=\"_ _3d5\"> </span>8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>19,043<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,679<span class=\"_ _3d5\"> </span>17,364<span class=\"_ _3d5\"> </span>19,043<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>50,075<span class=\"_ _3d5\"> </span>345,186<span class=\"_ _3d5\"> </span>31,829<span class=\"_ _3d5\"> </span>73,060<span class=\"_ _3d5\"> </span>450,075<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>30,116<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>4,0<span class=\"_ _6\"></span>28<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,282<span class=\"_ _3d5\"> </span>1,746<span class=\"_ _3d5\"> </span>4,028<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>212,82<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,963,320<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>1,004,63<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,488,75<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,942,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>742,306<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>594,559<span class=\"_ _3d5\"> </span>127,842<span class=\"_ _3d5\"> </span>722,401<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>978,<span class=\"_ _6\"></span>491<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>410,078<span class=\"_ _3d5\"> </span>97,406<span class=\"_ _3d5\"> </span>956,342<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,24<span class=\"_ _6\"></span>2,523<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>24,021,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>24,021,071<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>3<span class=\"_ _6\"></span>99,293<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>364,354<span class=\"_ _3d5\"> </span>399,293<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>38,25<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>3,320<span class=\"_ _3d5\"> </span>38,259<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>70,088<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,85<span class=\"_ _6\"></span>2,090<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>32,988<span class=\"_ _3d5\"> </span>4,384,99<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>4,417,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>470,949<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,107<span class=\"_ _3d5\"> </span>792,142<span class=\"_ _3d5\"> </span>831,249<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>185,622<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>41,4<span class=\"_ _6\"></span>98,900<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,313,46<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>8,445,14<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>43,218,3<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>ook<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>35,813,985<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,362,75<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,730,54<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>35,681,8<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>7,345,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,517,41<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,702,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>543,061<span class=\"_ _3d5\"> </span>1,034,01<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>125,080<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,15<span class=\"_ _6\"></span>5,893<span class=\"_ _3d5\"> </span>6,431,29<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,477,14<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>247,454<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>28,683<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,771<span class=\"_ _3d5\"> </span>26,912<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>27,950<span class=\"_ _3d5\"> </span>371,175<span class=\"_ _3d5\"> </span>4,479<span class=\"_ _3d5\"> </span>52,296<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>35,528<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2ff\"> </span>14,208<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>130,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>130,<span class=\"_ _6\"></span>870<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,717,480<span class=\"_ _3d5\"> </span>886,538<span class=\"_ _3d5\"> </span>953,116<span class=\"_ _3d5\"> </span>745,715<span class=\"_ _3d5\"> </span>2,585,36<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>788,952<span class=\"_ _3d5\"> </span>144,483<span class=\"_ _3d5\"> </span>576,739<span class=\"_ _3d5\"> </span>20,747<span class=\"_ _3d5\"> </span>741,969<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>888,<span class=\"_ _6\"></span>080<span class=\"_ _3d5\"> </span>396,184<span class=\"_ _3d5\"> </span>376,377<span class=\"_ _3d5\"> </span>29,916<span class=\"_ _3d5\"> </span>802,477<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,04<span class=\"_ _6\"></span>0,448<span class=\"_ _3d5\"> </span>345,871<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>695,052<span class=\"_ _3d5\"> </span>1,040,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>22,363,77<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>22,363,774<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>2<span class=\"_ _6\"></span>37,442<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,483<span class=\"_ _3d5\"> </span>207,316<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>33,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,234<span class=\"_ _3d5\"> </span>3,345<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>68,930<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>135<span class=\"_ _6\"></span>,290<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>249<span class=\"_ _3d5\"> </span>135,041<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,64<span class=\"_ _6\"></span>5,015<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>44,582<span class=\"_ _3d5\"> </span>4,220,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>4,264,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>482,841<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,007<span class=\"_ _3d5\"> </span>820,868<span class=\"_ _3d5\"> </span>859,875<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>287,961<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>39,2<span class=\"_ _6\"></span>29,802<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,446,34<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>6,771,77<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>40,806,6<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>555<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,196,072<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,644,86<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>416,711<span class=\"_ _3d5\"> </span>2,061,57<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>30<span class=\"_ _6\"></span>6,881<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>579,90<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>396,217<span class=\"_ _3d5\"> </span>88,175<span class=\"_ _3d5\"> </span>484,392<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,309,283<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,248,64<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>21,655<span class=\"_ _3d5\"> </span>1,270,30<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,197,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,645,57<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>417,855<span class=\"_ _3d5\"> </span>2,063,42<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>*Excl. lease <span class=\"_ _7\"></span>liabilities<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>572<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,726,297<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,087,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>466,896<span class=\"_ _3d5\"> </span>2,554,01<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>34<span class=\"_ _6\"></span>3,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>593,11<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>320,939<span class=\"_ _3d5\"> </span>101,339<span class=\"_ _3d5\"> </span>422,278<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,789,281<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,766,18<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>21,659<span class=\"_ _3d5\"> </span>1,787,84<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,729,48<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,089,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>467,949<span class=\"_ _3d5\"> </span>2,557,21<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>*Excl. lease <span class=\"_ _7\"></span>liabilities The unr<span class=\"_ _2\"></span>ealised ef<span class=\"_ _2\"></span>fect (<span class=\"_ _7\"></span>net p<span class=\"_ _7\"></span>rofi<span class=\"_ _7\"></span>t or loss<span class=\"_ _7\"></span>) of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>Level 3 fi<span class=\"_ _2\"></span>nancial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts th<span class=\"_ _7\"></span>at ar<span class=\"_ _2\"></span>e still h<span class=\"_ _7\"></span>eld and<span class=\"_ _7\"></span> whos<span class=\"_ _2\"></span>e fair val<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>will be r<span class=\"_ _2\"></span>ecog-<span class=\"_ _3d5\"> </span>nised thro<span class=\"_ _2\"></span>ugh prof<span class=\"_ _7\"></span>it <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>s was EU<span class=\"_ _7\"></span>R 21,544,<span class=\"_ _7\"></span>000 i<span class=\"_ _2\"></span>n the re<span class=\"_ _2\"></span>port<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng period.<span class=\"_ _3d5\"> </span>16.2.<span class=\"ff4a\"> </span>Recl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssification <span class=\"_ _7\"></span>of financial instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts The compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ularly re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>iew t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t v<span class=\"_ _7\"></span>alidity of <span class=\"_ _7\"></span>the last f<span class=\"_ _2\"></span>air value classif<span class=\"_ _7\"></span>icati<span class=\"_ _7\"></span>on perfo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>med <span class=\"_ _7\"></span>on each <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>uation <span class=\"_ _7\"></span>date. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xampl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>a r<span class=\"_ _2\"></span>eclassifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n is <span class=\"_ _2\"></span>perfor<span class=\"_ _7\"></span>med <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ecess<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ry <span class=\"_ _7\"></span>inputs <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>no lo<span class=\"_ _7\"></span>nger <span class=\"_ _2\"></span>direc<span class=\"_ _7\"></span>tly obs<span class=\"_ _2\"></span>ervable <span class=\"_ _2\"></span>in the<span class=\"_ _7\"></span> market.<span class=\"_ _7\"></span> Reclassifica<span class=\"_ _6\"></span>tions<span class=\"_ _6\"></span> <span class=\"_ _23e\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _d0\"> </span><span class=\"fsf\">Between Le<span class=\"_ _6\"></span>vel 1 </span>and Level 2<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _c8\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _5f\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _222\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>189<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>10<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>183<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _344\"> </span>183<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span>6<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _269\"> </span>6<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Total <span class=\"_ _302\"> </span>2<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span>11<span class=\"_ _3d5\"> </span>15<span class=\"_ _3d5\"> </span>The r<span class=\"_ _7\"></span>eclassifi<span class=\"_ _7\"></span>cations bet<span class=\"_ _7\"></span>wee<span class=\"_ _7\"></span>n Level 1 and <span class=\"_ _7\"></span>Level 2 are d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e to chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s in li<span class=\"_ _7\"></span>quidity<span class=\"_ _10\"></span>, trading fr<span class=\"_ _2\"></span>equenc<span class=\"_ _7\"></span>y and tradi<span class=\"_ _7\"></span>ng activity<span class=\"_ _e\"></span>, as well as <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>harmonis<span class=\"_ _7\"></span>ation of v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>uation h<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>erarc<span class=\"_ _7\"></span>hies. The <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>fro<span class=\"_ _7\"></span>m L<span class=\"_ _6\"></span>ev<span class=\"_ _7\"></span>el 1 <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>Level 3 <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>prim<span class=\"_ _7\"></span>aril<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>based on <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>worseni<span class=\"_ _7\"></span>ng o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>liq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>idity<span class=\"_ _e\"></span>, fo<span class=\"_ _2\"></span>r ex<span class=\"_ _7\"></span>ample<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>connectio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _2\"></span>developm<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>estate <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>arket. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>ns fro<span class=\"_ _7\"></span>m Level 2 to <span class=\"_ _2\"></span>Level 3 ar<span class=\"_ _7\"></span>e prim<span class=\"_ _7\"></span>arily b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed o<span class=\"_ _7\"></span>n a wo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>sening <span class=\"_ _7\"></span>of the <span class=\"_ _7\"></span>credi<span class=\"_ _7\"></span>t quality o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> liquidit<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span>Reclassifica<span class=\"_ _6\"></span>tions<span class=\"_ _6\"></span> <span class=\"_ _345\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _103\"> </span><span class=\"fsf\">Between Level 1<span class=\"_ _6\"></span> </span>and Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _6\"></span> to Level 1<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _6\"></span> to Level 2<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _346\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _347\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _22e\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _214\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _5d\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Total <span class=\"_ _2bf\"> </span>2<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Recl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssif<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>atio<span class=\"_ _2\"></span>ns b<span class=\"_ _7\"></span>etw<span class=\"_ _7\"></span>een <span class=\"_ _2\"></span>Level <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>and 2 <span class=\"_ _2\"></span>prim<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>il<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> o<span class=\"_ _2\"></span>ccur <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>liq<span class=\"_ _7\"></span>uidi<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>tradin<span class=\"_ _2\"></span>g fr<span class=\"_ _7\"></span>eq<span class=\"_ _2\"></span>uency <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r t<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>adi<span class=\"_ _2\"></span>ng a<span class=\"_ _7\"></span>ctivi<span class=\"_ _2\"></span>ty of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>parti<span class=\"_ _7\"></span>cula<span class=\"_ _7\"></span>r f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nan-<span class=\"_ _3d5\"> </span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _7\"></span>nt onc<span class=\"_ _2\"></span>e a<span class=\"_ _6\"></span>gai<span class=\"_ _7\"></span>n, o<span class=\"_ _7\"></span>r ceas<span class=\"_ _7\"></span>e to allo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> one to co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>ud<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>at an<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ive m<span class=\"_ _7\"></span>ark<span class=\"_ _7\"></span>et exi<span class=\"_ _7\"></span>sts.<span class=\"_ _7\"></span> For exa<span class=\"_ _7\"></span>mpl<span class=\"_ _2\"></span>e, the mar<span class=\"_ _7\"></span>ket mak<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r for <span class=\"_ _7\"></span>a sec<span class=\"_ _2\"></span>urity fr<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>ntly c<span class=\"_ _7\"></span>ha<span class=\"_ _7\"></span>nges, <span class=\"_ _2\"></span>with a c<span class=\"_ _2\"></span>orre<span class=\"_ _7\"></span>spo<span class=\"_ _7\"></span>ndi<span class=\"_ _2\"></span>ng imp<span class=\"_ _7\"></span>act o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> li<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>idi<span class=\"_ _7\"></span>ty<span class=\"_ _e\"></span>. A si<span class=\"_ _7\"></span>mil<span class=\"_ _2\"></span>ar exam<span class=\"_ _2\"></span>ple is <span class=\"_ _2\"></span>when s<span class=\"_ _2\"></span>har<span class=\"_ _7\"></span>es ar<span class=\"_ _2\"></span>e i<span class=\"_ _7\"></span>nclude<span class=\"_ _2\"></span>d in (or r<span class=\"_ _7\"></span>emo<span class=\"_ _7\"></span>ved<span class=\"_ _7\"></span> from<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> an in<span class=\"_ _7\"></span>dex th<span class=\"_ _7\"></span>at acts<span class=\"_ _7\"></span> as a benc<span class=\"_ _7\"></span>hma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>or ma<span class=\"_ _7\"></span>ny fund<span class=\"_ _7\"></span>s. In this c<span class=\"_ _2\"></span>ase, the cla<span class=\"_ _7\"></span>ssif<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n ca<span class=\"_ _7\"></span>n also cha<span class=\"_ _7\"></span>nge.<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>As a res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>t of t<span class=\"_ _7\"></span>he d<span class=\"_ _7\"></span>ece<span class=\"_ _7\"></span>ntr<span class=\"_ _7\"></span>alis<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d s<span class=\"_ _7\"></span>truc<span class=\"_ _2\"></span>tur<span class=\"_ _7\"></span>e of V<span class=\"_ _7\"></span>IG I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>ranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up, <span class=\"_ _2\"></span>classi<span class=\"_ _7\"></span>fic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>ns ar<span class=\"_ _2\"></span>e ge<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>all<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>evie<span class=\"_ _2\"></span>wed by <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>ubsi<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>arie<span class=\"_ _2\"></span>s at th<span class=\"_ _7\"></span>e end <span class=\"_ _7\"></span>of t<span class=\"_ _2\"></span>he pe<span class=\"_ _7\"></span>rio<span class=\"_ _7\"></span>d. A<span class=\"_ _7\"></span>ny <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>cati<span class=\"_ _2\"></span>ons <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>sen<span class=\"_ _7\"></span>ted <span class=\"_ _2\"></span>as if <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>ey <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ad <span class=\"_ _7\"></span>take<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pl<span class=\"_ _2\"></span>ace at <span class=\"_ _2\"></span>the e<span class=\"_ _7\"></span>nd of<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>he pe<span class=\"_ _7\"></span>riod.<span class=\"_ _3d5\"> </span>Measurem<span class=\"_ _7\"></span>ent m<span class=\"_ _7\"></span>ethod for<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>fair<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ass<span class=\"_ _7\"></span>essment<span class=\"_ _2\"></span> Mea<span class=\"_ _6\"></span>surement p<span class=\"_ _6\"></span>rocedure<span class=\"_ _6\"></span> for fair<span class=\"_ _6\"></span> value<span class=\"_ _6\"></span> assessment<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>831,249<span class=\"_ _3d5\"> </span>859,689<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>ind<span class=\"_ _6\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span> <span class=\"_ _340\"> </span>378,82<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>394,979<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>452,42<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>464,710<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _b9\"> </span>4,4<span class=\"_ _6\"></span>17,978<span class=\"_ _3d5\"> </span>4,265,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>ind<span class=\"_ _6\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _3d5\"> </span>* <span class=\"_ _84\"> </span>1,01<span class=\"_ _6\"></span>0,579<span class=\"_ _3d5\"> </span>1,017,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span> <span class=\"_ _348\"> </span>3,407,39<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>3,247,46<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>*This corr<span class=\"_ _7\"></span>esponds to 22.87% <span class=\"_ _7\"></span>(23.86%) of the fair value of in<span class=\"_ _7\"></span>vestment property. Mea<span class=\"_ _6\"></span>surement met<span class=\"_ _6\"></span>hod<span class=\"_ _6\"></span> <span class=\"_ _bc\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>831,249<span class=\"_ _3d5\"> </span>859,689<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _c2\"> </span>647,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>683,016<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d/<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>et <span class=\"_ _6\"></span>app<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span> <span class=\"_ _349\"> </span>179,883<span class=\"_ _3d5\"> </span>127,271<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _34a\"> </span>4,353<span class=\"_ _3d5\"> </span>49,402<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _b9\"> </span>4,4<span class=\"_ _6\"></span>17,978<span class=\"_ _3d5\"> </span>4,265,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>4,008,590<span class=\"_ _3d5\"> </span>3,489,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d/<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>et <span class=\"_ _6\"></span>app<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span> <span class=\"_ _349\"> </span>354,114<span class=\"_ _3d5\"> </span>123,614<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _2cb\"> </span>55,274<span class=\"_ _3d5\"> </span>652,119<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>5,249,22<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>5,124,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>16.3.<span class=\"ff4a\"> </span>Reconciliati<span class=\"_ _7\"></span>on of financial inst<span class=\"_ _7\"></span>rument<span class=\"_ _7\"></span>s For informatio<span class=\"_ _7\"></span>n on the effects<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>of changes in value re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed thro<span class=\"_ _2\"></span>ugh <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it and loss, ple<span class=\"_ _7\"></span>ase <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>efer to Note <span class=\"_ _7\"></span>9. Notes <span class=\"_ _6\"></span>to the consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed i<span class=\"_ _7\"></span>ncome sta<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 109.<span class=\"_ _7\"></span> A harmo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>isation of IT<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ystems r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ults in l<span class=\"_ _7\"></span>evel r<span class=\"_ _7\"></span>eclass<span class=\"_ _7\"></span>ifi<span class=\"_ _7\"></span>cations that ar<span class=\"_ _2\"></span>e not attrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>table <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o c<span class=\"_ _7\"></span>hanges i<span class=\"_ _7\"></span>n mark<span class=\"_ _7\"></span>et value.<span class=\"_ _2\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">2023 <span class=\"_ _eb\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 adjusted<span class=\"_ _6\"></span> </span></span>Financial as<span class=\"_ _6\"></span>sets<span class=\"_ _6\"></span> measured at<span class=\"_ _6\"></span> FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _34b\"> </span><span class=\"fsf\">Level 1<span class=\"_ _3d5\"> </span></span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 o<span class=\"_ _6\"></span>f<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vio<span class=\"_ _1\"></span>us <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar <span class=\"_ _6\"></span>= <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>air<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s of 0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> 18,251,9<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span>3,865,88<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>483,349<span class=\"_ _3d5\"> </span>19,738,7<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>4,456,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>461,982<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>21,703<span class=\"_ _3d5\"> </span>-1,505<span class=\"_ _3d5\"> </span>-16,257<span class=\"_ _3d5\"> </span>149,066<span class=\"_ _3d5\"> </span>1,917<span class=\"_ _3d5\"> </span>745<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>etw<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>las<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1a2\"> </span>-25,816<span class=\"_ _3d5\"> </span>15,770<span class=\"_ _3d5\"> </span>127,046<span class=\"_ _3d5\"> </span>-35,014<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>4,107<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o l<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _107\"> </span>224,0<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>1,112,09<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>164,679<span class=\"_ _3d5\"> </span>40,319<span class=\"_ _3d5\"> </span>9,205<span class=\"_ _3d5\"> </span>203,276<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _192\"> </span>-1<span class=\"_ _6\"></span>,131,929<span class=\"_ _3d5\"> </span>-315,281<span class=\"_ _3d5\"> </span>-53,658<span class=\"_ _3d5\"> </span>-183,672<span class=\"_ _3d5\"> </span>-65,272<span class=\"_ _3d5\"> </span>-3,857<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>crue<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>56,8<span class=\"_ _6\"></span>86<span class=\"_ _3d5\"> </span>12,793<span class=\"_ _3d5\"> </span>-1,884<span class=\"_ _3d5\"> </span>81,356<span class=\"_ _3d5\"> </span>10,829<span class=\"_ _3d5\"> </span>-3,619<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fb\"> </span>3,39<span class=\"_ _6\"></span>6,212<span class=\"_ _3d5\"> </span>591,244<span class=\"_ _3d5\"> </span>200,781<span class=\"_ _3d5\"> </span>3,885,21<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>601,839<span class=\"_ _3d5\"> </span>61,476<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _a2\"> </span>-2,977<span class=\"_ _6\"></span>,020<span class=\"_ _3d5\"> </span>-522,290<span class=\"_ _3d5\"> </span>-108,319<span class=\"_ _3d5\"> </span>-2,849,30<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-410,592<span class=\"_ _3d5\"> </span>-93,211<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>-4,538<span class=\"_ _3d5\"> </span>-110,758<span class=\"_ _3d5\"> </span>644,983<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-16,544<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _ae\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed d<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ctl<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _265\"> </span>920,538<span class=\"_ _3d5\"> </span>295,543<span class=\"_ _3d5\"> </span>-50,980<span class=\"_ _3d5\"> </span>-3,219,71<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-738,081<span class=\"_ _3d5\"> </span>-131,006<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value as of<span class=\"_ _6\"></span> 31/12 <span class=\"_ _212\"> </span>18,736,6<span class=\"_ _6\"></span>50<span class=\"_ _3d5\"> </span>5,049,71<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>633,999<span class=\"_ _3d5\"> </span>18,251,9<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span>3,865,88<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>483,349<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span><span class=\"fcb\"> <span class=\"_ _d9\"> </span></span><span class=\"fsf\">2023 <span class=\"_ _eb\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 adjusted<span class=\"_ _6\"></span> </span></span>Financial as<span class=\"_ _6\"></span>sets<span class=\"_ _6\"></span> measured at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> <span class=\"_ _2d3\"> </span><span class=\"fsf\">Level 1<span class=\"_ _3d5\"> </span></span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 o<span class=\"_ _6\"></span>f<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vio<span class=\"_ _1\"></span>us <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar <span class=\"_ _6\"></span>= <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>air<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s of 0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> 7,450,05<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,543,75<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>9,554,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>3,161,44<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>562,236<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1b6\"> </span>72,100<span class=\"_ _3d5\"> </span>-1,029<span class=\"_ _3d5\"> </span>-16,755<span class=\"_ _3d5\"> </span>29,777<span class=\"_ _3d5\"> </span>2,864<span class=\"_ _3d5\"> </span>-307<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>etw<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>las<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _34c\"> </span>11,519<span class=\"_ _3d5\"> </span>2,675<span class=\"_ _3d5\"> </span>-14,193<span class=\"_ _3d5\"> </span>33,340<span class=\"_ _3d5\"> </span>-2,434<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o l<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _107\"> </span>244,1<span class=\"_ _6\"></span>14<span class=\"_ _3d5\"> </span>774,013<span class=\"_ _3d5\"> </span>592,993<span class=\"_ _3d5\"> </span>1,601<span class=\"_ _3d5\"> </span>274<span class=\"_ _3d5\"> </span>6,771<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _192\"> </span>-1<span class=\"_ _6\"></span>,230,251<span class=\"_ _3d5\"> </span>-377,942<span class=\"_ _3d5\"> </span>-2,928<span class=\"_ _3d5\"> </span>-6,985<span class=\"_ _3d5\"> </span>-1,651<span class=\"_ _3d5\"> </span>-8<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>crue<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest<span class=\"_ _6\"></span> <span class=\"_ _1d4\"> </span>1,081<span class=\"_ _3d5\"> </span>8,718<span class=\"_ _3d5\"> </span>5,142<span class=\"_ _3d5\"> </span>5,929<span class=\"_ _3d5\"> </span>11,803<span class=\"_ _3d5\"> </span>6,418<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _fb\"> </span>2,45<span class=\"_ _6\"></span>9,074<span class=\"_ _3d5\"> </span>467,755<span class=\"_ _3d5\"> </span>177,649<span class=\"_ _3d5\"> </span>2,486,75<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>354,032<span class=\"_ _3d5\"> </span>201,570<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _a2\"> </span>-3,231<span class=\"_ _6\"></span>,600<span class=\"_ _3d5\"> </span>-483,055<span class=\"_ _3d5\"> </span>-107,460<span class=\"_ _3d5\"> </span>-3,563,91<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-741,384<span class=\"_ _3d5\"> </span>-210,800<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-12,528<span class=\"_ _3d5\"> </span>15,942<span class=\"_ _3d5\"> </span>180,376<span class=\"_ _3d5\"> </span>-42,271<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>498,1<span class=\"_ _6\"></span>86<span class=\"_ _3d5\"> </span>252,125<span class=\"_ _3d5\"> </span>21,863<span class=\"_ _3d5\"> </span>-1,107,38<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-421,567<span class=\"_ _3d5\"> </span>-22,131<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed d<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ctl<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _2d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value as of<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1e9\"> </span>6,274,276<span class=\"_ _3d5\"> </span>3,187,01<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>7,450,05<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,543,75<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _d9\"> </span><span class=\"fsf\">20<span class=\"_ _6\"></span>23 <span class=\"_ _eb\"> </span><span class=\"fcb\">2022 adjusted<span class=\"_ _6\"></span> </span></span>Financial l<span class=\"_ _6\"></span>iabilities <span class=\"_ _6\"></span>measu<span class=\"_ _6\"></span>red at<span class=\"_ _6\"></span> FVtPL<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span><span class=\"fsf\">Level 1<span class=\"_ _3d5\"> </span></span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 o<span class=\"_ _6\"></span>f<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vio<span class=\"_ _1\"></span>us <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar <span class=\"_ _6\"></span>= <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>air<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>s of 0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>/01<span class=\"_ _6\"></span> 0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>1,053<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,059<span class=\"_ _3d5\"> </span>813<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _21e\"> </span>0<span class=\"_ _3d5\"> </span>728<span class=\"_ _3d5\"> </span>-2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,825<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>etw<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>las<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1d6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o l<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _fa\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span> <span class=\"_ _21e\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Amo<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>crue<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest<span class=\"_ _6\"></span> <span class=\"_ _156\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>404<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>180<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _34d\"> </span>0<span class=\"_ _3d5\"> </span>-2,159<span class=\"_ _3d5\"> </span>-311<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,702<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>993<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-40<span class=\"_ _3d5\"> </span>60<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>ed d<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ctl<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _2d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value as of<span class=\"_ _6\"></span> 31/12 <span class=\"_ _1ab\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>1,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>1,053<span class=\"_ _3d5\"> </span>16.4.<span class=\"ff4a\"> </span>Unobservabl<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>inpu<span class=\"_ _7\"></span>t factors<span class=\"_ _7\"></span> Asset clas<span class=\"_ _6\"></span>s <span class=\"_ _1d6\"> </span><span class=\"fsf\">Mea<span class=\"_ _6\"></span>surement me<span class=\"_ _6\"></span>thods </span>Unobservable<span class=\"_ _6\"></span> input f<span class=\"_ _6\"></span>act<span class=\"_ _6\"></span>ors Range 2023 <span class=\"_ _30\"> </span><span class=\"fcb\">2022 </span>  <span class=\"_ _274\"> </span><span class=\"fsf\">f<span class=\"_ _6\"></span>rom<span class=\"_ _3d5\"> </span></span>to<span class=\"_ _3d5\"> </span>from<span class=\"_ _3d5\"> </span>to<span class=\"_ _3d5\"> </span>Prop<span class=\"_ _1\"></span>erty<span class=\"_ _6\"></span> <span class=\"_ _265\"> </span>Capitalised ea<span class=\"_ _6\"></span>rning<span class=\"_ _6\"></span>s value<span class=\"_ _6\"></span> <span class=\"_ _34e\"> </span>Capitalisation r<span class=\"_ _6\"></span>ate <span class=\"_ _2c6\"> </span>in % <span class=\"_ _216\"> </span>0.30<span class=\"_ _3d5\"> </span>7.47<span class=\"_ _3d5\"> </span>0.30<span class=\"_ _3d5\"> </span>7.47  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>Rental income <span class=\"_ _e1\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000 <span class=\"_ _195\"> </span>7<span class=\"_ _3d5\"> </span>4,090<span class=\"_ _3d5\"> </span>7<span class=\"_ _3d5\"> </span>3,999  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>Land price <span class=\"_ _265\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000 <span class=\"_ _195\"> </span>0<span class=\"_ _3d5\"> </span>12<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>12  <span class=\"_ _158\"> </span>Discoun<span class=\"_ _6\"></span>ted Cash flow<span class=\"_ _1\"></span> <span class=\"_ _34f\"> </span>Capitalisation r<span class=\"_ _6\"></span>ate <span class=\"_ _2c6\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000 <span class=\"_ _350\"> </span>4.11<span class=\"_ _3d5\"> </span>8.92<span class=\"_ _3d5\"> </span>3.56<span class=\"_ _3d5\"> </span>8.26  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>Rental income <span class=\"_ _e1\"> </span>in % <span class=\"_ _af\"> </span>111<span class=\"_ _3d5\"> </span>7,394<span class=\"_ _3d5\"> </span>102<span class=\"_ _3d5\"> </span>5,699<span class=\"_ _3d5\"> </span>Buil<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> righ<span class=\"_ _7\"></span>ts \u2013<span class=\"_ _7\"></span> capi<span class=\"_ _7\"></span>talise<span class=\"_ _2\"></span>d earnin<span class=\"_ _2\"></span>g<span class=\"_ _6\"></span>s val<span class=\"_ _2\"></span>ue Capitalisation r<span class=\"_ _6\"></span>ate in % <span class=\"_ _216\"> </span>2.50<span class=\"_ _3d5\"> </span>4.00<span class=\"_ _3d5\"> </span>2.50<span class=\"_ _3d5\"> </span>4  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>Rental income <span class=\"_ _e1\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000 <span class=\"_ _34\"> </span>83<span class=\"_ _3d5\"> </span>4,378<span class=\"_ _3d5\"> </span>83<span class=\"_ _3d5\"> </span>4,378  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>Land prices <span class=\"_ _59\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000 <span class=\"_ _350\"> </span>0.30<span class=\"_ _3d5\"> </span>0.73<span class=\"_ _3d5\"> </span>0.30<span class=\"_ _3d5\"> </span>0.73  <span class=\"_ _158\"> </span>  <span class=\"_ _ad\"> </span>C<span class=\"_ _7\"></span>onstruction in<span class=\"_ _6\"></span>terest actua<span class=\"_ _6\"></span>lly paid<span class=\"_ _6\"></span> <span class=\"_ _351\"> </span>in % <span class=\"_ _216\"> </span>0.90<span class=\"_ _3d5\"> </span>3.96<span class=\"_ _3d5\"> </span>0.90<span class=\"_ _3d5\"> </span>5.70<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _32\"> </span>Presen<span class=\"_ _6\"></span>t value method<span class=\"_ _1\"></span> <span class=\"_ _34f\"> </span>Spreads <span class=\"_ _352\"> </span>in % <span class=\"_ _2ab\"> </span>-0.20<span class=\"_ _3d5\"> </span>5.62<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>AC<span class=\"_ _6\"></span> <span class=\"_ _34\"> </span>Present value method<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Spreads <span class=\"_ _352\"> </span>in <span class=\"_ _6\"></span>% <span class=\"_ _353\"> </span>-0.20<span class=\"_ _3d5\"> </span>5.62<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _354\"> </span>Present value meth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Spreads <span class=\"_ _352\"> </span>in % <span class=\"_ _353\"> </span>-0.2<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>4.13<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L <span class=\"_ _162\"> </span>Present value m<span class=\"_ _6\"></span>ethod<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Spreads <span class=\"_ _352\"> </span>in <span class=\"_ _6\"></span>% <span class=\"_ _353\"> </span>-0.20<span class=\"_ _3d5\"> </span>3.81<span class=\"_ _3d5\"> </span>16.5.<span class=\"ff4a\"> </span>Sensitivit<span class=\"_ _7\"></span>ies With resp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>t to <span class=\"_ _2\"></span>the v<span class=\"_ _7\"></span>alue of<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>hares m<span class=\"_ _2\"></span>easur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d usi<span class=\"_ _7\"></span>ng a<span class=\"_ _2\"></span> Level <span class=\"_ _7\"></span>3 met<span class=\"_ _7\"></span>hod (m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ltiples <span class=\"_ _2\"></span>approac<span class=\"_ _2\"></span>h), VIG I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce Gro<span class=\"_ _2\"></span>up ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mes that alternativ<span class=\"_ _7\"></span>e inpu<span class=\"_ _7\"></span>ts and alt<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>nati<span class=\"_ _7\"></span>ve met<span class=\"_ _7\"></span>hods do <span class=\"_ _7\"></span>not lead t<span class=\"_ _2\"></span>o significant c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>anges i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> valu<span class=\"_ _7\"></span>e.<span class=\"_ _3d5\"> </span>Investment <span class=\"_ _2\"></span>property The follo<span class=\"_ _7\"></span>wing s<span class=\"_ _7\"></span>ensitiviti<span class=\"_ _7\"></span>es r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sult fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> a par<span class=\"_ _7\"></span>t of the po<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>fol<span class=\"_ _7\"></span>io fr<span class=\"_ _2\"></span>om calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s usi<span class=\"_ _7\"></span>ng the Sol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ency II <span class=\"_ _7\"></span>partial i<span class=\"_ _7\"></span>nte<span class=\"_ _7\"></span>rna<span class=\"_ _6\"></span>l model<span class=\"_ _7\"></span>: Property <span class=\"_ _2b9\"> </span><span class=\"fsf\">Fair value<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1cb\"> </span>4,619,995<span class=\"_ _3d5\"> </span>Rent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>l i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span>5%<span class=\"_ _6\"></span> <span class=\"_ _328\"> </span>4,440,131<span class=\"_ _3d5\"> </span>Rent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>l i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span> +5<span class=\"_ _6\"></span>%<span class=\"_ _6\"></span> <span class=\"_ _355\"> </span>4,805,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>-5<span class=\"_ _6\"></span>0bp<span class=\"_ _6\"></span> <span class=\"_ _356\"> </span>4,918,76<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>+5<span class=\"_ _6\"></span>0bp<span class=\"_ _1\"></span> <span class=\"_ _357\"> </span>4,369,45<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Lan<span class=\"_ _6\"></span>d p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ices<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span>5<span class=\"_ _6\"></span>%<span class=\"_ _6\"></span> <span class=\"_ _29d\"> </span>4,583,548<span class=\"_ _3d5\"> </span>Lan<span class=\"_ _6\"></span>d p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ices<span class=\"_ _6\"></span> +<span class=\"_ _1\"></span>5%<span class=\"_ _6\"></span> <span class=\"_ _2b7\"> </span>4,660,96<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Since prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty is <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d at<span class=\"_ _6\"></span> amorti<span class=\"_ _7\"></span>sed cost in the <span class=\"_ _6\"></span>bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce sheet <span class=\"_ _6\"></span>of VIG, negati<span class=\"_ _7\"></span>ve sensitivities wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld only affec<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it or loss<span class=\"_ _7\"></span> if pr<span class=\"_ _7\"></span>operty valu<span class=\"_ _7\"></span>e fell bel<span class=\"_ _7\"></span>ow boo<span class=\"_ _7\"></span>k <span class=\"_ _7\"></span>value. Ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er comp<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ensive i<span class=\"_ _7\"></span>ncome i<span class=\"_ _7\"></span>s ther<span class=\"_ _2\"></span>efore <span class=\"_ _7\"></span>unaff<span class=\"_ _7\"></span>ected.<span class=\"_ _3d5\"> </span>Measured at<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>A<span class=\"_ _7\"></span>C As <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>change<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>of l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ans <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>bo<span class=\"_ _7\"></span>nds <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lassi<span class=\"_ _7\"></span>fie<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>as <span class=\"_ _2\"></span>measu<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> a<span class=\"_ _2\"></span>t AC<span class=\"_ _2\"></span> idoes<span class=\"_ _2\"></span> no<span class=\"_ _7\"></span>t i<span class=\"_ _7\"></span>nclu<span class=\"_ _7\"></span>de <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>ponent, there is<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>no impact f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>ensiti<span class=\"_ _7\"></span>vity calcula<span class=\"_ _2\"></span>tion on the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>com<span class=\"_ _7\"></span>e stateme<span class=\"_ _7\"></span>nt a<span class=\"_ _7\"></span>nd other com<span class=\"_ _2\"></span>preh<span class=\"_ _7\"></span>ensive i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come.<span class=\"_ _2\"></span> Measured at<span class=\"_ _2\"></span> FVtPL<span class=\"_ _7\"></span> Bonds <span class=\"_ _2be\"> </span><span class=\"fsf\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1ca\"> </span>4<span class=\"_ _6\"></span>61,933<span class=\"_ _3d5\"> </span>Spr<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>+50<span class=\"_ _6\"></span>bp<span class=\"_ _1\"></span> <span class=\"_ _358\"> </span>-9,971<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tat<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>-9,<span class=\"_ _6\"></span>971<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> st<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>pr<span class=\"_ _6\"></span>eh<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _318\"> </span>0<span class=\"_ _3d5\"> </span>Measured at<span class=\"_ _2\"></span> FVt<span class=\"_ _6\"></span>O<span class=\"_ _7\"></span>CI Bonds <span class=\"_ _2be\"> </span><span class=\"fsf\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1ca\"> </span>2<span class=\"_ _6\"></span>69,645<span class=\"_ _3d5\"> </span>Spr<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ad <span class=\"_ _6\"></span>+50<span class=\"_ _6\"></span>bp<span class=\"_ _1\"></span> <span class=\"_ _358\"> </span>-4,821<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tat<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1cb\"> </span>0<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> st<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>pr<span class=\"_ _6\"></span>eh<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>-4,821",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-539": {
   "value": "2.2.<span class=\"ff4a\"> </span>Categories and<span class=\"_ _7\"></span> measure<span class=\"_ _7\"></span>ments Assets<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>4,940,<span class=\"_ _6\"></span>384<span class=\"_ _3d5\"> </span>5,438,40<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _288\"> </span>1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>742,306<span class=\"_ _3d5\"> </span>788,952<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>978<span class=\"_ _6\"></span>,491<span class=\"_ _3d5\"> </span>888,080<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _28a\"> </span>1,242,52<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,040,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28b\"> </span>418,957<span class=\"_ _3d5\"> </span>405,702<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _28c\"> </span>24,420,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>22,601,2<span class=\"_ _6\"></span>16<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _c2\"> </span>24<span class=\"_ _6\"></span>,021,071<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _cc\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>3<span class=\"_ _6\"></span>8,259<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>7<span class=\"_ _6\"></span>0,088<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28f\"> </span>290,946<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>10,6<span class=\"_ _6\"></span>06,555<span class=\"_ _3d5\"> </span>10,495,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>10,393,73<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>484,219<span class=\"_ _3d5\"> </span>477,686<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _290\"> </span>450,075<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>3<span class=\"_ _6\"></span>0,116<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _134\"> </span>4,028<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d3\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _117\"> </span>8,174,035<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>19,043<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Total <span class=\"_ _24f\"> </span>39<span class=\"_ _6\"></span>,967,303<span class=\"_ _3d5\"> </span>38,534,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span>Liabilities<span class=\"_ _6\"></span> <span class=\"_ _293\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>2,981,<span class=\"_ _6\"></span>684<span class=\"_ _3d5\"> </span>3,467,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _295\"> </span>306,881<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>579,908<span class=\"_ _3d5\"> </span>593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b2\"> </span>198<span class=\"_ _6\"></span>,398<span class=\"_ _3d5\"> </span>183,126<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>587,214<span class=\"_ _3d5\"> </span>558,020<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _297\"> </span>1,851<span class=\"_ _3d5\"> </span>3,191<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _238\"> </span>1,296<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _298\"> </span>555<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>2,983,53<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>3,470,63<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>2.9.<span class=\"ff4a\"> </span>Details regardin<span class=\"_ _7\"></span>g the<span class=\"_ _7\"></span> net result<span class=\"_ _2\"></span> Result fro<span class=\"_ _6\"></span>m financial<span class=\"_ _6\"></span> inst<span class=\"_ _6\"></span>ruments<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at FVtPL<span class=\"_ _1\"></span> <span class=\"_ _14a\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Financial<span class=\"_ _6\"></span> assets<span class=\"_ _6\"></span> <span class=\"_ _242\"> </span>950,9<span class=\"_ _6\"></span>81<span class=\"_ _3d5\"> </span>-1,548<span class=\"_ _6\"></span>,835<span class=\"_ _3d5\"> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _2c8\"> </span>935,325<span class=\"_ _3d5\"> </span>-1,539<span class=\"_ _6\"></span>,910<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _278\"> </span>176<span class=\"_ _3d5\"> </span>30<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>164,226<span class=\"_ _3d5\"> </span>-272,522<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c9\"> </span>713,568<span class=\"_ _3d5\"> </span>-1,187,68<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _2ca\"> </span>67,422<span class=\"_ _3d5\"> </span>-69,518<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2cb\"> </span>-10,067<span class=\"_ _3d5\"> </span>-10,218<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>15,6<span class=\"_ _6\"></span>56<span class=\"_ _3d5\"> </span>-8,925<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24b\"> </span>15,<span class=\"_ _6\"></span>656<span class=\"_ _3d5\"> </span>-8,925<span class=\"_ _3d5\"> </span>Financial<span class=\"_ _6\"></span> lia<span class=\"_ _6\"></span>bilities <span class=\"_ _2cc\"> </span>17<span class=\"_ _3d5\"> </span>-71<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _298\"> </span>17<span class=\"_ _3d5\"> </span>-71<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>* <span class=\"_ _68\"> </span>17<span class=\"_ _3d5\"> </span>-71<span class=\"_ _3d5\"> </span>*Fin<span class=\"_ _7\"></span>ancial liabilities that are design<span class=\"_ _7\"></span>ated measured at FVtPL bear no own <span class=\"_ _7\"></span>default risk, which <span class=\"_ _7\"></span>wo<span class=\"_ _6\"></span>uld have to be recogni<span class=\"_ _7\"></span>sed through other comp<span class=\"_ _7\"></span>rehensive income.<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>37,990,239<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,241,37<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>3,268,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>37,969,1<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>6,112,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>3,135,87<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,716,4<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span>406,366<span class=\"_ _3d5\"> </span>848,137<span class=\"_ _3d5\"> </span>461,933<span class=\"_ _3d5\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,17<span class=\"_ _6\"></span>4,035<span class=\"_ _3d5\"> </span>5,361,04<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,251,94<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>561,042<span class=\"_ _3d5\"> </span>8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>19,043<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,679<span class=\"_ _3d5\"> </span>17,364<span class=\"_ _3d5\"> </span>19,043<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>50,075<span class=\"_ _3d5\"> </span>345,186<span class=\"_ _3d5\"> </span>31,829<span class=\"_ _3d5\"> </span>73,060<span class=\"_ _3d5\"> </span>450,075<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>30,116<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>4,0<span class=\"_ _6\"></span>28<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,282<span class=\"_ _3d5\"> </span>1,746<span class=\"_ _3d5\"> </span>4,028<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>212,82<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,963,320<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>1,004,63<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,488,75<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,942,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>742,306<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>594,559<span class=\"_ _3d5\"> </span>127,842<span class=\"_ _3d5\"> </span>722,401<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>978,<span class=\"_ _6\"></span>491<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>410,078<span class=\"_ _3d5\"> </span>97,406<span class=\"_ _3d5\"> </span>956,342<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,24<span class=\"_ _6\"></span>2,523<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>24,021,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>24,021,071<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>3<span class=\"_ _6\"></span>99,293<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>364,354<span class=\"_ _3d5\"> </span>399,293<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>38,25<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>3,320<span class=\"_ _3d5\"> </span>38,259<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>70,088<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,85<span class=\"_ _6\"></span>2,090<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>32,988<span class=\"_ _3d5\"> </span>4,384,99<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>4,417,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>470,949<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,107<span class=\"_ _3d5\"> </span>792,142<span class=\"_ _3d5\"> </span>831,249<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>185,622<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>41,4<span class=\"_ _6\"></span>98,900<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,313,46<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>8,445,14<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>43,218,3<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>35,813,985<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,362,75<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,730,54<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>35,681,8<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>7,345,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,517,41<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,702,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>543,061<span class=\"_ _3d5\"> </span>1,034,01<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>125,080<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,15<span class=\"_ _6\"></span>5,893<span class=\"_ _3d5\"> </span>6,431,29<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,477,14<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>247,454<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>28,683<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,771<span class=\"_ _3d5\"> </span>26,912<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>27,950<span class=\"_ _3d5\"> </span>371,175<span class=\"_ _3d5\"> </span>4,479<span class=\"_ _3d5\"> </span>52,296<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>35,528<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2ff\"> </span>14,208<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>130,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>130,<span class=\"_ _6\"></span>870<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,717,480<span class=\"_ _3d5\"> </span>886,538<span class=\"_ _3d5\"> </span>953,116<span class=\"_ _3d5\"> </span>745,715<span class=\"_ _3d5\"> </span>2,585,36<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>788,952<span class=\"_ _3d5\"> </span>144,483<span class=\"_ _3d5\"> </span>576,739<span class=\"_ _3d5\"> </span>20,747<span class=\"_ _3d5\"> </span>741,969<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>888,<span class=\"_ _6\"></span>080<span class=\"_ _3d5\"> </span>396,184<span class=\"_ _3d5\"> </span>376,377<span class=\"_ _3d5\"> </span>29,916<span class=\"_ _3d5\"> </span>802,477<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,04<span class=\"_ _6\"></span>0,448<span class=\"_ _3d5\"> </span>345,871<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>695,052<span class=\"_ _3d5\"> </span>1,040,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>22,363,77<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>22,363,774<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>2<span class=\"_ _6\"></span>37,442<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,483<span class=\"_ _3d5\"> </span>207,316<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>33,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,234<span class=\"_ _3d5\"> </span>3,345<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>68,930<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>135<span class=\"_ _6\"></span>,290<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>249<span class=\"_ _3d5\"> </span>135,041<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,64<span class=\"_ _6\"></span>5,015<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>44,582<span class=\"_ _3d5\"> </span>4,220,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>4,264,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>482,841<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,007<span class=\"_ _3d5\"> </span>820,868<span class=\"_ _3d5\"> </span>859,875<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>287,961<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>39,2<span class=\"_ _6\"></span>29,802<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,446,34<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>6,771,77<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>40,806,6<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>555<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,196,072<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,644,86<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>416,711<span class=\"_ _3d5\"> </span>2,061,57<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>30<span class=\"_ _6\"></span>6,881<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>579,90<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>396,217<span class=\"_ _3d5\"> </span>88,175<span class=\"_ _3d5\"> </span>484,392<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,309,283<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,248,64<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>21,655<span class=\"_ _3d5\"> </span>1,270,30<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,197,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,645,57<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>417,855<span class=\"_ _3d5\"> </span>2,063,42<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>572<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,726,297<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,087,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>466,896<span class=\"_ _3d5\"> </span>2,554,01<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>34<span class=\"_ _6\"></span>3,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>593,11<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>320,939<span class=\"_ _3d5\"> </span>101,339<span class=\"_ _3d5\"> </span>422,278<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,789,281<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,766,18<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>21,659<span class=\"_ _3d5\"> </span>1,787,84<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,729,48<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,089,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>467,949<span class=\"_ _3d5\"> </span>2,557,21<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-529": {
   "value": "2.2.<span class=\"ff4a\"> </span>Categories and<span class=\"_ _7\"></span> measure<span class=\"_ _7\"></span>ments Assets<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>4,940,<span class=\"_ _6\"></span>384<span class=\"_ _3d5\"> </span>5,438,40<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _288\"> </span>1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>742,306<span class=\"_ _3d5\"> </span>788,952<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>978<span class=\"_ _6\"></span>,491<span class=\"_ _3d5\"> </span>888,080<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _28a\"> </span>1,242,52<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,040,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28b\"> </span>418,957<span class=\"_ _3d5\"> </span>405,702<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _28c\"> </span>24,420,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>22,601,2<span class=\"_ _6\"></span>16<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _c2\"> </span>24<span class=\"_ _6\"></span>,021,071<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _cc\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>3<span class=\"_ _6\"></span>8,259<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>7<span class=\"_ _6\"></span>0,088<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28f\"> </span>290,946<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>10,6<span class=\"_ _6\"></span>06,555<span class=\"_ _3d5\"> </span>10,495,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>10,393,73<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>484,219<span class=\"_ _3d5\"> </span>477,686<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _290\"> </span>450,075<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>3<span class=\"_ _6\"></span>0,116<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _134\"> </span>4,028<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d3\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _117\"> </span>8,174,035<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>19,043<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Total <span class=\"_ _24f\"> </span>39<span class=\"_ _6\"></span>,967,303<span class=\"_ _3d5\"> </span>38,534,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs146f\">T<span class=\"_ _10\"></span>erm deposit<span class=\"_ _7\"></span>s </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1470\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1471\">Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1472\">Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1473\">Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1474\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1475\"><div class=\"t m0 x0 h29 y89e ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1476\"><div class=\"t m0 x0 h29 y89e ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1477\">Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-4,079<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1478\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1479\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs147a\">-4,079<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs147b\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _95\"> </span>400<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs147c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs147d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs147e\">400<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs147f\">In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-12,990<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1480\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1481\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1482\">-12,990<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1483\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a5\"> </span>-7,987<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1484\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1485\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1486\">-7,987<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1487\">De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>2,942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1488\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1489\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs148a\">2,942<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs148b\">Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-21,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs148c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs148d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs148e\">-21,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs148f\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1490\">Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1491\">Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1492\">Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1493\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1494\"><div class=\"t m0 x0 h29 y695 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1495\"><div class=\"t m0 x0 h29 y695 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1496\">Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-3,031<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1497\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1498\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1499\">-3,031<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs149a\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _95\"> </span>264<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs149b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs149c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs149d\">264<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs149e\">In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-5,136<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs149f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14a0\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14a1\">-5,136<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14a2\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _10a\"> </span>2,366<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14a3\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14a4\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14a5\">2,366<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14a6\">De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>1,458<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14a7\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14a8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs14a9\">1,458<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs14aa\">Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2b1\"> </span>-4,079<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs14ab\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs14ac\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs14ad\">-4,079<span class=\"_ _3d5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-518": {
   "value": "2.2.<span class=\"ff4a\"> </span>Categories and<span class=\"_ _7\"></span> measure<span class=\"_ _7\"></span>ments Assets<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>4,940,<span class=\"_ _6\"></span>384<span class=\"_ _3d5\"> </span>5,438,40<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _288\"> </span>1,558,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>2,315,21<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>742,306<span class=\"_ _3d5\"> </span>788,952<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>978<span class=\"_ _6\"></span>,491<span class=\"_ _3d5\"> </span>888,080<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _28a\"> </span>1,242,52<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,040,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28b\"> </span>418,957<span class=\"_ _3d5\"> </span>405,702<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _28c\"> </span>24,420,3<span class=\"_ _6\"></span>64<span class=\"_ _3d5\"> </span>22,601,2<span class=\"_ _6\"></span>16<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _c2\"> </span>24<span class=\"_ _6\"></span>,021,071<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI <span class=\"_ _cc\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>399,293<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>3<span class=\"_ _6\"></span>8,259<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>7<span class=\"_ _6\"></span>0,088<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28f\"> </span>290,946<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>10,6<span class=\"_ _6\"></span>06,555<span class=\"_ _3d5\"> </span>10,495,2<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>10,393,73<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _28e\"> </span>484,219<span class=\"_ _3d5\"> </span>477,686<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _290\"> </span>450,075<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>3<span class=\"_ _6\"></span>0,116<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _134\"> </span>4,028<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d3\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _117\"> </span>8,174,035<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28d\"> </span>19,043<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>212,822<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Total <span class=\"_ _24f\"> </span>39<span class=\"_ _6\"></span>,967,303<span class=\"_ _3d5\"> </span>38,534,9<span class=\"_ _6\"></span>06<span class=\"_ _3d5\"> </span><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1a75\">6.<span class=\"ff4a\"> </span>INVESTMENTS I<span class=\"_ _7\"></span>N ASS<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>CIA<span class=\"_ _10\"></span>TES </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1a76\">The in<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>estme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts i<span class=\"_ _7\"></span>n asso<span class=\"_ _7\"></span>ciated <span class=\"_ _7\"></span>com<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>anies <span class=\"_ _2\"></span>balance <span class=\"_ _7\"></span>shee<span class=\"_ _7\"></span>t i<span class=\"_ _7\"></span>tem <span class=\"_ _7\"></span>consists <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>shar<span class=\"_ _7\"></span>es i<span class=\"_ _7\"></span>n at <span class=\"_ _7\"></span>equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> consol<span class=\"_ _7\"></span>ida<span class=\"_ _7\"></span>ted com<span class=\"_ _2\"></span>panies.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1a77\">The list of<span class=\"_ _7\"></span> associ<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ted com<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies is pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ented i<span class=\"_ _7\"></span>n Note <span class=\"_ _2\"></span>22. Affi<span class=\"_ _7\"></span>liated comp<span class=\"_ _7\"></span>anies a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d parti<span class=\"_ _7\"></span>cipatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 133.<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1a78\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a79\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1a7a\"><div class=\"t m0 x0 h29 y629 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1a7b\"><div class=\"t m0 x0 h29 y629 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a7c\">Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _286\"> </span>287,96<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a7d\">276,913<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a7e\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f5\"> </span>11<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a7f\">-2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a80\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d8\"> </span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a81\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a82\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _cc\"> </span>-99,836<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a83\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a84\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _2f6\"> </span>-11,393<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a85\">-683<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a86\">Pro <span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _1\"></span> <span class=\"_ _bc\"> </span>19<span class=\"_ _6\"></span>,216<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a87\">20,757<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a88\">Di<span class=\"_ _6\"></span>vid<span class=\"_ _6\"></span>end<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ay<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _2ec\"> </span>-1<span class=\"_ _6\"></span>0,338<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a89\">-9,024<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a8a\">Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>185,622<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a8b\">287,961<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a8c\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Au<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2f2\"> </span>178,073<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a8d\">180,999<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a8e\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>olan<span class=\"_ _1\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _2f7\"> </span>150<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a8f\">139<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a90\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a7\"> </span>7,399<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a91\">106,823<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1a92\">On <span class=\"_ _7\"></span>3 <span class=\"_ _7\"></span>M<span class=\"_ _7\"></span>arc<span class=\"_ _7\"></span>h 202<span class=\"_ _7\"></span>3,<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>all <span class=\"_ _2\"></span>shar<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>WWG <span class=\"_ _2\"></span>Beteiligu<span class=\"_ _7\"></span>ngen <span class=\"_ _2\"></span>GmbH, <span class=\"_ _10\"></span>V<span class=\"_ _6\"></span>ienna,<span class=\"_ _7\"></span> w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>sold <span class=\"_ _2\"></span>outside<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>Group.<span class=\"_ _2\"></span> Co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sequ<span class=\"_ _7\"></span>ently<span class=\"_ _e\"></span>, t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>shar<span class=\"_ _2\"></span>es </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1a93\">in non-pr<span class=\"_ _2\"></span>ofit resid<span class=\"_ _2\"></span>ential develop<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>held by W<span class=\"_ _2\"></span>WG Beteili<span class=\"_ _7\"></span>gun<span class=\"_ _7\"></span>gen GmbH, <span class=\"_ _2\"></span>Vienna, wer<span class=\"_ _2\"></span>e deconsoli<span class=\"_ _7\"></span>date<span class=\"_ _7\"></span>d.<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1a94\">Mate<span class=\"_ _6\"></span>rial shares<span class=\"_ _6\"></span> <span class=\"_ _23b\"> </span><span class=\"fsf\">2023 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1a95\">  <span class=\"_ _119\"> </span><span class=\"fsf\">Bet<span class=\"_ _6\"></span>eili<span class=\"_ _6\"></span>gungs<span class=\"_ _7\"></span>- u<span class=\"_ _6\"></span>nd </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a96\">Wohnung<span class=\"_ _6\"></span>s-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a97\">anlagen GmbH<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a98\">Gewista-<span class=\"_ _6\"></span>Werbe-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a99\">gesellschaft </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a9a\">m.b.H.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a9b\">\u00d6sterrei<span class=\"_ _6\"></span>chisches </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a9c\">Verke<span class=\"_ _6\"></span>hrsb\u00fc<span class=\"_ _7\"></span>ro A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a9d\">VBV - Betri<span class=\"_ _6\"></span>ebliche </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a9e\">Alt<span class=\"_ _6\"></span>ersvorsorge A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1a9f\"><div class=\"t m0 x0 h29 ycad ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1aa0\"><div class=\"t m0 x0 h29 ycad ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aa1\">In<span class=\"_ _6\"></span>come<span class=\"_ _6\"></span> <span class=\"_ _226\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aa2\">97,253<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aa3\">500,850<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aa4\">115,017<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aa5\">Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _11d\"> </span>-192<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aa6\">-83,872<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aa7\">-524,500<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aa8\">-52,602<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aa9\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _2e1\"> </span>18,252<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aaa\">21,838<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aab\">-7,312<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aac\">7,430<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aad\">Ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> <span class=\"_ _2f8\"> </span>1,044<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aae\">-3,946<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aaf\">706<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ab0\">-10,890<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ab1\">Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _2bf\"> </span>19,104<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ab2\">31,273<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ab3\">-30,25<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ab4\">58,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ab5\">Pa<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>no<span class=\"_ _6\"></span>rit<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _200\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ab6\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ab7\">313<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ab8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ab9\">Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d le<span class=\"_ _1\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>no<span class=\"_ _6\"></span>n-co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>rol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng i<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f9\"> </span>19,104<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1aba\">31,273<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1abb\">-29,94<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1abc\">58,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1abd\">Non<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>roll<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>eres<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ff\"> </span>430<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1abe\">9,874<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1abf\">-681<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ac0\">1,326<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ac1\">sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> h<span class=\"_ _1\"></span>eld<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _180\"> </span>1<span class=\"_ _6\"></span>8,<span class=\"_ _6\"></span>674<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ac2\">21,<span class=\"_ _6\"></span>399<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ac3\">-29<span class=\"_ _6\"></span>,5<span class=\"_ _6\"></span>75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ac4\">57,<span class=\"_ _6\"></span>629<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ac6\">Gro<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>p i<span class=\"_ _6\"></span>nte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st i<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>% <span class=\"_ _2ad\"> </span>25.00%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ac7\">33.00%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ac8\">36.58%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ac9\">25.32%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aca\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _2fa\"> </span>4,776<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1acb\">10,320<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1acc\">-10,953<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1acd\">14,927<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ace\">Fix<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span>340,261<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1acf\">156,445<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ad0\">321,154<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ad1\">378,991<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ad2\">Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ass<span class=\"_ _1\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>) <span class=\"_ _1ae\"> </span>20,227<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ad3\">22,676<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ad4\">129,826<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ad5\">14,677,4<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ad6\">Bor<span class=\"_ _6\"></span>row<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ngs<span class=\"_ _6\"></span> <span class=\"_ _a0\"> </span>-201,697<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ad7\">-33,617<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ad8\">-427,981<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ad9\">-14,738,2<span class=\"_ _6\"></span>70<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ada\">Net<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2fb\"> </span>158,791<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1adb\">145,504<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1adc\">22,999<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1add\">318,190<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ade\">Non<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>roll<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>eres<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ff\"> </span>3,57<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1adf\">45,943<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ae0\">517<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ae1\">7,159<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ae2\">sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> h<span class=\"_ _1\"></span>eld<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _dd\"> </span>155,2<span class=\"_ _6\"></span>18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ae3\">99,561<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ae4\">22,482<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ae5\">311,031<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ae6\">Att<span class=\"_ _6\"></span>ributa<span class=\"_ _6\"></span>ble of net a<span class=\"_ _6\"></span>ssets <span class=\"_ _10a\"> </span>39<span class=\"_ _6\"></span>,698<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ae7\">48,016<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ae8\">8,411<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ae9\">80,566<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aea\">Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>imp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _2fc\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aeb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aec\">-4,540<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1aed\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1aee\">Book val<span class=\"_ _6\"></span>ue of <span class=\"_ _6\"></span>shares in at e<span class=\"_ _6\"></span>quity consol<span class=\"_ _6\"></span>idate<span class=\"_ _6\"></span>d companies<span class=\"_ _6\"></span> <span class=\"_ _2fd\"> </span>39,698<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1aef\">48,016<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1af0\">3,871<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1af1\">80,566<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1af2\">Materiali<span class=\"_ _7\"></span>ty is ge<span class=\"_ _7\"></span>nerall<span class=\"_ _7\"></span>y determi<span class=\"_ _7\"></span>ned b<span class=\"_ _7\"></span>ased o<span class=\"_ _7\"></span>n the amo<span class=\"_ _2\"></span>unt of the <span class=\"_ _7\"></span>at equit<span class=\"_ _7\"></span>y boo<span class=\"_ _7\"></span>k valu<span class=\"_ _7\"></span>e.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1af3\">Beteili<span class=\"_ _7\"></span>gungs- <span class=\"_ _6\"></span>und <span class=\"_ _0\"></span>I<span class=\"_ _7\"></span>mmobi<span class=\"_ _7\"></span>lien <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _7\"></span>H <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>Beteili<span class=\"_ _7\"></span>gungs- <span class=\"_ _6\"></span>und <span class=\"_ _1\"></span>W<span class=\"_ _7\"></span>ohnungs<span class=\"_ _7\"></span>anlage<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>GmbH<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span>cluded<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>idated </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1af4\">financial <span class=\"_ _2\"></span>statem<span class=\"_ _7\"></span>ents <span class=\"_ _2\"></span>with <span class=\"_ _7\"></span>a <span class=\"_ _2\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>nce s<span class=\"_ _2\"></span>heet <span class=\"_ _2\"></span>da<span class=\"_ _6\"></span>te <span class=\"_ _10\"></span>(<span class=\"_ _6\"></span>30 <span class=\"_ _2\"></span>Septembe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>). <span class=\"_ _2\"></span>Including <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>hese<span class=\"_ _7\"></span> com<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _2\"></span>as <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>bal<span class=\"_ _7\"></span>ance s<span class=\"_ _2\"></span>heet </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1af5\">date on 31 D<span class=\"_ _2\"></span>ecembe<span class=\"_ _7\"></span>r 2023 wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld <span class=\"_ _7\"></span>have no m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>terial i<span class=\"_ _7\"></span>mpa<span class=\"_ _7\"></span>ct on t<span class=\"_ _7\"></span>he pres<span class=\"_ _2\"></span>ent consoli<span class=\"_ _7\"></span>dated fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>statem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts. <span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1af6\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _239\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>023 </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1af7\">  <span class=\"_ _268\"> </span><span class=\"fsf\">Bete<span class=\"_ _6\"></span>iligungs- und </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1af8\">Wohnung<span class=\"_ _6\"></span>s-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1af9\">anlagen GmbH<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1afa\">Gewista-<span class=\"_ _6\"></span>Werbe-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1afb\">gesellschaft </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1afc\">m.b.H.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1afd\">\u00d6sterrei<span class=\"_ _6\"></span>chisches </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1afe\">Verke<span class=\"_ _6\"></span>hrsb\u00fc<span class=\"_ _7\"></span>ro A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1aff\">VBV - Betri<span class=\"_ _6\"></span>ebliche </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b00\">Alt<span class=\"_ _6\"></span>ersvorsorge A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1b01\"><div class=\"t m0 x0 h29 y63f ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1b02\"><div class=\"t m0 x0 h29 y63f ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b03\">Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _196\"> </span>37<span class=\"_ _6\"></span>,672<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b04\">42,542<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b05\">14,955<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b06\">78,950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b07\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _2fc\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b08\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b09\">-131<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b0a\">-11,273<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b0b\">Pro <span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _1\"></span> <span class=\"_ _2c3\"> </span>4<span class=\"_ _6\"></span>,776<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b0c\">10,320<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b0d\">-10,953<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b0e\">14,927<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b0f\">Di<span class=\"_ _6\"></span>vid<span class=\"_ _6\"></span>end<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ay<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _8d\"> </span>-2,75<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b10\">-4,846<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b11\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b12\">-2,038<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b13\">Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _1ff\"> </span>39,698<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b14\">48,016<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b15\">3,871<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b16\">80,566<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1b17\">Shares in at <span class=\"_ _6\"></span>equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>consol<span class=\"_ _7\"></span>idated com<span class=\"_ _7\"></span>panies had a <span class=\"_ _6\"></span>book val<span class=\"_ _7\"></span>ue <span class=\"_ _6\"></span>of E<span class=\"_ _6\"></span>U<span class=\"_ _7\"></span>R 185,6 mil<span class=\"_ _7\"></span>lion as <span class=\"_ _6\"></span>of 31 Dece<span class=\"_ _6\"></span>mb<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>2023 and a <span class=\"_ _6\"></span>bo<span class=\"_ _7\"></span>ok </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1b18\">value <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>UR 288,0<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>milli<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>Dec<span class=\"_ _7\"></span>ember <span class=\"_ _1\"></span>2022. <span class=\"_ _6\"></span>Shar<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>in <span class=\"_ _6\"></span>at <span class=\"_ _0\"></span>eq<span class=\"_ _7\"></span>uity <span class=\"_ _1\"></span>consoli<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ated <span class=\"_ _1\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _1\"></span>ther<span class=\"_ _7\"></span>efor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>ented </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1b19\">0,53% (0,84<span class=\"_ _2\"></span>%) of the boo<span class=\"_ _7\"></span>k <span class=\"_ _7\"></span>value of t<span class=\"_ _7\"></span>he tot<span class=\"_ _7\"></span>al investm<span class=\"_ _2\"></span>ent portfol<span class=\"_ _7\"></span>io as o<span class=\"_ _7\"></span>f 31 D<span class=\"_ _7\"></span>ecember 2023<span class=\"_ _7\"></span>. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1b1a\">Compositio<span class=\"_ _6\"></span>n of the<span class=\"_ _6\"></span> result<span class=\"_ _6\"></span> <span class=\"_ _2fe\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b1b\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1b1c\"><div class=\"t m0 x0 h29 yda4 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1b1d\"><div class=\"t m0 x0 h29 yda4 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b1e\">Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _253\"> </span>16,4<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b1f\">18,287<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b20\">Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _2cb\"> </span>16,466<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b21\">18,287<span class=\"_ _3d5\"> </span></div>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>37,990,239<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,241,37<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>3,268,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>37,969,1<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>6,112,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>3,135,87<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,716,4<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span>406,366<span class=\"_ _3d5\"> </span>848,137<span class=\"_ _3d5\"> </span>461,933<span class=\"_ _3d5\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,17<span class=\"_ _6\"></span>4,035<span class=\"_ _3d5\"> </span>5,361,04<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,251,94<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>561,042<span class=\"_ _3d5\"> </span>8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>19,043<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,679<span class=\"_ _3d5\"> </span>17,364<span class=\"_ _3d5\"> </span>19,043<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>50,075<span class=\"_ _3d5\"> </span>345,186<span class=\"_ _3d5\"> </span>31,829<span class=\"_ _3d5\"> </span>73,060<span class=\"_ _3d5\"> </span>450,075<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>30,116<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>4,0<span class=\"_ _6\"></span>28<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,282<span class=\"_ _3d5\"> </span>1,746<span class=\"_ _3d5\"> </span>4,028<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>212,82<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,963,320<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>1,004,63<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,488,75<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,942,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>742,306<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>594,559<span class=\"_ _3d5\"> </span>127,842<span class=\"_ _3d5\"> </span>722,401<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>978,<span class=\"_ _6\"></span>491<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>410,078<span class=\"_ _3d5\"> </span>97,406<span class=\"_ _3d5\"> </span>956,342<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,24<span class=\"_ _6\"></span>2,523<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>24,021,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>24,021,071<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>3<span class=\"_ _6\"></span>99,293<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>364,354<span class=\"_ _3d5\"> </span>399,293<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>38,25<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>3,320<span class=\"_ _3d5\"> </span>38,259<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>70,088<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,85<span class=\"_ _6\"></span>2,090<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>32,988<span class=\"_ _3d5\"> </span>4,384,99<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>4,417,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>470,949<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,107<span class=\"_ _3d5\"> </span>792,142<span class=\"_ _3d5\"> </span>831,249<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>185,622<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>41,4<span class=\"_ _6\"></span>98,900<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,313,46<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>8,445,14<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>43,218,3<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>35,813,985<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,362,75<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,730,54<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>35,681,8<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>7,345,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,517,41<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,702,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>543,061<span class=\"_ _3d5\"> </span>1,034,01<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>125,080<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,15<span class=\"_ _6\"></span>5,893<span class=\"_ _3d5\"> </span>6,431,29<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,477,14<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>247,454<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>28,683<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,771<span class=\"_ _3d5\"> </span>26,912<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>27,950<span class=\"_ _3d5\"> </span>371,175<span class=\"_ _3d5\"> </span>4,479<span class=\"_ _3d5\"> </span>52,296<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>35,528<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2ff\"> </span>14,208<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>130,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>130,<span class=\"_ _6\"></span>870<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,717,480<span class=\"_ _3d5\"> </span>886,538<span class=\"_ _3d5\"> </span>953,116<span class=\"_ _3d5\"> </span>745,715<span class=\"_ _3d5\"> </span>2,585,36<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>788,952<span class=\"_ _3d5\"> </span>144,483<span class=\"_ _3d5\"> </span>576,739<span class=\"_ _3d5\"> </span>20,747<span class=\"_ _3d5\"> </span>741,969<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>888,<span class=\"_ _6\"></span>080<span class=\"_ _3d5\"> </span>396,184<span class=\"_ _3d5\"> </span>376,377<span class=\"_ _3d5\"> </span>29,916<span class=\"_ _3d5\"> </span>802,477<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,04<span class=\"_ _6\"></span>0,448<span class=\"_ _3d5\"> </span>345,871<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>695,052<span class=\"_ _3d5\"> </span>1,040,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>22,363,77<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>22,363,774<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>2<span class=\"_ _6\"></span>37,442<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,483<span class=\"_ _3d5\"> </span>207,316<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>33,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,234<span class=\"_ _3d5\"> </span>3,345<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>68,930<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>135<span class=\"_ _6\"></span>,290<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>249<span class=\"_ _3d5\"> </span>135,041<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,64<span class=\"_ _6\"></span>5,015<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>44,582<span class=\"_ _3d5\"> </span>4,220,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>4,264,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>482,841<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,007<span class=\"_ _3d5\"> </span>820,868<span class=\"_ _3d5\"> </span>859,875<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>287,961<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>39,2<span class=\"_ _6\"></span>29,802<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,446,34<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>6,771,77<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>40,806,6<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs22a7\">22.<span class=\"ff4a\"> </span>AFFILIA<span class=\"_ _10\"></span>TED COMP<span class=\"_ _7\"></span>ANIES <span class=\"_ _2\"></span>AND P<span class=\"_ _10\"></span>ARTICIP<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TIONS </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs22a8\">Number of co<span class=\"_ _6\"></span>mpanie<span class=\"_ _6\"></span>s <span class=\"_ _1b0\"> </span><span class=\"fsf\">A<span class=\"_ _6\"></span>ustria<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22a9\">Outside Aust<span class=\"_ _6\"></span>ria<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22aa\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w35 h28 gs22ab\"><div class=\"t m0 x0 h29 y1bb ff48 fsf fca sc0 ls5 ws2\">Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22ac\">Co<span class=\"_ _6\"></span>nsoli<span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2ea\"> </span>78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22ad\">91<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22ae\">169<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22af\">Ful<span class=\"_ _6\"></span>ly <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>pan<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _234\"> </span>73<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22b0\">88<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22b1\">161<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22b2\">At <span class=\"_ _6\"></span>equ<span class=\"_ _1\"></span>ity <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pan<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22b3\">3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22b4\">8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22b5\">Non-<span class=\"_ _6\"></span>co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>43<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22b6\">96<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22b7\">139<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22b8\">Total <span class=\"_ _371\"> </span>121<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22b9\">187<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22ba\">308<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs22bb\">Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22bc\">domicile<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22bd\">Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22be\">Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs22bf\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22c0\">Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs22c1\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22c2\">Equity 2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs22c3\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs22c4\">Equity 2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs22c5\">2<span class=\"_ _3d5\"> </span></div><div class=\"c w2a h28 gs22c6\"><div class=\"t m0 x0 h29 yb91 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w2a h28 gs22c7\"><div class=\"t m0 x0 h29 yb91 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs22c8\"><div class=\"t m0 x0 h29 yb91 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs22c9\"><div class=\"t m0 x0 h29 yb91 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs22ca\"><div class=\"t m0 x0 h29 yb91 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs22cb\"><div class=\"t m0 x0 h29 yb91 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22cc\">\"Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span> In<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>\",<span class=\"_ _6\"></span> AD<span class=\"_ _6\"></span>B<span class=\"_ _6\"></span> <span class=\"_ _372\"> </span>Lithuania <span class=\"_ _32\"> </span>Vilnius <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22cd\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22ce\">63,180<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22cf\">53,895<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22d0\">\"Gr\u00fc<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>er B<span class=\"_ _1\"></span>aum<span class=\"_ _6\"></span>\" <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>rri<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s-<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22d1\">Verw<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>tun<span class=\"_ _1\"></span>gsg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>.m<span class=\"_ _6\"></span>.b<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22d2\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22d3\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22d4\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22d5\">40,004<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22d6\">40,043<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22d7\">AB <span class=\"_ _6\"></span>Mo<span class=\"_ _6\"></span>d\u0159<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _159\"> </span>Czech R<span class=\"_ _6\"></span>epub<span class=\"_ _6\"></span>lic <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22d8\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22d9\">9,099<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22da\">9,332<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22db\">Alf<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _6\"></span> In<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Gr<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> B<span class=\"_ _1\"></span>izt<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>\u00edt<span class=\"_ _6\"></span>\u00f3 <span class=\"_ _6\"></span>Zrt.<span class=\"_ _6\"></span> <span class=\"_ _375\"> </span>Hungary <span class=\"_ _18a\"> </span>Budapest <span class=\"_ _1d6\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22dc\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22dd\">102,789<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22de\">100,137<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22df\">Alf<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>P\u00e9n<span class=\"_ _6\"></span>zt<span class=\"_ _6\"></span>\u00e1r<span class=\"_ _6\"></span>szo<span class=\"_ _6\"></span>lg<span class=\"_ _6\"></span>\u00e1l<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00f3 <span class=\"_ _6\"></span>Zrt.<span class=\"_ _6\"></span> <span class=\"_ _353\"> </span>Hun<span class=\"_ _6\"></span>gary <span class=\"_ _376\"> </span>Bud<span class=\"_ _6\"></span>apest <span class=\"_ _1d6\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22e0\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22e1\">2,266<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22e2\">1,959<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22e3\">And<span class=\"_ _6\"></span>\u011b<span class=\"_ _6\"></span>l In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>t P<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ah<span class=\"_ _6\"></span>a s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _52\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22e4\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22e5\">26,044<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22e6\">25,465<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22e7\">Anif<span class=\"_ _6\"></span>-R<span class=\"_ _1\"></span>esi<span class=\"_ _6\"></span>den<span class=\"_ _6\"></span>z G<span class=\"_ _1\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> <span class=\"_ _52\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _142\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22e8\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22e9\">16,736<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22ea\">16,617<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22eb\">Asigu<span class=\"_ _1\"></span>rar<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>a R<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>\u00e2n<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>c\u0103 <span class=\"_ _6\"></span>- A<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22ec\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>S.A<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22ed\">Roman<span class=\"_ _6\"></span>ia <span class=\"_ _19e\"> </span>Bucharest </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22ee\">99.79<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22ef\">99.79<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22f0\">81,988<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22f1\">79,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22f2\">ATB<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>H G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _2f\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _142\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22f3\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22f4\">179,157<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22f5\">158,521<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22f6\">ATR<span class=\"_ _6\"></span>IUM<span class=\"_ _6\"></span> T<span class=\"_ _1\"></span>OWE<span class=\"_ _6\"></span>R S<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>\u00d3\u0141<span class=\"_ _6\"></span>KA <span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>OGRA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>CZO<span class=\"_ _6\"></span>N\u0104<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22f7\">ODP<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>OS<span class=\"_ _6\"></span>CI\u0104<span class=\"_ _1\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22f8\">Poland <span class=\"_ _150\"> </span>Warsaw </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22f9\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22fa\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22fb\">19,467<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22fc\">17,867<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22fd\">Atzl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rga<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>13-<span class=\"_ _6\"></span>15<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _155\"> </span>Aust<span class=\"_ _6\"></span>ria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs22fe\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs22ff\">30<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2300\">39<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2301\">Atzl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rga<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>13-<span class=\"_ _6\"></span>15<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> &amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2302\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2303\">10,471<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2304\">10,199<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2305\">AUT<span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OM <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>OSN<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>V\u00c1<span class=\"_ _6\"></span> u <span class=\"_ _6\"></span>\u010c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>k\u00e9 <span class=\"_ _6\"></span>L\u00edp<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span> <span class=\"_ _378\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2306\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2307\">1,570<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2308\">1,563<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2309\">BCR A<span class=\"_ _1\"></span>si<span class=\"_ _6\"></span>gur<span class=\"_ _6\"></span>\u0103<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Via\u0163<span class=\"_ _6\"></span>\u0103 <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>nna<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs230a\">Gr<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>S.A<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs230b\">Roman<span class=\"_ _6\"></span>ia <span class=\"_ _19e\"> </span>Bucharest </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs230c\">93.98<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs230d\">93.98<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs230e\">47,097<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs230f\">51,794<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2310\">Blizz<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rd <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Sp<span class=\"_ _6\"></span>. z<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _136\"> </span>Poland <span class=\"_ _150\"> </span>Warsaw <span class=\"_ _2e\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2311\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2312\">5,571<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2313\">3,602<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2314\">Bro<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span>man<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>32<span class=\"_ _6\"></span> Im<span class=\"_ _6\"></span>mob<span class=\"_ _1\"></span>ili<span class=\"_ _6\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2315\">Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2316\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2317\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2318\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2319\">6,032<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs231a\">3,559<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs231b\">BTA<span class=\"_ _6\"></span> Ba<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>c In<span class=\"_ _1\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y AA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _78\"> </span>Latvia<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Riga <span class=\"_ _1b8\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs231c\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs231d\">73,639<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs231e\">53,934<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs231f\">BULS<span class=\"_ _6\"></span>TR<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>D <span class=\"_ _6\"></span>LI<span class=\"_ _6\"></span>FE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIE<span class=\"_ _6\"></span>NNA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>SUR<span class=\"_ _6\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2320\">GROU<span class=\"_ _6\"></span>P <span class=\"_ _6\"></span>J<span class=\"_ _6\"></span>OIN<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span> ST<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CK<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>COM<span class=\"_ _6\"></span>PA<span class=\"_ _6\"></span>NY<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2321\">Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _376\"> </span>Sofia<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2322\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2323\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2324\">22,894<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2325\">12,018<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2326\">Busin<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span>sp<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k B<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>nn<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>wi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>klun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _17b\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2327\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2328\">34,045<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2329\">33,456<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs232a\">CAP<span class=\"_ _6\"></span>IT<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>L, <span class=\"_ _6\"></span>ak<span class=\"_ _6\"></span>cio<span class=\"_ _6\"></span>v\u00e1<span class=\"_ _6\"></span> sp<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>\u010dn<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>\u0165 <span class=\"_ _379\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava <span class=\"_ _65\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs232b\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs232c\">2,187<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs232d\">1,681<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs232e\">Cen<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ral <span class=\"_ _6\"></span>Po<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce I<span class=\"_ _6\"></span>T-S<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lut<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs232f\">in <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2330\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2331\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2332\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2333\">22,182<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2334\">21,634<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2335\">\u010ces<span class=\"_ _6\"></span>k\u00e1<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>odn<span class=\"_ _1\"></span>ika<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>k\u00e1 p<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ji\u0161<span class=\"_ _6\"></span>\u0165<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.,<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2336\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2337\">Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2338\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2339\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs233a\">131,472<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs233b\">108,073<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs233c\">Ch<span class=\"_ _6\"></span>r\u00e1\u0161\u0165<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>er\u010d<span class=\"_ _6\"></span>n\u00ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e\u00e1<span class=\"_ _6\"></span>l a.<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>. <span class=\"_ _50\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs233d\">97.28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs233e\">2,781<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs233f\">Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a d<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>As<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>r\u0103<span class=\"_ _6\"></span>ri \"<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span>AR<span class=\"_ _6\"></span>IS<span class=\"_ _6\"></span> VI<span class=\"_ _6\"></span>EN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2340\">INSUR<span class=\"_ _1\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OUP\"<span class=\"_ _1\"></span> S<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ciet<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>iun<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2341\">Moldova<span class=\"_ _6\"></span> <span class=\"_ _35f\"> </span>Chi\u0219in\u0103u<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2342\">99.99<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2343\">99.99<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2344\">8,323<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2345\">6,251<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2346\">Com<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>SE<span class=\"_ _6\"></span> <span class=\"_ _37a\"> </span>Estonia <span class=\"_ _37b\"> </span>Tallinn <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2347\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2348\">83,678<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2349\">17,151<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs234a\">Com<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>a T<span class=\"_ _6\"></span>ow<span class=\"_ _1\"></span>arz<span class=\"_ _6\"></span>yst<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze\u0144<span class=\"_ _6\"></span> N<span class=\"_ _6\"></span>a </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs234b\">\u017by<span class=\"_ _6\"></span>cie <span class=\"_ _6\"></span>S.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Ins<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs234c\">Poland <span class=\"_ _150\"> </span>Warsaw </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs234d\">99.97<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs234e\">99.97<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs234f\">64,152<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2350\">58,860<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2351\">Com<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>a T<span class=\"_ _6\"></span>ow<span class=\"_ _1\"></span>arz<span class=\"_ _6\"></span>yst<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze\u0144<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.A.<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2352\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2353\">Poland <span class=\"_ _150\"> </span>Warsaw </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2354\">99.95<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2355\">99.95<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2356\">80,760<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2357\">82,233<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2358\">CP <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>olu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _41\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2359\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs235a\">7,528<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs235b\">13,514<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs235c\">DBL<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Imm<span class=\"_ _6\"></span>ob<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _1\"></span> <span class=\"_ _1d5\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs235d\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs235e\">3,996<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs235f\">3,544<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2360\">DBR<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>ten<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>Co K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _185\"> </span>Germany<span class=\"_ _6\"></span> <span class=\"_ _32\"> </span>Stuttg<span class=\"_ _6\"></span>art <span class=\"_ _26e\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2361\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2362\">10,569<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2363\">9,477<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2364\">Deu<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>chm<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rpl<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>tz <span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>Ob<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span>ktv<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>tung<span class=\"_ _1\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2365\">Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2366\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2367\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2368\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2369\">2,311<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs236a\">2,343<span class=\"_ _3d5\"> </span></div>Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span>domicile<span class=\"_ _3d5\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Don<span class=\"_ _6\"></span>au B<span class=\"_ _1\"></span>ro<span class=\"_ _6\"></span>ke<span class=\"_ _6\"></span>rlin<span class=\"_ _1\"></span>e V<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>eru<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>gs-<span class=\"_ _6\"></span>Se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>107,300<span class=\"_ _3d5\"> </span>101,394<span class=\"_ _3d5\"> </span>DON<span class=\"_ _6\"></span>AU<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>eru<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> Gr<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>125,323<span class=\"_ _3d5\"> </span>111,462<span class=\"_ _3d5\"> </span>DV <span class=\"_ _6\"></span>Im<span class=\"_ _6\"></span>moh<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>50,986<span class=\"_ _3d5\"> </span>44,200<span class=\"_ _3d5\"> </span>DVIB<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>pha<span class=\"_ _6\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _37c\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>18,713<span class=\"_ _3d5\"> </span>18,506<span class=\"_ _3d5\"> </span>DVIB<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _1a0\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>106,710<span class=\"_ _3d5\"> </span>101,186<span class=\"_ _3d5\"> </span>EL<span class=\"_ _6\"></span>VP <span class=\"_ _6\"></span>Be<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H <span class=\"_ _4a\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>63,218<span class=\"_ _3d5\"> </span>23,276<span class=\"_ _3d5\"> </span>EUR<span class=\"_ _6\"></span>OPE<span class=\"_ _6\"></span>UM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Bus<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cen<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>er s.<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,262<span class=\"_ _3d5\"> </span>10,301<span class=\"_ _3d5\"> </span>Flor<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>sd<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>am <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>tz <span class=\"_ _6\"></span>4 Imm<span class=\"_ _6\"></span>obi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>erw<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rtu<span class=\"_ _6\"></span>ngs<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>15,533<span class=\"_ _3d5\"> </span>18,819<span class=\"_ _3d5\"> </span>Ges<span class=\"_ _6\"></span>und<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>tsp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>k Wi<span class=\"_ _6\"></span>en-<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>be<span class=\"_ _6\"></span>rl<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>a G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>llsc<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span> m.b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>28,768<span class=\"_ _3d5\"> </span>29,199<span class=\"_ _3d5\"> </span>GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _83\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>5,986<span class=\"_ _3d5\"> </span>6,754<span class=\"_ _3d5\"> </span>Han<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>a\u00df<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3-5<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>mm<span class=\"_ _6\"></span>ob<span class=\"_ _6\"></span>ili<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>z G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _37d\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>30,768<span class=\"_ _3d5\"> </span>31,121<span class=\"_ _3d5\"> </span>HUN<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>M <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>l\u00e1to<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l\u0151s<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>\u00e9g\u0171 <span class=\"_ _6\"></span>T\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> <span class=\"_ _112\"> </span>Hun<span class=\"_ _6\"></span>gary <span class=\"_ _376\"> </span>Budap<span class=\"_ _6\"></span>est <span class=\"_ _1d6\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>5,797<span class=\"_ _3d5\"> </span>4,416<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>nj<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>.d.<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span> Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Bosnia-<span class=\"_ _3d5\"> </span>Herzegovina<span class=\"_ _6\"></span> Sarajevo<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,703<span class=\"_ _3d5\"> </span>9,735<span class=\"_ _3d5\"> </span>INSUR<span class=\"_ _1\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> ON<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>-S<span class=\"_ _6\"></span>HAR<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>HO<span class=\"_ _6\"></span>LDE<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>JOI<span class=\"_ _6\"></span>NT-<span class=\"_ _3d5\"> </span>ST<span class=\"_ _6\"></span>OCK<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>OMP<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>NY <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>UL<span class=\"_ _6\"></span>STR<span class=\"_ _6\"></span>AD<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIE<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>NA INSUR<span class=\"_ _1\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OUP <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>AD<span class=\"_ _6\"></span> Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _376\"> </span>Sofia<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>92,416<span class=\"_ _3d5\"> </span>70,096<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rRi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k Leb<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>sve<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>che<span class=\"_ _6\"></span>run<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>-A<span class=\"_ _6\"></span>G <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>nna<span class=\"_ _6\"></span> Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Germany<span class=\"_ _6\"></span> <span class=\"_ _32\"> </span>Wiesbad<span class=\"_ _6\"></span>en 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>23,518<span class=\"_ _3d5\"> </span>23,518<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rRi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k T<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>arz<span class=\"_ _6\"></span>ys<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ezp<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze\u0144<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>69,928<span class=\"_ _3d5\"> </span>43,675<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rRi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k Ve<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cher<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>-A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Germany<span class=\"_ _6\"></span> <span class=\"_ _32\"> </span>Wiesbad<span class=\"_ _6\"></span>en 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>64,320<span class=\"_ _3d5\"> </span>53,670<span class=\"_ _3d5\"> </span>INTER<span class=\"_ _1\"></span>SI<span class=\"_ _6\"></span>G <span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>ENNA<span class=\"_ _1\"></span> I<span class=\"_ _6\"></span>NSUR<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>NC<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> GR<span class=\"_ _6\"></span>OU<span class=\"_ _6\"></span>P <span class=\"_ _6\"></span>Sh<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _29\"> </span>Alban<span class=\"_ _6\"></span>ia <span class=\"_ _15f\"> </span>Tirana <span class=\"_ _18e\"> </span>89.98<span class=\"_ _3d5\"> </span>89.98<span class=\"_ _3d5\"> </span>8,399<span class=\"_ _3d5\"> </span>7,295<span class=\"_ _3d5\"> </span>Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce C<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y GPI<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> Georgia<span class=\"_ _6\"></span> <span class=\"_ _195\"> </span>Tb<span class=\"_ _6\"></span>ilisi 90.00<span class=\"_ _3d5\"> </span>90.00<span class=\"_ _3d5\"> </span>15,150<span class=\"_ _3d5\"> </span>20,461<span class=\"_ _3d5\"> </span>Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> IRA<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span> Georgia<span class=\"_ _6\"></span> <span class=\"_ _195\"> </span>Tb<span class=\"_ _6\"></span>ilisi 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>4,334<span class=\"_ _3d5\"> </span>6,249<span class=\"_ _3d5\"> </span>Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>mpa<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>y W<span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>ER-<span class=\"_ _3d5\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> North Macedonia<span class=\"_ _6\"></span> <span class=\"_ _372\"> </span>Sk<span class=\"_ _7\"></span>opje<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>6,812<span class=\"_ _3d5\"> </span>7,097<span class=\"_ _3d5\"> </span>Ka<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>erst<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>\u00dfe<span class=\"_ _6\"></span> 11<span class=\"_ _6\"></span>3 <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _30\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>3,137<span class=\"_ _3d5\"> </span>2,979<span class=\"_ _3d5\"> </span>K\u00c1L<span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>N T<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>WER<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>tl<span class=\"_ _6\"></span>anf<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>jl<span class=\"_ _6\"></span>esz<span class=\"_ _6\"></span>t\u00e9<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span> \u00e9<span class=\"_ _6\"></span>s Ber<span class=\"_ _6\"></span>uh\u00e1<span class=\"_ _6\"></span>z\u00e1<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>l\u00e1<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>ele<span class=\"_ _6\"></span>l\u0151<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>\u00e9g\u0171<span class=\"_ _1\"></span> T\u00e1<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>s\u00e1g<span class=\"_ _6\"></span> Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,400<span class=\"_ _3d5\"> </span>2,231<span class=\"_ _3d5\"> </span>KAPI<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>OL<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Czech Republic<span class=\"_ _6\"></span> <span class=\"_ _374\"> </span>Brno <span class=\"_ _ee\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,573<span class=\"_ _3d5\"> </span>1,600<span class=\"_ _3d5\"> </span>KKB R<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>al E<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>Latvia <span class=\"_ _15a\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>20,280<span class=\"_ _3d5\"> </span>20,766<span class=\"_ _3d5\"> </span>KOM<span class=\"_ _6\"></span>UN\u00c1<span class=\"_ _1\"></span>LNA<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ois<span class=\"_ _6\"></span>\u0165<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>\u0148a<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span> Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>57,800<span class=\"_ _3d5\"> </span>52,644<span class=\"_ _3d5\"> </span>KOO<span class=\"_ _6\"></span>PER<span class=\"_ _6\"></span>AT<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>\u0165ov\u0148<span class=\"_ _6\"></span>a,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava 98.47<span class=\"_ _3d5\"> </span>98.47<span class=\"_ _3d5\"> </span>407,689<span class=\"_ _3d5\"> </span>231,548<span class=\"_ _3d5\"> </span>Ko<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span> po<span class=\"_ _6\"></span>ji<span class=\"_ _6\"></span>\u0161<span class=\"_ _6\"></span>\u0165ovn<span class=\"_ _6\"></span>a,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e 97.28<span class=\"_ _3d5\"> </span>97.28<span class=\"_ _3d5\"> </span>679,414<span class=\"_ _3d5\"> </span>596,911<span class=\"_ _3d5\"> </span>KOO<span class=\"_ _6\"></span>PER<span class=\"_ _6\"></span>AT<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA,<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>s.s<span class=\"_ _6\"></span>.,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>14,628<span class=\"_ _3d5\"> </span>13,820<span class=\"_ _3d5\"> </span>KOPU<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> N<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>dba<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>nh<span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>ohn<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>chtu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>11,807<span class=\"_ _3d5\"> </span>LVP <span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _2d6\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>642,210<span class=\"_ _3d5\"> </span>626,967<span class=\"_ _3d5\"> </span>MAP-<span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>V B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>teil<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mbH<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>368,527<span class=\"_ _3d5\"> </span>368,793<span class=\"_ _3d5\"> </span>MC <span class=\"_ _6\"></span>EIN<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>men<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _37e\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>30,758<span class=\"_ _3d5\"> </span>19,630<span class=\"_ _3d5\"> </span>MH <span class=\"_ _6\"></span>54<span class=\"_ _6\"></span> Im<span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ili<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>lag<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _8b\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>26,041<span class=\"_ _3d5\"> </span>25,819<span class=\"_ _3d5\"> </span>NNC<span class=\"_ _6\"></span> RE<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>L E<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>AT<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>\u00d3\u0141KA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Z OGRA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>IC<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>ON\u0104<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ODP<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>WIE<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ZIA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>O\u015a<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I\u0104<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>23,998<span class=\"_ _3d5\"> </span>20,099<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rdb<span class=\"_ _6\"></span>ahn<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>roj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt <span class=\"_ _6\"></span>EP<span class=\"_ _6\"></span>W8 <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _34e\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>23,164<span class=\"_ _3d5\"> </span>19,187<span class=\"_ _3d5\"> </span>No<span class=\"_ _2\"></span>rd<span class=\"_ _7\"></span>ba<span class=\"_ _2\"></span>hnho<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>Pro<span class=\"_ _2\"></span>je<span class=\"_ _2\"></span>kt<span class=\"_ _2\"></span> EP<span class=\"_ _2\"></span>W8 <span class=\"_ _2\"></span>Ko<span class=\"_ _7\"></span>mp<span class=\"_ _7\"></span>le<span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>nt<span class=\"_ _2\"></span>\u00e4r<span class=\"_ _7\"></span> G<span class=\"_ _2\"></span>mbH<span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>34<span class=\"_ _3d5\"> </span>34<span class=\"_ _3d5\"> </span><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2449\">Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs244a\">domicile<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs244b\">Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs244c\">Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs244d\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs244e\">Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs244f\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2450\">Equity 2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs2451\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2452\">Equity 2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs2453\">2<span class=\"_ _3d5\"> </span></div><div class=\"c w2a h28 gs2454\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w2a h28 gs2455\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs2456\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs2457\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs2458\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs2459\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs245a\">No<span class=\"_ _6\"></span>rdb<span class=\"_ _6\"></span>ahn<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>roj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt <span class=\"_ _6\"></span>Ta<span class=\"_ _6\"></span>bo<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>a\u00df<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>123<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs245b\">Gmb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs245c\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs245d\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs245e\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs245f\">27,708<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2460\">21,142<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2461\">No<span class=\"_ _6\"></span>rdb<span class=\"_ _6\"></span>ahn<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>roj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt <span class=\"_ _6\"></span>Ta<span class=\"_ _6\"></span>bo<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>a\u00df<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>123<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2462\">Kom<span class=\"_ _6\"></span>pl<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>\u00e4<span class=\"_ _6\"></span>r G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2463\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2464\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2465\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2466\">35<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2467\">36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2468\">Nu\u00dfd<span class=\"_ _1\"></span>orfe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>a\u00dfe<span class=\"_ _6\"></span> 9<span class=\"_ _6\"></span>0-<span class=\"_ _6\"></span>92 <span class=\"_ _6\"></span>Pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span>kte<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cklu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2469\">Gmb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs246a\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs246b\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs246c\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs246d\">39,682<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs246e\">38,364<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs246f\">OMN<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>SIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIE<span class=\"_ _6\"></span>NN<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span> IN<span class=\"_ _6\"></span>SU<span class=\"_ _6\"></span>RA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> GR<span class=\"_ _6\"></span>OU<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.A.<span class=\"_ _6\"></span> <span class=\"_ _e8\"> </span>Romania <span class=\"_ _19e\"> </span>B<span class=\"_ _6\"></span>ucharest <span class=\"_ _26e\"> </span>99.54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2470\">99.54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2471\">154,385<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2472\">149,548<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2473\">O\u00dc <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>ive<span class=\"_ _6\"></span>On<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>ae<span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>Estonia <span class=\"_ _1d5\"> </span>Tallinn<span class=\"_ _6\"></span> <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2474\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2475\">1,280<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2476\">86<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2477\">Pa<span class=\"_ _6\"></span>lais<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span> I<span class=\"_ _6\"></span>mmo<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ic<span class=\"_ _6\"></span>klu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2478\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2479\">56.55<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs247a\">35,663<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs247b\">35,859<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs247c\">Pas<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>t R<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> Sp<span class=\"_ _6\"></span>. z<span class=\"_ _1\"></span> o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _142\"> </span>P<span class=\"_ _6\"></span>oland <span class=\"_ _150\"> </span>Warsaw <span class=\"_ _2e\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs247d\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs247e\">27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs247f\">-1,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2480\">Pen<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on A<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ove<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>e A<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _37f\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _376\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span>8<span class=\"_ _6\"></span>2.59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2481\">82.59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2482\">39,766<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2483\">32,890<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2484\">PERE<span class=\"_ _1\"></span>CA <span class=\"_ _6\"></span>11 <span class=\"_ _6\"></span>SP<span class=\"_ _6\"></span>\u00d3<span class=\"_ _6\"></span>\u0141KA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Z <span class=\"_ _6\"></span>OGRA<span class=\"_ _1\"></span>NI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>ZON\u0104<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2485\">ODP<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>O\u015a<span class=\"_ _6\"></span>CI\u0104<span class=\"_ _1\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2486\">Poland <span class=\"_ _150\"> </span>Warsaw </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2487\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2488\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2489\">32,375<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs248a\">31,881<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs248b\">PFG<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _265\"> </span>89.23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs248c\">89.23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs248d\">71,876<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs248e\">77,992<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs248f\">PFG<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ege<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tsb<span class=\"_ _6\"></span>ew<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tung<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2490\">&amp; C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2491\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2492\">92.88<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2493\">92.88<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2494\">12,940<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2495\">12,663<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2496\">Po<span class=\"_ _6\"></span>rze<span class=\"_ _6\"></span>llan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e 4<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ege<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>erw<span class=\"_ _6\"></span>altu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2497\">Gmb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2498\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2499\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs249a\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs249b\">13,707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs249c\">13,576<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs249d\">PRI<span class=\"_ _6\"></span>VAT<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>JOI<span class=\"_ _6\"></span>NT-<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CK <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span>PAN<span class=\"_ _6\"></span>Y<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs249e\">\"INS<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span>RAN<span class=\"_ _1\"></span>CE <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OMP<span class=\"_ _6\"></span>ANY<span class=\"_ _1\"></span> \"K<span class=\"_ _6\"></span>NIA<span class=\"_ _1\"></span>ZHA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>LIFE<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs249f\">VIEN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>NS<span class=\"_ _6\"></span>URA<span class=\"_ _1\"></span>NCE<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OU<span class=\"_ _6\"></span>P\"<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24a0\">Ukraine<span class=\"_ _6\"></span> <span class=\"_ _15e\"> </span>Kyiv </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24a1\">99.81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24a2\">99.81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24a3\">6,515<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24a4\">2,922<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24a5\">Priv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Jo<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>-S<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k C<span class=\"_ _6\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>\" <span class=\"_ _6\"></span>Insu<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24a6\">Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> \"U<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>G \"<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24a7\">Ukraine<span class=\"_ _6\"></span> <span class=\"_ _15e\"> </span>Kyiv </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24a8\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24a9\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24aa\">14,158<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24ab\">16,528<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24ac\">PRI<span class=\"_ _6\"></span>VAT<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>JOI<span class=\"_ _6\"></span>NT-<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CK <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span>PAN<span class=\"_ _6\"></span>Y<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24ad\">\"UK<span class=\"_ _6\"></span>RAI<span class=\"_ _6\"></span>NIA<span class=\"_ _1\"></span>N <span class=\"_ _6\"></span>INSU<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span>PANY<span class=\"_ _1\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24ae\">\"KNI<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>ZHA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIEN<span class=\"_ _1\"></span>NA <span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>URA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE <span class=\"_ _6\"></span>GR<span class=\"_ _1\"></span>OUP\"<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24af\">Ukraine<span class=\"_ _6\"></span> <span class=\"_ _15e\"> </span>Kyiv </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24b0\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24b1\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24b2\">10,922<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24b3\">10,219<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24b4\">PRO<span class=\"_ _6\"></span>GRE<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>igun<span class=\"_ _1\"></span>gsg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>.m<span class=\"_ _6\"></span>.b<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _380\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _265\"> </span>70.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24b5\">70.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24b6\">18,813<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24b7\">17,769<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24b8\">Proj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt<span class=\"_ _6\"></span>bau<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>esm<span class=\"_ _1\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24b9\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24ba\">24,377<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24bb\">14,106<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24bc\">Proj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt<span class=\"_ _6\"></span>bau<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _6b\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24bd\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24be\">25,181<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24bf\">14,183<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24c0\">Rath<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>\u00dfe<span class=\"_ _6\"></span> 8<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>gen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>aft<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>tung<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24c1\">Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24c2\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24c3\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24c4\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24c5\">1,125<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24c6\">1,087<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24c7\">Ray<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>ta <span class=\"_ _6\"></span>A.<span class=\"_ _6\"></span>\u015e.<span class=\"_ _6\"></span> <span class=\"_ _17d\"> </span>T<span class=\"_ _6\"></span>\u00fcrkiye <span class=\"_ _1d5\"> </span>Is<span class=\"_ _6\"></span>tanbul <span class=\"_ _59\"> </span>94<span class=\"_ _6\"></span>.96<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24c8\">94.96<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24c9\">59,722<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24ca\">44,622<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24cb\">R\u00f6\u00dfl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>e B<span class=\"_ _6\"></span>au<span class=\"_ _1\"></span>te<span class=\"_ _6\"></span>il D<span class=\"_ _1\"></span>rei <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1a2\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24cc\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24cd\">11,885<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24ce\">11,841<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24cf\">R\u00f6\u00dfl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>e B<span class=\"_ _6\"></span>au<span class=\"_ _1\"></span>te<span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Zwe<span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24d0\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24d1\">30,413<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24d2\">30,241<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24d3\">S -<span class=\"_ _6\"></span> bud<span class=\"_ _1\"></span>ov<span class=\"_ _6\"></span>y, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24d4\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24d5\">3,040<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24d6\">3,189<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24d7\">Sch<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>rin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>21<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>\u00fc<span class=\"_ _6\"></span>roh<span class=\"_ _6\"></span>au<span class=\"_ _6\"></span>s E<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>und<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24d8\">Verm<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>etun<span class=\"_ _1\"></span>gs <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24d9\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24da\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24db\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24dc\">5,756<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24dd\">5,737<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24de\">SECU<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span> ma<span class=\"_ _6\"></span>j<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>kov<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>vna<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>a p<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>v\u00e1 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24df\">s.r<span class=\"_ _6\"></span>.o.<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24e0\">Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24e1\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24e2\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24e3\">7,444<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24e4\">7,505<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24e5\">Sen<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>enz<span class=\"_ _1\"></span> Fu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rerp<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>rri<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s-<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24e6\">und<span class=\"_ _6\"></span> Ve<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>tun<span class=\"_ _1\"></span>gs <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24e7\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24e8\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24e9\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24ea\">-7,293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24eb\">-6,998<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24ec\">Sen<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>enz<span class=\"_ _1\"></span> Ve<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24ed\">Er<span class=\"_ _6\"></span>rich<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s-<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Verw<span class=\"_ _1\"></span>altu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24ee\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24ef\">66.70<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24f0\">66.70<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24f1\">8,343<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24f2\">8,146<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24f3\">SIA <span class=\"_ _6\"></span>\u201cA<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>au<span class=\"_ _6\"></span>kst<span class=\"_ _6\"></span>a 1<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>/15<span class=\"_ _6\"></span>\u201d<span class=\"_ _6\"></span> <span class=\"_ _283\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24f4\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24f5\">933<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24f6\">937<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24f7\">SIA <span class=\"_ _6\"></span>\u201cA<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>til<span class=\"_ _6\"></span>\u0113r<span class=\"_ _6\"></span>ij<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>5\u201d<span class=\"_ _6\"></span> <span class=\"_ _1b7\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24f8\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24f9\">1,111<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24fa\">1,146<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24fb\">SIA <span class=\"_ _6\"></span>\u201c\u0122<span class=\"_ _1\"></span>ertr<span class=\"_ _6\"></span>\u016bd<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>121<span class=\"_ _6\"></span>\u201d<span class=\"_ _6\"></span> <span class=\"_ _381\"> </span>Latvia <span class=\"_ _1ba\"> </span>Rig<span class=\"_ _6\"></span>a <span class=\"_ _1b8\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24fc\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24fd\">3,118<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs24fe\">3,414<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs24ff\">SIA <span class=\"_ _6\"></span>\"G<span class=\"_ _6\"></span>lob<span class=\"_ _1\"></span>al A<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e B<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c\"<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2500\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2501\">250<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2502\">287<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2503\">SIA <span class=\"_ _6\"></span>\"L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>On\"<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>Latvia <span class=\"_ _1ba\"> </span>Riga <span class=\"_ _1b8\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2504\">70.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2505\">27,445<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2506\">26,699<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2507\">SIA <span class=\"_ _6\"></span>\"L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>On<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>rnu\"<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>Latvia <span class=\"_ _15a\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2508\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2509\">2,093<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs250a\">1,696<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs250b\">SIA <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>eOn<span class=\"_ _6\"></span> T<span class=\"_ _6\"></span>erb<span class=\"_ _1\"></span>atas<span class=\"_ _6\"></span> <span class=\"_ _18e\"> </span>Latvia<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Riga <span class=\"_ _1b8\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs250c\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs250d\">5,017<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs250e\">5,191<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs250f\">SIA <span class=\"_ _6\"></span>\"U<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ban<span class=\"_ _6\"></span> Sp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e\"<span class=\"_ _6\"></span> <span class=\"_ _1b7\"> </span>Latvia <span class=\"_ _1ba\"> </span>Rig<span class=\"_ _6\"></span>a <span class=\"_ _1b8\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2510\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2511\">360<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2512\">481<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2513\">SIG<span class=\"_ _6\"></span>MA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIEN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>NS<span class=\"_ _6\"></span>URA<span class=\"_ _1\"></span>NC<span class=\"_ _6\"></span>E GR<span class=\"_ _1\"></span>OU<span class=\"_ _6\"></span>P <span class=\"_ _6\"></span>Sho<span class=\"_ _6\"></span>q<span class=\"_ _6\"></span>\u00ebri<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2514\">Aks<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ona<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2515\">Alban<span class=\"_ _6\"></span>ia <span class=\"_ _15f\"> </span>Tirana </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2516\">89.05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2517\">89.05<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2518\">18,095<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2519\">17,077<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs251a\">SK B<span class=\"_ _6\"></span>M<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>.r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _20b\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava <span class=\"_ _65\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs251b\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs251c\">13,562<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs251d\">13,345<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs251e\">SMAR<span class=\"_ _6\"></span>DA<span class=\"_ _1\"></span>N 5<span class=\"_ _6\"></span> DE<span class=\"_ _6\"></span>VE<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>OP<span class=\"_ _6\"></span>ME<span class=\"_ _6\"></span>NT<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.R<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>L.<span class=\"_ _6\"></span> <span class=\"_ _34\"> </span>Romania <span class=\"_ _19e\"> </span>B<span class=\"_ _6\"></span>ucharest <span class=\"_ _382\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs251f\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2520\">2,960<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2521\">5,022<span class=\"_ _3d5\"> </span></div>Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span>domicile<span class=\"_ _3d5\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Sto<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> MA<span class=\"_ _6\"></span>K<span class=\"_ _6\"></span>ED<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>JA <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>kop<span class=\"_ _6\"></span>je -<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> North Macedonia<span class=\"_ _6\"></span> <span class=\"_ _372\"> </span>Sk<span class=\"_ _7\"></span>opje<span class=\"_ _6\"></span> 94.50<span class=\"_ _3d5\"> </span>94.36<span class=\"_ _3d5\"> </span>25,410<span class=\"_ _3d5\"> </span>25,898<span class=\"_ _3d5\"> </span>SVZ <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _209\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>230,374<span class=\"_ _3d5\"> </span>203,598<span class=\"_ _3d5\"> </span>SVZD<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _37\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>63,227<span class=\"_ _3d5\"> </span>62,031<span class=\"_ _3d5\"> </span>SVZ<span class=\"_ _6\"></span>I G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _30b\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>221,098<span class=\"_ _3d5\"> </span>200,314<span class=\"_ _3d5\"> </span>T 12<span class=\"_ _6\"></span>5 <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _34b\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>9,256<span class=\"_ _3d5\"> </span>9,179<span class=\"_ _3d5\"> </span>TEC<span class=\"_ _6\"></span>HBA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>E S<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce P<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>k Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>13,993<span class=\"_ _3d5\"> </span>13,649<span class=\"_ _3d5\"> </span>twin<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cs <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _18e\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>3,797<span class=\"_ _3d5\"> </span>3,403<span class=\"_ _3d5\"> </span>UAB<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>veOn<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>km<span class=\"_ _6\"></span>enu<span class=\"_ _1\"></span> <span class=\"_ _383\"> </span>Lithuania <span class=\"_ _32\"> </span>Vilnius <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>6,446<span class=\"_ _3d5\"> </span>3,660<span class=\"_ _3d5\"> </span>UNI<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup B<span class=\"_ _1\"></span>iz<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>s\u00ed<span class=\"_ _6\"></span>t\u00f3<span class=\"_ _6\"></span> Zr<span class=\"_ _6\"></span>t.<span class=\"_ _3d5\"> </span>Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest <span class=\"_ _323\"> </span>98<span class=\"_ _6\"></span>.64<span class=\"_ _3d5\"> </span>98.64<span class=\"_ _3d5\"> </span>28,738<span class=\"_ _3d5\"> </span>36,082<span class=\"_ _3d5\"> </span>Unte<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e D<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>au<span class=\"_ _6\"></span>l\u00e4n<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> 40<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _186\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>11,453<span class=\"_ _3d5\"> </span>11,383<span class=\"_ _3d5\"> </span>Vien<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Ga<span class=\"_ _6\"></span>tve<span class=\"_ _6\"></span> In<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>O\u00dc<span class=\"_ _6\"></span> <span class=\"_ _215\"> </span>Est<span class=\"_ _6\"></span>onia <span class=\"_ _1d5\"> </span>Tallinn<span class=\"_ _6\"></span> <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>131<span class=\"_ _3d5\"> </span>44<span class=\"_ _3d5\"> </span>Vien<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Ga<span class=\"_ _6\"></span>tve<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>SIA<span class=\"_ _6\"></span> <span class=\"_ _151\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,576<span class=\"_ _3d5\"> </span>1,624<span class=\"_ _3d5\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>Lif<span class=\"_ _6\"></span>e T<span class=\"_ _1\"></span>ow<span class=\"_ _6\"></span>arz<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>stw<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze<span class=\"_ _6\"></span>\u0144 n<span class=\"_ _6\"></span>a \u017by<span class=\"_ _6\"></span>cie <span class=\"_ _6\"></span>S.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Ins<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,608<span class=\"_ _3d5\"> </span>5,971<span class=\"_ _3d5\"> </span>V\u0130EN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span>L\u0130<span class=\"_ _6\"></span>FE<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>ME<span class=\"_ _6\"></span>KL<span class=\"_ _6\"></span>\u0130<span class=\"_ _6\"></span>L\u0130<span class=\"_ _6\"></span>K <span class=\"_ _6\"></span>VE <span class=\"_ _6\"></span>HAY<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>T A<span class=\"_ _1\"></span>NON<span class=\"_ _6\"></span>\u0130<span class=\"_ _6\"></span>M \u015e\u0130RK<span class=\"_ _6\"></span>ET<span class=\"_ _6\"></span>\u0130<span class=\"_ _6\"></span> T\u00fcrkiye <span class=\"_ _37b\"> </span>Istanbu<span class=\"_ _6\"></span>l 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>46,117<span class=\"_ _3d5\"> </span>38,063<span class=\"_ _3d5\"> </span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>-Lif<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Le<span class=\"_ _6\"></span>ben<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>eru<span class=\"_ _6\"></span>ng A<span class=\"_ _1\"></span>G <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span> Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Liechtenstein<span class=\"_ _6\"></span> <span class=\"_ _384\"> </span>Bend<span class=\"_ _6\"></span>ern 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>15,484<span class=\"_ _3d5\"> </span>9,313<span class=\"_ _3d5\"> </span>VIG-A<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>gu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _18\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>309,593<span class=\"_ _3d5\"> </span>354,694<span class=\"_ _3d5\"> </span>VIG-<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>Z R<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Est<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _55\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>147,640<span class=\"_ _3d5\"> </span>147,548<span class=\"_ _3d5\"> </span>V.I.<span class=\"_ _6\"></span>G.<span class=\"_ _6\"></span> N<span class=\"_ _6\"></span>D,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>96,211<span class=\"_ _3d5\"> </span>99,386<span class=\"_ _3d5\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ka Sp<span class=\"_ _1\"></span>\u00f3<span class=\"_ _6\"></span>\u0142ka<span class=\"_ _6\"></span> z org<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>czon<span class=\"_ _6\"></span>\u0105 <span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>owi<span class=\"_ _6\"></span>edz<span class=\"_ _1\"></span>ialn<span class=\"_ _1\"></span>o\u015b<span class=\"_ _6\"></span>ci\u0105<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>13,935<span class=\"_ _3d5\"> </span>18,256<span class=\"_ _3d5\"> </span>VIG B<span class=\"_ _1\"></span>ef<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ktet<span class=\"_ _6\"></span>\u00e9s<span class=\"_ _6\"></span>i A<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>ke<span class=\"_ _6\"></span>ze<span class=\"_ _6\"></span>l\u0151<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>ya<span class=\"_ _6\"></span>ror<span class=\"_ _6\"></span>sz<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>g Z\u00e1r<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>k\u00f6r\u0171<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>M\u0171<span class=\"_ _6\"></span>k\u00f6<span class=\"_ _6\"></span>d\u0151<span class=\"_ _6\"></span> R\u00e9<span class=\"_ _6\"></span>sz<span class=\"_ _6\"></span>v\u00e9n<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>t\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>13,940<span class=\"_ _3d5\"> </span>8,415<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>FU<span class=\"_ _6\"></span>ND<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _43\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>273,607<span class=\"_ _3d5\"> </span>276,262<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _31\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>21,990<span class=\"_ _3d5\"> </span>21,905<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>HU<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>99,800<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>IT<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Dig<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>olu<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _385\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>6,916<span class=\"_ _3d5\"> </span>VIG M<span class=\"_ _1\"></span>ag<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>aro<span class=\"_ _6\"></span>rsz<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kte<span class=\"_ _6\"></span>t\u00e9<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span> Z<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>rtk<span class=\"_ _6\"></span>\u00f6r<span class=\"_ _6\"></span>\u0171en<span class=\"_ _6\"></span> M\u0171k<span class=\"_ _6\"></span>\u00f6d<span class=\"_ _6\"></span>\u0151 R<span class=\"_ _6\"></span>\u00e9s<span class=\"_ _6\"></span>z<span class=\"_ _6\"></span>v\u00e9n<span class=\"_ _6\"></span>t\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest 90.00<span class=\"_ _3d5\"> </span>55.00<span class=\"_ _3d5\"> </span>728,742<span class=\"_ _3d5\"> </span>197,606<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>Of<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>ces<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.o.<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span>Slov<span class=\"_ _7\"></span>akia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,950<span class=\"_ _3d5\"> </span>15,945<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> Bu<span class=\"_ _1\"></span>lga<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ia A<span class=\"_ _6\"></span>D <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>iqu<span class=\"_ _1\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _17b\"> </span>Bulgaria <span class=\"_ _18a\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span>99.9<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>99.97<span class=\"_ _3d5\"> </span>948<span class=\"_ _3d5\"> </span>1,084<span class=\"_ _3d5\"> </span>VIG R<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>aj<span class=\"_ _6\"></span>i\u0161<span class=\"_ _6\"></span>\u0165o<span class=\"_ _6\"></span>vn<span class=\"_ _6\"></span>a,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>294,932<span class=\"_ _3d5\"> </span>140,255<span class=\"_ _3d5\"> </span>VIG R<span class=\"_ _6\"></span>EA<span class=\"_ _1\"></span>L <span class=\"_ _6\"></span>ESTA<span class=\"_ _1\"></span>TE <span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>OO<span class=\"_ _6\"></span> <span class=\"_ _386\"> </span>Serbia<span class=\"_ _6\"></span> <span class=\"_ _387\"> </span>Belgrade <span class=\"_ _30c\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,205<span class=\"_ _3d5\"> </span>10,672<span class=\"_ _3d5\"> </span>VIG T<span class=\"_ _1\"></span>\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g B<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>V.<span class=\"_ _6\"></span> <span class=\"_ _e1\"> </span>Netherland<span class=\"_ _6\"></span>s <span class=\"_ _388\"> </span>Ams<span class=\"_ _6\"></span>terdam <span class=\"_ _1ce\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>32,288<span class=\"_ _3d5\"> </span>32,288<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>ZP<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s. <span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _43\"> </span>S<span class=\"_ _6\"></span>lovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava <span class=\"_ _65\"> </span>100.00<span class=\"_ _3d5\"> </span>99.22<span class=\"_ _3d5\"> </span>21,228<span class=\"_ _3d5\"> </span>VIVE<span class=\"_ _6\"></span>CA<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>ilig<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _3c\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>36,649<span class=\"_ _3d5\"> </span>31,175<span class=\"_ _3d5\"> </span>WGP<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _69\"> </span>Aust<span class=\"_ _6\"></span>ria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>106,537<span class=\"_ _3d5\"> </span>105,287<span class=\"_ _3d5\"> </span>WIBG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span> KG<span class=\"_ _6\"></span> <span class=\"_ _151\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>80,193<span class=\"_ _3d5\"> </span>80,258<span class=\"_ _3d5\"> </span>WIBG<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ktent<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span>lung<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> <span class=\"_ _389\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>80,557<span class=\"_ _3d5\"> </span>80,191<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>Osi<span class=\"_ _6\"></span>gu<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>je <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Gr<span class=\"_ _6\"></span>oup<span class=\"_ _1\"></span> ad<span class=\"_ _6\"></span> Bosnia-<span class=\"_ _3d5\"> </span>Herzegovina<span class=\"_ _6\"></span> Banja Luka<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>9,055<span class=\"_ _3d5\"> </span>8,898<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r o<span class=\"_ _6\"></span>sig<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span> Vi<span class=\"_ _6\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p dio<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>\u010dk<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>\u0161t<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>nj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Croatia <span class=\"_ _373\"> </span>Zagreb 97.82<span class=\"_ _3d5\"> </span>97.82<span class=\"_ _3d5\"> </span>68,322<span class=\"_ _3d5\"> </span>39,009<span class=\"_ _3d5\"> </span>WIE<span class=\"_ _6\"></span>NER<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ak<span class=\"_ _6\"></span>cion<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ko<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>ru\u0161<span class=\"_ _6\"></span>tv<span class=\"_ _6\"></span>o z<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> reos<span class=\"_ _6\"></span>igu<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>j<span class=\"_ _6\"></span>e Serbia<span class=\"_ _6\"></span> <span class=\"_ _387\"> </span>Belgrade 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>8,640<span class=\"_ _3d5\"> </span>7,305<span class=\"_ _3d5\"> </span>WIE<span class=\"_ _6\"></span>NER<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ST\u00c4<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>TIS<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>HE<span class=\"_ _6\"></span> O<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>GUR<span class=\"_ _6\"></span>AN<span class=\"_ _6\"></span>JE<span class=\"_ _6\"></span> ak<span class=\"_ _6\"></span>cion<span class=\"_ _1\"></span>ars<span class=\"_ _6\"></span>ko<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>rus<span class=\"_ _6\"></span>tv<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>za<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span> Serbia<span class=\"_ _6\"></span> <span class=\"_ _387\"> </span>Belgrade 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>43,591<span class=\"_ _3d5\"> </span>39,289<span class=\"_ _3d5\"> </span>WIE<span class=\"_ _6\"></span>NER<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ST\u00c4<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>TIS<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>HE<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ERS<span class=\"_ _1\"></span>ICHER<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>G <span class=\"_ _6\"></span>AG Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 97.75<span class=\"_ _3d5\"> </span>97.75<span class=\"_ _3d5\"> </span>670,369<span class=\"_ _3d5\"> </span>633,264<span class=\"_ _3d5\"> </span>Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span>domicile<span class=\"_ _3d5\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2  <span class=\"_ _111\"> </span>  <span class=\"_ _83\"> </span>  <span class=\"_ _1b9\"> </span>in <span class=\"_ _6\"></span>%<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EU<span class=\"_ _6\"></span>R \u201800<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>in EU<span class=\"_ _6\"></span>R \u201800<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>WI<span class=\"_ _2\"></span>ENE<span class=\"_ _2\"></span>R TO<span class=\"_ _2\"></span>WA<span class=\"_ _7\"></span>RZ<span class=\"_ _2\"></span>YS<span class=\"_ _2\"></span>TWO<span class=\"_ _2\"></span> UB<span class=\"_ _2\"></span>EZP<span class=\"_ _2\"></span>IEC<span class=\"_ _2\"></span>ZE<span class=\"_ _2\"></span>\u0143 SP<span class=\"_ _2\"></span>\u00d3\u0141<span class=\"_ _2\"></span>KA <span class=\"_ _7\"></span>AK<span class=\"_ _2\"></span>CYJ<span class=\"_ _2\"></span>NA <span class=\"_ _2\"></span>VI<span class=\"_ _2\"></span>ENN<span class=\"_ _7\"></span>A <span class=\"_ _2\"></span>INS<span class=\"_ _2\"></span>UR<span class=\"_ _7\"></span>AN<span class=\"_ _7\"></span>CE<span class=\"_ _2\"></span> G<span class=\"_ _2\"></span>RO<span class=\"_ _7\"></span>UP<span class=\"_ _2\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>77,282<span class=\"_ _3d5\"> </span>43,631<span class=\"_ _3d5\"> </span>WI<span class=\"_ _2\"></span>ENE<span class=\"_ _2\"></span>R V<span class=\"_ _2\"></span>EREI<span class=\"_ _10\"></span>N <span class=\"_ _7\"></span>BES<span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>ATT<span class=\"_ _10\"></span>UNGS<span class=\"_ _2\"></span>- <span class=\"_ _7\"></span>U<span class=\"_ _7\"></span>ND<span class=\"_ _10\"></span> V<span class=\"_ _7\"></span>ER<span class=\"_ _7\"></span>SI<span class=\"_ _2\"></span>CH<span class=\"_ _2\"></span>ERUN<span class=\"_ _7\"></span>GS<span class=\"_ _2\"></span>SE<span class=\"_ _2\"></span>RVI<span class=\"_ _2\"></span>CE<span class=\"_ _7\"></span>-<span class=\"_ _7\"></span>GE<span class=\"_ _7\"></span>SE<span class=\"_ _7\"></span>L<span class=\"_ _7\"></span>LS<span class=\"_ _2\"></span>CH<span class=\"_ _2\"></span>AFT<span class=\"_ _7\"></span> M.<span class=\"_ _2\"></span>B.H<span class=\"_ _2\"></span>. Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,594<span class=\"_ _3d5\"> </span>2,116<span class=\"_ _3d5\"> </span>WI<span class=\"_ _6\"></span>LA G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _35\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>37,473<span class=\"_ _3d5\"> </span>37,119<span class=\"_ _3d5\"> </span>WIN<span class=\"_ _6\"></span>O G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _e9\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>69,227<span class=\"_ _3d5\"> </span>64,713<span class=\"_ _3d5\"> </span>WN<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tsb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>z G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _15a\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>6,791<span class=\"_ _3d5\"> </span>6,187<span class=\"_ _3d5\"> </span>Woh<span class=\"_ _6\"></span>nqu<span class=\"_ _1\"></span>arti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r 1<span class=\"_ _6\"></span>1b<span class=\"_ _6\"></span> Im<span class=\"_ _1\"></span>mob<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _37d\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>8,773<span class=\"_ _3d5\"> </span>Woh<span class=\"_ _6\"></span>nqu<span class=\"_ _1\"></span>arti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r 1<span class=\"_ _6\"></span>2b<span class=\"_ _6\"></span> Im<span class=\"_ _1\"></span>mob<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _37d\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>97.75<span class=\"_ _3d5\"> </span>13,641<span class=\"_ _3d5\"> </span>WSBV B<span class=\"_ _6\"></span>eteiligung<span class=\"_ _6\"></span>sverwaltung<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H &amp; Co KG<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>50,192<span class=\"_ _3d5\"> </span>25,371<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>V B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Imm<span class=\"_ _6\"></span>oh<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>din<span class=\"_ _1\"></span>g G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _2d\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _383\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>97,800<span class=\"_ _3d5\"> </span>93,136<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>VA <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>ftb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>56,160<span class=\"_ _3d5\"> </span>55,423<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>VB <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>ftb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>41,738<span class=\"_ _3d5\"> </span>41,611<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>VC L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ege<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H <span class=\"_ _15a\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>21,352<span class=\"_ _3d5\"> </span>21,327<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Imm<span class=\"_ _6\"></span>oh<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _1bc\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>623,271<span class=\"_ _3d5\"> </span>582,027<span class=\"_ _3d5\"> </span>WSV Triesterst<span class=\"_ _6\"></span>ra\u00dfe 91 B<span class=\"_ _6\"></span>esitz Gm<span class=\"_ _6\"></span>bH &amp; Co KG<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>81,453<span class=\"_ _3d5\"> </span>80,979<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Ver<span class=\"_ _6\"></span>m\u00f6g<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rwa<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,367<span class=\"_ _3d5\"> </span>10,695<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>The sh<span class=\"_ _7\"></span>are in equi<span class=\"_ _7\"></span>ty eq<span class=\"_ _6\"></span>uals th<span class=\"_ _7\"></span>e share in voting rights before non-controlli<span class=\"_ _7\"></span>ng interests. 2 <span class=\"_ _3\"> </span>The capi<span class=\"_ _7\"></span>tal value sh<span class=\"_ _7\"></span>own corresponds to the latest local annual<span class=\"_ _7\"></span> financial statements available.<span class=\"_ _3d5\"> </span>At equity con<span class=\"_ _6\"></span>solidate<span class=\"_ _6\"></span>d com<span class=\"_ _6\"></span>panies<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span><span class=\"fsf\">C<span class=\"_ _7\"></span>ountry of<span class=\"_ _6\"></span> domicil<span class=\"_ _6\"></span>e <span class=\"_ _38a\"> </span>Registere<span class=\"_ _6\"></span>d </span>off<span class=\"_ _6\"></span>ice Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Bet<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>lig<span class=\"_ _6\"></span>ung<span class=\"_ _1\"></span>s-<span class=\"_ _6\"></span> und<span class=\"_ _1\"></span> Im<span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Linz <span class=\"_ _38b\"> </span>25.00<span class=\"_ _3d5\"> </span>25.00<span class=\"_ _3d5\"> </span>21,515<span class=\"_ _3d5\"> </span>20,405<span class=\"_ _3d5\"> </span>Be<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>il<span class=\"_ _2\"></span>ig<span class=\"_ _7\"></span>un<span class=\"_ _7\"></span>gs<span class=\"_ _2\"></span>- u<span class=\"_ _2\"></span>nd<span class=\"_ _7\"></span> W<span class=\"_ _2\"></span>oh<span class=\"_ _7\"></span>nu<span class=\"_ _7\"></span>n<span class=\"_ _2\"></span>gsa<span class=\"_ _2\"></span>nla<span class=\"_ _2\"></span>ge<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>Gm<span class=\"_ _2\"></span>bH<span class=\"_ _2\"></span> <span class=\"_ _38c\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Linz <span class=\"_ _38b\"> </span>25.00<span class=\"_ _3d5\"> </span>25.00<span class=\"_ _3d5\"> </span>245,881<span class=\"_ _3d5\"> </span>237,778<span class=\"_ _3d5\"> </span>CR<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>N-<span class=\"_ _6\"></span>WS<span class=\"_ _6\"></span>F s<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>l.<span class=\"_ _6\"></span> s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _3f\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _380\"> </span>Prague <span class=\"_ _6b\"> </span>30.00<span class=\"_ _3d5\"> </span>30.00<span class=\"_ _3d5\"> </span>3,553<span class=\"_ _3d5\"> </span>7,740<span class=\"_ _3d5\"> </span>ERST<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> d.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>a u<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>vlj<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>bv<span class=\"_ _6\"></span>ezn<span class=\"_ _6\"></span>im<span class=\"_ _1\"></span> i dob<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>vljn<span class=\"_ _6\"></span>im<span class=\"_ _1\"></span> mi<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ovin<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>kim<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>o<span class=\"_ _6\"></span>vim<span class=\"_ _6\"></span>a Croatia <span class=\"_ _37e\"> </span>Zagreb<span class=\"_ _6\"></span> 25.30<span class=\"_ _3d5\"> </span>25.30<span class=\"_ _3d5\"> </span>17,757<span class=\"_ _3d5\"> </span>16,131<span class=\"_ _3d5\"> </span>Gew<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>-W<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>beg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lls<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>m.<span class=\"_ _6\"></span>b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _38d\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna <span class=\"_ _67\"> </span>33.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>33.00<span class=\"_ _3d5\"> </span>145,504<span class=\"_ _3d5\"> </span>128,915<span class=\"_ _3d5\"> </span>\u00d6ste<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ich<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rke<span class=\"_ _6\"></span>hr<span class=\"_ _6\"></span>sb\u00fc<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span> Ak<span class=\"_ _6\"></span>tien<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>chaf<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna 36.58<span class=\"_ _3d5\"> </span>36.58<span class=\"_ _3d5\"> </span>22,998<span class=\"_ _3d5\"> </span>53,300<span class=\"_ _3d5\"> </span>Towarzystw<span class=\"_ _6\"></span>o Ub<span class=\"_ _6\"></span>ezpiecze\u0144 Wz<span class=\"_ _6\"></span>ajemnych \u201eTU<span class=\"_ _6\"></span>W\" Poland <span class=\"_ _2b\"> </span>Warsaw<span class=\"_ _6\"></span> 52.16<span class=\"_ _3d5\"> </span>52.16<span class=\"_ _3d5\"> </span>68,580<span class=\"_ _3d5\"> </span>49,703<span class=\"_ _3d5\"> </span>VB<span class=\"_ _6\"></span>V - <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>rieb<span class=\"_ _1\"></span>lic<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>lte<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ors<span class=\"_ _6\"></span>org<span class=\"_ _1\"></span>e A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _38e\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna <span class=\"_ _67\"> </span>25.<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>25.32<span class=\"_ _3d5\"> </span>318,191<span class=\"_ _3d5\"> </span>311,808<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>The sh<span class=\"_ _7\"></span>are in equi<span class=\"_ _7\"></span>ty eq<span class=\"_ _6\"></span>uals th<span class=\"_ _7\"></span>e share in voting rights before non-controlli<span class=\"_ _7\"></span>ng interests. 2 <span class=\"_ _3\"> </span>The capi<span class=\"_ _7\"></span>tal value sh<span class=\"_ _7\"></span>own corresponds to the latest local annual<span class=\"_ _7\"></span> financial statements available. Non-consolidate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> compa<span class=\"_ _6\"></span>nies <span class=\"_ _1a7\"> </span><span class=\"fsf\">Co<span class=\"_ _6\"></span>untry of dom<span class=\"_ _6\"></span>icile <span class=\"_ _2c\"> </span>Registered of<span class=\"_ _6\"></span>fice <span class=\"_ _2c\"> </span>I<span class=\"_ _6\"></span>ntere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span></span>1<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>\"As<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>y\" U<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>ssi<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Se<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e\" <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>LC <span class=\"_ _aa\"> </span>Ukraine<span class=\"_ _6\"></span> <span class=\"_ _6b\"> </span>Kyiv <span class=\"_ _17f\"> </span>100.00<span class=\"_ _3d5\"> </span>\"LI<span class=\"_ _6\"></span>FETR<span class=\"_ _1\"></span>UST<span class=\"_ _6\"></span>\"<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>td<span class=\"_ _6\"></span> <span class=\"_ _38f\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>100.00<span class=\"_ _3d5\"> </span>\"WIE<span class=\"_ _6\"></span>NE<span class=\"_ _6\"></span>R A<span class=\"_ _1\"></span>UT<span class=\"_ _6\"></span>O <span class=\"_ _6\"></span>CEN<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>AR\"<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>d.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _1f7\"> </span>Bos<span class=\"_ _6\"></span>nia-Herzegovina<span class=\"_ _6\"></span> <span class=\"_ _17c\"> </span>B<span class=\"_ _6\"></span>anja Luka<span class=\"_ _6\"></span> <span class=\"_ _382\"> </span>100.00<span class=\"_ _3d5\"> </span>AEG<span class=\"_ _6\"></span>ON <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ER<span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>SP<span class=\"_ _6\"></span>\u00d3<span class=\"_ _6\"></span>\u0141KA <span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>OGRA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>CZO<span class=\"_ _6\"></span>N\u0104 <span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>IED<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>IAL<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>O\u015a<span class=\"_ _6\"></span>CI\u0104<span class=\"_ _6\"></span> <span class=\"_ _2d4\"> </span>Poland<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _383\"> </span>100.00<span class=\"_ _3d5\"> </span>AEG<span class=\"_ _6\"></span>ON <span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>OWA<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>ZY<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>O U<span class=\"_ _6\"></span>BE<span class=\"_ _6\"></span>ZP<span class=\"_ _6\"></span>IE<span class=\"_ _6\"></span>CZ<span class=\"_ _6\"></span>E\u0143 <span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>\u017bY<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>IE <span class=\"_ _6\"></span>SP<span class=\"_ _6\"></span>\u00d3<span class=\"_ _6\"></span>\u0141KA <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>K<span class=\"_ _6\"></span>CY<span class=\"_ _6\"></span>JNA<span class=\"_ _6\"></span> <span class=\"_ _157\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _383\"> </span>100.00<span class=\"_ _3d5\"> </span>AIS <span class=\"_ _6\"></span>Se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span> s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _390\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Brno <span class=\"_ _40\"> </span>98.<span class=\"_ _6\"></span>10<span class=\"_ _3d5\"> </span>Ak<span class=\"_ _6\"></span>cion<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>ko d<span class=\"_ _1\"></span>ru\u017e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>o z<span class=\"_ _6\"></span>a \u017e<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span>tno<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>osi<span class=\"_ _6\"></span>gu<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>j<span class=\"_ _6\"></span>e W<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> St<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>odg<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>ca,<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce G<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>up<span class=\"_ _3d5\"> </span>Monteneg<span class=\"_ _6\"></span>ro <span class=\"_ _50\"> </span>Pod<span class=\"_ _6\"></span>gorica <span class=\"_ _30c\"> </span>100.00<span class=\"_ _3d5\"> </span>Alf<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>K\u00f6z<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>\u00edt\u0151 <span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _224\"> </span>Hun<span class=\"_ _6\"></span>gary <span class=\"_ _72\"> </span>Budap<span class=\"_ _6\"></span>est <span class=\"_ _383\"> </span>90.00<span class=\"_ _3d5\"> </span>Amad<span class=\"_ _1\"></span>i G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _268\"> </span>German<span class=\"_ _6\"></span>y <span class=\"_ _83\"> </span>Wiesbaden <span class=\"_ _191\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>AQU<span class=\"_ _6\"></span>ILA<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>au<span class=\"_ _6\"></span>sm<span class=\"_ _1\"></span>ana<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _391\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span>ARE<span class=\"_ _6\"></span>AL<span class=\"_ _6\"></span>IS <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>ieg<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>cha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span>sm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _10e\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>48.87<span class=\"_ _3d5\"> </span>arit<span class=\"_ _6\"></span>hm<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>tic<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>tin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mbH<span class=\"_ _6\"></span> <span class=\"_ _200\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>98.3<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Non-consolidate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> compa<span class=\"_ _6\"></span>nies <span class=\"_ _145\"> </span><span class=\"fsf\">Co<span class=\"_ _6\"></span>untry of domi<span class=\"_ _6\"></span>cile <span class=\"_ _2c\"> </span>Registered of<span class=\"_ _6\"></span>fice <span class=\"_ _2c\"> </span>Int<span class=\"_ _6\"></span>erest <span class=\"_ _6\"></span>2023</span>1 <span class=\"_ _1d2\"> </span> <span class=\"_ _352\"> </span> <span class=\"_ _193\"> </span><span class=\"fca\">in %<span class=\"_ _3d5\"> </span></span>Auto<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>sp<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>. s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _8f\"> </span>Czech R<span class=\"_ _6\"></span>epub<span class=\"_ _6\"></span>lic <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>98.1<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Auto<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um <span class=\"_ _6\"></span>Lu<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>\u00e1\u0161 <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _1ff\"> </span>Czech R<span class=\"_ _6\"></span>epub<span class=\"_ _6\"></span>lic Wallachian Meseritsch<span class=\"_ _6\"></span> 98.10<span class=\"_ _3d5\"> </span>AUT<span class=\"_ _6\"></span>ON<span class=\"_ _1\"></span>OVA B<span class=\"_ _6\"></span>RN<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _97\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Brno <span class=\"_ _37c\"> </span>9<span class=\"_ _6\"></span>8.10<span class=\"_ _3d5\"> </span>Auto<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> SR<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _2ae\"> </span>Rom<span class=\"_ _6\"></span>ania <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _38b\"> </span>99.54<span class=\"_ _3d5\"> </span>B&amp;A<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> Con<span class=\"_ _1\"></span>sul<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>.r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _1f7\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Moravsk\u00e1 Ostr<span class=\"_ _6\"></span>ava <span class=\"_ _392\"> </span>48.45<span class=\"_ _3d5\"> </span>BEE<span class=\"_ _6\"></span>SA<span class=\"_ _6\"></span>FE <span class=\"_ _6\"></span>SP<span class=\"_ _1\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> Z <span class=\"_ _6\"></span>OGR<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>NI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>ONA <span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>OWIE<span class=\"_ _1\"></span>DZ<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>OS<span class=\"_ _6\"></span>CIA<span class=\"_ _1\"></span> <span class=\"_ _2fd\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _39\"> </span>99.99<span class=\"_ _3d5\"> </span>Ben<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> Ub<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cz<span class=\"_ _6\"></span>eni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> Sp<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>ka z<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>ogr<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>icz<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>a o<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>wi<span class=\"_ _6\"></span>edz<span class=\"_ _1\"></span>ialn<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _21f\"> </span>P<span class=\"_ _6\"></span>oland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _265\"> </span>99.95<span class=\"_ _3d5\"> </span>Boh<span class=\"_ _6\"></span>emi<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _133\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>\u017datec <span class=\"_ _1b8\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>Boh<span class=\"_ _6\"></span>emi<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>HY<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>O s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.o.<span class=\"_ _6\"></span> <span class=\"_ _96\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>\u017datec <span class=\"_ _1b8\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>BSA<span class=\"_ _6\"></span> +<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>OFK <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>erm<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>y R<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Est<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Im<span class=\"_ _6\"></span>mob<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>4 G<span class=\"_ _1\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _153\"> </span>Germany<span class=\"_ _6\"></span> <span class=\"_ _37e\"> </span>Fran<span class=\"_ _6\"></span>kfurt am Main<span class=\"_ _6\"></span> <span class=\"_ _353\"> </span>97.75<span class=\"_ _3d5\"> </span>Buls<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span> T<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ova <span class=\"_ _6\"></span>M<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>zin<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>OO<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _393\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>100.00<span class=\"_ _3d5\"> </span>Cam<span class=\"_ _6\"></span>elo<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>Inf<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>k un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> Co<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>t m<span class=\"_ _6\"></span>.b.<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _85\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>92.8<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>CARPA<span class=\"_ _1\"></span>TH<span class=\"_ _6\"></span>IA <span class=\"_ _6\"></span>PE<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I-<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>OCIET<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>TE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>DE A<span class=\"_ _1\"></span>DMI<span class=\"_ _6\"></span>NI<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>RAR<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>FON<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>URI<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>OR <span class=\"_ _6\"></span>DE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>PEN<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I P<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA<span class=\"_ _6\"></span>TE S<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _394\"> </span>Roman<span class=\"_ _6\"></span>ia <span class=\"_ _2b\"> </span>Floresti <span class=\"_ _283\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>CARP<span class=\"_ _6\"></span>LU<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vers<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ung<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>mi<span class=\"_ _6\"></span>tt<span class=\"_ _6\"></span>lun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>gen<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>r G<span class=\"_ _1\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1dc\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span>CLA<span class=\"_ _6\"></span>IM<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>XPER<span class=\"_ _1\"></span>T S<span class=\"_ _6\"></span>ER<span class=\"_ _1\"></span>VICE<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.R.<span class=\"_ _6\"></span>L.<span class=\"_ _6\"></span> <span class=\"_ _1f8\"> </span>Rom<span class=\"_ _6\"></span>ania <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _38b\"> </span>99.16<span class=\"_ _3d5\"> </span>Colo<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>ar, <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ole<span class=\"_ _6\"></span>\u010dn<span class=\"_ _6\"></span>ost<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>\u010den<span class=\"_ _6\"></span>\u00edm<span class=\"_ _6\"></span> om<span class=\"_ _6\"></span>ez<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>\u00fdm<span class=\"_ _6\"></span> (s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.o.<span class=\"_ _6\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>Czech R<span class=\"_ _6\"></span>epublic<span class=\"_ _6\"></span> K\u00f6nigg<span class=\"_ _6\"></span>r\u00e4tz  (Hradec Kr\u00e1l<span class=\"_ _6\"></span>ov\u00e9)  98.10<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>a D<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span>bu<span class=\"_ _6\"></span>cj<span class=\"_ _6\"></span>a S<span class=\"_ _6\"></span>p.<span class=\"_ _6\"></span> z <span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _2c0\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _395\"> </span>99.97<span class=\"_ _3d5\"> </span>\u010cPP<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvis<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _d8\"> </span>Czech Repub<span class=\"_ _6\"></span>lic <span class=\"_ _373\"> </span>Prague <span class=\"_ _19f\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>DBL<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Imm<span class=\"_ _6\"></span>ob<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _165\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>DBR<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>ten<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Verw<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ltu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>gs <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _396\"> </span>Germany<span class=\"_ _6\"></span> <span class=\"_ _37e\"> </span>Stu<span class=\"_ _6\"></span>ttgart <span class=\"_ _283\"> </span>97.75<span class=\"_ _3d5\"> </span>DEL<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>IS <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> r.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o. <span class=\"_ _397\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Bratislava <span class=\"_ _130\"> </span>98.47<span class=\"_ _3d5\"> </span>Dom<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>c\u00ed p<span class=\"_ _1\"></span>\u00e9\u010de<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>\u00e1 <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _9b\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Prerau <span class=\"_ _398\"> </span>63.23<span class=\"_ _3d5\"> </span>DV <span class=\"_ _6\"></span>Ass<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>EA<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _53\"> </span>Bulgaria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>DV <span class=\"_ _6\"></span>CO<span class=\"_ _6\"></span>NSU<span class=\"_ _1\"></span>LTI<span class=\"_ _6\"></span>NG <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span> <span class=\"_ _2bf\"> </span>Bulgaria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>100.00<span class=\"_ _3d5\"> </span>DV <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>vest<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _399\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>100.00<span class=\"_ _3d5\"> </span>EBV<span class=\"_ _6\"></span>-L<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>Ge<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>cha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span> m.<span class=\"_ _6\"></span>b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _39a\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>47.90<span class=\"_ _3d5\"> </span>EKG U<span class=\"_ _1\"></span>W <span class=\"_ _6\"></span>No<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>K<span class=\"_ _6\"></span>lagenfurt <span class=\"_ _136\"> </span>24.46<span class=\"_ _3d5\"> </span>Els<span class=\"_ _6\"></span>\u00f6 M<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>eg<span class=\"_ _1\"></span>eszs<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>\u00fcg<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>i H<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>oz<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> Z<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>. <span class=\"_ _179\"> </span>Hungary <span class=\"_ _72\"> </span>Bud<span class=\"_ _6\"></span>apest <span class=\"_ _383\"> </span>43.50<span class=\"_ _3d5\"> </span>ERST<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> Biz<span class=\"_ _1\"></span>to<span class=\"_ _6\"></span>s\u00ed<span class=\"_ _6\"></span>t\u00e1s<span class=\"_ _6\"></span>i A<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ku<span class=\"_ _6\"></span>sz<span class=\"_ _6\"></span> Kf<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>Hun<span class=\"_ _6\"></span>gary <span class=\"_ _72\"> </span>Budap<span class=\"_ _6\"></span>est <span class=\"_ _383\"> </span>88.78<span class=\"_ _3d5\"> </span>Eur<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ean<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce &amp; R<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e B<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>ke<span class=\"_ _6\"></span>rs <span class=\"_ _6\"></span>Lt<span class=\"_ _6\"></span>d.<span class=\"_ _6\"></span> <span class=\"_ _183\"> </span>U<span class=\"_ _6\"></span>nited Kin<span class=\"_ _6\"></span>gdom <span class=\"_ _15e\"> </span>Lond<span class=\"_ _6\"></span>on <span class=\"_ _1e5\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>EXP<span class=\"_ _6\"></span>ERT<span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>ade<span class=\"_ _6\"></span>nr<span class=\"_ _6\"></span>egu<span class=\"_ _1\"></span>lie<span class=\"_ _6\"></span>run<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s-<span class=\"_ _6\"></span>Ge<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>aft<span class=\"_ _6\"></span> mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>99.4<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>anz<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>48.87<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>Se<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>Plu<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.o.<span class=\"_ _6\"></span> <span class=\"_ _39b\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _19f\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>For<span class=\"_ _6\"></span>eig<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>lim<span class=\"_ _1\"></span>ited<span class=\"_ _1\"></span> l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>ili<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> \"<span class=\"_ _6\"></span>Int<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>estU<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ie\"<span class=\"_ _6\"></span> <span class=\"_ _125\"> </span>B<span class=\"_ _6\"></span>elarus <span class=\"_ _6b\"> </span>M<span class=\"_ _6\"></span>insk <span class=\"_ _18e\"> </span>100.00<span class=\"_ _3d5\"> </span>FRAN<span class=\"_ _1\"></span>CE <span class=\"_ _6\"></span>CAR<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.o.<span class=\"_ _6\"></span> <span class=\"_ _1fa\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic K\u00f6nigg<span class=\"_ _6\"></span>r\u00e4tz  (Hradec Kr\u00e1l<span class=\"_ _6\"></span>ov\u00e9)  <span class=\"_ _151\"> </span>98.10<span class=\"_ _3d5\"> </span>GELU<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _2cf\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>32.<span class=\"_ _6\"></span>58<span class=\"_ _3d5\"> </span>GGV<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>er P<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>j<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt-G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>Austria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>53<span class=\"_ _6\"></span>.76<span class=\"_ _3d5\"> </span>Gla<span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>s B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>igun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>altu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>\"B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>\" K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _de\"> </span>Austria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>42.76<span class=\"_ _3d5\"> </span>GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> dr<span class=\"_ _6\"></span>u\u0161t<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>og<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>\u010den<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>odg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>o\u0161<span class=\"_ _6\"></span>\u0107u<span class=\"_ _6\"></span> za<span class=\"_ _6\"></span> us<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _65\"> </span>Croatia<span class=\"_ _6\"></span> <span class=\"_ _382\"> </span>Zagreb<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>49.46<span class=\"_ _3d5\"> </span>GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> D<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>O.<span class=\"_ _6\"></span>O. B<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>OGRA<span class=\"_ _1\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span>Serbia <span class=\"_ _1d6\"> </span>B<span class=\"_ _6\"></span>elgrade <span class=\"_ _136\"> </span>100.00<span class=\"_ _3d5\"> </span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Ge<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rgi<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>LLC<span class=\"_ _6\"></span> <span class=\"_ _fc\"> </span>Georgia<span class=\"_ _6\"></span> <span class=\"_ _55\"> </span>Tbilisi <span class=\"_ _20a\"> </span>95.00<span class=\"_ _3d5\"> </span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Po<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>ka <span class=\"_ _6\"></span>Sp<span class=\"_ _6\"></span>.z<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _110\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _395\"> </span>99.99<span class=\"_ _3d5\"> </span>GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>ER<span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>CES<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _201\"> </span>Czech R<span class=\"_ _6\"></span>epub<span class=\"_ _6\"></span>lic <span class=\"_ _373\"> </span>Prague <span class=\"_ _19f\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>ER<span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>CES<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>Roman<span class=\"_ _6\"></span>ia <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _38b\"> </span>99.23<span class=\"_ _3d5\"> </span>GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>OVAK<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _91\"> </span>Slovakia <span class=\"_ _72\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>99.22<span class=\"_ _3d5\"> </span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l E<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>, s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o. <span class=\"_ _39c\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Pardub<span class=\"_ _6\"></span>ice <span class=\"_ _38b\"> </span>98.10<span class=\"_ _3d5\"> </span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Pa<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r B<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>kyd<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>, s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _1d3\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>63.23<span class=\"_ _3d5\"> </span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Pa<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r P\u00e9<span class=\"_ _6\"></span>\u010d<span class=\"_ _6\"></span>e,<span class=\"_ _6\"></span> z.<span class=\"_ _6\"></span>\u00fa.<span class=\"_ _6\"></span> <span class=\"_ _9b\"> </span>C<span class=\"_ _7\"></span>zech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>63.23<span class=\"_ _3d5\"> </span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Pa<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r Pr<span class=\"_ _6\"></span>ah<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _39d\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>6<span class=\"_ _6\"></span>3.23<span class=\"_ _3d5\"> </span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Pa<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r Zd<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>\u00ed,<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o.<span class=\"_ _6\"></span> <span class=\"_ _53\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>63<span class=\"_ _6\"></span>.23<span class=\"_ _3d5\"> </span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Pa<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r, a<span class=\"_ _6\"></span>.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>Czech Republic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>63.23<span class=\"_ _3d5\"> </span><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2676\">Non-consolidate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> compa<span class=\"_ _6\"></span>nies <span class=\"_ _1a7\"> </span><span class=\"fsf\">Co<span class=\"_ _6\"></span>untry of dom<span class=\"_ _6\"></span>icile <span class=\"_ _2c\"> </span>Registered of<span class=\"_ _6\"></span>fice <span class=\"_ _2c\"> </span>I<span class=\"_ _6\"></span>ntere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs2677\">1</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2678\"> <span class=\"_ _d4\"> </span> <span class=\"_ _ad\"> </span> <span class=\"_ _1a0\"> </span><span class=\"fca\">in %<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2679\">Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l R<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es,<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>.r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _2a5\"> </span>C<span class=\"_ _7\"></span>zech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Pardubitz <span class=\"_ _383\"> </span>98<span class=\"_ _6\"></span>.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs267a\">Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Se<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ces<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Bu<span class=\"_ _6\"></span>lga<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>JSC<span class=\"_ _6\"></span> <span class=\"_ _363\"> </span>B<span class=\"_ _6\"></span>ulgaria <span class=\"_ _72\"> </span>S<span class=\"_ _6\"></span>ofia <span class=\"_ _30a\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs267b\">Help<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>4 A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>tan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>l\u00e1to<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>l\u0151s<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>\u00e9g\u0171<span class=\"_ _6\"></span> T\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> <span class=\"_ _213\"> </span>Hungary <span class=\"_ _135\"> </span>B<span class=\"_ _6\"></span>udap<span class=\"_ _6\"></span>est <span class=\"_ _383\"> </span>90.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs267c\">Hote<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>tin<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>iqu<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>Croa<span class=\"_ _7\"></span>tia<span class=\"_ _6\"></span> <span class=\"_ _382\"> </span>Zagreb<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>97.82<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs267d\">HOTE<span class=\"_ _1\"></span>LY <span class=\"_ _6\"></span>SRN<span class=\"_ _1\"></span>\u00cd, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _234\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>97<span class=\"_ _6\"></span>.28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs267e\">HORI<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span>T P<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>-, <span class=\"_ _6\"></span>Te<span class=\"_ _6\"></span>am<span class=\"_ _6\"></span>- u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>sen<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cklu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>98.29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs267f\">Hyun<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>rad<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>c s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _1fe\"> </span>Czech R<span class=\"_ _6\"></span>epublic<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2680\">K\u00f6nigg<span class=\"_ _6\"></span>r\u00e4tz  </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2681\">(Hradec Kr\u00e1l<span class=\"_ _6\"></span>ov\u00e9) <span class=\"_ _1b\"> </span>98.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2682\">insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eX<span class=\"_ _6\"></span> IT<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _71\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>98.87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2683\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rRi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k In<span class=\"_ _6\"></span>for<span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _a4\"> </span>Germany<span class=\"_ _6\"></span> <span class=\"_ _37e\"> </span>Wiesb<span class=\"_ _6\"></span>aden <span class=\"_ _191\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2684\">ITI<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>Spo<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ka z<span class=\"_ _1\"></span> og<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>cz<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>\u0105 <span class=\"_ _6\"></span>odp<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>dz<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>aln<span class=\"_ _6\"></span>os<span class=\"_ _1\"></span>ci\u0105 <span class=\"_ _6\"></span>spo<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>a k<span class=\"_ _6\"></span>oma<span class=\"_ _6\"></span>nd<span class=\"_ _1\"></span>ytow<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _ae\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _39\"> </span>99.99<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2685\">ITI<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>Sp.z<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>o.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _268\"> </span>Polan<span class=\"_ _6\"></span>d <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _39\"> </span>9<span class=\"_ _6\"></span>9.99<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2686\">Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y \"<span class=\"_ _1\"></span>Cu<span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>io\"<span class=\"_ _1\"></span> <span class=\"_ _8c\"> </span>Georgia<span class=\"_ _6\"></span> <span class=\"_ _55\"> </span>Tbilisi <span class=\"_ _20a\"> </span>90.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2687\">Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>mpa<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>y W<span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>ER <span class=\"_ _6\"></span>LI<span class=\"_ _6\"></span>FE<span class=\"_ _6\"></span> - <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>nna<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce G<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>up<span class=\"_ _1\"></span> <span class=\"_ _352\"> </span>North M<span class=\"_ _6\"></span>acedonia<span class=\"_ _6\"></span> <span class=\"_ _19e\"> </span>Skopje <span class=\"_ _39\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2688\">K A <span class=\"_ _6\"></span>P <span class=\"_ _6\"></span>P A<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>P,<span class=\"_ _6\"></span> sp<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _10f\"> </span>Czech R<span class=\"_ _6\"></span>epublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Aussig <span class=\"_ _398\"> </span>98.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2689\">Kit<span class=\"_ _6\"></span>zb\u00fc<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>er B<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ttu<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>V G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _7a\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Kitz<span class=\"_ _6\"></span>b\u00fch<span class=\"_ _6\"></span>el <span class=\"_ _142\"> </span>97.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs268a\">KUPA<span class=\"_ _1\"></span>LA B<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rus<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>n-A<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>Joi<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k In<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>y <span class=\"_ _157\"> </span>Belarus <span class=\"_ _35b\"> </span>Minsk <span class=\"_ _2d6\"> </span>98.26<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs268b\">KW<span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>Cam<span class=\"_ _6\"></span>pus<span class=\"_ _6\"></span> E<span class=\"_ _1\"></span>rri<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>sge<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>aft<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>.b.<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _16c\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Klagen<span class=\"_ _6\"></span>furt <span class=\"_ _136\"> </span>48.87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs268c\">LD <span class=\"_ _6\"></span>Ver<span class=\"_ _6\"></span>m\u00f6<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>verw<span class=\"_ _1\"></span>altu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>98<span class=\"_ _6\"></span>.65<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs268d\">Lead<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Equ<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>II<span class=\"_ _6\"></span>.P<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>e E<span class=\"_ _6\"></span>q<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>tan<span class=\"_ _6\"></span>dsf<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>z<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>run<span class=\"_ _6\"></span>gs <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _1d4\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>21.59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs268e\">LiS<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Muth<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _6\"></span> KG<span class=\"_ _1\"></span> <span class=\"_ _393\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>42.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs268f\">Mai<span class=\"_ _6\"></span>n P<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>\u00edn <span class=\"_ _6\"></span>II<span class=\"_ _6\"></span>.,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span> <span class=\"_ _2b1\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>97<span class=\"_ _6\"></span>.28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2690\">MEDI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>INS<span class=\"_ _6\"></span>KI<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>EN<span class=\"_ _6\"></span>TER<span class=\"_ _1\"></span> AME<span class=\"_ _1\"></span>RIM<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>D <span class=\"_ _6\"></span>OO<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _347\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>51.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2691\">Mon<span class=\"_ _6\"></span>ey<span class=\"_ _6\"></span> &amp;<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>P\u00e9n<span class=\"_ _6\"></span>z\u00fc<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>yi<span class=\"_ _6\"></span> T<span class=\"_ _6\"></span>an\u00e1<span class=\"_ _6\"></span>cs<span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>\u00f3<span class=\"_ _6\"></span> Z\u00e1<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>k\u00f6r<span class=\"_ _6\"></span>\u0171e<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> M\u0171<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>\u00f6d<span class=\"_ _6\"></span>\u0151 R<span class=\"_ _6\"></span>\u00e9sz<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>\u00e9n<span class=\"_ _6\"></span>yt<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>Hungary <span class=\"_ _72\"> </span>Budap<span class=\"_ _6\"></span>est <span class=\"_ _383\"> </span>88.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2692\">Nad<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cia <span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>\u0165o<span class=\"_ _6\"></span>vn<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>K<span class=\"_ _6\"></span>OOPE<span class=\"_ _6\"></span>RA<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA<span class=\"_ _6\"></span> <span class=\"_ _9a\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>98.47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2693\">OC P<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OPE<span class=\"_ _6\"></span>RT<span class=\"_ _6\"></span>IE<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> O<span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span> <span class=\"_ _224\"> </span>B<span class=\"_ _6\"></span>ulgaria <span class=\"_ _4a\"> </span>Sofia <span class=\"_ _198\"> </span>51.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2694\">Pa<span class=\"_ _6\"></span>lais<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span> Hot<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lbe<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>ebs<span class=\"_ _6\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _202\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2695\">PFG<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ege<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tsb<span class=\"_ _6\"></span>ew<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tung<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _57\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>73.42<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2696\">POL<span class=\"_ _6\"></span>ISA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>\u017bY<span class=\"_ _6\"></span>CIE<span class=\"_ _6\"></span> U<span class=\"_ _6\"></span>bez<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ecze<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ia <span class=\"_ _6\"></span>Sp<span class=\"_ _6\"></span>.z<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _39\"> </span>99<span class=\"_ _6\"></span>.97<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2697\">Priv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Join<span class=\"_ _1\"></span>t-<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>comp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>y \"<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>N <span class=\"_ _6\"></span>SER<span class=\"_ _1\"></span>VICE<span class=\"_ _6\"></span> <span class=\"_ _10e\"> </span>Ukraine <span class=\"_ _6b\"> </span>Kyiv <span class=\"_ _17f\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2698\">PRO<span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>IT<span class=\"_ _6\"></span>OWI <span class=\"_ _6\"></span>SP<span class=\"_ _1\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> AK<span class=\"_ _6\"></span>CY<span class=\"_ _6\"></span>JNA<span class=\"_ _6\"></span> <span class=\"_ _fc\"> </span>Poland<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _383\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2699\">Ren<span class=\"_ _6\"></span>ais<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>ote<span class=\"_ _6\"></span>l R<span class=\"_ _1\"></span>ealb<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> Gmb<span class=\"_ _1\"></span>H <span class=\"_ _31a\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>40.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs269a\">Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>t Bu<span class=\"_ _1\"></span>lg<span class=\"_ _6\"></span>aria<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>Bulgaria <span class=\"_ _72\"> </span>S<span class=\"_ _6\"></span>ofia <span class=\"_ _30a\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs269b\">Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>t P<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>ka S<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>.z<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _200\"> </span>Poland<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _383\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs269c\">RISK<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>ONSU<span class=\"_ _6\"></span>LT<span class=\"_ _6\"></span> S<span class=\"_ _1\"></span>iche<span class=\"_ _6\"></span>rh<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>- u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d R<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ko<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Man<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>be<span class=\"_ _6\"></span>ratu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lls<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span> m.b<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _52\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs269d\">Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt <span class=\"_ _6\"></span>Ri<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k v<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Ha<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>Dan<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nl<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Hiz<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri L<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>eti<span class=\"_ _6\"></span> <span class=\"_ _209\"> </span>T<span class=\"_ _6\"></span>\u00fcrkiye <span class=\"_ _155\"> </span>Istanbul <span class=\"_ _381\"> </span>98.49<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs269e\">Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o. <span class=\"_ _14c\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _26e\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs269f\">Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Log<span class=\"_ _6\"></span>ic<span class=\"_ _6\"></span>s R<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>iko<span class=\"_ _6\"></span>be<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mbH<span class=\"_ _6\"></span> <span class=\"_ _2c0\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26a0\">sam<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>vu <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _39e\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Bratislava <span class=\"_ _130\"> </span>98.47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26a1\">San<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>riu<span class=\"_ _6\"></span>m A<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _9c\"> </span>Czech Repub<span class=\"_ _6\"></span>lic <span class=\"_ _373\"> </span>Karlsbad <span class=\"_ _196\"> </span>97.2<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26a2\">S.<span class=\"_ _6\"></span>C. R<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> Con<span class=\"_ _1\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>&amp; En<span class=\"_ _1\"></span>gin<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>S.R.<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _1ef\"> </span>Roman<span class=\"_ _6\"></span>ia <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _30\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26a3\">S.<span class=\"_ _6\"></span>C. <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>OCIET<span class=\"_ _1\"></span>ATE<span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>TR<span class=\"_ _6\"></span>AI<span class=\"_ _6\"></span>NI<span class=\"_ _6\"></span>NG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span> AS<span class=\"_ _6\"></span>IGU<span class=\"_ _6\"></span>RA<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>I <span class=\"_ _6\"></span>S.R<span class=\"_ _1\"></span>.L.<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>Roman<span class=\"_ _6\"></span>ia <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _38b\"> </span>99.16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26a4\">Sen<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>enz<span class=\"_ _1\"></span>en <span class=\"_ _6\"></span>gem<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>inn<span class=\"_ _6\"></span>\u00fc<span class=\"_ _6\"></span>tzi<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rieb<span class=\"_ _6\"></span>sg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lls<span class=\"_ _6\"></span>cha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _143\"> </span>Austria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>97<span class=\"_ _6\"></span>.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26a5\">se<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>cel<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ct <span class=\"_ _6\"></span>cen<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> di<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>tung<span class=\"_ _1\"></span>s-G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _e0\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26a6\">Sl<span class=\"_ _6\"></span>ove<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>, s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o. <span class=\"_ _14c\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Sillein<span class=\"_ _6\"></span> <span class=\"_ _2d6\"> </span>98.70<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26a7\">So<span class=\"_ _6\"></span>leta<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>tei<span class=\"_ _6\"></span>lig<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ngs<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>ltu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> Gmb<span class=\"_ _1\"></span>H <span class=\"_ _366\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>42<span class=\"_ _6\"></span>.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26a8\">S.<span class=\"_ _6\"></span>O.S.<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>XP<span class=\"_ _6\"></span>ERT<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>d.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span>o. <span class=\"_ _6\"></span>za<span class=\"_ _6\"></span> po<span class=\"_ _6\"></span>sl<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>nj<span class=\"_ _6\"></span>e n<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kre<span class=\"_ _6\"></span>tni<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>a <span class=\"_ _282\"> </span>Croatia<span class=\"_ _6\"></span> <span class=\"_ _382\"> </span>Zagreb<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26a9\">Spa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>kass<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>-V<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cheru<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>chaft<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _168\"> </span>Austria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26aa\">Sp\u00f3<span class=\"_ _6\"></span>\u0142dz<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>ln<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> U<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>\u0142ug<span class=\"_ _6\"></span>owa<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>G E<span class=\"_ _6\"></span>KS<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>ERT<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>W <span class=\"_ _6\"></span>WAR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ZA<span class=\"_ _6\"></span>WIE<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>Pola<span class=\"_ _7\"></span>nd <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _395\"> </span>99.97<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26ab\">SUR<span class=\"_ _6\"></span>PM<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _399\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>97.28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26ac\">TAU<span class=\"_ _6\"></span>RO<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>api<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>vest<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> <span class=\"_ _39f\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>19.55<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26ad\">TAU<span class=\"_ _6\"></span>RO<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>api<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Man<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _22e\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>25.3<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26ae\">Tel<span class=\"_ _6\"></span>eD<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _108\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>25.01<span class=\"_ _3d5\"> </span></div>Non-consolidate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> compa<span class=\"_ _6\"></span>nies <span class=\"_ _145\"> </span><span class=\"fsf\">Co<span class=\"_ _6\"></span>untry of domi<span class=\"_ _6\"></span>cile <span class=\"_ _2c\"> </span>Registered of<span class=\"_ _6\"></span>fice <span class=\"_ _2c\"> </span>Int<span class=\"_ _6\"></span>erest <span class=\"_ _6\"></span>2023</span>1 <span class=\"_ _1d2\"> </span> <span class=\"_ _352\"> </span> <span class=\"_ _193\"> </span><span class=\"fca\">in %<span class=\"_ _3d5\"> </span></span>TGM<span class=\"_ _6\"></span>Z T<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>und<span class=\"_ _1\"></span> Me<span class=\"_ _6\"></span>diz<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> Z<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _fa\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>39<span class=\"_ _6\"></span>.10<span class=\"_ _3d5\"> </span>TOG<span class=\"_ _6\"></span>ET<span class=\"_ _6\"></span>HER<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>CA <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _2ad\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>24.<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>UAB<span class=\"_ _6\"></span> \"<span class=\"_ _6\"></span>Com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>ife<span class=\"_ _6\"></span> D<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rib<span class=\"_ _6\"></span>ut<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n\"<span class=\"_ _6\"></span> <span class=\"_ _393\"> </span>Lithuania <span class=\"_ _37e\"> </span>Vilnius <span class=\"_ _265\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>UNI<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span>-E<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>El<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ssz<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rv<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>\u00f6 K<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rl<span class=\"_ _6\"></span>ato<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> Fe<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>\u00f6ss<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>\u00fc <span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>ars<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ag<span class=\"_ _1\"></span> <span class=\"_ _ed\"> </span>Hungary <span class=\"_ _72\"> </span>Bud<span class=\"_ _6\"></span>apest <span class=\"_ _383\"> </span>88.78<span class=\"_ _3d5\"> </span>Vers<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rung<span class=\"_ _6\"></span>sb<span class=\"_ _6\"></span>\u00fc<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span> D<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span> Ign<span class=\"_ _6\"></span>az<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>a G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lls<span class=\"_ _6\"></span>cha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>.b<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _111\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>47.90<span class=\"_ _3d5\"> </span>VEN<span class=\"_ _6\"></span>PA<span class=\"_ _6\"></span>CE <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>. K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _a4\"> </span>G<span class=\"_ _6\"></span>ermany<span class=\"_ _6\"></span> <span class=\"_ _37e\"> </span>Cologne<span class=\"_ _6\"></span> <span class=\"_ _39\"> </span>23.53<span class=\"_ _3d5\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>al U<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _1a3\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _39\"> </span>100.00<span class=\"_ _3d5\"> </span>V<span class=\"_ _7\"></span>I<span class=\"_ _7\"></span>EN<span class=\"_ _7\"></span>NA<span class=\"_ _7\"></span> PO<span class=\"_ _2\"></span>WSZ<span class=\"_ _7\"></span>ECH<span class=\"_ _2\"></span>NE <span class=\"_ _2\"></span>TOW<span class=\"_ _7\"></span>ARZ<span class=\"_ _2\"></span>YS<span class=\"_ _7\"></span>TWO<span class=\"_ _2\"></span> EM<span class=\"_ _7\"></span>ER<span class=\"_ _7\"></span>YT<span class=\"_ _7\"></span>AL<span class=\"_ _2\"></span>NE <span class=\"_ _2\"></span>S<span class=\"_ _6\"></span>P\u00d3<span class=\"_ _7\"></span>\u0141K<span class=\"_ _2\"></span>A A<span class=\"_ _7\"></span>KC<span class=\"_ _2\"></span>YJN<span class=\"_ _7\"></span>A V<span class=\"_ _2\"></span>IEN<span class=\"_ _2\"></span>NA <span class=\"_ _7\"></span>IN<span class=\"_ _2\"></span>SUR<span class=\"_ _7\"></span>ANC<span class=\"_ _7\"></span>E <span class=\"_ _2\"></span>GRO<span class=\"_ _2\"></span>UP <span class=\"_ _378\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _383\"> </span>100.00<span class=\"_ _3d5\"> </span>vies<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>re <span class=\"_ _6\"></span>inn<span class=\"_ _1\"></span>ova<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1f7\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>98.87<span class=\"_ _3d5\"> </span>VIG A<span class=\"_ _6\"></span>M<span class=\"_ _6\"></span> R<span class=\"_ _1\"></span>eal E<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e,<span class=\"_ _6\"></span> a.s<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _93\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _19f\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>VIG A<span class=\"_ _6\"></span>M<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rv<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _2bf\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>VIG M<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> S<span class=\"_ _1\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce SR<span class=\"_ _1\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _1d3\"> </span>Romania <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _38b\"> </span>99.16<span class=\"_ _3d5\"> </span>VIG p<span class=\"_ _1\"></span>la<span class=\"_ _6\"></span>tfo<span class=\"_ _6\"></span>rm <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _122\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>olan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>/R<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng B<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span>V.<span class=\"_ _6\"></span> <span class=\"_ _7a\"> </span>N<span class=\"_ _6\"></span>etherlands <span class=\"_ _216\"> </span>Am<span class=\"_ _6\"></span>sterdam <span class=\"_ _35b\"> </span>100.00<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>OLS<span class=\"_ _6\"></span>KA<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>EA<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> ES<span class=\"_ _6\"></span>TA<span class=\"_ _6\"></span>TE<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>Z OGR<span class=\"_ _1\"></span>ANI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>ONA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ODP<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>IE<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ZIA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>SCIA<span class=\"_ _1\"></span> <span class=\"_ _63\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _395\"> </span>99.97<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ces <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>OOD<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>Bulgaria <span class=\"_ _4a\"> </span>Sofia <span class=\"_ _30a\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ces <span class=\"_ _6\"></span>Sh<span class=\"_ _6\"></span>q<span class=\"_ _6\"></span>ip<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>Sh.<span class=\"_ _6\"></span>p.K<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _200\"> </span>Alb<span class=\"_ _6\"></span>ania <span class=\"_ _35b\"> </span>Tirana <span class=\"_ _3e\"> </span>89.52<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ces <span class=\"_ _6\"></span>U<span class=\"_ _1\"></span>krai<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>LL<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _10c\"> </span>U<span class=\"_ _6\"></span>kraine <span class=\"_ _6b\"> </span>Kyiv<span class=\"_ _6\"></span> <span class=\"_ _dd\"> </span>89.52<span class=\"_ _3d5\"> </span>VIG/<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>QUAD<span class=\"_ _6\"></span>RA<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span> T<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>AR<span class=\"_ _6\"></span>ZY<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>O <span class=\"_ _6\"></span>FUND<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ZY <span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>VE<span class=\"_ _6\"></span>STY<span class=\"_ _1\"></span>CY<span class=\"_ _6\"></span>JN<span class=\"_ _6\"></span>YC<span class=\"_ _6\"></span>H S<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> AK<span class=\"_ _6\"></span>CY<span class=\"_ _6\"></span>JNA<span class=\"_ _1\"></span> <span class=\"_ _20c\"> </span>Poland<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _39\"> </span>50.9<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>V\u00d6B <span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ire<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>Ver<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rung<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _396\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Graz <span class=\"_ _13c\"> </span>48.87<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che D<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>au <span class=\"_ _6\"></span>Le<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r V<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>Be<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>sbe<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ebe<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _121\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>K<span class=\"_ _6\"></span>ramsach<span class=\"_ _6\"></span> <span class=\"_ _20\"> </span>97.7<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>WSB<span class=\"_ _6\"></span>V B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>igun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>tung<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _22e\"> </span>Austria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.7<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>zuu<span class=\"_ _6\"></span>ri <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _308\"> </span>Slovakia <span class=\"_ _72\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>98.47<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>The sh<span class=\"_ _7\"></span>are in equi<span class=\"_ _7\"></span>ty eq<span class=\"_ _6\"></span>uals th<span class=\"_ _7\"></span>e share in voting rights before non-controlli<span class=\"_ _7\"></span>ng interests. Merged co<span class=\"_ _6\"></span>mpanies<span class=\"_ _6\"></span> <span class=\"_ _150\"> </span><span class=\"fsf\">C<span class=\"_ _7\"></span>ountry of<span class=\"_ _6\"></span> domicile<span class=\"_ _6\"></span> <span class=\"_ _1c\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice <span class=\"_ _2a3\"> </span>Merger dat<span class=\"_ _6\"></span>e <span class=\"_ _1a\"> </span>A<span class=\"_ _6\"></span>bsorbing compan<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> </span>VIG <span class=\"_ _6\"></span>Hu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g B<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>V.<span class=\"_ _6\"></span> <span class=\"_ _211\"> </span>Netherland<span class=\"_ _6\"></span>s <span class=\"_ _61\"> </span>The Hagu<span class=\"_ _6\"></span>e <span class=\"_ _35\"> </span>31/01/2023<span class=\"_ _3d5\"> </span>VIG Magyaro<span class=\"_ _6\"></span>rsz\u00e1g B<span class=\"_ _6\"></span>efektet\u00e9si Z\u00e1rt<span class=\"_ _6\"></span>k\u00f6r\u0171en M\u0171k\u00f6d\u0151 R<span class=\"_ _6\"></span>\u00e9szv\u00e9nt\u00e1rsas\u00e1g<span class=\"_ _6\"></span> VIG <span class=\"_ _6\"></span>Hu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>II<span class=\"_ _6\"></span> B.<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _112\"> </span>N<span class=\"_ _6\"></span>etherlands <span class=\"_ _61\"> </span>T<span class=\"_ _6\"></span>he Hague <span class=\"_ _35\"> </span>31/01/2023<span class=\"_ _3d5\"> </span>VIG Magyaro<span class=\"_ _6\"></span>rsz\u00e1g B<span class=\"_ _6\"></span>efektet\u00e9si Z\u00e1rt<span class=\"_ _6\"></span>k\u00f6r\u0171en M\u0171k\u00f6d\u0151 R<span class=\"_ _6\"></span>\u00e9szv\u00e9nt\u00e1rsas\u00e1g<span class=\"_ _6\"></span> Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ki<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span> As<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>s E<span class=\"_ _1\"></span>OOD<span class=\"_ _6\"></span> <span class=\"_ _372\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _1bc\"> </span>Sofia <span class=\"_ _ea\"> </span>19/05/20<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>VIG Properti<span class=\"_ _6\"></span>es Bulg<span class=\"_ _6\"></span>aria AD",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-541": {
   "value": "Liabilities<span class=\"_ _6\"></span> <span class=\"_ _293\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>2,981,<span class=\"_ _6\"></span>684<span class=\"_ _3d5\"> </span>3,467,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _295\"> </span>306,881<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>579,908<span class=\"_ _3d5\"> </span>593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b2\"> </span>198<span class=\"_ _6\"></span>,398<span class=\"_ _3d5\"> </span>183,126<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>587,214<span class=\"_ _3d5\"> </span>558,020<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _297\"> </span>1,851<span class=\"_ _3d5\"> </span>3,191<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _238\"> </span>1,296<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _298\"> </span>555<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>2,983,53<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>3,470,63<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1a60\">5.2.<span class=\"ff4a\"> </span>T<span class=\"_ _10\"></span>ype of usage </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1a61\">Type of u<span class=\"_ _6\"></span>sage <span class=\"_ _2ec\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a62\">31/12/2022 </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a63\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1a64\"><div class=\"t m0 x0 h29 y12e ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1a65\"><div class=\"t m0 x0 h29 y12e ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a66\">Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>470,950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a67\">482,841<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a68\">Se<span class=\"_ _6\"></span>lf-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _2f3\"> </span>449,558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a69\">461,378<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a6a\">Rent<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>tin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>) <span class=\"_ _2ce\"> </span>21,392<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a6b\">21,463<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a6c\">Ta<span class=\"_ _6\"></span>ngi<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f4\"> </span>148,209<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a6d\">125,851<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a6e\">Se<span class=\"_ _6\"></span>lf-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _2f3\"> </span>137,651<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a6f\">118,501<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a70\">Rent<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>tin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>) <span class=\"_ _2ce\"> </span>10,558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a71\">7,350<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a72\">Total <span class=\"_ _236\"> </span>619,159<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a73\">608,692<span class=\"_ _3d5\"> </span></div>8.<span class=\"ff4a\"> </span>FIN<span class=\"_ _6\"></span>ANC<span class=\"_ _7\"></span>IAL LIABILIT<span class=\"_ _7\"></span>IES Compositio<span class=\"_ _6\"></span>n <span class=\"_ _2ee\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _23e\"> </span>1,309,283<span class=\"_ _3d5\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>306,881<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _301\"> </span>579,908<span class=\"_ _3d5\"> </span>593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d2\"> </span>198,39<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>183,126<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _302\"> </span>1,296<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _27a\"> </span>555<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>2,396,32<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>2,912,61<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _26f\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _2dd\"> </span><span class=\"fsf\">Sub<span class=\"_ _7\"></span>ordinat<span class=\"_ _6\"></span>ed lia<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>ies </span>(incl. inte<span class=\"_ _6\"></span>rest)<span class=\"_ _3d5\"> </span>Liabil<span class=\"_ _6\"></span>ities to bank<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>Other fi<span class=\"_ _6\"></span>nancial liabil<span class=\"_ _6\"></span>ities*<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Boo<span class=\"_ _6\"></span>k v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lue<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>777,111<span class=\"_ _3d5\"> </span>Ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _271\"> </span>-546,81<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-42,11<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-40,21<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _303\"> </span>0<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>509<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _304\"> </span>-469,987<span class=\"_ _3d5\"> </span>-37,719<span class=\"_ _3d5\"> </span>-35,094<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _305\"> </span>-76,825<span class=\"_ _3d5\"> </span>-4,417<span class=\"_ _3d5\"> </span>-5,630<span class=\"_ _3d5\"> </span>Non-<span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _306\"> </span>66,814<span class=\"_ _3d5\"> </span>5,096<span class=\"_ _3d5\"> </span>42,159<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _307\"> </span>67,382<span class=\"_ _3d5\"> </span>5,096<span class=\"_ _3d5\"> </span>60,980<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,621<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _96\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-21,760<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8,643<span class=\"_ _3d5\"> </span>Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _308\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-442<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d8\"> </span>-568<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,641<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _100\"> </span>1,3<span class=\"_ _6\"></span>09,283<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>779,055<span class=\"_ _3d5\"> </span>*It contains <span class=\"_ _7\"></span>derivative liabilities <span class=\"_ _7\"></span>from financing liabilities, other financin<span class=\"_ _7\"></span>g liabilities and lease liabilities. Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _26f\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2022<span class=\"_ _6\"></span> </span>  <span class=\"_ _2dd\"> </span><span class=\"fsf\">Sub<span class=\"_ _7\"></span>ordinat<span class=\"_ _6\"></span>ed lia<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>ies </span>(incl. inte<span class=\"_ _6\"></span>rest)<span class=\"_ _3d5\"> </span>Liabil<span class=\"_ _6\"></span>ities to bank<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>Other fi<span class=\"_ _6\"></span>nancial liabil<span class=\"_ _6\"></span>ities*<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Boo<span class=\"_ _6\"></span>k v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lue<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>1,493,59<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>351,087<span class=\"_ _3d5\"> </span>776,708<span class=\"_ _3d5\"> </span>Ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _309\"> </span>223,666<span class=\"_ _3d5\"> </span>-12,59<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-40,11<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _309\"> </span>500,0<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>55,007<span class=\"_ _3d5\"> </span>13,000<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _304\"> </span>-215,600<span class=\"_ _3d5\"> </span>-63,117<span class=\"_ _3d5\"> </span>-46,930<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _305\"> </span>-60,734<span class=\"_ _3d5\"> </span>-4,489<span class=\"_ _3d5\"> </span>-6,186<span class=\"_ _3d5\"> </span>Non-<span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _306\"> </span>72,016<span class=\"_ _3d5\"> </span>5,410<span class=\"_ _3d5\"> </span>40,519<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _307\"> </span>71,327<span class=\"_ _3d5\"> </span>5,410<span class=\"_ _3d5\"> </span>38,324<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-607<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _96\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,160<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,823<span class=\"_ _3d5\"> </span>Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _308\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>62<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _8e\"> </span>689<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,403<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _100\"> </span>1,7<span class=\"_ _6\"></span>89,281<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>777,111<span class=\"_ _3d5\"> </span>*It contains <span class=\"_ _7\"></span>derivative liabilities <span class=\"_ _7\"></span>from financing liabilities, other financin<span class=\"_ _7\"></span>g liabilities and lease liabilities.<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1f47\">14.<span class=\"ff4a\"> </span>LEASES </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs1f48\">Lessor<span class=\"_ _7\"></span> - <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>perating<span class=\"_ _7\"></span> leases<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1f49\">Maturity ana<span class=\"_ _6\"></span>lysis o<span class=\"_ _6\"></span>f un<span class=\"_ _6\"></span>discounted<span class=\"_ _6\"></span> lease<span class=\"_ _6\"></span> payment<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _337\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f4a\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1f4b\"><div class=\"t m0 x0 h29 y42a ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1f4c\"><div class=\"t m0 x0 h29 y42a ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f4d\">Up t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>1 <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _24d\"> </span>142,410<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f4e\">126,626<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f4f\">Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> on<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>up<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _338\"> </span>127,156<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f50\">118,184<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f51\">Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> tw<span class=\"_ _6\"></span>o u<span class=\"_ _1\"></span>p t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _2f7\"> </span>117,400<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f52\">109,334<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f53\">Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> up <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _339\"> </span>108,340<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f54\">101,024<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f55\">Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>our<span class=\"_ _6\"></span> up<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _26a\"> </span>100,128<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f56\">92,940<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f57\">Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _33a\"> </span>3,071,78<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f58\">2,708,09<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f59\">Total <span class=\"_ _204\"> </span>3,66<span class=\"_ _6\"></span>7,215<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f5a\">3,256,20<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1f5b\">Lea<span class=\"_ _6\"></span>se income<span class=\"_ _6\"></span> <span class=\"_ _117\"> </span><span class=\"fsf\">20<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f5c\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1f5d\"><div class=\"t m0 x0 h29 y362 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1f5e\"><div class=\"t m0 x0 h29 y362 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f5f\">Fix<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _243\"> </span>1<span class=\"_ _6\"></span>46,236<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f60\">129,252<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f61\">Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ari<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _bd\"> </span>27,638<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f62\">28,159<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f63\">Total <span class=\"_ _236\"> </span>173,874<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f64\">157,411</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-537": {
   "value": "Liabilities<span class=\"_ _6\"></span> <span class=\"_ _293\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> AC<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>2,981,<span class=\"_ _6\"></span>684<span class=\"_ _3d5\"> </span>3,467,44<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _295\"> </span>306,881<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>579,908<span class=\"_ _3d5\"> </span>593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b2\"> </span>198<span class=\"_ _6\"></span>,398<span class=\"_ _3d5\"> </span>183,126<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>587,214<span class=\"_ _3d5\"> </span>558,020<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _297\"> </span>1,851<span class=\"_ _3d5\"> </span>3,191<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _238\"> </span>1,296<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _298\"> </span>555<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>2,983,53<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>3,470,63<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1879\">2.10.<span class=\"ff4a\"> </span>Su<span class=\"_ _7\"></span>bordinated liabilities<span class=\"_ _2\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs187a\">Subordina<span class=\"_ _7\"></span>ted liab<span class=\"_ _7\"></span>ilities o<span class=\"_ _7\"></span>f the Gro<span class=\"_ _7\"></span>up </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs187b\">Issuing com<span class=\"_ _6\"></span>pany<span class=\"_ _6\"></span> <span class=\"_ _2d3\"> </span><span class=\"fsf\">Issue dat<span class=\"_ _6\"></span>e<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs187c\">Outstanding </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs187d\">volume<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs187e\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs187f\">there<span class=\"_ _6\"></span>of a<span class=\"_ _6\"></span>ccrued </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1880\">intere<span class=\"_ _6\"></span>st<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1881\">Maturit<span class=\"_ _6\"></span>y<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1882\">Yield<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1883\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs1884\">2<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1885\"><div class=\"t m0 x0 h29 y1c5 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1886\"><div class=\"t m0 x0 h29 y1c5 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs1887\"><div class=\"t m0 x0 h29 y1c5 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1888\"><div class=\"t m0 x0 h29 y1c5 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"c w31 h28 gs1889\"><div class=\"t m0 x0 h29 y1c5 ff48 fsf fca sc0 ls5 ws2\">in years<span class=\"_ _3d5\"> </span></div></div><div class=\"c w2a h28 gs188a\"><div class=\"t m0 x0 h29 y1c5 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs188b\"><div class=\"t m0 x0 h29 y1c5 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs188c\"><div class=\"t m0 x0 h29 y1c5 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs188d\">VIG <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs188e\">02/03/2015<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs188f\">221,091<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1890\">6,678<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1891\">31<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs1892\">3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1893\">First 11 yea<span class=\"_ _6\"></span>rs: </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1894\">3.75% p<span class=\"_ _6\"></span>.a.; </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1895\">thereafter variable<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1896\">212,768<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1897\">VIG <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1898\">13/04/2017<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1899\">205,369<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs189a\">5,369<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs189b\">30<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs189c\">4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs189d\">First 10 yea<span class=\"_ _6\"></span>rs: </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs189e\">3.75% p<span class=\"_ _6\"></span>.a.; </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs189f\">thereafter variable<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18a0\">195,948<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18a1\">VIG <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18a2\">15/06/2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18a3\">513,253<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18a4\">13,253<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18a5\">20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs18a6\">4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18a7\">First 10 yea<span class=\"_ _6\"></span>rs: </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18a8\">4.875% p<span class=\"_ _6\"></span>.a.; </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18a9\">thereafter variable<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18aa\">502,755<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18ab\">Don<span class=\"_ _6\"></span>au <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>che<span class=\"_ _6\"></span>run<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18ac\">15/04. + </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18ad\">21/05/2004<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18ae\">9,977<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18af\">477<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18b0\">unlimited<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs18b1\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18b2\">4.95% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18b3\">9,560<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18b4\">Don<span class=\"_ _6\"></span>au <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>che<span class=\"_ _6\"></span>run<span class=\"_ _1\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _2d4\"> </span>01/07/1999<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18b5\">1,537<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18b6\">37<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18b7\">unlimited<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs18b8\">5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18b9\">4.95% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18ba\">1,493<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18bb\">Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che <span class=\"_ _2d5\"> </span>01/03/1999<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18bc\">8,587<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18bd\">337<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18be\">unlimited<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs18bf\">6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18c0\">4.90% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18c1\">8,224<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18c2\">Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che <span class=\"_ _2d5\"> </span>02/07/2001<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18c3\">16,588<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18c4\">488<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18c5\">unlimited<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs18c6\">7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18c7\">6.10% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18c8\">16,114<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18c9\">Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che <span class=\"_ _2d5\"> </span>15/11/2003<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18ca\">19,229<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18cb\">119<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18cc\">unlimited<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs18cd\">7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18ce\">4.95% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18cf\">19,040<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18d0\">Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che <span class=\"_ _2d5\"> </span>30/06/2006<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18d1\">35,529<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18d2\">829<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18d3\">unlimited<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs18d4\">7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18d5\">4.75% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18d6\">34,502<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18d7\">Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che <span class=\"_ _2d5\"> </span>11/05/2017<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18d8\">255,594<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18d9\">5,594<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18da\">10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs18db\">8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18dc\">3.50% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18dd\">248,243<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18de\">Ko<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span> (Cz<span class=\"_ _1\"></span>ech <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>ub<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>) <span class=\"_ _63\"> </span>22/12<span class=\"_ _6\"></span>/2010<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18df\">22,529<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18e0\">283<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18e1\">unlimited<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs18e2\">9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18e3\">5.05% p<span class=\"_ _6\"></span>.a.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs18e4\">21,655<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs18e5\">Total <span class=\"_ _1ec\"> </span>  <span class=\"_ _2d6\"> </span>1,309,28<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs18e6\">33,464</div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs18e7\">  <span class=\"_ _24\"> </span>  <span class=\"_ _ad\"> </span>1,270,301<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs18e8\">1</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs18e9\"> <span class=\"_ _3\"> </span>The outstandi<span class=\"_ _7\"></span>ng in<span class=\"_ _7\"></span>c<span class=\"_ _6\"></span>lude <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> respective pr<span class=\"_ _7\"></span>o rata interest according <span class=\"_ _7\"></span>to the dirty value method. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs18ea\">2</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs18eb\"> <span class=\"_ _3\"> </span>The fair<span class=\"_ _7\"></span> value is calcul<span class=\"_ _7\"></span>ated on the basis of the securities' nomin<span class=\"_ _7\"></span>al value only, excluding accrued interest. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs18ec\">3</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs18ed\"> <span class=\"_ _3\"> </span>The ri<span class=\"_ _7\"></span>ght to ordin<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>ry and <span class=\"_ _7\"></span>extraordinary cancellation by the h<span class=\"_ _7\"></span>older is excluded. Regular cancellation by the issuer<span class=\"_ _7\"></span> is first allowed effective 2 March <span class=\"_ _7\"></span>2026.<span class=\"_ _6\"></span> </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs18ee\">4</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs18ef\"> <span class=\"_ _3\"> </span>The ri<span class=\"_ _7\"></span>ght to ordin<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>ry and <span class=\"_ _7\"></span>extraordinary cancellation by the h<span class=\"_ _7\"></span>older is excluded. Regular cancellation by the issuer<span class=\"_ _7\"></span> is first allowed after 10 years. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs18f0\">5</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs18f1\"> <span class=\"_ _3\"> </span>Due to the <span class=\"_ _7\"></span>call, <span class=\"_ _7\"></span>t<span class=\"_ _6\"></span>he supplementary capi<span class=\"_ _7\"></span>tal will be repaid in full in<span class=\"_ _7\"></span> 2025.<span class=\"_ _6\"></span> </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs18f2\">6</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs18f3\"> <span class=\"_ _3\"> </span>This <span class=\"_ _7\"></span>can only be cancelled sub<span class=\"_ _7\"></span>ject to not less than <span class=\"_ _7\"></span>5<span class=\"_ _6\"></span> years\u2019 n<span class=\"_ _7\"></span>otice, unless Austrian insurance regul<span class=\"_ _7\"></span>ators ag<span class=\"_ _6\"></span>ree to repayment b<span class=\"_ _7\"></span>eing made <span class=\"_ _7\"></span>early. The bond will be fully r<span class=\"_ _7\"></span>epaid in 2025<span class=\"_ _6\"></span>. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs18f4\">7</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs18f5\"> <span class=\"_ _3\"> </span>This <span class=\"_ _7\"></span>can only be cancelled sub<span class=\"_ _7\"></span>ject to not less than <span class=\"_ _7\"></span>5<span class=\"_ _6\"></span> years\u2019 n<span class=\"_ _7\"></span>otice, unless Austrian insurance regul<span class=\"_ _7\"></span>ators ag<span class=\"_ _6\"></span>ree to repayment b<span class=\"_ _7\"></span>eing made <span class=\"_ _7\"></span>early. The bond will be fully r<span class=\"_ _7\"></span>epaid in 2024<span class=\"_ _6\"></span>. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs18f6\">8</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs18f7\"> <span class=\"_ _3\"> </span>The ri<span class=\"_ _7\"></span>ght to ordin<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>ry and <span class=\"_ _7\"></span>extraordinary cancellation by the h<span class=\"_ _7\"></span>older is excluded. No provision has <span class=\"_ _7\"></span>been ma<span class=\"_ _6\"></span>de for r<span class=\"_ _7\"></span>egular cancellation b<span class=\"_ _7\"></span>y the<span class=\"_ _6\"></span> issu<span class=\"_ _7\"></span>er.<span class=\"_ _6\"></span> </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs18f8\">9</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs18f9\"> <span class=\"_ _3\"> </span>Due to the <span class=\"_ _7\"></span>call, <span class=\"_ _7\"></span>t<span class=\"_ _6\"></span>he supplementary capi<span class=\"_ _7\"></span>tal will be repaid in full in<span class=\"_ _7\"></span> 2024.<span class=\"_ _6\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs18fa\">Subordina<span class=\"_ _7\"></span>ted liab<span class=\"_ _7\"></span>ilities o<span class=\"_ _7\"></span>f VIG Hol<span class=\"_ _7\"></span>ding<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs18fb\">Interes<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>suppleme<span class=\"_ _2\"></span>ntary <span class=\"_ _1\"></span>capital <span class=\"_ _6\"></span>bonds <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>paid <span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>if <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>interest <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>covered by<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the n<span class=\"_ _6\"></span>ational <span class=\"_ _6\"></span>annu<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>profit <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs18fc\">company<span class=\"_ _e\"></span>. Ho<span class=\"_ _7\"></span>wever<span class=\"_ _e\"></span>, the i<span class=\"_ _7\"></span>nterest i<span class=\"_ _7\"></span>s i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cluded i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the exp<span class=\"_ _2\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>es in an<span class=\"_ _7\"></span>y case.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs18fd\">S<span class=\"_ _7\"></span>ub<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>nat<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>d <span class=\"_ _10\"></span>bo<span class=\"_ _2\"></span>nds<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>wi<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>to<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>no<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>oun<span class=\"_ _2\"></span>t <span class=\"_ _10\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>EU<span class=\"_ _7\"></span>R <span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>0,<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0,<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>0.<span class=\"_ _7\"></span>00<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>ter<span class=\"_ _2\"></span>m <span class=\"_ _10\"></span>o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>30<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>yea<span class=\"_ _2\"></span>rs <span class=\"_ _e\"></span>wer<span class=\"_ _10\"></span>e <span class=\"_ _e\"></span>is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d <span class=\"_ _10\"></span>on<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>9 <span class=\"_ _e\"></span>Oct<span class=\"_ _2\"></span>ob<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>20<span class=\"_ _2\"></span>13<span class=\"_ _2\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs18fe\">A<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>r <span class=\"_ _6\"></span>an<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>ea<span class=\"_ _2\"></span>rl<span class=\"_ _2\"></span>y pa<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>bu<span class=\"_ _2\"></span>yb<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>k<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e s<span class=\"_ _7\"></span>ub<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>na<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d<span class=\"_ _7\"></span> bo<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> in<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>Ju<span class=\"_ _2\"></span>ne 2<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e r<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>ai<span class=\"_ _10\"></span>ni<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>ou<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>and<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> vo<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>um<span class=\"_ _2\"></span>e of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>EU<span class=\"_ _10\"></span>R 2<span class=\"_ _2\"></span>84<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ll<span class=\"_ _2\"></span>ion<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs18ff\">wa<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ca<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>wi<span class=\"_ _2\"></span>th <span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>f<span class=\"_ _7\"></span>ec<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>9<span class=\"_ _7\"></span> O<span class=\"_ _2\"></span>cto<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1900\">A<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>su<span class=\"_ _7\"></span>bo<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>bo<span class=\"_ _2\"></span>nd <span class=\"_ _10\"></span>wi<span class=\"_ _2\"></span>th <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>tal <span class=\"_ _10\"></span>no<span class=\"_ _7\"></span>mi<span class=\"_ _2\"></span>nal<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>amo<span class=\"_ _7\"></span>un<span class=\"_ _7\"></span>t <span class=\"_ _10\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>EU<span class=\"_ _7\"></span>R 4<span class=\"_ _2\"></span>00,0<span class=\"_ _2\"></span>00<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span>00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span>00<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>m <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>ye<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>wa<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>ss<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>2 <span class=\"_ _10\"></span>Ma<span class=\"_ _2\"></span>rc<span class=\"_ _2\"></span>h <span class=\"_ _2\"></span>201<span class=\"_ _2\"></span>5. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1901\">It <span class=\"_ _6\"></span>can be call<span class=\"_ _7\"></span>ed at <span class=\"_ _6\"></span>100<span class=\"_ _7\"></span>% <span class=\"_ _6\"></span>by VI<span class=\"_ _7\"></span>G <span class=\"_ _6\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g for the <span class=\"_ _6\"></span>first<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>time at 2 <span class=\"_ _6\"></span>Marc<span class=\"_ _7\"></span>h 2026 and at every coupo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> date after that. In the firs<span class=\"_ _7\"></span>t </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1902\">11 <span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ears <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e te<span class=\"_ _7\"></span>rm, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e s<span class=\"_ _7\"></span>ubor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>nated bo<span class=\"_ _2\"></span>nd bears <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>fixed<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>inter<span class=\"_ _7\"></span>est <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _2\"></span>of 3.<span class=\"_ _7\"></span>75% pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>annum, <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ft<span class=\"_ _7\"></span>er whic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>rate <span class=\"_ _2\"></span>is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1903\">variable.<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>subor<span class=\"_ _2\"></span>dinated <span class=\"_ _f\"> </span>bo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _f\"> </span>me<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>T<span class=\"_ _6\"></span>ier <span class=\"_ _f\"> </span>2<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>requir<span class=\"_ _2\"></span>ements <span class=\"_ _f\"> </span>ac<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ordi<span class=\"_ _2\"></span>ng <span class=\"_ _3\"> </span>to<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>Solv<span class=\"_ _7\"></span>ency <span class=\"_ _f\"> </span>II. <span class=\"_ _f\"> </span>Th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>bond <span class=\"_ _f\"> </span>is<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>listed<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1904\">Luxembo<span class=\"_ _2\"></span>urg Stock Ex<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>nge. An e<span class=\"_ _7\"></span>arly p<span class=\"_ _7\"></span>artial bu<span class=\"_ _7\"></span>yback of s<span class=\"_ _2\"></span>ubordi<span class=\"_ _7\"></span>nated bo<span class=\"_ _2\"></span>nds was <span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fected on<span class=\"_ _7\"></span> 21 April<span class=\"_ _7\"></span> 2023.<span class=\"_ _7\"></span> Abo<span class=\"_ _7\"></span>ut 46%<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1905\">(EUR 185.6 m<span class=\"_ _7\"></span>illi<span class=\"_ _7\"></span>on) w<span class=\"_ _7\"></span>ere <span class=\"_ _7\"></span>bought <span class=\"_ _7\"></span>back. Th<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s, th<span class=\"_ _7\"></span>e still<span class=\"_ _7\"></span> outsta<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding vol<span class=\"_ _2\"></span>ume of thes<span class=\"_ _7\"></span>e bo<span class=\"_ _7\"></span>nds is EU<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> 214.4 <span class=\"_ _7\"></span>mill<span class=\"_ _7\"></span>ion.<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1907\">A <span class=\"_ _7\"></span>subor<span class=\"_ _2\"></span>dinated <span class=\"_ _7\"></span>bo<span class=\"_ _7\"></span>nd of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>EUR 200,000,<span class=\"_ _7\"></span>000.00<span class=\"_ _2\"></span> w<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>issu<span class=\"_ _7\"></span>ed o<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>6 <span class=\"_ _7\"></span>April <span class=\"_ _2\"></span>2017 <span class=\"_ _2\"></span>as pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>t o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>a p<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ivate<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>placeme<span class=\"_ _2\"></span>nt. Th<span class=\"_ _7\"></span>e s<span class=\"_ _2\"></span>ubordi<span class=\"_ _7\"></span>nated </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1908\">bond <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as a <span class=\"_ _2\"></span>term <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>30 y<span class=\"_ _7\"></span>ears <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>can <span class=\"_ _7\"></span>be <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>lled <span class=\"_ _2\"></span>by V<span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>G Ho<span class=\"_ _7\"></span>ldi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>for <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>first <span class=\"_ _7\"></span>time <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ft<span class=\"_ _7\"></span>er t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>expiry <span class=\"_ _2\"></span>of 1<span class=\"_ _7\"></span>0 <span class=\"_ _7\"></span>years. It <span class=\"_ _2\"></span>compl<span class=\"_ _7\"></span>ies <span class=\"_ _7\"></span>wi<span class=\"_ _7\"></span>th </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1909\">the <span class=\"_ _4\"></span>Tie<span class=\"_ _7\"></span>r <span class=\"_ _4\"></span>2<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ements<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>ccor<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>Sol<span class=\"_ _7\"></span>vency <span class=\"_ _0\"></span>II <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>qualifi<span class=\"_ _7\"></span>es <span class=\"_ _4\"></span>as <span class=\"_ _0\"></span>capital<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>cor<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>anc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>the <span class=\"_ _4\"> </span>r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>ents <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ating </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs190a\">agency <span class=\"_ _6\"></span>S&amp;P<span class=\"_ _44\"></span>. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>first <span class=\"_ _6\"></span>ten <span class=\"_ _6\"></span>years <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>term, <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>subor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>nated <span class=\"_ _6\"></span>debt <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nstrumen<span class=\"_ _7\"></span>ts <span class=\"_ _6\"></span>bear <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fixed-i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>teres<span class=\"_ _2\"></span>t <span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>3.75% <span class=\"_ _6\"></span>per </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs190b\">annum, aft<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich the in<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e is variable. T<span class=\"_ _2\"></span>he incl<span class=\"_ _7\"></span>usio<span class=\"_ _7\"></span>n in the Thir<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> M<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rket of t<span class=\"_ _2\"></span>he Vienna Sto<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>k Ex<span class=\"_ _7\"></span>change too<span class=\"_ _2\"></span>k place </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs190c\">on 13 Ap<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>il 20<span class=\"_ _7\"></span>17. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs190d\">A subor<span class=\"_ _2\"></span>dinated T<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>er 2 bo<span class=\"_ _7\"></span>nd wit<span class=\"_ _7\"></span>h an agg<span class=\"_ _7\"></span>reg<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te prin<span class=\"_ _7\"></span>cipal amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt of EUR 50<span class=\"_ _7\"></span>0,000<span class=\"_ _7\"></span>,000.00<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>was plac<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d o<span class=\"_ _7\"></span>n 8 June 20<span class=\"_ _7\"></span>22. T<span class=\"_ _2\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs190e\">subor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>ated<span class=\"_ _7\"></span> bond has a <span class=\"_ _6\"></span>term of <span class=\"_ _6\"></span>20 years and ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>be called by VIG <span class=\"_ _6\"></span>Holdi<span class=\"_ _7\"></span>ng for the first <span class=\"_ _6\"></span>time after the expiry of 10 years. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs190f\">The <span class=\"_ _f\"> </span>debt <span class=\"_ _f\"> </span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>initial<span class=\"_ _7\"></span>ly <span class=\"_ _f\"> </span>bear <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>fixed-i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>terest <span class=\"_ _4\"> </span>r<span class=\"_ _6\"></span>at<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>4.875% <span class=\"_ _f\"> </span>p<span class=\"_ _7\"></span>er <span class=\"_ _f\"> </span>annum. <span class=\"_ _f\"> </span>Pro<span class=\"_ _2\"></span>vided <span class=\"_ _f\"> </span>they <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>re <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>ot <span class=\"_ _f\"> </span>called <span class=\"_ _4\"> </span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1910\">rep<span class=\"_ _7\"></span>urch<span class=\"_ _7\"></span>ased befo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> this<span class=\"_ _7\"></span> date,<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he debt i<span class=\"_ _2\"></span>nstruments <span class=\"_ _7\"></span>will b<span class=\"_ _2\"></span>e subject to<span class=\"_ _2\"></span> a varia<span class=\"_ _7\"></span>ble rat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> as <span class=\"_ _7\"></span>of a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>ncluding <span class=\"_ _7\"></span>15 J<span class=\"_ _7\"></span>une 2032.<span class=\"_ _2\"></span> The </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1911\">debt inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nts ar<span class=\"_ _7\"></span>e traded o<span class=\"_ _2\"></span>n the Vie<span class=\"_ _7\"></span>nna Sto<span class=\"_ _7\"></span>ck Exc<span class=\"_ _7\"></span>hange.<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1b73\">8.<span class=\"ff4a\"> </span>FIN<span class=\"_ _6\"></span>ANC<span class=\"_ _7\"></span>IAL LIABILIT<span class=\"_ _7\"></span>IES </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1b74\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _2ee\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b75\">31/12/2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b76\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1b77\"><div class=\"t m0 x0 h29 y12e ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1b78\"><div class=\"t m0 x0 h29 y12e ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b79\">Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _23e\"> </span>1,309,283<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b7a\">1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b7b\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>306,881<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b7c\">343,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b7d\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _301\"> </span>579,908<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b7e\">593,118<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b7f\">Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d2\"> </span>198,39<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b80\">183,126<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b81\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _302\"> </span>1,296<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b82\">2,619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b83\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _27a\"> </span>555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b84\">572<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b85\">Total <span class=\"_ _299\"> </span>2,396,32<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b86\">2,912,61<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1b87\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _26f\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1b88\">  <span class=\"_ _2dd\"> </span><span class=\"fsf\">Sub<span class=\"_ _7\"></span>ordinat<span class=\"_ _6\"></span>ed lia<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>ies </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b89\">(incl. inte<span class=\"_ _6\"></span>rest)<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b8a\">Liabil<span class=\"_ _6\"></span>ities to bank<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b8b\">Other fi<span class=\"_ _6\"></span>nancial </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b8c\">liabil<span class=\"_ _6\"></span>ities*<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1b8d\"><div class=\"t m0 x0 h29 y1e0 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1b8e\"><div class=\"t m0 x0 h29 y1e0 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b8f\">Boo<span class=\"_ _6\"></span>k v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lue<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b90\">343,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b91\">777,111<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b92\">Ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _271\"> </span>-546,81<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b93\">-42,11<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b94\">-40,21<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b95\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _303\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b96\">23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b97\">509<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b98\">Pa<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _304\"> </span>-469,987<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b99\">-37,719<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b9a\">-35,094<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b9b\">Pa<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _305\"> </span>-76,825<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b9c\">-4,417<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b9d\">-5,630<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b9e\">Non-<span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _306\"> </span>66,814<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b9f\">5,096<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ba0\">42,159<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ba1\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _307\"> </span>67,382<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ba2\">5,096<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ba3\">60,980<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ba4\">Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ba5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ba6\">-2,621<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ba7\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _96\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ba8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ba9\">-21,760<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1baa\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1bab\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1bac\">8,643<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1bad\">Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _308\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1bae\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1baf\">-442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1bb0\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d8\"> </span>-568<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1bb1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1bb2\">-2,641<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1bb3\">Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _100\"> </span>1,3<span class=\"_ _6\"></span>09,283<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1bb4\">306,881<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1bb5\">779,055<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1bb6\">*It contains <span class=\"_ _7\"></span>derivative liabilities <span class=\"_ _7\"></span>from financing liabilities, other financin<span class=\"_ _7\"></span>g liabilities and lease liabilities. </div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1bb7\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _26f\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2022<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1bb8\">  <span class=\"_ _2dd\"> </span><span class=\"fsf\">Sub<span class=\"_ _7\"></span>ordinat<span class=\"_ _6\"></span>ed lia<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>ies </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bb9\">(incl. inte<span class=\"_ _6\"></span>rest)<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bba\">Liabil<span class=\"_ _6\"></span>ities to bank<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bbb\">Other fi<span class=\"_ _6\"></span>nancial </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bbc\">liabil<span class=\"_ _6\"></span>ities*<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1bbd\"><div class=\"t m0 x0 h29 y40a ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1bbe\"><div class=\"t m0 x0 h29 y40a ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bbf\">Boo<span class=\"_ _6\"></span>k v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lue<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>1,493,59<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bc0\">351,087<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bc1\">776,708<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bc2\">Ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _309\"> </span>223,666<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bc3\">-12,59<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bc4\">-40,11<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bc5\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _309\"> </span>500,0<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bc6\">55,007<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bc7\">13,000<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bc8\">Pa<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _304\"> </span>-215,600<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bc9\">-63,117<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bca\">-46,930<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bcb\">Pa<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _305\"> </span>-60,734<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bcc\">-4,489<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bcd\">-6,186<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bce\">Non-<span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _306\"> </span>72,016<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bcf\">5,410<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1bd0\">40,519<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bd1\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _307\"> </span>71,327<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bd2\">5,410<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bd3\">38,324<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bd4\">Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bd5\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bd6\">-607<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bd7\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _96\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bd8\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bd9\">3,160<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bda\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bdb\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bdc\">-1,823<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bdd\">Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _308\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bde\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1bdf\">62<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1be0\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _8e\"> </span>689<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1be1\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1be2\">1,403<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1be3\">Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _100\"> </span>1,7<span class=\"_ _6\"></span>89,281<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1be4\">343,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1be5\">777,111<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1be6\">*It contains <span class=\"_ _7\"></span>derivative liabilities <span class=\"_ _7\"></span>from financing liabilities, other financin<span class=\"_ _7\"></span>g liabilities and lease liabilities.<span class=\"_ _3d5\"> </span> </div>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>555<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,196,072<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,644,86<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>416,711<span class=\"_ _3d5\"> </span>2,061,57<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>30<span class=\"_ _6\"></span>6,881<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>579,90<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>396,217<span class=\"_ _3d5\"> </span>88,175<span class=\"_ _3d5\"> </span>484,392<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,309,283<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,248,64<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>21,655<span class=\"_ _3d5\"> </span>1,270,30<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,197,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,645,57<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>417,855<span class=\"_ _3d5\"> </span>2,063,42<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>572<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,726,297<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,087,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>466,896<span class=\"_ _3d5\"> </span>2,554,01<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>34<span class=\"_ _6\"></span>3,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>593,11<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>320,939<span class=\"_ _3d5\"> </span>101,339<span class=\"_ _3d5\"> </span>422,278<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,789,281<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,766,18<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>21,659<span class=\"_ _3d5\"> </span>1,787,84<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,729,48<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,089,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>467,949<span class=\"_ _3d5\"> </span>2,557,21<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-498": {
   "value": "2.3.<span class=\"ff4a\"> </span>Eq<span class=\"_ _7\"></span>uity instru<span class=\"_ _7\"></span>ments designated measured <span class=\"_ _7\"></span>at F<span class=\"_ _6\"></span>Vt<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>CI Financial i<span class=\"_ _6\"></span>nvestment<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _29a\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue \u2013<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>fol<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span> <span class=\"_ _1c7\"> </span>399,293<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _29b\"> </span>38,259<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _29c\"> </span>70,088<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r B<span class=\"_ _6\"></span>\u00f6<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>e A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _277\"> </span>31,710<span class=\"_ _3d5\"> </span>GRO<span class=\"_ _6\"></span>PYU<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> AG<span class=\"_ _6\"></span> <span class=\"_ _25e\"> </span>14,003<span class=\"_ _3d5\"> </span>Rem<span class=\"_ _6\"></span>ain<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> su<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> <span class=\"_ _29d\"> </span>24,375<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _273\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>olan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>/R<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng B<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span>V.<span class=\"_ _6\"></span> <span class=\"_ _29e\"> </span>97,664<span class=\"_ _3d5\"> </span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l E<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>, s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o. <span class=\"_ _1be\"> </span>53,12<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>HOTE<span class=\"_ _1\"></span>LY <span class=\"_ _6\"></span>SRN<span class=\"_ _1\"></span>\u00cd, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _275\"> </span>31,609<span class=\"_ _3d5\"> </span>CARPA<span class=\"_ _1\"></span>TH<span class=\"_ _6\"></span>IA <span class=\"_ _6\"></span>PE<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I-<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>OCIET<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>TE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>DE A<span class=\"_ _1\"></span>DMI<span class=\"_ _6\"></span>NI<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>RAR<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>FON<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>URI<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>OR <span class=\"_ _6\"></span>DE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>PEN<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I P<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA<span class=\"_ _6\"></span>TE S<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _202\"> </span>20,03<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Rem<span class=\"_ _6\"></span>ain<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> su<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> <span class=\"_ _29d\"> </span>88,517<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _1\"></span>ue at<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>der<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>niti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>date<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>4,9<span class=\"_ _6\"></span>97<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _29f\"> </span>494<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a0\"> </span>202<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>4,301<span class=\"_ _3d5\"> </span>Of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>shar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>still <span class=\"_ _10\"></span>held <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rtfolio<span class=\"_ _7\"></span>, <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>single <span class=\"_ _10\"></span>investme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>amounts <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>mo<span class=\"_ _7\"></span>re <span class=\"_ _10\"></span>than <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>UR 5.0 <span class=\"_ _e\"></span>milli<span class=\"_ _7\"></span>on. <span class=\"_ _2\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>remai<span class=\"_ _7\"></span>ning <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>ts<span class=\"_ _7\"></span> in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>item <span class=\"_ _6\"></span>Shares <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>parti<span class=\"_ _7\"></span>cipating <span class=\"_ _6\"></span>comp<span class=\"_ _7\"></span>anies <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>Shares <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>aff<span class=\"_ _7\"></span>ili<span class=\"_ _7\"></span>ated <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-consoli<span class=\"_ _7\"></span>dated companies, n<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>single <span class=\"_ _6\"></span>investment with a fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of m<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e than EU<span class=\"_ _7\"></span>R 10.0 mi<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>on is inclu<span class=\"_ _7\"></span>ded. The <span class=\"_ _6\"></span>dere<span class=\"_ _2\"></span>cognition of sh<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>es and <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>es <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>compani<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s is due <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>mergers and <span class=\"_ _6\"></span>a capital red<span class=\"_ _7\"></span>uction and <span class=\"_ _6\"></span>the individual values do not exc<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span>d a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> amo<span class=\"_ _7\"></span>unt of EU<span class=\"_ _2\"></span>R 10.0 mil<span class=\"_ _7\"></span>lion. Additional<span class=\"_ _6\"></span> Information<span class=\"_ _6\"></span> <span class=\"_ _240\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>div<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span> fr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>m e<span class=\"_ _6\"></span>q<span class=\"_ _6\"></span>uit<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>str<span class=\"_ _6\"></span>um<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CI<span class=\"_ _6\"></span> <span class=\"_ _2a1\"> </span>6,943<span class=\"_ _3d5\"> </span>7,361<span class=\"_ _3d5\"> </span>In <span class=\"_ _6\"></span>Po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>foli<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> <span class=\"_ _292\"> </span>6,91<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>7,166<span class=\"_ _3d5\"> </span>So<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> <span class=\"_ _2a2\"> </span>25<span class=\"_ _3d5\"> </span>195<span class=\"_ _3d5\"> </span>Wit<span class=\"_ _6\"></span>hin<span class=\"_ _6\"></span> sh<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>s' <span class=\"_ _6\"></span>eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>cum<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>lat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span> ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1f1\"> </span>-4,294<span class=\"_ _3d5\"> </span>-4,382<span class=\"_ _3d5\"> </span>2.9.<span class=\"ff4a\"> </span>Details regardin<span class=\"_ _7\"></span>g the<span class=\"_ _7\"></span> net result<span class=\"_ _2\"></span> Result fro<span class=\"_ _6\"></span>m financial<span class=\"_ _6\"></span> inst<span class=\"_ _6\"></span>ruments<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at FVtPL<span class=\"_ _1\"></span> <span class=\"_ _14a\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Financial<span class=\"_ _6\"></span> assets<span class=\"_ _6\"></span> <span class=\"_ _242\"> </span>950,9<span class=\"_ _6\"></span>81<span class=\"_ _3d5\"> </span>-1,548<span class=\"_ _6\"></span>,835<span class=\"_ _3d5\"> </span>Ma<span class=\"_ _6\"></span>ndat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> at<span class=\"_ _1\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _2c8\"> </span>935,325<span class=\"_ _3d5\"> </span>-1,539<span class=\"_ _6\"></span>,910<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _278\"> </span>176<span class=\"_ _3d5\"> </span>30<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _292\"> </span>164,226<span class=\"_ _3d5\"> </span>-272,522<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c9\"> </span>713,568<span class=\"_ _3d5\"> </span>-1,187,68<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> sh<span class=\"_ _1\"></span>are<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _2ca\"> </span>67,422<span class=\"_ _3d5\"> </span>-69,518<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2cb\"> </span>-10,067<span class=\"_ _3d5\"> </span>-10,218<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>15,6<span class=\"_ _6\"></span>56<span class=\"_ _3d5\"> </span>-8,925<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24b\"> </span>15,<span class=\"_ _6\"></span>656<span class=\"_ _3d5\"> </span>-8,925<span class=\"_ _3d5\"> </span>Financial<span class=\"_ _6\"></span> lia<span class=\"_ _6\"></span>bilities <span class=\"_ _2cc\"> </span>17<span class=\"_ _3d5\"> </span>-71<span class=\"_ _3d5\"> </span>Desi<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d me<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sure<span class=\"_ _6\"></span>d a<span class=\"_ _1\"></span>t F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _298\"> </span>17<span class=\"_ _3d5\"> </span>-71<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>* <span class=\"_ _68\"> </span>17<span class=\"_ _3d5\"> </span>-71<span class=\"_ _3d5\"> </span>*Fin<span class=\"_ _7\"></span>ancial liabilities that are design<span class=\"_ _7\"></span>ated measured at FVtPL bear no own <span class=\"_ _7\"></span>default risk, which <span class=\"_ _7\"></span>wo<span class=\"_ _6\"></span>uld have to be recogni<span class=\"_ _7\"></span>sed through other comp<span class=\"_ _7\"></span>rehensive income.<span class=\"_ _3d5\"> </span>Interest res<span class=\"_ _6\"></span>ult <span class=\"_ _ba\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>nue<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2cd\"> </span>1,110,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>948,436<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>8<span class=\"_ _6\"></span>95,801<span class=\"_ _3d5\"> </span>715,099<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _66\"> </span>145,064<span class=\"_ _3d5\"> </span>95,249<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>750<span class=\"_ _6\"></span>,737<span class=\"_ _3d5\"> </span>619,850<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _2ce\"> </span>215,194<span class=\"_ _3d5\"> </span>233,337<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _6\"></span>69,128<span class=\"_ _3d5\"> </span>205,142<span class=\"_ _3d5\"> </span>Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nst<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tOC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2cf\"> </span>6,943<span class=\"_ _3d5\"> </span>7,362<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>nan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>39,1<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>20,833<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _243\"> </span>-126,973<span class=\"_ _3d5\"> </span>-137,3<span class=\"_ _6\"></span>31<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> us<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>eff<span class=\"_ _6\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ere<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>-87,869<span class=\"_ _3d5\"> </span>-90,032<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span>-87,869<span class=\"_ _3d5\"> </span>-89,830<span class=\"_ _3d5\"> </span>Neg<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2d0\"> </span>0<span class=\"_ _3d5\"> </span>-202<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2d1\"> </span>-39,104<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _d4\"> </span>17<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>ume<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d2\"> </span>-39,121<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>9<span class=\"_ _6\"></span>84,022<span class=\"_ _3d5\"> </span>811,105<span class=\"_ _3d5\"> </span>The fee fo<span class=\"_ _7\"></span>r investm<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>manag<span class=\"_ _7\"></span>ement r<span class=\"_ _2\"></span>ecognised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ves<span class=\"_ _7\"></span>tment r<span class=\"_ _2\"></span>esult amou<span class=\"_ _7\"></span>nts to EU<span class=\"_ _2\"></span>R 39,086,00<span class=\"_ _7\"></span>0 (EUR 3<span class=\"_ _7\"></span>4,071,0<span class=\"_ _7\"></span>00<span class=\"_ _2\"></span>).<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>37,990,239<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,241,37<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>3,268,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>37,969,1<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>6,112,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>3,135,87<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,716,4<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span>406,366<span class=\"_ _3d5\"> </span>848,137<span class=\"_ _3d5\"> </span>461,933<span class=\"_ _3d5\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,17<span class=\"_ _6\"></span>4,035<span class=\"_ _3d5\"> </span>5,361,04<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,251,94<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>561,042<span class=\"_ _3d5\"> </span>8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>19,043<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,679<span class=\"_ _3d5\"> </span>17,364<span class=\"_ _3d5\"> </span>19,043<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>50,075<span class=\"_ _3d5\"> </span>345,186<span class=\"_ _3d5\"> </span>31,829<span class=\"_ _3d5\"> </span>73,060<span class=\"_ _3d5\"> </span>450,075<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>30,116<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>4,0<span class=\"_ _6\"></span>28<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,282<span class=\"_ _3d5\"> </span>1,746<span class=\"_ _3d5\"> </span>4,028<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>212,82<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,963,320<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>1,004,63<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,488,75<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,942,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>742,306<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>594,559<span class=\"_ _3d5\"> </span>127,842<span class=\"_ _3d5\"> </span>722,401<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>978,<span class=\"_ _6\"></span>491<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>410,078<span class=\"_ _3d5\"> </span>97,406<span class=\"_ _3d5\"> </span>956,342<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,24<span class=\"_ _6\"></span>2,523<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>24,021,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>24,021,071<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>3<span class=\"_ _6\"></span>99,293<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>364,354<span class=\"_ _3d5\"> </span>399,293<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>38,25<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>3,320<span class=\"_ _3d5\"> </span>38,259<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>70,088<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,85<span class=\"_ _6\"></span>2,090<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>32,988<span class=\"_ _3d5\"> </span>4,384,99<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>4,417,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>470,949<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,107<span class=\"_ _3d5\"> </span>792,142<span class=\"_ _3d5\"> </span>831,249<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>185,622<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>41,4<span class=\"_ _6\"></span>98,900<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,313,46<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>8,445,14<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>43,218,3<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>35,813,985<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,362,75<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,730,54<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>35,681,8<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>7,345,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,517,41<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,702,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>543,061<span class=\"_ _3d5\"> </span>1,034,01<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>125,080<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,15<span class=\"_ _6\"></span>5,893<span class=\"_ _3d5\"> </span>6,431,29<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,477,14<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>247,454<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>28,683<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,771<span class=\"_ _3d5\"> </span>26,912<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>27,950<span class=\"_ _3d5\"> </span>371,175<span class=\"_ _3d5\"> </span>4,479<span class=\"_ _3d5\"> </span>52,296<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>35,528<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2ff\"> </span>14,208<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>130,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>130,<span class=\"_ _6\"></span>870<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,717,480<span class=\"_ _3d5\"> </span>886,538<span class=\"_ _3d5\"> </span>953,116<span class=\"_ _3d5\"> </span>745,715<span class=\"_ _3d5\"> </span>2,585,36<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>788,952<span class=\"_ _3d5\"> </span>144,483<span class=\"_ _3d5\"> </span>576,739<span class=\"_ _3d5\"> </span>20,747<span class=\"_ _3d5\"> </span>741,969<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>888,<span class=\"_ _6\"></span>080<span class=\"_ _3d5\"> </span>396,184<span class=\"_ _3d5\"> </span>376,377<span class=\"_ _3d5\"> </span>29,916<span class=\"_ _3d5\"> </span>802,477<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,04<span class=\"_ _6\"></span>0,448<span class=\"_ _3d5\"> </span>345,871<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>695,052<span class=\"_ _3d5\"> </span>1,040,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>22,363,77<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>22,363,774<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>2<span class=\"_ _6\"></span>37,442<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,483<span class=\"_ _3d5\"> </span>207,316<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>33,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,234<span class=\"_ _3d5\"> </span>3,345<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>68,930<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>135<span class=\"_ _6\"></span>,290<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>249<span class=\"_ _3d5\"> </span>135,041<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,64<span class=\"_ _6\"></span>5,015<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>44,582<span class=\"_ _3d5\"> </span>4,220,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>4,264,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>482,841<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,007<span class=\"_ _3d5\"> </span>820,868<span class=\"_ _3d5\"> </span>859,875<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>287,961<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>39,2<span class=\"_ _6\"></span>29,802<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,446,34<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>6,771,77<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>40,806,6<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>555<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,196,072<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,644,86<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>416,711<span class=\"_ _3d5\"> </span>2,061,57<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>30<span class=\"_ _6\"></span>6,881<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>579,90<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>396,217<span class=\"_ _3d5\"> </span>88,175<span class=\"_ _3d5\"> </span>484,392<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,309,283<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,248,64<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>21,655<span class=\"_ _3d5\"> </span>1,270,30<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,197,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,645,57<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>417,855<span class=\"_ _3d5\"> </span>2,063,42<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>572<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,726,297<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,087,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>466,896<span class=\"_ _3d5\"> </span>2,554,01<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>34<span class=\"_ _6\"></span>3,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>593,11<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>320,939<span class=\"_ _3d5\"> </span>101,339<span class=\"_ _3d5\"> </span>422,278<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,789,281<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,766,18<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>21,659<span class=\"_ _3d5\"> </span>1,787,84<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,729,48<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,089,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>467,949<span class=\"_ _3d5\"> </span>2,557,21<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>16.2.<span class=\"ff4a\"> </span>Recl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssification <span class=\"_ _7\"></span>of financial instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts The compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ularly re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>iew t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t v<span class=\"_ _7\"></span>alidity of <span class=\"_ _7\"></span>the last f<span class=\"_ _2\"></span>air value classif<span class=\"_ _7\"></span>icati<span class=\"_ _7\"></span>on perfo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>med <span class=\"_ _7\"></span>on each <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>uation <span class=\"_ _7\"></span>date. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xampl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>a r<span class=\"_ _2\"></span>eclassifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n is <span class=\"_ _2\"></span>perfor<span class=\"_ _7\"></span>med <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ecess<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ry <span class=\"_ _7\"></span>inputs <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>no lo<span class=\"_ _7\"></span>nger <span class=\"_ _2\"></span>direc<span class=\"_ _7\"></span>tly obs<span class=\"_ _2\"></span>ervable <span class=\"_ _2\"></span>in the<span class=\"_ _7\"></span> market.<span class=\"_ _7\"></span> Reclassifica<span class=\"_ _6\"></span>tions<span class=\"_ _6\"></span> <span class=\"_ _23e\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _d0\"> </span><span class=\"fsf\">Between Le<span class=\"_ _6\"></span>vel 1 </span>and Level 2<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _c8\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _5f\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _222\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>189<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>10<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>183<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _344\"> </span>183<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span>6<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _269\"> </span>6<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Total <span class=\"_ _302\"> </span>2<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span>11<span class=\"_ _3d5\"> </span>15<span class=\"_ _3d5\"> </span>The r<span class=\"_ _7\"></span>eclassifi<span class=\"_ _7\"></span>cations bet<span class=\"_ _7\"></span>wee<span class=\"_ _7\"></span>n Level 1 and <span class=\"_ _7\"></span>Level 2 are d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e to chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s in li<span class=\"_ _7\"></span>quidity<span class=\"_ _10\"></span>, trading fr<span class=\"_ _2\"></span>equenc<span class=\"_ _7\"></span>y and tradi<span class=\"_ _7\"></span>ng activity<span class=\"_ _e\"></span>, as well as <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>harmonis<span class=\"_ _7\"></span>ation of v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>uation h<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>erarc<span class=\"_ _7\"></span>hies. The <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>fro<span class=\"_ _7\"></span>m L<span class=\"_ _6\"></span>ev<span class=\"_ _7\"></span>el 1 <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>Level 3 <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>prim<span class=\"_ _7\"></span>aril<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>based on <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>worseni<span class=\"_ _7\"></span>ng o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>liq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>idity<span class=\"_ _e\"></span>, fo<span class=\"_ _2\"></span>r ex<span class=\"_ _7\"></span>ample<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>connectio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _2\"></span>developm<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>estate <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>arket. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>ns fro<span class=\"_ _7\"></span>m Level 2 to <span class=\"_ _2\"></span>Level 3 ar<span class=\"_ _7\"></span>e prim<span class=\"_ _7\"></span>arily b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed o<span class=\"_ _7\"></span>n a wo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>sening <span class=\"_ _7\"></span>of the <span class=\"_ _7\"></span>credi<span class=\"_ _7\"></span>t quality o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> liquidit<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-499": {
   "value": "2.4.<span class=\"ff4a\"> </span>Exp<span class=\"_ _7\"></span>ected credit loss Overview Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI and<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at AC<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-44,17<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-67,06<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-90,46<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-201,7<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>6,335<span class=\"_ _3d5\"> </span>133<span class=\"_ _3d5\"> </span>196<span class=\"_ _3d5\"> </span>6,664<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-29,234<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-4,840<span class=\"_ _3d5\"> </span>-34,075<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a5\"> </span>-4,711<span class=\"_ _3d5\"> </span>1,064<span class=\"_ _3d5\"> </span>-67,457<span class=\"_ _3d5\"> </span>-71,104<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>5,436<span class=\"_ _3d5\"> </span>1,300<span class=\"_ _3d5\"> </span>53,002<span class=\"_ _3d5\"> </span>59,738<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,635<span class=\"_ _3d5\"> </span>8,635<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2a7\"> </span>81<span class=\"_ _3d5\"> </span>-81<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>172<span class=\"_ _3d5\"> </span>4,852<span class=\"_ _3d5\"> </span>-5,024<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _b7\"> </span>47<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>47<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-74,68<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,16<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-114,5<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span>-240,4<span class=\"_ _6\"></span>24<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI and<span class=\"_ _6\"></span> meas<span class=\"_ _6\"></span>ured at AC<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-20,10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-69,25<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-15,13<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-104,4<span class=\"_ _6\"></span>89<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>3,129<span class=\"_ _3d5\"> </span>716<span class=\"_ _3d5\"> </span>16<span class=\"_ _3d5\"> </span>3,861<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-31,937<span class=\"_ _3d5\"> </span>-153<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-32,090<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a9\"> </span>10,393<span class=\"_ _3d5\"> </span>-77,515<span class=\"_ _3d5\"> </span>-14,843<span class=\"_ _3d5\"> </span>-81,965<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>2,294<span class=\"_ _3d5\"> </span>9,794<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>12,088<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,667<span class=\"_ _3d5\"> </span>8,667<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>848<span class=\"_ _3d5\"> </span>-848<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _2aa\"> </span>0<span class=\"_ _3d5\"> </span>61,449<span class=\"_ _3d5\"> </span>-61,449<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _232\"> </span>-125<span class=\"_ _3d5\"> </span>79<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-47<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _225\"> </span>-7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-7<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-44,17<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-67,06<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-90,46<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-201,7<span class=\"_ _6\"></span>02<span class=\"_ _3d5\"> </span>Loans Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2ab\"> </span>-855<span class=\"_ _3d5\"> </span>-15,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,900<span class=\"_ _3d5\"> </span>-17,87<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2ac\"> </span>2<span class=\"_ _3d5\"> </span>-15<span class=\"_ _3d5\"> </span>-157<span class=\"_ _3d5\"> </span>-170<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d5\"> </span>-10<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-4,840<span class=\"_ _3d5\"> </span>-4,948<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2ad\"> </span>0<span class=\"_ _3d5\"> </span>378<span class=\"_ _3d5\"> </span>-799<span class=\"_ _3d5\"> </span>-421<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>432<span class=\"_ _3d5\"> </span>756<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,188<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _1ac\"> </span>-52<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-14,00<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-7,688<span class=\"_ _3d5\"> </span>-22,22<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2ab\"> </span>-172<span class=\"_ _3d5\"> </span>-15,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-2,163<span class=\"_ _3d5\"> </span>-17,50<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2ac\"> </span>1<span class=\"_ _3d5\"> </span>6<span class=\"_ _3d5\"> </span>16<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d5\"> </span>-57<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-574<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _1b1\"> </span>-142<span class=\"_ _3d5\"> </span>-1,290<span class=\"_ _3d5\"> </span>-700<span class=\"_ _3d5\"> </span>-2,132<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _8e\"> </span>25<span class=\"_ _3d5\"> </span>1,257<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,282<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o w<span class=\"_ _1\"></span>rit<span class=\"_ _6\"></span>e-<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>fs<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>947<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _74\"> </span>-3<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2aa\"> </span>9<span class=\"_ _3d5\"> </span>-9<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _234\"> </span>0<span class=\"_ _3d5\"> </span>79<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>79<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _1ac\"> </span>-85<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>-15,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-1,900<span class=\"_ _3d5\"> </span>-17,87<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Bonds<span class=\"_ _7\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _2ae\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-34,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-47,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-88,56<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>5,850<span class=\"_ _3d5\"> </span>68<span class=\"_ _3d5\"> </span>353<span class=\"_ _3d5\"> </span>6,271<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-5,658<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-5,658<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a9\"> </span>11,984<span class=\"_ _3d5\"> </span>-2,918<span class=\"_ _3d5\"> </span>-66,658<span class=\"_ _3d5\"> </span>-57,592<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>1,730<span class=\"_ _3d5\"> </span>441<span class=\"_ _3d5\"> </span>53,002<span class=\"_ _3d5\"> </span>55,173<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,635<span class=\"_ _3d5\"> </span>8,635<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2a7\"> </span>81<span class=\"_ _3d5\"> </span>-81<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>172<span class=\"_ _3d5\"> </span>4,852<span class=\"_ _3d5\"> </span>-5,024<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _b7\"> </span>47<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>47<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-28,89<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-36,82<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-106,8<span class=\"_ _6\"></span>88<span class=\"_ _3d5\"> </span>-172,6<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at FVt<span class=\"_ _6\"></span>OCI <span class=\"_ _2ae\"> </span><span class=\"fsf\">Sta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2a3\"> </span>-15,09<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-53,92<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-12,96<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-81,98<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _54\"> </span>2,417<span class=\"_ _3d5\"> </span>184<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,601<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-21,491<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-21,491<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _10a\"> </span>7,313<span class=\"_ _3d5\"> </span>-72,245<span class=\"_ _3d5\"> </span>-14,143<span class=\"_ _3d5\"> </span>-79,075<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>744<span class=\"_ _3d5\"> </span>8,480<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>9,224<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _98\"> </span>-8,664<span class=\"_ _3d5\"> </span>8,664<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>434<span class=\"_ _3d5\"> </span>-434<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _2aa\"> </span>0<span class=\"_ _3d5\"> </span>61,449<span class=\"_ _3d5\"> </span>-61,449<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _232\"> </span>-125<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>-126<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _225\"> </span>-7<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-7<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-34,46<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-47,82<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-88,56<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-170,8<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-4,776<span class=\"_ _3d5\"> </span>-4,115<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-8,891<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b8\"> </span>83<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>163<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-10,479<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,479<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a5\"> </span>-8,708<span class=\"_ _3d5\"> </span>3,604<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-5,104<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>332<span class=\"_ _3d5\"> </span>103<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>435<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-23,54<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-23,87<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-1,814<span class=\"_ _3d5\"> </span>-161<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,975<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _95\"> </span>447<span class=\"_ _3d5\"> </span>526<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>973<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-4,737<span class=\"_ _3d5\"> </span>-152<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,889<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _10f\"> </span>85<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-3,980<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,124<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _8e\"> </span>67<span class=\"_ _3d5\"> </span>57<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>124<span class=\"_ _3d5\"> </span>Tr<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>tag<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>405<span class=\"_ _3d5\"> </span>-405<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2b1\"> </span>-4,776<span class=\"_ _3d5\"> </span>-4,115<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-8,891<span class=\"_ _3d5\"> </span>T<span class=\"_ _10\"></span>erm deposit<span class=\"_ _7\"></span>s Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2023 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-4,079<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,079<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _95\"> </span>400<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>400<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>-12,990<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-12,990<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _2a5\"> </span>-7,987<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-7,987<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>2,942<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,942<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2a8\"> </span>-21,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-21,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span><span class=\"fsf\">2022 </span>Mea<span class=\"_ _6\"></span>sured at AC<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span><span class=\"fsf\">S<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ge 1<span class=\"_ _3d5\"> </span></span>Sta<span class=\"_ _6\"></span>ge 2<span class=\"_ _3d5\"> </span>Sta<span class=\"_ _6\"></span>ge 3<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cre<span class=\"_ _6\"></span>dit<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span> All<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>nce<span class=\"_ _1\"></span> a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _6\"></span>us<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>year<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>dit <span class=\"_ _6\"></span>Lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>s A<span class=\"_ _6\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _6\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>01<span class=\"_ _6\"></span>/0<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _2b0\"> </span>-3,031<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,031<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _95\"> </span>264<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>264<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-5,136<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-5,136<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>rem<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>(n<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>) <span class=\"_ _10a\"> </span>2,366<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,366<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>cre<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cog<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _81\"> </span>1,458<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,458<span class=\"_ _3d5\"> </span>Credit L<span class=\"_ _6\"></span>oss Allo<span class=\"_ _6\"></span>wance as of 3<span class=\"_ _6\"></span>1/12 <span class=\"_ _2b1\"> </span>-4,079<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,079<span class=\"_ _3d5\"> </span>Cash and<span class=\"_ _7\"></span> cash<span class=\"_ _7\"></span> equiva<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>ents C<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>h a<span class=\"_ _2\"></span>nd <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>h <span class=\"_ _7\"></span>eq<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>va<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>ns<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>be<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>du<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>da<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _2\"></span>,<span class=\"_ _7\"></span> w<span class=\"_ _2\"></span>hich<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>why<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>EC<span class=\"_ _7\"></span>L <span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>lc<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>at<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>ove<span class=\"_ _2\"></span>r t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e t<span class=\"_ _2\"></span>erm<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>zer<span class=\"_ _2\"></span>o. T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ef<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e,<span class=\"_ _7\"></span> n<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ris<span class=\"_ _2\"></span>k p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>visi<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>acc<span class=\"_ _2\"></span>oun<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-542": {
   "value": "Interest res<span class=\"_ _6\"></span>ult <span class=\"_ _ba\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>nue<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2cd\"> </span>1,110,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>948,436<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>8<span class=\"_ _6\"></span>95,801<span class=\"_ _3d5\"> </span>715,099<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _66\"> </span>145,064<span class=\"_ _3d5\"> </span>95,249<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>750<span class=\"_ _6\"></span>,737<span class=\"_ _3d5\"> </span>619,850<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _2ce\"> </span>215,194<span class=\"_ _3d5\"> </span>233,337<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _6\"></span>69,128<span class=\"_ _3d5\"> </span>205,142<span class=\"_ _3d5\"> </span>Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nst<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tOC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2cf\"> </span>6,943<span class=\"_ _3d5\"> </span>7,362<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>nan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>39,1<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>20,833<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _243\"> </span>-126,973<span class=\"_ _3d5\"> </span>-137,3<span class=\"_ _6\"></span>31<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> us<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>eff<span class=\"_ _6\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ere<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>-87,869<span class=\"_ _3d5\"> </span>-90,032<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span>-87,869<span class=\"_ _3d5\"> </span>-89,830<span class=\"_ _3d5\"> </span>Neg<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2d0\"> </span>0<span class=\"_ _3d5\"> </span>-202<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2d1\"> </span>-39,104<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _d4\"> </span>17<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>ume<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d2\"> </span>-39,121<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>9<span class=\"_ _6\"></span>84,022<span class=\"_ _3d5\"> </span>811,105<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-519": {
   "value": "Interest res<span class=\"_ _6\"></span>ult <span class=\"_ _ba\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>nue<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2cd\"> </span>1,110,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>948,436<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>8<span class=\"_ _6\"></span>95,801<span class=\"_ _3d5\"> </span>715,099<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _66\"> </span>145,064<span class=\"_ _3d5\"> </span>95,249<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>750<span class=\"_ _6\"></span>,737<span class=\"_ _3d5\"> </span>619,850<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _2ce\"> </span>215,194<span class=\"_ _3d5\"> </span>233,337<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _6\"></span>69,128<span class=\"_ _3d5\"> </span>205,142<span class=\"_ _3d5\"> </span>Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nst<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tOC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2cf\"> </span>6,943<span class=\"_ _3d5\"> </span>7,362<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>nan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>39,1<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>20,833<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _243\"> </span>-126,973<span class=\"_ _3d5\"> </span>-137,3<span class=\"_ _6\"></span>31<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> us<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>eff<span class=\"_ _6\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ere<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>-87,869<span class=\"_ _3d5\"> </span>-90,032<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span>-87,869<span class=\"_ _3d5\"> </span>-89,830<span class=\"_ _3d5\"> </span>Neg<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2d0\"> </span>0<span class=\"_ _3d5\"> </span>-202<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2d1\"> </span>-39,104<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _d4\"> </span>17<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>ume<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d2\"> </span>-39,121<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>9<span class=\"_ _6\"></span>84,022<span class=\"_ _3d5\"> </span>811,105<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-538": {
   "value": "Interest res<span class=\"_ _6\"></span>ult <span class=\"_ _ba\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>nue<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2cd\"> </span>1,110,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>948,436<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>8<span class=\"_ _6\"></span>95,801<span class=\"_ _3d5\"> </span>715,099<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _66\"> </span>145,064<span class=\"_ _3d5\"> </span>95,249<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>750<span class=\"_ _6\"></span>,737<span class=\"_ _3d5\"> </span>619,850<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _2ce\"> </span>215,194<span class=\"_ _3d5\"> </span>233,337<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _6\"></span>69,128<span class=\"_ _3d5\"> </span>205,142<span class=\"_ _3d5\"> </span>Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nst<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tOC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2cf\"> </span>6,943<span class=\"_ _3d5\"> </span>7,362<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>nan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>39,1<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>20,833<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _243\"> </span>-126,973<span class=\"_ _3d5\"> </span>-137,3<span class=\"_ _6\"></span>31<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> us<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>eff<span class=\"_ _6\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ere<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>-87,869<span class=\"_ _3d5\"> </span>-90,032<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span>-87,869<span class=\"_ _3d5\"> </span>-89,830<span class=\"_ _3d5\"> </span>Neg<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2d0\"> </span>0<span class=\"_ _3d5\"> </span>-202<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2d1\"> </span>-39,104<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _d4\"> </span>17<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>ume<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d2\"> </span>-39,121<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>9<span class=\"_ _6\"></span>84,022<span class=\"_ _3d5\"> </span>811,105<span class=\"_ _3d5\"> </span>9.<span class=\"ff4a\"> </span>NO<span class=\"_ _6\"></span>TES <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>O T<span class=\"_ _7\"></span>HE CONS<span class=\"_ _7\"></span>OLIDA<span class=\"_ _2\"></span>TED INC<span class=\"_ _7\"></span>OME ST<span class=\"_ _10\"></span>AT<span class=\"_ _7\"></span>EMENT<span class=\"_ _3d5\"> </span><span class=\"_ _2\"></span> Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-540": {
   "value": "Interest res<span class=\"_ _6\"></span>ult <span class=\"_ _ba\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>nue<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2cd\"> </span>1,110,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>948,436<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>8<span class=\"_ _6\"></span>95,801<span class=\"_ _3d5\"> </span>715,099<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _66\"> </span>145,064<span class=\"_ _3d5\"> </span>95,249<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>750<span class=\"_ _6\"></span>,737<span class=\"_ _3d5\"> </span>619,850<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _2ce\"> </span>215,194<span class=\"_ _3d5\"> </span>233,337<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _6\"></span>69,128<span class=\"_ _3d5\"> </span>205,142<span class=\"_ _3d5\"> </span>Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nst<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tOC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2cf\"> </span>6,943<span class=\"_ _3d5\"> </span>7,362<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>nan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>39,1<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>20,833<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _243\"> </span>-126,973<span class=\"_ _3d5\"> </span>-137,3<span class=\"_ _6\"></span>31<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> us<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>eff<span class=\"_ _6\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ere<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>-87,869<span class=\"_ _3d5\"> </span>-90,032<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span>-87,869<span class=\"_ _3d5\"> </span>-89,830<span class=\"_ _3d5\"> </span>Neg<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2d0\"> </span>0<span class=\"_ _3d5\"> </span>-202<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2d1\"> </span>-39,104<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _d4\"> </span>17<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>ume<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d2\"> </span>-39,121<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>9<span class=\"_ _6\"></span>84,022<span class=\"_ _3d5\"> </span>811,105<span class=\"_ _3d5\"> </span>9.<span class=\"ff4a\"> </span>NO<span class=\"_ _6\"></span>TES <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>O T<span class=\"_ _7\"></span>HE CONS<span class=\"_ _7\"></span>OLIDA<span class=\"_ _2\"></span>TED INC<span class=\"_ _7\"></span>OME ST<span class=\"_ _10\"></span>AT<span class=\"_ _7\"></span>EMENT<span class=\"_ _3d5\"> </span><span class=\"_ _2\"></span> Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-445": {
   "value": "Interest res<span class=\"_ _6\"></span>ult <span class=\"_ _ba\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>nue<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2cd\"> </span>1,110,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>948,436<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>8<span class=\"_ _6\"></span>95,801<span class=\"_ _3d5\"> </span>715,099<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _66\"> </span>145,064<span class=\"_ _3d5\"> </span>95,249<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>750<span class=\"_ _6\"></span>,737<span class=\"_ _3d5\"> </span>619,850<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _2ce\"> </span>215,194<span class=\"_ _3d5\"> </span>233,337<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _6\"></span>69,128<span class=\"_ _3d5\"> </span>205,142<span class=\"_ _3d5\"> </span>Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nst<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tOC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2cf\"> </span>6,943<span class=\"_ _3d5\"> </span>7,362<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>nan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>39,1<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>20,833<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _243\"> </span>-126,973<span class=\"_ _3d5\"> </span>-137,3<span class=\"_ _6\"></span>31<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> us<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>eff<span class=\"_ _6\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ere<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>-87,869<span class=\"_ _3d5\"> </span>-90,032<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span>-87,869<span class=\"_ _3d5\"> </span>-89,830<span class=\"_ _3d5\"> </span>Neg<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2d0\"> </span>0<span class=\"_ _3d5\"> </span>-202<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2d1\"> </span>-39,104<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _d4\"> </span>17<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>ume<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d2\"> </span>-39,121<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>9<span class=\"_ _6\"></span>84,022<span class=\"_ _3d5\"> </span>811,105<span class=\"_ _3d5\"> </span>9.<span class=\"ff4a\"> </span>NO<span class=\"_ _6\"></span>TES <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>O T<span class=\"_ _7\"></span>HE CONS<span class=\"_ _7\"></span>OLIDA<span class=\"_ _2\"></span>TED INC<span class=\"_ _7\"></span>OME ST<span class=\"_ _10\"></span>AT<span class=\"_ _7\"></span>EMENT<span class=\"_ _3d5\"> </span><span class=\"_ _2\"></span> Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-530": {
   "value": "Interest res<span class=\"_ _6\"></span>ult <span class=\"_ _ba\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>nue<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2cd\"> </span>1,110,99<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>948,436<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>8<span class=\"_ _6\"></span>95,801<span class=\"_ _3d5\"> </span>715,099<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t A<span class=\"_ _1\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _66\"> </span>145,064<span class=\"_ _3d5\"> </span>95,249<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _227\"> </span>750<span class=\"_ _6\"></span>,737<span class=\"_ _3d5\"> </span>619,850<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _2ce\"> </span>215,194<span class=\"_ _3d5\"> </span>233,337<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _6\"></span>69,128<span class=\"_ _3d5\"> </span>205,142<span class=\"_ _3d5\"> </span>Equ<span class=\"_ _6\"></span>ity<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nst<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>tOC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2cf\"> </span>6,943<span class=\"_ _3d5\"> </span>7,362<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>nan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rum<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>39,1<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span>20,833<span class=\"_ _3d5\"> </span>Inte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _243\"> </span>-126,973<span class=\"_ _3d5\"> </span>-137,3<span class=\"_ _6\"></span>31<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> us<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>eff<span class=\"_ _6\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ere<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>-87,869<span class=\"_ _3d5\"> </span>-90,032<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1d2\"> </span>-87,869<span class=\"_ _3d5\"> </span>-89,830<span class=\"_ _3d5\"> </span>Neg<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _2d0\"> </span>0<span class=\"_ _3d5\"> </span>-202<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2d1\"> </span>-39,104<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _d4\"> </span>17<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>ume<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d2\"> </span>-39,121<span class=\"_ _3d5\"> </span>-47,299<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>9<span class=\"_ _6\"></span>84,022<span class=\"_ _3d5\"> </span>811,105<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-446": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1913\">3.<span class=\"ff4a\"> </span>GOODWILL </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1914\">The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.5. Go<span class=\"_ _7\"></span>odwill<span class=\"_ _7\"></span> starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 17<span class=\"_ _7\"></span>1.<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1915\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1916\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1917\"><div class=\"t m0 x0 h29 y848 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1918\"><div class=\"t m0 x0 h29 y848 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1919\">Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _24c\"> </span>2,090,712<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs191a\">1,886,33<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs191b\">Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>imp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>us <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ear<span class=\"_ _6\"></span> <span class=\"_ _100\"> </span>-6<span class=\"_ _6\"></span>51,991<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs191c\">-626,109<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs191d\">Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>1,<span class=\"_ _6\"></span>438,721<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs191e\">1,260,22<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs191f\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d7\"> </span>8,283<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1920\">-4,026<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1921\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d8\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1922\">208,882<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1923\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d9\"> </span>-75,639<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1924\">-26,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1925\">Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2da\"> </span>1,371,36<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1926\">1,438,72<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1927\">Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>imp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/12<span class=\"_ _6\"></span> <span class=\"_ _229\"> </span>728,49<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1928\">651,991<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1929\">Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2db\"> </span>2,099,86<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs192a\">2,090,71<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs192b\">The <span class=\"_ _f\"> </span>additions <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>pre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ious <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>mai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly <span class=\"_ _f\"> </span>result<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _f\"> </span>acquisiti<span class=\"_ _7\"></span>ons <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Alfa <span class=\"_ _f\"> </span>(Hungary<span class=\"_ _7\"></span>) <span class=\"_ _f\"> </span>(<span class=\"_ _6\"></span>form<span class=\"_ _7\"></span>erly <span class=\"_ _f\"> </span>Aego<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>Hungary) </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs192c\">(EUR 188,573<span class=\"_ _7\"></span>,000<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> and <span class=\"_ _7\"></span>the Slo<span class=\"_ _7\"></span>vakia<span class=\"_ _7\"></span>n pensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> comp<span class=\"_ _7\"></span>any KO<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>PERA<span class=\"_ _e\"></span>TIV<span class=\"_ _2\"></span>A, d.s.s., a.s. <span class=\"_ _2\"></span>(formerly 365.l<span class=\"_ _2\"></span>ife) (EUR 19<span class=\"_ _7\"></span>,970,0<span class=\"_ _7\"></span>00)<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs192d\">The <span class=\"_ _0\"></span>impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _1\"></span>year <span class=\"_ _0\"></span>predomi<span class=\"_ _2\"></span>nantly <span class=\"_ _0\"></span>af<span class=\"_ _7\"></span>fect <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Balti<span class=\"_ _7\"></span>c <span class=\"_ _0\"></span>states <span class=\"_ _1\"></span>(<span class=\"_ _6\"></span>EU<span class=\"_ _7\"></span>R 75,481,<span class=\"_ _7\"></span>000) <span class=\"_ _0\"></span>(Ext<span class=\"_ _7\"></span>ended <span class=\"_ _1\"></span>CEE <span class=\"_ _0\"></span>segm<span class=\"_ _7\"></span>ent) </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs192e\">CGU gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up. The imp<span class=\"_ _2\"></span>airments i<span class=\"_ _7\"></span>n the B<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ltic st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tes ar<span class=\"_ _2\"></span>e the r<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>ult of far mo<span class=\"_ _2\"></span>re cons<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rv<span class=\"_ _7\"></span>ative ass<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>ns abou<span class=\"_ _7\"></span>t dist<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ibutio<span class=\"_ _7\"></span>ns i<span class=\"_ _7\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs192f\">conjunctio<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>switc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ing <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>IFRS 17 <span class=\"_ _e\"></span>accou<span class=\"_ _7\"></span>nting <span class=\"_ _2\"></span>stan<span class=\"_ _7\"></span>dar<span class=\"_ _7\"></span>d. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ments <span class=\"_ _e\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>financial<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _10\"></span>predo<span class=\"_ _7\"></span>min<span class=\"_ _7\"></span>antly <span class=\"_ _10\"></span>affec<span class=\"_ _2\"></span>ted </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1930\">the <span class=\"_ _1\"></span>Alba<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ia <span class=\"_ _6\"></span>incl. <span class=\"_ _6\"></span>Kosovo (<span class=\"_ _6\"></span>EU<span class=\"_ _7\"></span>R 13,624,0<span class=\"_ _7\"></span>00) <span class=\"_ _6\"></span>(Extended <span class=\"_ _6\"></span>C<span class=\"_ _7\"></span>EE <span class=\"_ _6\"></span>segment) <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>North <span class=\"_ _6\"></span>Macedo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ia <span class=\"_ _6\"></span>(EUR 12,55<span class=\"_ _7\"></span>3,000<span class=\"_ _2\"></span>) <span class=\"_ _1\"></span>(Extended<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1931\">CEE segm<span class=\"_ _7\"></span>ent<span class=\"_ _7\"></span>) CGU g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps.<span class=\"_ _7\"></span> </div>G<span class=\"_ _3d5\"> </span>oo<span class=\"_ _6\"></span>dwill of CGU<span class=\"_ _6\"></span> units (bo<span class=\"_ _6\"></span>ok values<span class=\"_ _6\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _226\"> </span><span class=\"fsf\">31/12/2<span class=\"_ _6\"></span>023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _204\"> </span>301,716<span class=\"_ _3d5\"> </span>301,716<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _2dc\"> </span>456,516<span class=\"_ _3d5\"> </span>468,097<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _299\"> </span>151,449<span class=\"_ _3d5\"> </span>140,560<span class=\"_ _3d5\"> </span>Bal<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c st<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _236\"> </span>0<span class=\"_ _3d5\"> </span>75,481<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>124,354<span class=\"_ _3d5\"> </span>124,354<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>131<span class=\"_ _6\"></span>,227<span class=\"_ _3d5\"> </span>111,257<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>195,576<span class=\"_ _3d5\"> </span>186,759<span class=\"_ _3d5\"> </span>Gr<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _260\"> </span>1<span class=\"_ _6\"></span>0,527<span class=\"_ _3d5\"> </span>30,497<span class=\"_ _3d5\"> </span>Total <span class=\"_ _204\"> </span>1,37<span class=\"_ _6\"></span>1,365<span class=\"_ _3d5\"> </span>1,438,72<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>The Sl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vakian <span class=\"_ _2\"></span>pension <span class=\"_ _2\"></span>compan<span class=\"_ _7\"></span>y K<span class=\"_ _7\"></span>OOPE<span class=\"_ _7\"></span>RA<span class=\"_ _10\"></span>TIV<span class=\"_ _2\"></span>A, <span class=\"_ _7\"></span>d.s.s., <span class=\"_ _2\"></span>a.s. <span class=\"_ _2\"></span>(formerly 3<span class=\"_ _7\"></span>65.li<span class=\"_ _7\"></span>fe) <span class=\"_ _2\"></span>wa<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>ed f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the C<span class=\"_ _2\"></span>GU <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>Gro<span class=\"_ _7\"></span>up Functions <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o t<span class=\"_ _7\"></span>he CGU <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p Slov<span class=\"_ _7\"></span>akia in <span class=\"_ _7\"></span>the fin<span class=\"_ _7\"></span>ancial y<span class=\"_ _7\"></span>ear<span class=\"_ _10\"></span>. Impairment<span class=\"_ _6\"></span> and recove<span class=\"_ _1\"></span>rable amo<span class=\"_ _6\"></span>unts for<span class=\"_ _6\"></span> CGU <span class=\"_ _6\"></span>groups<span class=\"_ _6\"></span> Reporta<span class=\"_ _6\"></span>ble segment<span class=\"_ _6\"></span> 2023 <span class=\"_ _1e8\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 </span>  <span class=\"_ _2dd\"> </span><span class=\"fsf\">Impairm<span class=\"_ _6\"></span>ents<span class=\"_ _3d5\"> </span></span>Recoverable<span class=\"_ _6\"></span> amount<span class=\"_ _3d5\"> </span>Impairm<span class=\"_ _6\"></span>ents<span class=\"_ _3d5\"> </span>Recoverable<span class=\"_ _6\"></span> amount<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>l. <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span>Extended CEE<span class=\"_ _6\"></span> <span class=\"_ _196\"> </span> 13,624<span class=\"_ _3d5\"> </span>22,037<span class=\"_ _3d5\"> </span>Bal<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c st<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>Exten<span class=\"_ _6\"></span>ded CEE<span class=\"_ _6\"></span> <span class=\"_ _18\"> </span>75,481<span class=\"_ _3d5\"> </span>231,883<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rth<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ced<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _2de\"> </span>Extended<span class=\"_ _6\"></span> CEE <span class=\"_ _196\"> </span> 12,553<span class=\"_ _3d5\"> </span>27,172<span class=\"_ _3d5\"> </span>Impairm<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>statemen<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>as a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>separat<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>item betwee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>subtotal, busi<span class=\"_ _7\"></span>ness <span class=\"_ _1\"></span>oper<span class=\"_ _7\"></span>ating resu<span class=\"_ _7\"></span>lt and t<span class=\"_ _7\"></span>he result <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e taxes.<span class=\"_ _3d5\"> </span>The base rate befor<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>infla<span class=\"_ _7\"></span>tion dif<span class=\"_ _2\"></span>ferentials <span class=\"_ _7\"></span>was <span class=\"_ _6\"></span>2.22<span class=\"_ _2\"></span>% <span class=\"_ _6\"></span>(2.36<span class=\"_ _7\"></span>%). The market<span class=\"_ _7\"></span> r<span class=\"_ _6\"></span>isk of<span class=\"_ _7\"></span> 7.53% (7.14<span class=\"_ _7\"></span>%) was multipli<span class=\"_ _7\"></span>ed by a beta factor of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>0.90 <span class=\"_ _2\"></span>(0.87) <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>was <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>alculat<span class=\"_ _7\"></span>ed b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a <span class=\"_ _2\"></span>specifi<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>pe<span class=\"_ _6\"></span>er <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulation <span class=\"_ _2\"></span>of th<span class=\"_ _7\"></span>e di<span class=\"_ _7\"></span>scount <span class=\"_ _2\"></span>rates i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>based <span class=\"_ _10\"></span>on pre-<span class=\"_ _7\"></span>tax par<span class=\"_ _7\"></span>amete<span class=\"_ _7\"></span>rs.<span class=\"_ _3d5\"> </span><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1936\">Key calculatio<span class=\"_ _6\"></span>n para<span class=\"_ _6\"></span>mete<span class=\"_ _6\"></span>rs <span class=\"_ _20a\"> </span><span class=\"fsf\">Discount r<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>s <span class=\"_ _3e\"> </span>Coun<span class=\"_ _7\"></span>try risk<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>L<span class=\"_ _6\"></span>ong-ter<span class=\"_ _6\"></span>m growth ra<span class=\"_ _6\"></span>te </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1937\">  <span class=\"_ _57\"> </span><span class=\"fsf\">202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1938\">2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1939\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs193a\">2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs193b\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs193c\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w2a h28 gs193d\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs193e\">Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1ef\"> </span>9.<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs193f\">9.25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1940\">0.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1941\">0.69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1942\">1.50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1943\">1.50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1944\">Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _1f3\"> </span>9.64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1945\">9.11<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1946\">0.88<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1947\">1.03<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1948\">3.67\u2013<span class=\"_ _6\"></span>4.87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1949\">3.60\u2013<span class=\"_ _6\"></span>5.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs194a\">Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _58\"> </span>1<span class=\"_ _6\"></span>1.52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs194b\">11.22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs194c\">1.24<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs194d\">1.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs194e\">5.87\u2013<span class=\"_ _6\"></span>7.43<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs194f\">5.79\u2013<span class=\"_ _6\"></span>7.29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1950\">Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>l. <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span> <span class=\"_ _20f\"> </span>15.98<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1951\">16.02<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1952\">6.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1953\">7.77<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1954\">6.60<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1955\">6.41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1956\">Bal<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c st<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1da\"> </span>1<span class=\"_ _6\"></span>0.30<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1957\">10.15<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1958\">1.34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1959\">1.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs195a\">5.00\u2013<span class=\"_ _6\"></span>7.51<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs195b\">5.20\u2013<span class=\"_ _6\"></span>6.69<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs195c\">Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _143\"> </span>18.29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs195d\">19.65<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs195e\">9.51<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs195f\">11.22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1960\">5.49\u2013<span class=\"_ _6\"></span>7.32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1961\">5.55\u2013<span class=\"_ _6\"></span>7.47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1962\">Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>11.09<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1963\">10.52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1964\">2.34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1965\">2.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1966\">5.75\u2013<span class=\"_ _6\"></span>6.37<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1967\">5.64\u2013<span class=\"_ _6\"></span>6.18<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1968\">Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _2df\"> </span>11.74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1969\">12.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs196a\">2.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs196b\">3.29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs196c\">5.07\u2013<span class=\"_ _6\"></span>7.34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs196d\">5.12\u2013<span class=\"_ _6\"></span>7.54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs196e\">Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>a <span class=\"_ _282\"> </span>21.23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs196f\">22.50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1970\">9.51<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1971\">11.22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1972\">8.33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1973\">8.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1974\">No<span class=\"_ _6\"></span>rth<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ced<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _2e0\"> </span>14.02<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1975\">14.28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1976\">5.26<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1977\">6.21<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1978\">5.85<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1979\">5.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs197a\">Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1dc\"> </span>13<span class=\"_ _6\"></span>.06<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs197b\">13.22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs197c\">3.21<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs197d\">3.79<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs197e\">5.38\u2013<span class=\"_ _6\"></span>7.82<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs197f\">5.60\u2013<span class=\"_ _6\"></span>7.91<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1980\">Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _1b3\"> </span>1<span class=\"_ _6\"></span>4.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1981\">14.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1982\">4.40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1983\">5.19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1984\">5.69\u2013<span class=\"_ _6\"></span>7.51<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1985\">5.78\u2013<span class=\"_ _6\"></span>7.57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1986\">Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>10.20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1987\">10.02<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1988\">1.24<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1989\">1.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs198a\">5.07\u2013<span class=\"_ _6\"></span>5.33<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs198b\">5.77\u2013<span class=\"_ _6\"></span>6.03<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs198c\">Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _15d\"> </span>30.9<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs198d\">40.82<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs198e\">17.55<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs198f\">17.26<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1990\">10.06\u2013<span class=\"_ _6\"></span>13.08<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1991\">15.03\u2013<span class=\"_ _6\"></span>18.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1992\">Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _282\"> </span>1<span class=\"_ _6\"></span>3.29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1993\">13.34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1994\">2.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1995\">3.29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1996\">6.68\u2013<span class=\"_ _6\"></span>6.71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1997\">6.55\u2013<span class=\"_ _6\"></span>6.59<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1998\">Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _15d\"> </span>8.96<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1999\">8.56<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs199a\">0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs199b\">0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs199c\">1.50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs199d\">1.50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs199e\">Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _214\"> </span>14.12<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs199f\">14.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19a0\">4.40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19a1\">5.19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19a2\">6.53<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19a3\">6.12<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19a4\">Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span>8.9<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19a5\">8.56<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19a6\">0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19a7\">0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19a8\">1.50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19a9\">1.50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19aa\">T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _213\"> </span>6<span class=\"_ _6\"></span>1.41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19ab\">37.79<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19ac\">9.51<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19ad\">11.22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19ae\">26.35\u2013<span class=\"_ _6\"></span>29.20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19af\">14.55\u2013<span class=\"_ _6\"></span>17.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19b0\">Gr<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1a0\"> </span>9.54\u2013<span class=\"_ _6\"></span>14.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19b1\">9.25\u2013<span class=\"_ _6\"></span>14.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19b2\">0.58\u2013<span class=\"_ _6\"></span>4.40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19b3\">0.69\u2013<span class=\"_ _6\"></span>5.19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19b4\">1.50\u2013<span class=\"_ _6\"></span>7.51<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19b5\">1.50\u2013<span class=\"_ _6\"></span>7.57<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs19b6\">The aver<span class=\"_ _7\"></span>age i<span class=\"_ _7\"></span>ncreas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of th<span class=\"_ _7\"></span>e disco<span class=\"_ _7\"></span>unt rat<span class=\"_ _7\"></span>e is prima<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ily t<span class=\"_ _7\"></span>he res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt of th<span class=\"_ _7\"></span>e high<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r mark<span class=\"_ _7\"></span>et risk.<span class=\"_ _7\"></span>  </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs19b7\">Sensitivitie<span class=\"_ _6\"></span>s </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs19b8\">Additional<span class=\"_ _6\"></span> impair<span class=\"_ _6\"></span>ment nee<span class=\"_ _6\"></span>ded<span class=\"_ _6\"></span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19b9\">Cash flows<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19ba\">Growth ra<span class=\"_ _6\"></span>te<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19bb\">Discount ra<span class=\"_ _6\"></span>te<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19bc\">Cash flows a<span class=\"_ _6\"></span>nd </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19bd\">discount r<span class=\"_ _6\"></span>ate</div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs19be\">  <span class=\"_ _2e1\"> </span><span class=\"fsf\">-10%<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19bf\">-1%p<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19c0\">+1%p<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19c1\">-10% a<span class=\"_ _6\"></span>nd +1%p<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs19c2\"><div class=\"t m0 x0 h29 y3f5 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs19c3\"><div class=\"t m0 x0 h29 y3f5 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19c4\">Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _122\"> </span>0 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19c5\">0 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19c6\">0 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19c7\">-39,977<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19c8\">Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>-37,005<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19c9\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19ca\">-34,617<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19cb\">-91,740</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-9": {
   "value": "3.<span class=\"ff4a\"> </span>GOODWILL The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.5. Go<span class=\"_ _7\"></span>odwill<span class=\"_ _7\"></span> starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 17<span class=\"_ _7\"></span>1.<span class=\"_ _7\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _24c\"> </span>2,090,712<span class=\"_ _3d5\"> </span>1,886,33<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>imp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>us <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ear<span class=\"_ _6\"></span> <span class=\"_ _100\"> </span>-6<span class=\"_ _6\"></span>51,991<span class=\"_ _3d5\"> </span>-626,109<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>1,<span class=\"_ _6\"></span>438,721<span class=\"_ _3d5\"> </span>1,260,22<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d7\"> </span>8,283<span class=\"_ _3d5\"> </span>-4,026<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d8\"> </span>0<span class=\"_ _3d5\"> </span>208,882<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d9\"> </span>-75,639<span class=\"_ _3d5\"> </span>-26,361<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2da\"> </span>1,371,36<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,438,72<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>imp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/12<span class=\"_ _6\"></span> <span class=\"_ _229\"> </span>728,49<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>651,991<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2db\"> </span>2,099,86<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>2,090,71<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>The <span class=\"_ _f\"> </span>additions <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>pre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ious <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>mai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly <span class=\"_ _f\"> </span>result<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _f\"> </span>acquisiti<span class=\"_ _7\"></span>ons <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Alfa <span class=\"_ _f\"> </span>(Hungary<span class=\"_ _7\"></span>) <span class=\"_ _f\"> </span>(<span class=\"_ _6\"></span>form<span class=\"_ _7\"></span>erly <span class=\"_ _f\"> </span>Aego<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>Hungary) (EUR 188,573<span class=\"_ _7\"></span>,000<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> and <span class=\"_ _7\"></span>the Slo<span class=\"_ _7\"></span>vakia<span class=\"_ _7\"></span>n pensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> comp<span class=\"_ _7\"></span>any KO<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>PERA<span class=\"_ _e\"></span>TIV<span class=\"_ _2\"></span>A, d.s.s., a.s. <span class=\"_ _2\"></span>(formerly 365.l<span class=\"_ _2\"></span>ife) (EUR 19<span class=\"_ _7\"></span>,970,0<span class=\"_ _7\"></span>00)<span class=\"_ _7\"></span>. The <span class=\"_ _0\"></span>impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _1\"></span>year <span class=\"_ _0\"></span>predomi<span class=\"_ _2\"></span>nantly <span class=\"_ _0\"></span>af<span class=\"_ _7\"></span>fect <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Balti<span class=\"_ _7\"></span>c <span class=\"_ _0\"></span>states <span class=\"_ _1\"></span>(<span class=\"_ _6\"></span>EU<span class=\"_ _7\"></span>R 75,481,<span class=\"_ _7\"></span>000) <span class=\"_ _0\"></span>(Ext<span class=\"_ _7\"></span>ended <span class=\"_ _1\"></span>CEE <span class=\"_ _0\"></span>segm<span class=\"_ _7\"></span>ent) CGU gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up. The imp<span class=\"_ _2\"></span>airments i<span class=\"_ _7\"></span>n the B<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ltic st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tes ar<span class=\"_ _2\"></span>e the r<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>ult of far mo<span class=\"_ _2\"></span>re cons<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rv<span class=\"_ _7\"></span>ative ass<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>ns abou<span class=\"_ _7\"></span>t dist<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ibutio<span class=\"_ _7\"></span>ns i<span class=\"_ _7\"></span>n conjunctio<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>switc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ing <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>IFRS 17 <span class=\"_ _e\"></span>accou<span class=\"_ _7\"></span>nting <span class=\"_ _2\"></span>stan<span class=\"_ _7\"></span>dar<span class=\"_ _7\"></span>d. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ments <span class=\"_ _e\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>financial<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _10\"></span>predo<span class=\"_ _7\"></span>min<span class=\"_ _7\"></span>antly <span class=\"_ _10\"></span>affec<span class=\"_ _2\"></span>ted the <span class=\"_ _1\"></span>Alba<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ia <span class=\"_ _6\"></span>incl. <span class=\"_ _6\"></span>Kosovo (<span class=\"_ _6\"></span>EU<span class=\"_ _7\"></span>R 13,624,0<span class=\"_ _7\"></span>00) <span class=\"_ _6\"></span>(Extended <span class=\"_ _6\"></span>C<span class=\"_ _7\"></span>EE <span class=\"_ _6\"></span>segment) <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>North <span class=\"_ _6\"></span>Macedo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ia <span class=\"_ _6\"></span>(EUR 12,55<span class=\"_ _7\"></span>3,000<span class=\"_ _2\"></span>) <span class=\"_ _1\"></span>(Extended<span class=\"_ _2\"></span> CEE segm<span class=\"_ _7\"></span>ent<span class=\"_ _7\"></span>) CGU g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps.<span class=\"_ _7\"></span> G<span class=\"_ _3d5\"> </span>oo<span class=\"_ _6\"></span>dwill of CGU<span class=\"_ _6\"></span> units (bo<span class=\"_ _6\"></span>ok values<span class=\"_ _6\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _226\"> </span><span class=\"fsf\">31/12/2<span class=\"_ _6\"></span>023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _204\"> </span>301,716<span class=\"_ _3d5\"> </span>301,716<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _2dc\"> </span>456,516<span class=\"_ _3d5\"> </span>468,097<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _299\"> </span>151,449<span class=\"_ _3d5\"> </span>140,560<span class=\"_ _3d5\"> </span>Bal<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c st<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _236\"> </span>0<span class=\"_ _3d5\"> </span>75,481<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>124,354<span class=\"_ _3d5\"> </span>124,354<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>131<span class=\"_ _6\"></span>,227<span class=\"_ _3d5\"> </span>111,257<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>195,576<span class=\"_ _3d5\"> </span>186,759<span class=\"_ _3d5\"> </span>Gr<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _260\"> </span>1<span class=\"_ _6\"></span>0,527<span class=\"_ _3d5\"> </span>30,497<span class=\"_ _3d5\"> </span>Total <span class=\"_ _204\"> </span>1,37<span class=\"_ _6\"></span>1,365<span class=\"_ _3d5\"> </span>1,438,72<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>The Sl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vakian <span class=\"_ _2\"></span>pension <span class=\"_ _2\"></span>compan<span class=\"_ _7\"></span>y K<span class=\"_ _7\"></span>OOPE<span class=\"_ _7\"></span>RA<span class=\"_ _10\"></span>TIV<span class=\"_ _2\"></span>A, <span class=\"_ _7\"></span>d.s.s., <span class=\"_ _2\"></span>a.s. <span class=\"_ _2\"></span>(formerly 3<span class=\"_ _7\"></span>65.li<span class=\"_ _7\"></span>fe) <span class=\"_ _2\"></span>wa<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>ed f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the C<span class=\"_ _2\"></span>GU <span class=\"_ _2\"></span>Group <span class=\"_ _2\"></span>Gro<span class=\"_ _7\"></span>up Functions <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o t<span class=\"_ _7\"></span>he CGU <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p Slov<span class=\"_ _7\"></span>akia in <span class=\"_ _7\"></span>the fin<span class=\"_ _7\"></span>ancial y<span class=\"_ _7\"></span>ear<span class=\"_ _10\"></span>. Impairment<span class=\"_ _6\"></span> and recove<span class=\"_ _1\"></span>rable amo<span class=\"_ _6\"></span>unts for<span class=\"_ _6\"></span> CGU <span class=\"_ _6\"></span>groups<span class=\"_ _6\"></span> Reporta<span class=\"_ _6\"></span>ble segment<span class=\"_ _6\"></span> 2023 <span class=\"_ _1e8\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22 </span>  <span class=\"_ _2dd\"> </span><span class=\"fsf\">Impairm<span class=\"_ _6\"></span>ents<span class=\"_ _3d5\"> </span></span>Recoverable<span class=\"_ _6\"></span> amount<span class=\"_ _3d5\"> </span>Impairm<span class=\"_ _6\"></span>ents<span class=\"_ _3d5\"> </span>Recoverable<span class=\"_ _6\"></span> amount<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>l. <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span>Extended CEE<span class=\"_ _6\"></span> <span class=\"_ _196\"> </span> 13,624<span class=\"_ _3d5\"> </span>22,037<span class=\"_ _3d5\"> </span>Bal<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c st<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f7\"> </span>Exten<span class=\"_ _6\"></span>ded CEE<span class=\"_ _6\"></span> <span class=\"_ _18\"> </span>75,481<span class=\"_ _3d5\"> </span>231,883<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rth<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ced<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _2de\"> </span>Extended<span class=\"_ _6\"></span> CEE <span class=\"_ _196\"> </span> 12,553<span class=\"_ _3d5\"> </span>27,172<span class=\"_ _3d5\"> </span>Impairm<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>statemen<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>as a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>separat<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>item betwee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>subtotal, busi<span class=\"_ _7\"></span>ness <span class=\"_ _1\"></span>oper<span class=\"_ _7\"></span>ating resu<span class=\"_ _7\"></span>lt and t<span class=\"_ _7\"></span>he result <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e taxes.<span class=\"_ _3d5\"> </span> <span class=\"_ _2\"></span> The base rate befor<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>infla<span class=\"_ _7\"></span>tion dif<span class=\"_ _2\"></span>ferentials <span class=\"_ _7\"></span>was <span class=\"_ _6\"></span>2.22<span class=\"_ _2\"></span>% <span class=\"_ _6\"></span>(2.36<span class=\"_ _7\"></span>%). The market<span class=\"_ _7\"></span> r<span class=\"_ _6\"></span>isk of<span class=\"_ _7\"></span> 7.53% (7.14<span class=\"_ _7\"></span>%) was multipli<span class=\"_ _7\"></span>ed by a beta factor of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>0.90 <span class=\"_ _2\"></span>(0.87) <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>was <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>alculat<span class=\"_ _7\"></span>ed b<span class=\"_ _2\"></span>ased o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a <span class=\"_ _2\"></span>specifi<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>pe<span class=\"_ _6\"></span>er <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulation <span class=\"_ _2\"></span>of th<span class=\"_ _7\"></span>e di<span class=\"_ _7\"></span>scount <span class=\"_ _2\"></span>rates i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>based <span class=\"_ _10\"></span>on pre-<span class=\"_ _7\"></span>tax par<span class=\"_ _7\"></span>amete<span class=\"_ _7\"></span>rs.<span class=\"_ _3d5\"> </span>Key calculatio<span class=\"_ _6\"></span>n para<span class=\"_ _6\"></span>mete<span class=\"_ _6\"></span>rs <span class=\"_ _20a\"> </span><span class=\"fsf\">Discount r<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>s <span class=\"_ _3e\"> </span>Coun<span class=\"_ _7\"></span>try risk<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>L<span class=\"_ _6\"></span>ong-ter<span class=\"_ _6\"></span>m growth ra<span class=\"_ _6\"></span>te </span>  <span class=\"_ _57\"> </span><span class=\"fsf\">202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1ef\"> </span>9.<span class=\"_ _6\"></span>54<span class=\"_ _3d5\"> </span>9.25<span class=\"_ _3d5\"> </span>0.58<span class=\"_ _3d5\"> </span>0.69<span class=\"_ _3d5\"> </span>1.50<span class=\"_ _3d5\"> </span>1.50<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _1f3\"> </span>9.64<span class=\"_ _3d5\"> </span>9.11<span class=\"_ _3d5\"> </span>0.88<span class=\"_ _3d5\"> </span>1.03<span class=\"_ _3d5\"> </span>3.67\u2013<span class=\"_ _6\"></span>4.87<span class=\"_ _3d5\"> </span>3.60\u2013<span class=\"_ _6\"></span>5.46<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _58\"> </span>1<span class=\"_ _6\"></span>1.52<span class=\"_ _3d5\"> </span>11.22<span class=\"_ _3d5\"> </span>1.24<span class=\"_ _3d5\"> </span>1.46<span class=\"_ _3d5\"> </span>5.87\u2013<span class=\"_ _6\"></span>7.43<span class=\"_ _3d5\"> </span>5.79\u2013<span class=\"_ _6\"></span>7.29<span class=\"_ _3d5\"> </span>Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>l. <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span> <span class=\"_ _20f\"> </span>15.98<span class=\"_ _3d5\"> </span>16.02<span class=\"_ _3d5\"> </span>6.58<span class=\"_ _3d5\"> </span>7.77<span class=\"_ _3d5\"> </span>6.60<span class=\"_ _3d5\"> </span>6.41<span class=\"_ _3d5\"> </span>Bal<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c st<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1da\"> </span>1<span class=\"_ _6\"></span>0.30<span class=\"_ _3d5\"> </span>10.15<span class=\"_ _3d5\"> </span>1.34<span class=\"_ _3d5\"> </span>1.58<span class=\"_ _3d5\"> </span>5.00\u2013<span class=\"_ _6\"></span>7.51<span class=\"_ _3d5\"> </span>5.20\u2013<span class=\"_ _6\"></span>6.69<span class=\"_ _3d5\"> </span>Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _143\"> </span>18.29<span class=\"_ _3d5\"> </span>19.65<span class=\"_ _3d5\"> </span>9.51<span class=\"_ _3d5\"> </span>11.22<span class=\"_ _3d5\"> </span>5.49\u2013<span class=\"_ _6\"></span>7.32<span class=\"_ _3d5\"> </span>5.55\u2013<span class=\"_ _6\"></span>7.47<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>11.09<span class=\"_ _3d5\"> </span>10.52<span class=\"_ _3d5\"> </span>2.34<span class=\"_ _3d5\"> </span>2.76<span class=\"_ _3d5\"> </span>5.75\u2013<span class=\"_ _6\"></span>6.37<span class=\"_ _3d5\"> </span>5.64\u2013<span class=\"_ _6\"></span>6.18<span class=\"_ _3d5\"> </span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _2df\"> </span>11.74<span class=\"_ _3d5\"> </span>12.00<span class=\"_ _3d5\"> </span>2.78<span class=\"_ _3d5\"> </span>3.29<span class=\"_ _3d5\"> </span>5.07\u2013<span class=\"_ _6\"></span>7.34<span class=\"_ _3d5\"> </span>5.12\u2013<span class=\"_ _6\"></span>7.54<span class=\"_ _3d5\"> </span>Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>a <span class=\"_ _282\"> </span>21.23<span class=\"_ _3d5\"> </span>22.50<span class=\"_ _3d5\"> </span>9.51<span class=\"_ _3d5\"> </span>11.22<span class=\"_ _3d5\"> </span>8.33<span class=\"_ _3d5\"> </span>8.78<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rth<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ced<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _2e0\"> </span>14.02<span class=\"_ _3d5\"> </span>14.28<span class=\"_ _3d5\"> </span>5.26<span class=\"_ _3d5\"> </span>6.21<span class=\"_ _3d5\"> </span>5.85<span class=\"_ _3d5\"> </span>5.75<span class=\"_ _3d5\"> </span>Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1dc\"> </span>13<span class=\"_ _6\"></span>.06<span class=\"_ _3d5\"> </span>13.22<span class=\"_ _3d5\"> </span>3.21<span class=\"_ _3d5\"> </span>3.79<span class=\"_ _3d5\"> </span>5.38\u2013<span class=\"_ _6\"></span>7.82<span class=\"_ _3d5\"> </span>5.60\u2013<span class=\"_ _6\"></span>7.91<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _1b3\"> </span>1<span class=\"_ _6\"></span>4.46<span class=\"_ _3d5\"> </span>14.75<span class=\"_ _3d5\"> </span>4.40<span class=\"_ _3d5\"> </span>5.19<span class=\"_ _3d5\"> </span>5.69\u2013<span class=\"_ _6\"></span>7.51<span class=\"_ _3d5\"> </span>5.78\u2013<span class=\"_ _6\"></span>7.57<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>10.20<span class=\"_ _3d5\"> </span>10.02<span class=\"_ _3d5\"> </span>1.24<span class=\"_ _3d5\"> </span>1.46<span class=\"_ _3d5\"> </span>5.07\u2013<span class=\"_ _6\"></span>5.33<span class=\"_ _3d5\"> </span>5.77\u2013<span class=\"_ _6\"></span>6.03<span class=\"_ _3d5\"> </span>Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _15d\"> </span>30.9<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>40.82<span class=\"_ _3d5\"> </span>17.55<span class=\"_ _3d5\"> </span>17.26<span class=\"_ _3d5\"> </span>10.06\u2013<span class=\"_ _6\"></span>13.08<span class=\"_ _3d5\"> </span>15.03\u2013<span class=\"_ _6\"></span>18.36<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _282\"> </span>1<span class=\"_ _6\"></span>3.29<span class=\"_ _3d5\"> </span>13.34<span class=\"_ _3d5\"> </span>2.78<span class=\"_ _3d5\"> </span>3.29<span class=\"_ _3d5\"> </span>6.68\u2013<span class=\"_ _6\"></span>6.71<span class=\"_ _3d5\"> </span>6.55\u2013<span class=\"_ _6\"></span>6.59<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _15d\"> </span>8.96<span class=\"_ _3d5\"> </span>8.56<span class=\"_ _3d5\"> </span>0.00<span class=\"_ _3d5\"> </span>0.00<span class=\"_ _3d5\"> </span>1.50<span class=\"_ _3d5\"> </span>1.50<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _214\"> </span>14.12<span class=\"_ _3d5\"> </span>14.00<span class=\"_ _3d5\"> </span>4.40<span class=\"_ _3d5\"> </span>5.19<span class=\"_ _3d5\"> </span>6.53<span class=\"_ _3d5\"> </span>6.12<span class=\"_ _3d5\"> </span>Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _10d\"> </span>8.9<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>8.56<span class=\"_ _3d5\"> </span>0.00<span class=\"_ _3d5\"> </span>0.00<span class=\"_ _3d5\"> </span>1.50<span class=\"_ _3d5\"> </span>1.50<span class=\"_ _3d5\"> </span>T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _213\"> </span>6<span class=\"_ _6\"></span>1.41<span class=\"_ _3d5\"> </span>37.79<span class=\"_ _3d5\"> </span>9.51<span class=\"_ _3d5\"> </span>11.22<span class=\"_ _3d5\"> </span>26.35\u2013<span class=\"_ _6\"></span>29.20<span class=\"_ _3d5\"> </span>14.55\u2013<span class=\"_ _6\"></span>17.00<span class=\"_ _3d5\"> </span>Gr<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1a0\"> </span>9.54\u2013<span class=\"_ _6\"></span>14.46<span class=\"_ _3d5\"> </span>9.25\u2013<span class=\"_ _6\"></span>14.75<span class=\"_ _3d5\"> </span>0.58\u2013<span class=\"_ _6\"></span>4.40<span class=\"_ _3d5\"> </span>0.69\u2013<span class=\"_ _6\"></span>5.19<span class=\"_ _3d5\"> </span>1.50\u2013<span class=\"_ _6\"></span>7.51<span class=\"_ _3d5\"> </span>1.50\u2013<span class=\"_ _6\"></span>7.57<span class=\"_ _3d5\"> </span>The aver<span class=\"_ _7\"></span>age i<span class=\"_ _7\"></span>ncreas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of th<span class=\"_ _7\"></span>e disco<span class=\"_ _7\"></span>unt rat<span class=\"_ _7\"></span>e is prima<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ily t<span class=\"_ _7\"></span>he res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt of th<span class=\"_ _7\"></span>e high<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r mark<span class=\"_ _7\"></span>et risk.<span class=\"_ _7\"></span>  Sensitivitie<span class=\"_ _6\"></span>s Additional<span class=\"_ _6\"></span> impair<span class=\"_ _6\"></span>ment nee<span class=\"_ _6\"></span>ded<span class=\"_ _6\"></span> Cash flows<span class=\"_ _3d5\"> </span>Growth ra<span class=\"_ _6\"></span>te<span class=\"_ _3d5\"> </span>Discount ra<span class=\"_ _6\"></span>te<span class=\"_ _3d5\"> </span>Cash flows a<span class=\"_ _6\"></span>nd discount r<span class=\"_ _6\"></span>ate  <span class=\"_ _2e1\"> </span><span class=\"fsf\">-10%<span class=\"_ _3d5\"> </span></span>-1%p<span class=\"_ _3d5\"> </span>+1%p<span class=\"_ _3d5\"> </span>-10% a<span class=\"_ _6\"></span>nd +1%p<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _122\"> </span>0 0 0 -39,977<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>-37,005<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-34,617<span class=\"_ _3d5\"> </span>-91,740",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-476": {
   "value": "Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _24c\"> </span>2,090,712<span class=\"_ _3d5\"> </span>1,886,33<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>imp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>us <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ear<span class=\"_ _6\"></span> <span class=\"_ _100\"> </span>-6<span class=\"_ _6\"></span>51,991<span class=\"_ _3d5\"> </span>-626,109<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>1,<span class=\"_ _6\"></span>438,721<span class=\"_ _3d5\"> </span>1,260,22<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d7\"> </span>8,283<span class=\"_ _3d5\"> </span>-4,026<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d8\"> </span>0<span class=\"_ _3d5\"> </span>208,882<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d9\"> </span>-75,639<span class=\"_ _3d5\"> </span>-26,361<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2da\"> </span>1,371,36<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,438,72<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>imp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/12<span class=\"_ _6\"></span> <span class=\"_ _229\"> </span>728,49<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>651,991<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2db\"> </span>2,099,86<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>2,090,71<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>The <span class=\"_ _f\"> </span>additions <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>pre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ious <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>mai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly <span class=\"_ _f\"> </span>result<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _f\"> </span>acquisiti<span class=\"_ _7\"></span>ons <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Alfa <span class=\"_ _f\"> </span>(Hungary<span class=\"_ _7\"></span>) <span class=\"_ _f\"> </span>(<span class=\"_ _6\"></span>form<span class=\"_ _7\"></span>erly <span class=\"_ _f\"> </span>Aego<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>Hungary) (EUR 188,573<span class=\"_ _7\"></span>,000<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> and <span class=\"_ _7\"></span>the Slo<span class=\"_ _7\"></span>vakia<span class=\"_ _7\"></span>n pensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> comp<span class=\"_ _7\"></span>any KO<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>PERA<span class=\"_ _e\"></span>TIV<span class=\"_ _2\"></span>A, d.s.s., a.s. <span class=\"_ _2\"></span>(formerly 365.l<span class=\"_ _2\"></span>ife) (EUR 19<span class=\"_ _7\"></span>,970,0<span class=\"_ _7\"></span>00)<span class=\"_ _7\"></span>. The <span class=\"_ _0\"></span>impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _1\"></span>year <span class=\"_ _0\"></span>predomi<span class=\"_ _2\"></span>nantly <span class=\"_ _0\"></span>af<span class=\"_ _7\"></span>fect <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Balti<span class=\"_ _7\"></span>c <span class=\"_ _0\"></span>states <span class=\"_ _1\"></span>(<span class=\"_ _6\"></span>EU<span class=\"_ _7\"></span>R 75,481,<span class=\"_ _7\"></span>000) <span class=\"_ _0\"></span>(Ext<span class=\"_ _7\"></span>ended <span class=\"_ _1\"></span>CEE <span class=\"_ _0\"></span>segm<span class=\"_ _7\"></span>ent) CGU gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up. The imp<span class=\"_ _2\"></span>airments i<span class=\"_ _7\"></span>n the B<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ltic st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tes ar<span class=\"_ _2\"></span>e the r<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>ult of far mo<span class=\"_ _2\"></span>re cons<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rv<span class=\"_ _7\"></span>ative ass<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>ns abou<span class=\"_ _7\"></span>t dist<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ibutio<span class=\"_ _7\"></span>ns i<span class=\"_ _7\"></span>n conjunctio<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>switc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ing <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>IFRS 17 <span class=\"_ _e\"></span>accou<span class=\"_ _7\"></span>nting <span class=\"_ _2\"></span>stan<span class=\"_ _7\"></span>dar<span class=\"_ _7\"></span>d. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ments <span class=\"_ _e\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>financial<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _10\"></span>predo<span class=\"_ _7\"></span>min<span class=\"_ _7\"></span>antly <span class=\"_ _10\"></span>affec<span class=\"_ _2\"></span>ted the <span class=\"_ _1\"></span>Alba<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ia <span class=\"_ _6\"></span>incl. <span class=\"_ _6\"></span>Kosovo (<span class=\"_ _6\"></span>EU<span class=\"_ _7\"></span>R 13,624,0<span class=\"_ _7\"></span>00) <span class=\"_ _6\"></span>(Extended <span class=\"_ _6\"></span>C<span class=\"_ _7\"></span>EE <span class=\"_ _6\"></span>segment) <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>North <span class=\"_ _6\"></span>Macedo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ia <span class=\"_ _6\"></span>(EUR 12,55<span class=\"_ _7\"></span>3,000<span class=\"_ _2\"></span>) <span class=\"_ _1\"></span>(Extended<span class=\"_ _2\"></span> CEE segm<span class=\"_ _7\"></span>ent<span class=\"_ _7\"></span>) CGU g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps.<div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1933\">Impairm<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>statemen<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>as a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>separat<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>item betwee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>subtotal, busi<span class=\"_ _7\"></span>ness <span class=\"_ _1\"></span>oper<span class=\"_ _7\"></span>ating resu<span class=\"_ _7\"></span>lt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1934\">and t<span class=\"_ _7\"></span>he result <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e taxes.<span class=\"_ _3d5\"> </span> <span class=\"_ _2\"></span> </div>5.1.<span class=\"ff4a\"> </span>Owner<span class=\"_ _2\"></span>-occupied<span class=\"_ _7\"></span> property Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>7<span class=\"_ _6\"></span>72,481<span class=\"_ _3d5\"> </span>763,957<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-289,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-291,936<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>482,841<span class=\"_ _3d5\"> </span>472,021<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _206\"> </span>-524<span class=\"_ _3d5\"> </span>3,568<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _25c\"> </span>-8,453<span class=\"_ _3d5\"> </span>-22,065<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>16,970<span class=\"_ _3d5\"> </span>12,369<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _2f0\"> </span>-954<span class=\"_ _3d5\"> </span>-1,788<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span>36,132<span class=\"_ _3d5\"> </span>Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-1<span class=\"_ _6\"></span>7,704<span class=\"_ _3d5\"> </span>-17,355<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span>-1<span class=\"_ _6\"></span>,226<span class=\"_ _3d5\"> </span>-41<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>470,95<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>482,841<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>301<span class=\"_ _6\"></span>,182<span class=\"_ _3d5\"> </span>289,640<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2f1\"> </span>772,132<span class=\"_ _3d5\"> </span>772,481<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Au<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2f2\"> </span>163,344<span class=\"_ _3d5\"> </span>168,523<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cze<span class=\"_ _6\"></span>ch R<span class=\"_ _1\"></span>epub<span class=\"_ _1\"></span>lic<span class=\"_ _6\"></span> <span class=\"_ _23f\"> </span>118,123<span class=\"_ _3d5\"> </span>126,263<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>olan<span class=\"_ _1\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _267\"> </span>11,667<span class=\"_ _3d5\"> </span>11,215<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>36,378<span class=\"_ _3d5\"> </span>34,925<span class=\"_ _3d5\"> </span><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1f02\">13.1.<span class=\"ff4a\"> </span>Pu<span class=\"_ _7\"></span>rchased software </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1f03\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f04\">2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1f05\"><div class=\"t m0 x0 h29 yeca ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1f06\"><div class=\"t m0 x0 h29 yeca ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f07\">Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>9<span class=\"_ _6\"></span>40,268<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f08\">1,441,53<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f09\">Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-494,15<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f0a\">-1,053,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f0b\">Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>446,118<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f0c\">388,363<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f0d\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _302\"> </span>562<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f0e\">-160<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f0f\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>-361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f10\">-5,179<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f11\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2e5\"> </span>1<span class=\"_ _6\"></span>20,481<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f12\">124,339<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f13\">Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _336\"> </span>-3,328<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f14\">-5,953<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f15\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f16\">23,967<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f17\">Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-8<span class=\"_ _6\"></span>0,498<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f18\">-79,259<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f19\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span>-6<span class=\"_ _6\"></span>,835<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f1a\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f1b\">Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>476,13<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f1c\">446,118<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f1d\">Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>572<span class=\"_ _6\"></span>,715<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f1e\">494,150<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f1f\">Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2db\"> </span>1,048,85<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f20\">940,268<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f21\">The imp<span class=\"_ _7\"></span>airments <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> due to sof<span class=\"_ _7\"></span>twa<span class=\"_ _7\"></span>re p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ckages <span class=\"_ _2\"></span>that are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o l<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ger bei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>used in Rom<span class=\"_ _2\"></span>ania and Pola<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d. </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1f22\">13.2.<span class=\"ff4a\"> </span>Other intang<span class=\"_ _7\"></span>ible assets<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1f23\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f24\">2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1f25\"><div class=\"t m0 x0 h29 y5cc ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1f26\"><div class=\"t m0 x0 h29 y5cc ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f27\">Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>3<span class=\"_ _6\"></span>19,274<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f28\">221,042<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f29\">Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-179,59<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f2a\">-140,118<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f2b\">Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>139,682<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f2c\">80,924<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f2d\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _24c\"> </span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f2e\">1,055<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f2f\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>-656<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f30\">279<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f31\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>16,506<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f32\">93,221<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f33\">Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _2f0\"> </span>-234<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f34\">-270<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f35\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f36\">7,941<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f37\">Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-2<span class=\"_ _6\"></span>0,254<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f38\">-21,761<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f39\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d9\"> </span>-20,827<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f3a\">-21,707<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f3b\">Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>114,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f3c\">139,682<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1f3d\">Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>219<span class=\"_ _6\"></span>,960<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1f3e\">179,592<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1f3f\">Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2f1\"> </span>334,182<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f40\">319,274<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f42\">In the <span class=\"_ _2\"></span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g p<span class=\"_ _7\"></span>eriod, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>mpairm<span class=\"_ _7\"></span>ents of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e it<span class=\"_ _7\"></span>em Ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tangible<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _7\"></span>relat<span class=\"_ _7\"></span>ed to <span class=\"_ _2\"></span>the cus<span class=\"_ _7\"></span>tomer b<span class=\"_ _2\"></span>ases of <span class=\"_ _7\"></span>Alfa <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>H<span class=\"_ _7\"></span>un<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ary) </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f43\">(EUR 2,661,00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>), <span class=\"_ _2\"></span>As<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>t <span class=\"_ _e\"></span>Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>ent<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>H<span class=\"_ _7\"></span>ung<span class=\"_ _2\"></span>ary<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>(EUR 8,38<span class=\"_ _7\"></span>8,0<span class=\"_ _2\"></span>00) <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _e\"></span>Vi<span class=\"_ _2\"></span>enna<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(T<span class=\"_ _5\"></span>\u00fcrki<span class=\"_ _2\"></span>ye<span class=\"_ _7\"></span>) <span class=\"_ _10\"></span>(<span class=\"_ _6\"></span>EUR 9,778,<span class=\"_ _7\"></span>000). <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>n <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>evi<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>year<span class=\"_ _5\"></span>, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f44\">th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>im<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>ir<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>cu<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tom<span class=\"_ _2\"></span>er <span class=\"_ _7\"></span>ba<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>Alf<span class=\"_ _2\"></span>a (<span class=\"_ _7\"></span>H<span class=\"_ _7\"></span>ung<span class=\"_ _2\"></span>ary)<span class=\"_ _7\"></span> (EUR 14,<span class=\"_ _7\"></span>666,00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>) and Viennali<span class=\"_ _7\"></span>fe (T<span class=\"_ _e\"></span>\u00fcr<span class=\"_ _6\"></span>ki<span class=\"_ _7\"></span>ye) (EUR 3,0<span class=\"_ _7\"></span>41,000<span class=\"_ _2\"></span>), </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f45\">as well<span class=\"_ _7\"></span> as the Asi<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> bra<span class=\"_ _7\"></span>nd (EU<span class=\"_ _7\"></span>R 4,000<span class=\"_ _7\"></span>,000).<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-543": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs19cd\">4.<span class=\"ff4a\"> </span>INVESTMENT PR<span class=\"_ _7\"></span>OPERT<span class=\"_ _7\"></span>Y </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs19ce\">The <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ccou<span class=\"_ _7\"></span>nting <span class=\"_ _2\"></span>policies <span class=\"_ _7\"></span>used <span class=\"_ _2\"></span>are <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>rese<span class=\"_ _7\"></span>nted <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n Note <span class=\"_ _10\"></span>25.7. <span class=\"_ _7\"></span>Investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>pert<span class=\"_ _7\"></span>y sta<span class=\"_ _7\"></span>rting o<span class=\"_ _2\"></span>n p<span class=\"_ _7\"></span>age 173. <span class=\"_ _2\"></span>The f<span class=\"_ _7\"></span>air <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ues <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _2\"></span>be </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs19cf\">found in Not<span class=\"_ _2\"></span>e 16. C<span class=\"_ _7\"></span>alculation of<span class=\"_ _7\"></span> fair <span class=\"_ _7\"></span>value s<span class=\"_ _7\"></span>tarting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _2\"></span>19. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs19d1\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs19d2\">2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs19d3\"><div class=\"t m0 x0 h29 y125 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs19d4\"><div class=\"t m0 x0 h29 y125 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19d5\">Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _2e2\"> </span>3,613,68<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19d6\">3,256,76<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19d7\">Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _13d\"> </span>-968<span class=\"_ _6\"></span>,671<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19d8\">-879,079<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19d9\">Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>2,645,015<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs19da\">2,377,69<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19db\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2e3\"> </span>10,445<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19dc\">-801<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19dd\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2e4\"> </span>7,180<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19de\">22,646<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19df\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2e5\"> </span>247,823<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19e0\">255,577<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19e1\">Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>-9,974<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19e2\">-3,021<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19e3\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _2e6\"> </span>47,941<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19e4\">65,647<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19e5\">App<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _2e7\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19e6\">275<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19e7\">Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-69,647<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19e8\">-60,762<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19e9\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d3\"> </span>-26,6<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19ea\">-12,236<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19eb\">Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _246\"> </span>2,852,<span class=\"_ _6\"></span>090<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs19ec\">2,645,01<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19ed\">Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _2e9\"> </span>1,062,03<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19ee\">968,671<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19ef\">Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _25d\"> </span>3,914<span class=\"_ _6\"></span>,121<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs19f0\">3,613,68<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs19f1\">The <span class=\"_ _0\"></span>changes <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>scope <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>consolid<span class=\"_ _7\"></span>ation <span class=\"_ _0\"></span>res<span class=\"_ _7\"></span>ult <span class=\"_ _0\"></span>from <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>first-time <span class=\"_ _0\"></span>consolida<span class=\"_ _7\"></span>tion <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>KOPUS <span class=\"_ _0\"></span>Nor<span class=\"_ _7\"></span>dba<span class=\"_ _2\"></span>hnh<span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>W<span class=\"_ _7\"></span>ohn<span class=\"_ _7\"></span>un<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>s-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs19f2\">errichtungs <span class=\"_ _f\"> </span>GmbH <span class=\"_ _f\"> </span>(EU<span class=\"_ _2\"></span>R 15,<span class=\"_ _2\"></span>363<span class=\"_ _7\"></span>,0<span class=\"_ _7\"></span>00<span class=\"_ _2\"></span>), <span class=\"_ _3\"> </span>Wo<span class=\"_ _2\"></span>hnq<span class=\"_ _2\"></span>uarti<span class=\"_ _2\"></span>er <span class=\"_ _f\"> </span>12<span class=\"_ _7\"></span>b <span class=\"_ _f\"> </span>Imm<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>bili<span class=\"_ _2\"></span>enb<span class=\"_ _2\"></span>esit<span class=\"_ _2\"></span>z<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>Gm<span class=\"_ _7\"></span>bH <span class=\"_ _f\"> </span>(E<span class=\"_ _7\"></span>U<span class=\"_ _7\"></span>R 13<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span>07<span class=\"_ _7\"></span>7,0<span class=\"_ _2\"></span>00),<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>W<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>hnq<span class=\"_ _2\"></span>uar<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>er <span class=\"_ _f\"> </span>1<span class=\"_ _7\"></span>1b </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs19f3\">Im<span class=\"_ _7\"></span>mo<span class=\"_ _2\"></span>bili<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>besi<span class=\"_ _2\"></span>tz<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Gmb<span class=\"_ _7\"></span>H <span class=\"_ _2\"></span>(E<span class=\"_ _7\"></span>U<span class=\"_ _7\"></span>R 9<span class=\"_ _7\"></span>,1<span class=\"_ _7\"></span>54,<span class=\"_ _2\"></span>000<span class=\"_ _2\"></span>), <span class=\"_ _2\"></span>VIG <span class=\"_ _10\"></span>ZP<span class=\"_ _44\"></span>, <span class=\"_ _2\"></span>s.r<span class=\"_ _5\"></span>.o.<span class=\"_ _2\"></span> (<span class=\"_ _7\"></span>EU<span class=\"_ _2\"></span>R 6,1<span class=\"_ _2\"></span>05,<span class=\"_ _7\"></span>00<span class=\"_ _2\"></span>0) <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>C<span class=\"_ _7\"></span>hr<span class=\"_ _7\"></span>\u00e1\u0161\u0165<span class=\"_ _7\"></span>any<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>ko<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>\u010dn<span class=\"_ _7\"></span>\u00ed <span class=\"_ _10\"></span>ar<span class=\"_ _7\"></span>e\u00e1l<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>.s<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>(EU<span class=\"_ _7\"></span>R 4<span class=\"_ _7\"></span>,2<span class=\"_ _7\"></span>42<span class=\"_ _7\"></span>,0<span class=\"_ _2\"></span>00)<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs19f4\">The <span class=\"_ _f\"> </span>impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _f\"> </span>losses <span class=\"_ _f\"> </span>ar<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>mainl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>attribut<span class=\"_ _7\"></span>able <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>building<span class=\"_ _2\"></span>s <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>VI<span class=\"_ _6\"></span>G <span class=\"_ _f\"> </span>FUND <span class=\"_ _f\"> </span>(EU<span class=\"_ _7\"></span>R 14,675,<span class=\"_ _7\"></span>000<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>Pere<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>a <span class=\"_ _f\"> </span>11 <span class=\"_ _f\"> </span>Sp.z.o.<span class=\"_ _2\"></span>o. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs19f5\">(EUR 3,150,00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>). </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs19f6\">Amounts reco<span class=\"_ _6\"></span>gnised<span class=\"_ _6\"></span> in p<span class=\"_ _6\"></span>rofit or <span class=\"_ _6\"></span>loss <span class=\"_ _229\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs19f7\">2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs19f8\"><div class=\"t m0 x0 h29 y36a ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs19f9\"><div class=\"t m0 x0 h29 y36a ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19fa\">Rent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>l i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span> <span class=\"_ _2cb\"> </span>194,75<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19fb\">171,164<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs19fc\">Oper<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _240\"> </span>-70,045<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs19fd\">-61,61<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs19fe\">Oper<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ting<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r r<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span>vest<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _8a\"> </span>-65,49<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs19ff\">-57,054<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a00\">Oper<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ting<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>exp<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>can<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _2ea\"> </span>-4,549<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a01\">-4,562<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a02\">Dis<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>l r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>3,470<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a03\">2,870<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a04\">Gai<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> di<span class=\"_ _6\"></span>sp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _28a\"> </span>3<span class=\"_ _6\"></span>,798<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a05\">2,965<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a06\">Los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>isp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _243\"> </span>-328<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a07\">-95<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a08\">Total <span class=\"_ _236\"> </span>128,183<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a09\">112,418<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1a0a\">Type of u<span class=\"_ _6\"></span>sage <span class=\"_ _2ec\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a0b\">31/12/2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a0c\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1a0d\"><div class=\"t m0 x0 h29 y6f4 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1a0e\"><div class=\"t m0 x0 h29 y6f4 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a0f\">Se<span class=\"_ _6\"></span>lf-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _204\"> </span>8,5<span class=\"_ _6\"></span>13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a10\">8,037<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a11\">Rent<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>tin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>) <span class=\"_ _235\"> </span>2,843,577<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a12\">2,636,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a13\">Total <span class=\"_ _204\"> </span>2,85<span class=\"_ _6\"></span>2,090<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a14\">2,645,01<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1a15\">Contract<span class=\"_ _6\"></span>ual obligatio<span class=\"_ _6\"></span>ns for<span class=\"_ _6\"></span> invest<span class=\"_ _6\"></span>ment<span class=\"_ _6\"></span> property<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a16\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1a17\"><div class=\"t m0 x0 h29 y5e6 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1a18\"><div class=\"t m0 x0 h29 y5e6 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a19\">To p<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _1\"></span>ct o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>lop<span class=\"_ _1\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a1a\">7,450<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a1b\">To <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>epa<span class=\"_ _6\"></span>irs,<span class=\"_ _6\"></span> m<span class=\"_ _1\"></span>ain<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ena<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>imp<span class=\"_ _1\"></span>rov<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _c4\"> </span>493<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a1c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a1d\">Total <span class=\"_ _2a2\"> </span>4<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a1e\">7,450<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1a20\">Use of prope<span class=\"_ _6\"></span>rties<span class=\"_ _6\"></span> in % of<span class=\"_ _6\"></span> the proper<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> portfolio <span class=\"_ _14a\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a21\">31/12/2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a22\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1a23\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1a24\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a25\">Au<span class=\"_ _6\"></span>stri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _16e\"> </span>66.86<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a26\">66.29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a27\">Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2d7\"> </span>4.93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a28\">5.39<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a29\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2ed\"> </span>61.93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a2a\">60.90<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a2b\">Gro<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>p F<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>nct<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _2cb\"> </span>17.20<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a2c\">18.19<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a2d\">Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2d7\"> </span>1.09<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a2e\">1.12<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a2f\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2ed\"> </span>16.11<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a30\">17.07<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a31\">Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>segme<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s <span class=\"_ _1bf\"> </span>15.<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a32\">15.52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a33\">Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2d7\"> </span>8.16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a34\">8.93<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a35\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _c6\"> </span>7.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a36\">6.59<span class=\"_ _3d5\"> </span></div>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>37,990,239<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,241,37<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>3,268,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>37,969,1<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>6,112,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>3,135,87<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,716,4<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span>406,366<span class=\"_ _3d5\"> </span>848,137<span class=\"_ _3d5\"> </span>461,933<span class=\"_ _3d5\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,17<span class=\"_ _6\"></span>4,035<span class=\"_ _3d5\"> </span>5,361,04<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,251,94<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>561,042<span class=\"_ _3d5\"> </span>8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>19,043<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,679<span class=\"_ _3d5\"> </span>17,364<span class=\"_ _3d5\"> </span>19,043<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>50,075<span class=\"_ _3d5\"> </span>345,186<span class=\"_ _3d5\"> </span>31,829<span class=\"_ _3d5\"> </span>73,060<span class=\"_ _3d5\"> </span>450,075<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>30,116<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>4,0<span class=\"_ _6\"></span>28<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,282<span class=\"_ _3d5\"> </span>1,746<span class=\"_ _3d5\"> </span>4,028<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>212,82<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,963,320<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>1,004,63<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,488,75<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,942,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>742,306<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>594,559<span class=\"_ _3d5\"> </span>127,842<span class=\"_ _3d5\"> </span>722,401<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>978,<span class=\"_ _6\"></span>491<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>410,078<span class=\"_ _3d5\"> </span>97,406<span class=\"_ _3d5\"> </span>956,342<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,24<span class=\"_ _6\"></span>2,523<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>24,021,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>24,021,071<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>3<span class=\"_ _6\"></span>99,293<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>364,354<span class=\"_ _3d5\"> </span>399,293<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>38,25<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>3,320<span class=\"_ _3d5\"> </span>38,259<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>70,088<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,85<span class=\"_ _6\"></span>2,090<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>32,988<span class=\"_ _3d5\"> </span>4,384,99<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>4,417,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>470,949<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,107<span class=\"_ _3d5\"> </span>792,142<span class=\"_ _3d5\"> </span>831,249<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>185,622<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>41,4<span class=\"_ _6\"></span>98,900<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,313,46<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>8,445,14<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>43,218,3<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>35,813,985<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,362,75<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,730,54<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>35,681,8<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>7,345,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,517,41<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,702,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>543,061<span class=\"_ _3d5\"> </span>1,034,01<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>125,080<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,15<span class=\"_ _6\"></span>5,893<span class=\"_ _3d5\"> </span>6,431,29<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,477,14<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>247,454<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>28,683<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,771<span class=\"_ _3d5\"> </span>26,912<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>27,950<span class=\"_ _3d5\"> </span>371,175<span class=\"_ _3d5\"> </span>4,479<span class=\"_ _3d5\"> </span>52,296<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>35,528<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2ff\"> </span>14,208<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>130,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>130,<span class=\"_ _6\"></span>870<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,717,480<span class=\"_ _3d5\"> </span>886,538<span class=\"_ _3d5\"> </span>953,116<span class=\"_ _3d5\"> </span>745,715<span class=\"_ _3d5\"> </span>2,585,36<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>788,952<span class=\"_ _3d5\"> </span>144,483<span class=\"_ _3d5\"> </span>576,739<span class=\"_ _3d5\"> </span>20,747<span class=\"_ _3d5\"> </span>741,969<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>888,<span class=\"_ _6\"></span>080<span class=\"_ _3d5\"> </span>396,184<span class=\"_ _3d5\"> </span>376,377<span class=\"_ _3d5\"> </span>29,916<span class=\"_ _3d5\"> </span>802,477<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,04<span class=\"_ _6\"></span>0,448<span class=\"_ _3d5\"> </span>345,871<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>695,052<span class=\"_ _3d5\"> </span>1,040,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>22,363,77<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>22,363,774<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>2<span class=\"_ _6\"></span>37,442<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,483<span class=\"_ _3d5\"> </span>207,316<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>33,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,234<span class=\"_ _3d5\"> </span>3,345<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>68,930<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>135<span class=\"_ _6\"></span>,290<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>249<span class=\"_ _3d5\"> </span>135,041<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,64<span class=\"_ _6\"></span>5,015<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>44,582<span class=\"_ _3d5\"> </span>4,220,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>4,264,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>482,841<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,007<span class=\"_ _3d5\"> </span>820,868<span class=\"_ _3d5\"> </span>859,875<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>287,961<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>39,2<span class=\"_ _6\"></span>29,802<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,446,34<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>6,771,77<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>40,806,6<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2101\">Measurem<span class=\"_ _7\"></span>ent m<span class=\"_ _7\"></span>ethod for<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>fair<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ass<span class=\"_ _7\"></span>essment<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2102\">Mea<span class=\"_ _6\"></span>surement p<span class=\"_ _6\"></span>rocedure<span class=\"_ _6\"></span> for fair<span class=\"_ _6\"></span> value<span class=\"_ _6\"></span> assessment<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2103\">31/12/2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2104\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs2105\"><div class=\"t m0 x0 h29 y9d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs2106\"><div class=\"t m0 x0 h29 y9d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2107\">Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>831,249<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2108\">859,689<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2109\">Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>ind<span class=\"_ _6\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span> <span class=\"_ _340\"> </span>378,82<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs210a\">394,979<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs210b\">Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>452,42<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs210c\">464,710<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs210d\">Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _b9\"> </span>4,4<span class=\"_ _6\"></span>17,978<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs210e\">4,265,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs210f\">Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>ind<span class=\"_ _6\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs2110\">*</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2111\"> <span class=\"_ _84\"> </span>1,01<span class=\"_ _6\"></span>0,579<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2112\">1,017,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2113\">Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span> <span class=\"_ _348\"> </span>3,407,39<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2114\">3,247,46<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs2115\">*This corr<span class=\"_ _7\"></span>esponds to 22.87% <span class=\"_ _7\"></span>(23.86%) of the fair value of in<span class=\"_ _7\"></span>vestment property. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2116\">Mea<span class=\"_ _6\"></span>surement met<span class=\"_ _6\"></span>hod<span class=\"_ _6\"></span> <span class=\"_ _bc\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2117\">31/12/2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2118\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs2119\"><div class=\"t m0 x0 h29 y38b ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs211a\"><div class=\"t m0 x0 h29 y38b ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs211b\">Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>831,249<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs211c\">859,689<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs211d\">Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _c2\"> </span>647,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs211e\">683,016<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs211f\">Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d/<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>et <span class=\"_ _6\"></span>app<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span> <span class=\"_ _349\"> </span>179,883<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2120\">127,271<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2121\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _34a\"> </span>4,353<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2122\">49,402<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2123\">Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _b9\"> </span>4,4<span class=\"_ _6\"></span>17,978<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2124\">4,265,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2125\">Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>4,008,590<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2126\">3,489,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2127\">Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d/<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>et <span class=\"_ _6\"></span>app<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span> <span class=\"_ _349\"> </span>354,114<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2128\">123,614<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2129\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _2cb\"> </span>55,274<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs212a\">652,119<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs212b\">Total <span class=\"_ _299\"> </span>5,249,22<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs212c\">5,124,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div>Investment <span class=\"_ _2\"></span>property The follo<span class=\"_ _7\"></span>wing s<span class=\"_ _7\"></span>ensitiviti<span class=\"_ _7\"></span>es r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sult fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> a par<span class=\"_ _7\"></span>t of the po<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>fol<span class=\"_ _7\"></span>io fr<span class=\"_ _2\"></span>om calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s usi<span class=\"_ _7\"></span>ng the Sol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ency II <span class=\"_ _7\"></span>partial i<span class=\"_ _7\"></span>nte<span class=\"_ _7\"></span>rna<span class=\"_ _6\"></span>l model<span class=\"_ _7\"></span>: Property <span class=\"_ _2b9\"> </span><span class=\"fsf\">Fair value<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> <span class=\"_ _1cb\"> </span>4,619,995<span class=\"_ _3d5\"> </span>Rent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>l i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span>5%<span class=\"_ _6\"></span> <span class=\"_ _328\"> </span>4,440,131<span class=\"_ _3d5\"> </span>Rent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>l i<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span> +5<span class=\"_ _6\"></span>%<span class=\"_ _6\"></span> <span class=\"_ _355\"> </span>4,805,54<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>-5<span class=\"_ _6\"></span>0bp<span class=\"_ _6\"></span> <span class=\"_ _356\"> </span>4,918,76<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>+5<span class=\"_ _6\"></span>0bp<span class=\"_ _1\"></span> <span class=\"_ _357\"> </span>4,369,45<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Lan<span class=\"_ _6\"></span>d p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ices<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span>5<span class=\"_ _6\"></span>%<span class=\"_ _6\"></span> <span class=\"_ _29d\"> </span>4,583,548<span class=\"_ _3d5\"> </span>Lan<span class=\"_ _6\"></span>d p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ices<span class=\"_ _6\"></span> +<span class=\"_ _1\"></span>5%<span class=\"_ _6\"></span> <span class=\"_ _2b7\"> </span>4,660,96<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Since prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty is <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d at<span class=\"_ _6\"></span> amorti<span class=\"_ _7\"></span>sed cost in the <span class=\"_ _6\"></span>bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce sheet <span class=\"_ _6\"></span>of VIG, negati<span class=\"_ _7\"></span>ve sensitivities wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld only affec<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it or loss<span class=\"_ _7\"></span> if pr<span class=\"_ _7\"></span>operty valu<span class=\"_ _7\"></span>e fell bel<span class=\"_ _7\"></span>ow boo<span class=\"_ _7\"></span>k <span class=\"_ _7\"></span>value. Ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er comp<span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ensive i<span class=\"_ _7\"></span>ncome i<span class=\"_ _7\"></span>s ther<span class=\"_ _2\"></span>efore <span class=\"_ _7\"></span>unaff<span class=\"_ _7\"></span>ected.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-10": {
   "value": "5.<span class=\"ff4a\"> </span>OWNER-OCCUPIED<span class=\"_ _7\"></span> PROPER<span class=\"_ _7\"></span>TY <span class=\"_ _2\"></span>AND EQUIPME<span class=\"_ _2\"></span>N<span class=\"_ _6\"></span>T The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.8. Own<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>-occ<span class=\"_ _7\"></span>upied pr<span class=\"_ _7\"></span>op<span class=\"_ _7\"></span>erty and <span class=\"_ _7\"></span>equipm<span class=\"_ _2\"></span>ent starting o<span class=\"_ _7\"></span>n page 17<span class=\"_ _2\"></span>3.  Compositio<span class=\"_ _6\"></span>n <span class=\"_ _2ee\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _246\"> </span>47<span class=\"_ _6\"></span>0,950<span class=\"_ _3d5\"> </span>482,841<span class=\"_ _3d5\"> </span>Tang<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _2dc\"> </span>148,209<span class=\"_ _3d5\"> </span>125,851<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>6<span class=\"_ _6\"></span>19,159<span class=\"_ _3d5\"> </span>608,692<span class=\"_ _3d5\"> </span>There <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e n<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>material restrictio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>control of <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>asset <span class=\"_ _6\"></span>or<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>material <span class=\"_ _6\"></span>contract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>obligations <span class=\"_ _6\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>acq<span class=\"_ _7\"></span>uiring <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>items <span class=\"_ _6\"></span>under \u201cOwne<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>-occupied <span class=\"_ _7\"></span>prop<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>ty <span class=\"_ _7\"></span>and eq<span class=\"_ _7\"></span>uipmen<span class=\"_ _7\"></span>t\u201d.  5.1.<span class=\"ff4a\"> </span>Owner<span class=\"_ _2\"></span>-occupied<span class=\"_ _7\"></span> property Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>7<span class=\"_ _6\"></span>72,481<span class=\"_ _3d5\"> </span>763,957<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-289,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-291,936<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>482,841<span class=\"_ _3d5\"> </span>472,021<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _206\"> </span>-524<span class=\"_ _3d5\"> </span>3,568<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _25c\"> </span>-8,453<span class=\"_ _3d5\"> </span>-22,065<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>16,970<span class=\"_ _3d5\"> </span>12,369<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _2f0\"> </span>-954<span class=\"_ _3d5\"> </span>-1,788<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span>36,132<span class=\"_ _3d5\"> </span>Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-1<span class=\"_ _6\"></span>7,704<span class=\"_ _3d5\"> </span>-17,355<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span>-1<span class=\"_ _6\"></span>,226<span class=\"_ _3d5\"> </span>-41<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>470,95<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>482,841<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>301<span class=\"_ _6\"></span>,182<span class=\"_ _3d5\"> </span>289,640<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2f1\"> </span>772,132<span class=\"_ _3d5\"> </span>772,481<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Au<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2f2\"> </span>163,344<span class=\"_ _3d5\"> </span>168,523<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cze<span class=\"_ _6\"></span>ch R<span class=\"_ _1\"></span>epub<span class=\"_ _1\"></span>lic<span class=\"_ _6\"></span> <span class=\"_ _23f\"> </span>118,123<span class=\"_ _3d5\"> </span>126,263<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>olan<span class=\"_ _1\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _267\"> </span>11,667<span class=\"_ _3d5\"> </span>11,215<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>36,378<span class=\"_ _3d5\"> </span>34,925<span class=\"_ _3d5\"> </span>5.2.<span class=\"ff4a\"> </span>T<span class=\"_ _10\"></span>ype of usage Type of u<span class=\"_ _6\"></span>sage <span class=\"_ _2ec\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>470,950<span class=\"_ _3d5\"> </span>482,841<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>lf-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _2f3\"> </span>449,558<span class=\"_ _3d5\"> </span>461,378<span class=\"_ _3d5\"> </span>Rent<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>tin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>) <span class=\"_ _2ce\"> </span>21,392<span class=\"_ _3d5\"> </span>21,463<span class=\"_ _3d5\"> </span>Ta<span class=\"_ _6\"></span>ngi<span class=\"_ _6\"></span>ble<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f4\"> </span>148,209<span class=\"_ _3d5\"> </span>125,851<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>lf-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _2f3\"> </span>137,651<span class=\"_ _3d5\"> </span>118,501<span class=\"_ _3d5\"> </span>Rent<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> (<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>tin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>) <span class=\"_ _2ce\"> </span>10,558<span class=\"_ _3d5\"> </span>7,350<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>619,159<span class=\"_ _3d5\"> </span>608,692<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-500": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1a38\">5.1.<span class=\"ff4a\"> </span>Owner<span class=\"_ _2\"></span>-occupied<span class=\"_ _7\"></span> property </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1a39\">Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a3a\">2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1a3b\"><div class=\"t m0 x0 h29 y640 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1a3c\"><div class=\"t m0 x0 h29 y640 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a3d\">Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>7<span class=\"_ _6\"></span>72,481<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a3e\">763,957<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a3f\">Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-289,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a40\">-291,936<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a41\">Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>482,841<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a42\">472,021<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a43\">Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _206\"> </span>-524<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a44\">3,568<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a45\">Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _25c\"> </span>-8,453<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a46\">-22,065<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a47\">Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>16,970<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a48\">12,369<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a49\">Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _2f0\"> </span>-954<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a4a\">-1,788<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a4b\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a4c\">36,132<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a4d\">Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-1<span class=\"_ _6\"></span>7,704<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a4e\">-17,355<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a4f\">Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span>-1<span class=\"_ _6\"></span>,226<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a50\">-41<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a51\">Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>470,95<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a52\">482,841<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a53\">Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>301<span class=\"_ _6\"></span>,182<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a54\">289,640<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1a55\">Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2f1\"> </span>772,132<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1a56\">772,481<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a57\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Au<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2f2\"> </span>163,344<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a58\">168,523<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a59\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cze<span class=\"_ _6\"></span>ch R<span class=\"_ _1\"></span>epub<span class=\"_ _1\"></span>lic<span class=\"_ _6\"></span> <span class=\"_ _23f\"> </span>118,123<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a5a\">126,263<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a5b\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>olan<span class=\"_ _1\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _267\"> </span>11,667<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a5c\">11,215<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1a5d\">the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>36,378<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1a5e\">34,925<span class=\"_ _3d5\"> </span></div>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>13.1.<span class=\"ff4a\"> </span>Pu<span class=\"_ _7\"></span>rchased software Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>9<span class=\"_ _6\"></span>40,268<span class=\"_ _3d5\"> </span>1,441,53<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-494,15<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-1,053,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>446,118<span class=\"_ _3d5\"> </span>388,363<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _302\"> </span>562<span class=\"_ _3d5\"> </span>-160<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>-361<span class=\"_ _3d5\"> </span>-5,179<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2e5\"> </span>1<span class=\"_ _6\"></span>20,481<span class=\"_ _3d5\"> </span>124,339<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _336\"> </span>-3,328<span class=\"_ _3d5\"> </span>-5,953<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span>23,967<span class=\"_ _3d5\"> </span>Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-8<span class=\"_ _6\"></span>0,498<span class=\"_ _3d5\"> </span>-79,259<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span>-6<span class=\"_ _6\"></span>,835<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>476,13<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>446,118<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>572<span class=\"_ _6\"></span>,715<span class=\"_ _3d5\"> </span>494,150<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2db\"> </span>1,048,85<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>940,268<span class=\"_ _3d5\"> </span>The imp<span class=\"_ _7\"></span>airments <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> due to sof<span class=\"_ _7\"></span>twa<span class=\"_ _7\"></span>re p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ckages <span class=\"_ _2\"></span>that are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o l<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ger bei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>used in Rom<span class=\"_ _2\"></span>ania and Pola<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d. 13.2.<span class=\"ff4a\"> </span>Other intang<span class=\"_ _7\"></span>ible assets<span class=\"_ _7\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>3<span class=\"_ _6\"></span>19,274<span class=\"_ _3d5\"> </span>221,042<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-179,59<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-140,118<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>139,682<span class=\"_ _3d5\"> </span>80,924<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _24c\"> </span>5<span class=\"_ _3d5\"> </span>1,055<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>-656<span class=\"_ _3d5\"> </span>279<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>16,506<span class=\"_ _3d5\"> </span>93,221<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _2f0\"> </span>-234<span class=\"_ _3d5\"> </span>-270<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span>7,941<span class=\"_ _3d5\"> </span>Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-2<span class=\"_ _6\"></span>0,254<span class=\"_ _3d5\"> </span>-21,761<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d9\"> </span>-20,827<span class=\"_ _3d5\"> </span>-21,707<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>114,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>139,682<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>219<span class=\"_ _6\"></span>,960<span class=\"_ _3d5\"> </span>179,592<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2f1\"> </span>334,182<span class=\"_ _3d5\"> </span>319,274<span class=\"_ _3d5\"> </span>In the <span class=\"_ _2\"></span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g p<span class=\"_ _7\"></span>eriod, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>mpairm<span class=\"_ _7\"></span>ents of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e it<span class=\"_ _7\"></span>em Ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tangible<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _7\"></span>relat<span class=\"_ _7\"></span>ed to <span class=\"_ _2\"></span>the cus<span class=\"_ _7\"></span>tomer b<span class=\"_ _2\"></span>ases of <span class=\"_ _7\"></span>Alfa <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>H<span class=\"_ _7\"></span>un<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ary) (EUR 2,661,00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>), <span class=\"_ _2\"></span>As<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>t <span class=\"_ _e\"></span>Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>ent<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>H<span class=\"_ _7\"></span>ung<span class=\"_ _2\"></span>ary<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>(EUR 8,38<span class=\"_ _7\"></span>8,0<span class=\"_ _2\"></span>00) <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _e\"></span>Vi<span class=\"_ _2\"></span>enna<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(T<span class=\"_ _5\"></span>\u00fcrki<span class=\"_ _2\"></span>ye<span class=\"_ _7\"></span>) <span class=\"_ _10\"></span>(<span class=\"_ _6\"></span>EUR 9,778,<span class=\"_ _7\"></span>000). <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>n <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>evi<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>year<span class=\"_ _5\"></span>, th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>im<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>ir<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>cu<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tom<span class=\"_ _2\"></span>er <span class=\"_ _7\"></span>ba<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>Alf<span class=\"_ _2\"></span>a (<span class=\"_ _7\"></span>H<span class=\"_ _7\"></span>ung<span class=\"_ _2\"></span>ary)<span class=\"_ _7\"></span> (EUR 14,<span class=\"_ _7\"></span>666,00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>) and Viennali<span class=\"_ _7\"></span>fe (T<span class=\"_ _e\"></span>\u00fcr<span class=\"_ _6\"></span>ki<span class=\"_ _7\"></span>ye) (EUR 3,0<span class=\"_ _7\"></span>41,000<span class=\"_ _2\"></span>), as well<span class=\"_ _7\"></span> as the Asi<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> bra<span class=\"_ _7\"></span>nd (EU<span class=\"_ _7\"></span>R 4,000<span class=\"_ _7\"></span>,000).<span class=\"_ _3d5\"> </span><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f6c\">T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>ex<span class=\"_ _2\"></span>pen<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>ak<span class=\"_ _2\"></span>en <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nto <span class=\"_ _1\"></span>acc<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unt<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>unde<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>IFR<span class=\"_ _2\"></span>S <span class=\"_ _7\"></span>1<span class=\"_ _7\"></span>7<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>amo<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>EU<span class=\"_ _7\"></span>R 3<span class=\"_ _2\"></span>,67<span class=\"_ _7\"></span>7,<span class=\"_ _2\"></span>78<span class=\"_ _7\"></span>3<span class=\"_ _7\"></span>,0<span class=\"_ _7\"></span>00<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>curr<span class=\"_ _2\"></span>en<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>per<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>od<span class=\"_ _7\"></span>. <span class=\"_ _0\"></span>Ap<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>f<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>m </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f6d\">pe<span class=\"_ _2\"></span>rs<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nne<span class=\"_ _2\"></span>l ex<span class=\"_ _2\"></span>pen<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>es,<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>a sig<span class=\"_ _2\"></span>nif<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>cant<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>po<span class=\"_ _2\"></span>rti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>is<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>ma<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>up of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>comm<span class=\"_ _2\"></span>iss<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>pai<span class=\"_ _2\"></span>d, IT<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>exp<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>, <span class=\"_ _6\"></span>ta<span class=\"_ _7\"></span>x<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>el<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ed to ins<span class=\"_ _2\"></span>ura<span class=\"_ _2\"></span>nce<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _2\"></span>ntr<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>ts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f6e\">an<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>sc<span class=\"_ _2\"></span>hed<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> d<span class=\"_ _2\"></span>ep<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>eci<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-544": {
   "value": "Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>7<span class=\"_ _6\"></span>72,481<span class=\"_ _3d5\"> </span>763,957<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-289,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-291,936<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>482,841<span class=\"_ _3d5\"> </span>472,021<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _206\"> </span>-524<span class=\"_ _3d5\"> </span>3,568<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _25c\"> </span>-8,453<span class=\"_ _3d5\"> </span>-22,065<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>16,970<span class=\"_ _3d5\"> </span>12,369<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _2f0\"> </span>-954<span class=\"_ _3d5\"> </span>-1,788<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span>36,132<span class=\"_ _3d5\"> </span>Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-1<span class=\"_ _6\"></span>7,704<span class=\"_ _3d5\"> </span>-17,355<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span>-1<span class=\"_ _6\"></span>,226<span class=\"_ _3d5\"> </span>-41<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>470,95<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>482,841<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>301<span class=\"_ _6\"></span>,182<span class=\"_ _3d5\"> </span>289,640<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2f1\"> </span>772,132<span class=\"_ _3d5\"> </span>772,481<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Au<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2f2\"> </span>163,344<span class=\"_ _3d5\"> </span>168,523<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cze<span class=\"_ _6\"></span>ch R<span class=\"_ _1\"></span>epub<span class=\"_ _1\"></span>lic<span class=\"_ _6\"></span> <span class=\"_ _23f\"> </span>118,123<span class=\"_ _3d5\"> </span>126,263<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>olan<span class=\"_ _1\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _267\"> </span>11,667<span class=\"_ _3d5\"> </span>11,215<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _26b\"> </span>36,378<span class=\"_ _3d5\"> </span>34,925<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>13.1.<span class=\"ff4a\"> </span>Pu<span class=\"_ _7\"></span>rchased software Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>9<span class=\"_ _6\"></span>40,268<span class=\"_ _3d5\"> </span>1,441,53<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-494,15<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-1,053,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>446,118<span class=\"_ _3d5\"> </span>388,363<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _302\"> </span>562<span class=\"_ _3d5\"> </span>-160<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>-361<span class=\"_ _3d5\"> </span>-5,179<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2e5\"> </span>1<span class=\"_ _6\"></span>20,481<span class=\"_ _3d5\"> </span>124,339<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _336\"> </span>-3,328<span class=\"_ _3d5\"> </span>-5,953<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span>23,967<span class=\"_ _3d5\"> </span>Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-8<span class=\"_ _6\"></span>0,498<span class=\"_ _3d5\"> </span>-79,259<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span>-6<span class=\"_ _6\"></span>,835<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>476,13<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>446,118<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>572<span class=\"_ _6\"></span>,715<span class=\"_ _3d5\"> </span>494,150<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2db\"> </span>1,048,85<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>940,268<span class=\"_ _3d5\"> </span>The imp<span class=\"_ _7\"></span>airments <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> due to sof<span class=\"_ _7\"></span>twa<span class=\"_ _7\"></span>re p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ckages <span class=\"_ _2\"></span>that are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o l<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ger bei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>used in Rom<span class=\"_ _2\"></span>ania and Pola<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d. 13.2.<span class=\"ff4a\"> </span>Other intang<span class=\"_ _7\"></span>ible assets<span class=\"_ _7\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>3<span class=\"_ _6\"></span>19,274<span class=\"_ _3d5\"> </span>221,042<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-179,59<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-140,118<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>139,682<span class=\"_ _3d5\"> </span>80,924<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _24c\"> </span>5<span class=\"_ _3d5\"> </span>1,055<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>-656<span class=\"_ _3d5\"> </span>279<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>16,506<span class=\"_ _3d5\"> </span>93,221<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _2f0\"> </span>-234<span class=\"_ _3d5\"> </span>-270<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span>7,941<span class=\"_ _3d5\"> </span>Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-2<span class=\"_ _6\"></span>0,254<span class=\"_ _3d5\"> </span>-21,761<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d9\"> </span>-20,827<span class=\"_ _3d5\"> </span>-21,707<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>114,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>139,682<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>219<span class=\"_ _6\"></span>,960<span class=\"_ _3d5\"> </span>179,592<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2f1\"> </span>334,182<span class=\"_ _3d5\"> </span>319,274<span class=\"_ _3d5\"> </span>In the <span class=\"_ _2\"></span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g p<span class=\"_ _7\"></span>eriod, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>mpairm<span class=\"_ _7\"></span>ents of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e it<span class=\"_ _7\"></span>em Ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tangible<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _7\"></span>relat<span class=\"_ _7\"></span>ed to <span class=\"_ _2\"></span>the cus<span class=\"_ _7\"></span>tomer b<span class=\"_ _2\"></span>ases of <span class=\"_ _7\"></span>Alfa <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>H<span class=\"_ _7\"></span>un<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ary) (EUR 2,661,00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>), <span class=\"_ _2\"></span>As<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>t <span class=\"_ _e\"></span>Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>ent<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>H<span class=\"_ _7\"></span>ung<span class=\"_ _2\"></span>ary<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>(EUR 8,38<span class=\"_ _7\"></span>8,0<span class=\"_ _2\"></span>00) <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _e\"></span>Vi<span class=\"_ _2\"></span>enna<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(T<span class=\"_ _5\"></span>\u00fcrki<span class=\"_ _2\"></span>ye<span class=\"_ _7\"></span>) <span class=\"_ _10\"></span>(<span class=\"_ _6\"></span>EUR 9,778,<span class=\"_ _7\"></span>000). <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>n <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>evi<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>year<span class=\"_ _5\"></span>, th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>im<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>ir<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>cu<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tom<span class=\"_ _2\"></span>er <span class=\"_ _7\"></span>ba<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>Alf<span class=\"_ _2\"></span>a (<span class=\"_ _7\"></span>H<span class=\"_ _7\"></span>ung<span class=\"_ _2\"></span>ary)<span class=\"_ _7\"></span> (EUR 14,<span class=\"_ _7\"></span>666,00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>) and Viennali<span class=\"_ _7\"></span>fe (T<span class=\"_ _e\"></span>\u00fcr<span class=\"_ _6\"></span>ki<span class=\"_ _7\"></span>ye) (EUR 3,0<span class=\"_ _7\"></span>41,000<span class=\"_ _2\"></span>), as well<span class=\"_ _7\"></span> as the Asi<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> bra<span class=\"_ _7\"></span>nd (EU<span class=\"_ _7\"></span>R 4,000<span class=\"_ _7\"></span>,000).<span class=\"_ _3d5\"> </span>x<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>se<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ly <span class=\"_ _2\"></span>at<span class=\"_ _7\"></span>tri<span class=\"_ _2\"></span>but<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span>ude<span class=\"_ _7\"></span>d in th<span class=\"_ _7\"></span>e \u201cIn<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ura<span class=\"_ _2\"></span>nce<span class=\"_ _7\"></span> ser<span class=\"_ _2\"></span>vi<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> res<span class=\"_ _2\"></span>ul<span class=\"_ _7\"></span>t\u201d<span class=\"_ _2\"></span>. <span class=\"_ _6\"></span>Gen<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>adm<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rativ<span class=\"_ _7\"></span>e ex<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>ses<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e no<span class=\"_ _2\"></span>t <span class=\"_ _6\"></span>dir<span class=\"_ _2\"></span>ec<span class=\"_ _7\"></span>tl<span class=\"_ _2\"></span>y <span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>tr<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>but<span class=\"_ _7\"></span>abl<span class=\"_ _2\"></span>e to <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ntr<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> an<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ude<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>tem <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span> O<span class=\"_ _2\"></span>the<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>ex<span class=\"_ _7\"></span>pe<span class=\"_ _2\"></span>nse<span class=\"_ _2\"></span>s.<span class=\"_ _3d5\"> </span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>ex<span class=\"_ _2\"></span>pen<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>ak<span class=\"_ _2\"></span>en <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nto <span class=\"_ _1\"></span>acc<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unt<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>unde<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>IFR<span class=\"_ _2\"></span>S <span class=\"_ _7\"></span>1<span class=\"_ _7\"></span>7<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>amo<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>EU<span class=\"_ _7\"></span>R 3<span class=\"_ _2\"></span>,67<span class=\"_ _7\"></span>7,<span class=\"_ _2\"></span>78<span class=\"_ _7\"></span>3<span class=\"_ _7\"></span>,0<span class=\"_ _7\"></span>00<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>curr<span class=\"_ _2\"></span>en<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>per<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>od<span class=\"_ _7\"></span>. <span class=\"_ _0\"></span>Ap<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>f<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>m pe<span class=\"_ _2\"></span>rs<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nne<span class=\"_ _2\"></span>l ex<span class=\"_ _2\"></span>pen<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>es,<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>a sig<span class=\"_ _2\"></span>nif<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>cant<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>po<span class=\"_ _2\"></span>rti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>is<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>ma<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>up of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>comm<span class=\"_ _2\"></span>iss<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>pai<span class=\"_ _2\"></span>d, IT<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>exp<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>, <span class=\"_ _6\"></span>ta<span class=\"_ _7\"></span>x<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>el<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ed to ins<span class=\"_ _2\"></span>ura<span class=\"_ _2\"></span>nce<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _2\"></span>ntr<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>ts an<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>sc<span class=\"_ _2\"></span>hed<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> d<span class=\"_ _2\"></span>ep<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>eci<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n. 15.2.<span class=\"ff4a\"> </span>P<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rsonnel exp<span class=\"_ _7\"></span>enses<span class=\"_ _7\"></span> Number of em<span class=\"_ _6\"></span>ployee<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _bc\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Sa<span class=\"_ _6\"></span>les <span class=\"_ _6\"></span>rep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f5\"> </span>15,047<span class=\"_ _3d5\"> </span>14,797<span class=\"_ _3d5\"> </span>Offi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>aff<span class=\"_ _6\"></span> <span class=\"_ _33b\"> </span>14,358<span class=\"_ _3d5\"> </span>14,035<span class=\"_ _3d5\"> </span>Total <span class=\"_ _332\"> </span>29,405<span class=\"_ _3d5\"> </span>28,832<span class=\"_ _3d5\"> </span>The emplo<span class=\"_ _7\"></span>yee fig<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>show<span class=\"_ _7\"></span>n ar<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erage v<span class=\"_ _7\"></span>alues bas<span class=\"_ _2\"></span>ed on full-time e<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>valents.<span class=\"_ _3d5\"> </span>1<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>ersonnel<span class=\"_ _6\"></span> expen<span class=\"_ _6\"></span>ses <span class=\"_ _28a\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Wag<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _25d\"> </span>823<span class=\"_ _6\"></span>,528<span class=\"_ _3d5\"> </span>697,878<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _147\"> </span>7,320<span class=\"_ _3d5\"> </span>7,218<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>ret<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _33c\"> </span>10,750<span class=\"_ _3d5\"> </span>16,898<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rit<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rib<span class=\"_ _6\"></span>ut<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _33d\"> </span>207,656<span class=\"_ _3d5\"> </span>190,633<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _33e\"> </span>29,344<span class=\"_ _3d5\"> </span>27,893<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>1,078,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>940,520<span class=\"_ _3d5\"> </span>Sa<span class=\"_ _6\"></span>les <span class=\"_ _6\"></span>rep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d7\"> </span>458,997<span class=\"_ _3d5\"> </span>412,233<span class=\"_ _3d5\"> </span>Offi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>aff<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>619,6<span class=\"_ _6\"></span>01<span class=\"_ _3d5\"> </span>528,287<span class=\"_ _3d5\"> </span>15.3.<span class=\"ff4a\"> </span>Other inc<span class=\"_ _7\"></span>ome and <span class=\"_ _7\"></span>expenses   <span class=\"_ _33f\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>ome<span class=\"_ _6\"></span> <span class=\"_ _1bf\"> </span>303,932<span class=\"_ _3d5\"> </span>273,780<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>82,414<span class=\"_ _3d5\"> </span>43,847<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _340\"> </span>122,185<span class=\"_ _3d5\"> </span>91,549<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>x<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _c5\"> </span>-<span class=\"_ _6\"></span>821,804<span class=\"_ _3d5\"> </span>-680,4<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f g<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>era<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>adm<span class=\"_ _1\"></span>ini<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>-512,564<span class=\"_ _3d5\"> </span>-468,706<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1a8\"> </span>-87,797<span class=\"_ _3d5\"> </span>-39,633<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>mon<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y it<span class=\"_ _6\"></span>ems<span class=\"_ _1\"></span> ac<span class=\"_ _6\"></span>c.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to IA<span class=\"_ _1\"></span>S 2<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-31,547<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _2d2\"> </span>-1<span class=\"_ _6\"></span>3,388<span class=\"_ _3d5\"> </span>-10,526<span class=\"_ _3d5\"> </span>Both <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>incr<span class=\"_ _2\"></span>ease <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>general<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>administr<span class=\"_ _7\"></span>ative expenses acc. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFRS 17 and the <span class=\"_ _1\"></span>incr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>other<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>reven<span class=\"_ _7\"></span>ues <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>services<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is due to a la<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ger b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>volume.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-11": {
   "value": "6.<span class=\"ff4a\"> </span>INVESTMENTS I<span class=\"_ _7\"></span>N ASS<span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>CIA<span class=\"_ _10\"></span>TES The in<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>estme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts i<span class=\"_ _7\"></span>n asso<span class=\"_ _7\"></span>ciated <span class=\"_ _7\"></span>com<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>anies <span class=\"_ _2\"></span>balance <span class=\"_ _7\"></span>shee<span class=\"_ _7\"></span>t i<span class=\"_ _7\"></span>tem <span class=\"_ _7\"></span>consists <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>shar<span class=\"_ _7\"></span>es i<span class=\"_ _7\"></span>n at <span class=\"_ _7\"></span>equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> consol<span class=\"_ _7\"></span>ida<span class=\"_ _7\"></span>ted com<span class=\"_ _2\"></span>panies.<span class=\"_ _7\"></span> The list of<span class=\"_ _7\"></span> associ<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ted com<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies is pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ented i<span class=\"_ _7\"></span>n Note <span class=\"_ _2\"></span>22. Affi<span class=\"_ _7\"></span>liated comp<span class=\"_ _7\"></span>anies a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d parti<span class=\"_ _7\"></span>cipatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 133.<span class=\"_ _7\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _286\"> </span>287,96<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>276,913<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f5\"> </span>11<span class=\"_ _3d5\"> </span>-2<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d8\"> </span>1<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _cc\"> </span>-99,836<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _2f6\"> </span>-11,393<span class=\"_ _3d5\"> </span>-683<span class=\"_ _3d5\"> </span>Pro <span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _1\"></span> <span class=\"_ _bc\"> </span>19<span class=\"_ _6\"></span>,216<span class=\"_ _3d5\"> </span>20,757<span class=\"_ _3d5\"> </span>Di<span class=\"_ _6\"></span>vid<span class=\"_ _6\"></span>end<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ay<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _2ec\"> </span>-1<span class=\"_ _6\"></span>0,338<span class=\"_ _3d5\"> </span>-9,024<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>185,622<span class=\"_ _3d5\"> </span>287,961<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Au<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2f2\"> </span>178,073<span class=\"_ _3d5\"> </span>180,999<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>olan<span class=\"_ _1\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _2f7\"> </span>150<span class=\"_ _3d5\"> </span>139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>egm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>Fun<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2a7\"> </span>7,399<span class=\"_ _3d5\"> </span>106,823<span class=\"_ _3d5\"> </span>On <span class=\"_ _7\"></span>3 <span class=\"_ _7\"></span>M<span class=\"_ _7\"></span>arc<span class=\"_ _7\"></span>h 202<span class=\"_ _7\"></span>3,<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>all <span class=\"_ _2\"></span>shar<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>WWG <span class=\"_ _2\"></span>Beteiligu<span class=\"_ _7\"></span>ngen <span class=\"_ _2\"></span>GmbH, <span class=\"_ _10\"></span>V<span class=\"_ _6\"></span>ienna,<span class=\"_ _7\"></span> w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>sold <span class=\"_ _2\"></span>outside<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>Group.<span class=\"_ _2\"></span> Co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sequ<span class=\"_ _7\"></span>ently<span class=\"_ _e\"></span>, t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>shar<span class=\"_ _2\"></span>es in non-pr<span class=\"_ _2\"></span>ofit resid<span class=\"_ _2\"></span>ential develop<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>held by W<span class=\"_ _2\"></span>WG Beteili<span class=\"_ _7\"></span>gun<span class=\"_ _7\"></span>gen GmbH, <span class=\"_ _2\"></span>Vienna, wer<span class=\"_ _2\"></span>e deconsoli<span class=\"_ _7\"></span>date<span class=\"_ _7\"></span>d.<span class=\"_ _7\"></span> Mate<span class=\"_ _6\"></span>rial shares<span class=\"_ _6\"></span> <span class=\"_ _23b\"> </span><span class=\"fsf\">2023 </span>  <span class=\"_ _119\"> </span><span class=\"fsf\">Bet<span class=\"_ _6\"></span>eili<span class=\"_ _6\"></span>gungs<span class=\"_ _7\"></span>- u<span class=\"_ _6\"></span>nd </span>Wohnung<span class=\"_ _6\"></span>s-<span class=\"_ _3d5\"> </span>anlagen GmbH<span class=\"_ _3d5\"> </span>Gewista-<span class=\"_ _6\"></span>Werbe-<span class=\"_ _3d5\"> </span>gesellschaft m.b.H.<span class=\"_ _3d5\"> </span>\u00d6sterrei<span class=\"_ _6\"></span>chisches Verke<span class=\"_ _6\"></span>hrsb\u00fc<span class=\"_ _7\"></span>ro A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span>VBV - Betri<span class=\"_ _6\"></span>ebliche Alt<span class=\"_ _6\"></span>ersvorsorge A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>come<span class=\"_ _6\"></span> <span class=\"_ _226\"> </span>0<span class=\"_ _3d5\"> </span>97,253<span class=\"_ _3d5\"> </span>500,850<span class=\"_ _3d5\"> </span>115,017<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _11d\"> </span>-192<span class=\"_ _3d5\"> </span>-83,872<span class=\"_ _3d5\"> </span>-524,500<span class=\"_ _3d5\"> </span>-52,602<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _2e1\"> </span>18,252<span class=\"_ _3d5\"> </span>21,838<span class=\"_ _3d5\"> </span>-7,312<span class=\"_ _3d5\"> </span>7,430<span class=\"_ _3d5\"> </span>Ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> <span class=\"_ _2f8\"> </span>1,044<span class=\"_ _3d5\"> </span>-3,946<span class=\"_ _3d5\"> </span>706<span class=\"_ _3d5\"> </span>-10,890<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _2bf\"> </span>19,104<span class=\"_ _3d5\"> </span>31,273<span class=\"_ _3d5\"> </span>-30,25<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>58,955<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>no<span class=\"_ _6\"></span>rit<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _200\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>313<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d le<span class=\"_ _1\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>no<span class=\"_ _6\"></span>n-co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>rol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng i<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f9\"> </span>19,104<span class=\"_ _3d5\"> </span>31,273<span class=\"_ _3d5\"> </span>-29,94<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>58,955<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>roll<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>eres<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ff\"> </span>430<span class=\"_ _3d5\"> </span>9,874<span class=\"_ _3d5\"> </span>-681<span class=\"_ _3d5\"> </span>1,326<span class=\"_ _3d5\"> </span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> h<span class=\"_ _1\"></span>eld<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _180\"> </span>1<span class=\"_ _6\"></span>8,<span class=\"_ _6\"></span>674<span class=\"_ _3d5\"> </span>21,<span class=\"_ _6\"></span>399<span class=\"_ _3d5\"> </span>-29<span class=\"_ _6\"></span>,5<span class=\"_ _6\"></span>75<span class=\"_ _3d5\"> </span>57,<span class=\"_ _6\"></span>629<span class=\"_ _3d5\"> </span>Gro<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>p i<span class=\"_ _6\"></span>nte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st i<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>% <span class=\"_ _2ad\"> </span>25.00%<span class=\"_ _3d5\"> </span>33.00%<span class=\"_ _3d5\"> </span>36.58%<span class=\"_ _3d5\"> </span>25.32%<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _2fa\"> </span>4,776<span class=\"_ _3d5\"> </span>10,320<span class=\"_ _3d5\"> </span>-10,953<span class=\"_ _3d5\"> </span>14,927<span class=\"_ _3d5\"> </span>Fix<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span>340,261<span class=\"_ _3d5\"> </span>156,445<span class=\"_ _3d5\"> </span>321,154<span class=\"_ _3d5\"> </span>378,991<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ass<span class=\"_ _1\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>) <span class=\"_ _1ae\"> </span>20,227<span class=\"_ _3d5\"> </span>22,676<span class=\"_ _3d5\"> </span>129,826<span class=\"_ _3d5\"> </span>14,677,4<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span>Bor<span class=\"_ _6\"></span>row<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ngs<span class=\"_ _6\"></span> <span class=\"_ _a0\"> </span>-201,697<span class=\"_ _3d5\"> </span>-33,617<span class=\"_ _3d5\"> </span>-427,981<span class=\"_ _3d5\"> </span>-14,738,2<span class=\"_ _6\"></span>70<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2fb\"> </span>158,791<span class=\"_ _3d5\"> </span>145,504<span class=\"_ _3d5\"> </span>22,999<span class=\"_ _3d5\"> </span>318,190<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>roll<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>eres<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ff\"> </span>3,57<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>45,943<span class=\"_ _3d5\"> </span>517<span class=\"_ _3d5\"> </span>7,159<span class=\"_ _3d5\"> </span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> h<span class=\"_ _1\"></span>eld<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _dd\"> </span>155,2<span class=\"_ _6\"></span>18<span class=\"_ _3d5\"> </span>99,561<span class=\"_ _3d5\"> </span>22,482<span class=\"_ _3d5\"> </span>311,031<span class=\"_ _3d5\"> </span>Att<span class=\"_ _6\"></span>ributa<span class=\"_ _6\"></span>ble of net a<span class=\"_ _6\"></span>ssets <span class=\"_ _10a\"> </span>39<span class=\"_ _6\"></span>,698<span class=\"_ _3d5\"> </span>48,016<span class=\"_ _3d5\"> </span>8,411<span class=\"_ _3d5\"> </span>80,566<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>imp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _2fc\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,540<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue of <span class=\"_ _6\"></span>shares in at e<span class=\"_ _6\"></span>quity consol<span class=\"_ _6\"></span>idate<span class=\"_ _6\"></span>d companies<span class=\"_ _6\"></span> <span class=\"_ _2fd\"> </span>39,698<span class=\"_ _3d5\"> </span>48,016<span class=\"_ _3d5\"> </span>3,871<span class=\"_ _3d5\"> </span>80,566<span class=\"_ _3d5\"> </span>Materiali<span class=\"_ _7\"></span>ty is ge<span class=\"_ _7\"></span>nerall<span class=\"_ _7\"></span>y determi<span class=\"_ _7\"></span>ned b<span class=\"_ _7\"></span>ased o<span class=\"_ _7\"></span>n the amo<span class=\"_ _2\"></span>unt of the <span class=\"_ _7\"></span>at equit<span class=\"_ _7\"></span>y boo<span class=\"_ _7\"></span>k valu<span class=\"_ _7\"></span>e.  Beteili<span class=\"_ _7\"></span>gungs- <span class=\"_ _6\"></span>und <span class=\"_ _0\"></span>I<span class=\"_ _7\"></span>mmobi<span class=\"_ _7\"></span>lien <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _7\"></span>H <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>Beteili<span class=\"_ _7\"></span>gungs- <span class=\"_ _6\"></span>und <span class=\"_ _1\"></span>W<span class=\"_ _7\"></span>ohnungs<span class=\"_ _7\"></span>anlage<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>GmbH<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span>cluded<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>idated financial <span class=\"_ _2\"></span>statem<span class=\"_ _7\"></span>ents <span class=\"_ _2\"></span>with <span class=\"_ _7\"></span>a <span class=\"_ _2\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>nce s<span class=\"_ _2\"></span>heet <span class=\"_ _2\"></span>da<span class=\"_ _6\"></span>te <span class=\"_ _10\"></span>(<span class=\"_ _6\"></span>30 <span class=\"_ _2\"></span>Septembe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>). <span class=\"_ _2\"></span>Including <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>hese<span class=\"_ _7\"></span> com<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _2\"></span>as <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>bal<span class=\"_ _7\"></span>ance s<span class=\"_ _2\"></span>heet date on 31 D<span class=\"_ _2\"></span>ecembe<span class=\"_ _7\"></span>r 2023 wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld <span class=\"_ _7\"></span>have no m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>terial i<span class=\"_ _7\"></span>mpa<span class=\"_ _7\"></span>ct on t<span class=\"_ _7\"></span>he pres<span class=\"_ _2\"></span>ent consoli<span class=\"_ _7\"></span>dated fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>statem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts. <span class=\"_ _2\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _239\"> </span><span class=\"fsf\">2<span class=\"_ _6\"></span>023 </span>  <span class=\"_ _268\"> </span><span class=\"fsf\">Bete<span class=\"_ _6\"></span>iligungs- und </span>Wohnung<span class=\"_ _6\"></span>s-<span class=\"_ _3d5\"> </span>anlagen GmbH<span class=\"_ _3d5\"> </span>Gewista-<span class=\"_ _6\"></span>Werbe-<span class=\"_ _3d5\"> </span>gesellschaft m.b.H.<span class=\"_ _3d5\"> </span>\u00d6sterrei<span class=\"_ _6\"></span>chisches Verke<span class=\"_ _6\"></span>hrsb\u00fc<span class=\"_ _7\"></span>ro A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span>VBV - Betri<span class=\"_ _6\"></span>ebliche Alt<span class=\"_ _6\"></span>ersvorsorge A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _196\"> </span>37<span class=\"_ _6\"></span>,672<span class=\"_ _3d5\"> </span>42,542<span class=\"_ _3d5\"> </span>14,955<span class=\"_ _3d5\"> </span>78,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _2fc\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-131<span class=\"_ _3d5\"> </span>-11,273<span class=\"_ _3d5\"> </span>Pro <span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _1\"></span> <span class=\"_ _2c3\"> </span>4<span class=\"_ _6\"></span>,776<span class=\"_ _3d5\"> </span>10,320<span class=\"_ _3d5\"> </span>-10,953<span class=\"_ _3d5\"> </span>14,927<span class=\"_ _3d5\"> </span>Di<span class=\"_ _6\"></span>vid<span class=\"_ _6\"></span>end<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ay<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _8d\"> </span>-2,75<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-4,846<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,038<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _1ff\"> </span>39,698<span class=\"_ _3d5\"> </span>48,016<span class=\"_ _3d5\"> </span>3,871<span class=\"_ _3d5\"> </span>80,566<span class=\"_ _3d5\"> </span>Shares in at <span class=\"_ _6\"></span>equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>consol<span class=\"_ _7\"></span>idated com<span class=\"_ _7\"></span>panies had a <span class=\"_ _6\"></span>book val<span class=\"_ _7\"></span>ue <span class=\"_ _6\"></span>of E<span class=\"_ _6\"></span>U<span class=\"_ _7\"></span>R 185,6 mil<span class=\"_ _7\"></span>lion as <span class=\"_ _6\"></span>of 31 Dece<span class=\"_ _6\"></span>mb<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>2023 and a <span class=\"_ _6\"></span>bo<span class=\"_ _7\"></span>ok value <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>UR 288,0<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>milli<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>Dec<span class=\"_ _7\"></span>ember <span class=\"_ _1\"></span>2022. <span class=\"_ _6\"></span>Shar<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>in <span class=\"_ _6\"></span>at <span class=\"_ _0\"></span>eq<span class=\"_ _7\"></span>uity <span class=\"_ _1\"></span>consoli<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ated <span class=\"_ _1\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _1\"></span>ther<span class=\"_ _7\"></span>efor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>ented 0,53% (0,84<span class=\"_ _2\"></span>%) of the boo<span class=\"_ _7\"></span>k <span class=\"_ _7\"></span>value of t<span class=\"_ _7\"></span>he tot<span class=\"_ _7\"></span>al investm<span class=\"_ _2\"></span>ent portfol<span class=\"_ _7\"></span>io as o<span class=\"_ _7\"></span>f 31 D<span class=\"_ _7\"></span>ecember 2023<span class=\"_ _7\"></span>. Compositio<span class=\"_ _6\"></span>n of the<span class=\"_ _6\"></span> result<span class=\"_ _6\"></span> <span class=\"_ _2fe\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _253\"> </span>16,4<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>18,287<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _2cb\"> </span>16,466<span class=\"_ _3d5\"> </span>18,287<span class=\"_ _3d5\"> </span>At equity con<span class=\"_ _6\"></span>solidate<span class=\"_ _6\"></span>d com<span class=\"_ _6\"></span>panies<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span><span class=\"fsf\">C<span class=\"_ _7\"></span>ountry of<span class=\"_ _6\"></span> domicil<span class=\"_ _6\"></span>e <span class=\"_ _38a\"> </span>Registere<span class=\"_ _6\"></span>d </span>off<span class=\"_ _6\"></span>ice Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Bet<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>lig<span class=\"_ _6\"></span>ung<span class=\"_ _1\"></span>s-<span class=\"_ _6\"></span> und<span class=\"_ _1\"></span> Im<span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Linz <span class=\"_ _38b\"> </span>25.00<span class=\"_ _3d5\"> </span>25.00<span class=\"_ _3d5\"> </span>21,515<span class=\"_ _3d5\"> </span>20,405<span class=\"_ _3d5\"> </span>Be<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>il<span class=\"_ _2\"></span>ig<span class=\"_ _7\"></span>un<span class=\"_ _7\"></span>gs<span class=\"_ _2\"></span>- u<span class=\"_ _2\"></span>nd<span class=\"_ _7\"></span> W<span class=\"_ _2\"></span>oh<span class=\"_ _7\"></span>nu<span class=\"_ _7\"></span>n<span class=\"_ _2\"></span>gsa<span class=\"_ _2\"></span>nla<span class=\"_ _2\"></span>ge<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>Gm<span class=\"_ _2\"></span>bH<span class=\"_ _2\"></span> <span class=\"_ _38c\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Linz <span class=\"_ _38b\"> </span>25.00<span class=\"_ _3d5\"> </span>25.00<span class=\"_ _3d5\"> </span>245,881<span class=\"_ _3d5\"> </span>237,778<span class=\"_ _3d5\"> </span>CR<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>N-<span class=\"_ _6\"></span>WS<span class=\"_ _6\"></span>F s<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>l.<span class=\"_ _6\"></span> s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _3f\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _380\"> </span>Prague <span class=\"_ _6b\"> </span>30.00<span class=\"_ _3d5\"> </span>30.00<span class=\"_ _3d5\"> </span>3,553<span class=\"_ _3d5\"> </span>7,740<span class=\"_ _3d5\"> </span>ERST<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> d.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>a u<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>vlj<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>bv<span class=\"_ _6\"></span>ezn<span class=\"_ _6\"></span>im<span class=\"_ _1\"></span> i dob<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>vljn<span class=\"_ _6\"></span>im<span class=\"_ _1\"></span> mi<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ovin<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>kim<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>o<span class=\"_ _6\"></span>vim<span class=\"_ _6\"></span>a Croatia <span class=\"_ _37e\"> </span>Zagreb<span class=\"_ _6\"></span> 25.30<span class=\"_ _3d5\"> </span>25.30<span class=\"_ _3d5\"> </span>17,757<span class=\"_ _3d5\"> </span>16,131<span class=\"_ _3d5\"> </span>Gew<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>-W<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>beg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lls<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>m.<span class=\"_ _6\"></span>b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _38d\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna <span class=\"_ _67\"> </span>33.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>33.00<span class=\"_ _3d5\"> </span>145,504<span class=\"_ _3d5\"> </span>128,915<span class=\"_ _3d5\"> </span>\u00d6ste<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ich<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rke<span class=\"_ _6\"></span>hr<span class=\"_ _6\"></span>sb\u00fc<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span> Ak<span class=\"_ _6\"></span>tien<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>chaf<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna 36.58<span class=\"_ _3d5\"> </span>36.58<span class=\"_ _3d5\"> </span>22,998<span class=\"_ _3d5\"> </span>53,300<span class=\"_ _3d5\"> </span>Towarzystw<span class=\"_ _6\"></span>o Ub<span class=\"_ _6\"></span>ezpiecze\u0144 Wz<span class=\"_ _6\"></span>ajemnych \u201eTU<span class=\"_ _6\"></span>W\" Poland <span class=\"_ _2b\"> </span>Warsaw<span class=\"_ _6\"></span> 52.16<span class=\"_ _3d5\"> </span>52.16<span class=\"_ _3d5\"> </span>68,580<span class=\"_ _3d5\"> </span>49,703<span class=\"_ _3d5\"> </span>VB<span class=\"_ _6\"></span>V - <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>rieb<span class=\"_ _1\"></span>lic<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>lte<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ors<span class=\"_ _6\"></span>org<span class=\"_ _1\"></span>e A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _38e\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna <span class=\"_ _67\"> </span>25.<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>25.32<span class=\"_ _3d5\"> </span>318,191<span class=\"_ _3d5\"> </span>311,808<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>The sh<span class=\"_ _7\"></span>are in equi<span class=\"_ _7\"></span>ty eq<span class=\"_ _6\"></span>uals th<span class=\"_ _7\"></span>e share in voting rights before non-controlli<span class=\"_ _7\"></span>ng interests. 2 <span class=\"_ _3\"> </span>The capi<span class=\"_ _7\"></span>tal value sh<span class=\"_ _7\"></span>own corresponds to the latest local annual<span class=\"_ _7\"></span> financial statements available.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-531": {
   "value": "Mate<span class=\"_ _6\"></span>rial shares<span class=\"_ _6\"></span> <span class=\"_ _23b\"> </span><span class=\"fsf\">2023 </span>  <span class=\"_ _119\"> </span><span class=\"fsf\">Bet<span class=\"_ _6\"></span>eili<span class=\"_ _6\"></span>gungs<span class=\"_ _7\"></span>- u<span class=\"_ _6\"></span>nd </span>Wohnung<span class=\"_ _6\"></span>s-<span class=\"_ _3d5\"> </span>anlagen GmbH<span class=\"_ _3d5\"> </span>Gewista-<span class=\"_ _6\"></span>Werbe-<span class=\"_ _3d5\"> </span>gesellschaft m.b.H.<span class=\"_ _3d5\"> </span>\u00d6sterrei<span class=\"_ _6\"></span>chisches Verke<span class=\"_ _6\"></span>hrsb\u00fc<span class=\"_ _7\"></span>ro A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span>VBV - Betri<span class=\"_ _6\"></span>ebliche Alt<span class=\"_ _6\"></span>ersvorsorge A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>come<span class=\"_ _6\"></span> <span class=\"_ _226\"> </span>0<span class=\"_ _3d5\"> </span>97,253<span class=\"_ _3d5\"> </span>500,850<span class=\"_ _3d5\"> </span>115,017<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _11d\"> </span>-192<span class=\"_ _3d5\"> </span>-83,872<span class=\"_ _3d5\"> </span>-524,500<span class=\"_ _3d5\"> </span>-52,602<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _2e1\"> </span>18,252<span class=\"_ _3d5\"> </span>21,838<span class=\"_ _3d5\"> </span>-7,312<span class=\"_ _3d5\"> </span>7,430<span class=\"_ _3d5\"> </span>Ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> <span class=\"_ _2f8\"> </span>1,044<span class=\"_ _3d5\"> </span>-3,946<span class=\"_ _3d5\"> </span>706<span class=\"_ _3d5\"> </span>-10,890<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _2bf\"> </span>19,104<span class=\"_ _3d5\"> </span>31,273<span class=\"_ _3d5\"> </span>-30,25<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>58,955<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>no<span class=\"_ _6\"></span>rit<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _200\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>313<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d le<span class=\"_ _1\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>no<span class=\"_ _6\"></span>n-co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>rol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng i<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f9\"> </span>19,104<span class=\"_ _3d5\"> </span>31,273<span class=\"_ _3d5\"> </span>-29,94<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>58,955<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>roll<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>eres<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ff\"> </span>430<span class=\"_ _3d5\"> </span>9,874<span class=\"_ _3d5\"> </span>-681<span class=\"_ _3d5\"> </span>1,326<span class=\"_ _3d5\"> </span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> h<span class=\"_ _1\"></span>eld<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _180\"> </span>1<span class=\"_ _6\"></span>8,<span class=\"_ _6\"></span>674<span class=\"_ _3d5\"> </span>21,<span class=\"_ _6\"></span>399<span class=\"_ _3d5\"> </span>-29<span class=\"_ _6\"></span>,5<span class=\"_ _6\"></span>75<span class=\"_ _3d5\"> </span>57,<span class=\"_ _6\"></span>629<span class=\"_ _3d5\"> </span>Mate<span class=\"_ _6\"></span>rial shares<span class=\"_ _6\"></span> <span class=\"_ _23b\"> </span><span class=\"fsf\">2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _268\"> </span><span class=\"fsf\">Bete<span class=\"_ _6\"></span>iligungs- und </span>Wohnung<span class=\"_ _6\"></span>s-<span class=\"_ _3d5\"> </span>anlagen GmbH<span class=\"_ _3d5\"> </span>Gewista-<span class=\"_ _6\"></span>Werbe-<span class=\"_ _3d5\"> </span>gesellschaft m.b.H.<span class=\"_ _3d5\"> </span>\u00d6sterrei<span class=\"_ _6\"></span>chisches Verke<span class=\"_ _6\"></span>hrsb\u00fc<span class=\"_ _7\"></span>ro A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span>VBV - Betri<span class=\"_ _6\"></span>ebliche Alt<span class=\"_ _6\"></span>ersvorsorge A<span class=\"_ _6\"></span>G<span class=\"_ _3d5\"> </span>Gro<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>p i<span class=\"_ _6\"></span>nte<span class=\"_ _6\"></span>re<span class=\"_ _1\"></span>st i<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>% <span class=\"_ _2ad\"> </span>25.00%<span class=\"_ _3d5\"> </span>33.00%<span class=\"_ _3d5\"> </span>36.58%<span class=\"_ _3d5\"> </span>25.32%<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _2fa\"> </span>4,776<span class=\"_ _3d5\"> </span>10,320<span class=\"_ _3d5\"> </span>-10,953<span class=\"_ _3d5\"> </span>14,927<span class=\"_ _3d5\"> </span>Fix<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _131\"> </span>340,261<span class=\"_ _3d5\"> </span>156,445<span class=\"_ _3d5\"> </span>321,154<span class=\"_ _3d5\"> </span>378,991<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ass<span class=\"_ _1\"></span>ets<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>) <span class=\"_ _1ae\"> </span>20,227<span class=\"_ _3d5\"> </span>22,676<span class=\"_ _3d5\"> </span>129,826<span class=\"_ _3d5\"> </span>14,677,4<span class=\"_ _6\"></span>69<span class=\"_ _3d5\"> </span>Bor<span class=\"_ _6\"></span>row<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ngs<span class=\"_ _6\"></span> <span class=\"_ _a0\"> </span>-201,697<span class=\"_ _3d5\"> </span>-33,617<span class=\"_ _3d5\"> </span>-427,981<span class=\"_ _3d5\"> </span>-14,738,2<span class=\"_ _6\"></span>70<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2fb\"> </span>158,791<span class=\"_ _3d5\"> </span>145,504<span class=\"_ _3d5\"> </span>22,999<span class=\"_ _3d5\"> </span>318,190<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>roll<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>eres<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ff\"> </span>3,57<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>45,943<span class=\"_ _3d5\"> </span>517<span class=\"_ _3d5\"> </span>7,159<span class=\"_ _3d5\"> </span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> h<span class=\"_ _1\"></span>eld<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _dd\"> </span>155,2<span class=\"_ _6\"></span>18<span class=\"_ _3d5\"> </span>99,561<span class=\"_ _3d5\"> </span>22,482<span class=\"_ _3d5\"> </span>311,031<span class=\"_ _3d5\"> </span>Att<span class=\"_ _6\"></span>ributa<span class=\"_ _6\"></span>ble of net a<span class=\"_ _6\"></span>ssets <span class=\"_ _10a\"> </span>39<span class=\"_ _6\"></span>,698<span class=\"_ _3d5\"> </span>48,016<span class=\"_ _3d5\"> </span>8,411<span class=\"_ _3d5\"> </span>80,566<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>imp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _2fc\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,540<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue of <span class=\"_ _6\"></span>shares in at e<span class=\"_ _6\"></span>quity consol<span class=\"_ _6\"></span>idate<span class=\"_ _6\"></span>d companies<span class=\"_ _6\"></span> <span class=\"_ _2fd\"> </span>39,698<span class=\"_ _3d5\"> </span>48,016<span class=\"_ _3d5\"> </span>3,871<span class=\"_ _3d5\"> </span>80,566<span class=\"_ _3d5\"> </span>18.<span class=\"ff4a\"> </span>EARNINGS PER S<span class=\"_ _7\"></span>HARE Earnings pe<span class=\"_ _6\"></span>r share<span class=\"_ _6\"></span> <span class=\"_ _272\"> </span><span class=\"fsf\">  <span class=\"_ _49\"> </span>20<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _35a\"> </span>EUR<span class=\"_ _6\"></span> '000 <span class=\"_ _67\"> </span>576,246<span class=\"_ _3d5\"> </span>464,003<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>roll<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>eres<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in<span class=\"_ _1\"></span> ne<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _146\"> </span>EUR<span class=\"_ _6\"></span> '000 <span class=\"_ _191\"> </span>-17,2<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span>8,334<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d le<span class=\"_ _1\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>no<span class=\"_ _6\"></span>n-co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>rol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng i<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f4\"> </span>EUR '000<span class=\"_ _6\"></span> <span class=\"_ _35b\"> </span>558,979<span class=\"_ _3d5\"> </span>472,337<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or th<span class=\"_ _1\"></span>e h<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>br<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>cap<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _8c\"> </span>EUR<span class=\"_ _6\"></span> '000 <span class=\"_ _20\"> </span>7,556<span class=\"_ _3d5\"> </span>7,469<span class=\"_ _3d5\"> </span>Att<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>but<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _2a6\"> </span>EUR '000<span class=\"_ _6\"></span> <span class=\"_ _35b\"> </span>551,423<span class=\"_ _3d5\"> </span>464,868<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _1\"></span>er o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>sh<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _219\"> </span>u<span class=\"_ _6\"></span>nits <span class=\"_ _35b\"> </span>12<span class=\"_ _6\"></span>8,000,00<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>128,000,<span class=\"_ _6\"></span>000<span class=\"_ _3d5\"> </span>Earnings per s<span class=\"_ _6\"></span>hare*<span class=\"_ _6\"></span> <span class=\"_ _270\"> </span>EUR <span class=\"_ _31\"> </span>4.31<span class=\"_ _3d5\"> </span>3.63<span class=\"_ _3d5\"> </span>*The un<span class=\"_ _7\"></span>diluted earnings per shar<span class=\"_ _7\"></span>e equals the diluted earnings per <span class=\"_ _7\"></span>share (in EUR). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-447": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1b23\">7.1.<span class=\"ff4a\"> </span>Receiv<span class=\"_ _7\"></span>ables </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1b24\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _14b\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> <span class=\"_ _220\"> </span><span class=\"fcb\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1b25\">  <span class=\"_ _12c\"> </span><span class=\"fsf\">G<span class=\"_ _6\"></span>ross carryin<span class=\"_ _6\"></span>g </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b26\">amount<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b27\">Risk provision<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b28\">Net car<span class=\"_ _6\"></span>rying </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b29\">amount<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b2a\">Gross carryin<span class=\"_ _6\"></span>g </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b2b\">amount<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b2c\">Risk provision<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b2d\">Net car<span class=\"_ _6\"></span>rying </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b2e\">amount<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1b2f\"><div class=\"t m0 x0 h29 y1c1 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1b30\"><div class=\"t m0 x0 h29 y1c1 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b31\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>eiv<span class=\"_ _6\"></span>abl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _39\"> </span>440,3<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b32\">-21,417<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b33\">418,957<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b34\">412,062<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b35\">-6,360<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b36\">405,702<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b37\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>vab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2ff\"> </span>76,715<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b38\">76,715<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b39\">84,984<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b3a\">84,984<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b3b\">Total <span class=\"_ _15d\"> </span>517,089<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b3c\">-21,41<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b3d\">495,672<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b3e\">497,046<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b3f\">-6,360<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b40\">490,686<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1b41\">For detai<span class=\"_ _7\"></span>led inform<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion o<span class=\"_ _7\"></span>n the devel<span class=\"_ _7\"></span>opme<span class=\"_ _7\"></span>nt of risk pro<span class=\"_ _2\"></span>visions, pleas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> to t<span class=\"_ _7\"></span>he stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts in Not<span class=\"_ _7\"></span>e 2<span class=\"_ _7\"></span>.4. Expected c<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>dit </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1b42\">loss<span class=\"_ _7\"></span> starting on <span class=\"_ _7\"></span>page 90.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1b43\">Maturity s<span class=\"_ _6\"></span>tructu<span class=\"_ _6\"></span>re </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b44\">31/12/2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b45\">31/12/2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b46\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1b47\"><div class=\"t m0 x0 h29 y5a4 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w25 h28 gs1b48\"><div class=\"t m0 x0 h29 y5a4 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> </div></div><div class=\"c w2f h28 gs1b49\"><div class=\"t m0 x0 h29 y5a4 ff48 fsf fca sc0 ls5 ws2\">\u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b4a\">Up t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>1 <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _24d\"> </span>359,471<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b4b\">357,254<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b4c\">Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> on<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _7b\"> </span>60,6<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b4d\">54,096<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b4e\">Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> up<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>ten<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _222\"> </span>19,570<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b4f\">18,379<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b50\">Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs <span class=\"_ _24c\"> </span>55,976<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b51\">60,957<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b52\">Total <span class=\"_ _236\"> </span>495,672<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b53\">490,686<span class=\"_ _3d5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-448": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1b55\">7.2.<span class=\"ff4a\"> </span>Liabiliti<span class=\"_ _7\"></span>es </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1b56\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _297\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b57\">31/12/2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b58\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1b59\"><div class=\"t m0 x0 h29 y7a3 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1b5a\"><div class=\"t m0 x0 h29 y7a3 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b5b\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>587,214<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b5c\">558,020<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b5d\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _25c\"> </span>525,461<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b5e\">391,808<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b5f\">Total <span class=\"_ _204\"> </span>1,11<span class=\"_ _6\"></span>2,675<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b60\">949,828<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1b61\">For detai<span class=\"_ _7\"></span>led info<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>matio<span class=\"_ _7\"></span>n on t<span class=\"_ _7\"></span>he tax li<span class=\"_ _7\"></span>abiliti<span class=\"_ _7\"></span>es, pleas<span class=\"_ _7\"></span>e refe<span class=\"_ _7\"></span>r to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ments i<span class=\"_ _2\"></span>n Note 11. <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>axes sta<span class=\"_ _7\"></span>rting on <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 112.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1b62\">Fo<span class=\"_ _2\"></span>r d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nfo<span class=\"_ _7\"></span>rm<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>ab<span class=\"_ _7\"></span>ili<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>ple<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span> to<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>st<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>ote<span class=\"_ _2\"></span> 8<span class=\"_ _2\"></span>. <span class=\"_ _7\"></span>Fin<span class=\"_ _2\"></span>anci<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> l<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>abi<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>rti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>ge <span class=\"_ _7\"></span>10<span class=\"_ _2\"></span>8. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1b63\">Maturity s<span class=\"_ _6\"></span>tructu<span class=\"_ _6\"></span>re <span class=\"_ _300\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b64\">31/12/2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b65\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1b66\"><div class=\"t m0 x0 h29 y695 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1b67\"><div class=\"t m0 x0 h29 y695 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b68\">Up t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>1 <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _24d\"> </span>798,211<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b69\">622,773<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b6a\">Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> on<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _7b\"> </span>51,9<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b6b\">41,817<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b6c\">Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> up<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>ten<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _222\"> </span>28,203<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b6d\">38,549<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1b6e\">Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs <span class=\"_ _2f5\"> </span>23<span class=\"_ _6\"></span>4,274<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1b6f\">246,689<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1b70\">Total <span class=\"_ _204\"> </span>1,11<span class=\"_ _6\"></span>2,675<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1b71\">949,828<span class=\"_ _3d5\"> </span></div>8.<span class=\"ff4a\"> </span>FIN<span class=\"_ _6\"></span>ANC<span class=\"_ _7\"></span>IAL LIABILIT<span class=\"_ _7\"></span>IES Compositio<span class=\"_ _6\"></span>n <span class=\"_ _2ee\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _23e\"> </span>1,309,283<span class=\"_ _3d5\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _25a\"> </span>306,881<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _301\"> </span>579,908<span class=\"_ _3d5\"> </span>593,118<span class=\"_ _3d5\"> </span>Leas<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d2\"> </span>198,39<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>183,126<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _302\"> </span>1,296<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _27a\"> </span>555<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>2,396,32<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>2,912,61<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _26f\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _2dd\"> </span><span class=\"fsf\">Sub<span class=\"_ _7\"></span>ordinat<span class=\"_ _6\"></span>ed lia<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>ies </span>(incl. inte<span class=\"_ _6\"></span>rest)<span class=\"_ _3d5\"> </span>Liabil<span class=\"_ _6\"></span>ities to bank<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>Other fi<span class=\"_ _6\"></span>nancial liabil<span class=\"_ _6\"></span>ities*<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Boo<span class=\"_ _6\"></span>k v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lue<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>1,789,28<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>777,111<span class=\"_ _3d5\"> </span>Ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _271\"> </span>-546,81<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-42,11<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-40,21<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _303\"> </span>0<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>509<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _304\"> </span>-469,987<span class=\"_ _3d5\"> </span>-37,719<span class=\"_ _3d5\"> </span>-35,094<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _305\"> </span>-76,825<span class=\"_ _3d5\"> </span>-4,417<span class=\"_ _3d5\"> </span>-5,630<span class=\"_ _3d5\"> </span>Non-<span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _306\"> </span>66,814<span class=\"_ _3d5\"> </span>5,096<span class=\"_ _3d5\"> </span>42,159<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _307\"> </span>67,382<span class=\"_ _3d5\"> </span>5,096<span class=\"_ _3d5\"> </span>60,980<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,621<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _96\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-21,760<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>8,643<span class=\"_ _3d5\"> </span>Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _308\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-442<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _d8\"> </span>-568<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-2,641<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _100\"> </span>1,3<span class=\"_ _6\"></span>09,283<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>779,055<span class=\"_ _3d5\"> </span>*It contains <span class=\"_ _7\"></span>derivative liabilities <span class=\"_ _7\"></span>from financing liabilities, other financin<span class=\"_ _7\"></span>g liabilities and lease liabilities. Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _26f\"> </span><span class=\"fsf\">3<span class=\"_ _6\"></span>1/12/2022<span class=\"_ _6\"></span> </span>  <span class=\"_ _2dd\"> </span><span class=\"fsf\">Sub<span class=\"_ _7\"></span>ordinat<span class=\"_ _6\"></span>ed lia<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>ies </span>(incl. inte<span class=\"_ _6\"></span>rest)<span class=\"_ _3d5\"> </span>Liabil<span class=\"_ _6\"></span>ities to bank<span class=\"_ _6\"></span>s<span class=\"_ _3d5\"> </span>Other fi<span class=\"_ _6\"></span>nancial liabil<span class=\"_ _6\"></span>ities*<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Boo<span class=\"_ _6\"></span>k v<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>lue<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>1,493,59<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>351,087<span class=\"_ _3d5\"> </span>776,708<span class=\"_ _3d5\"> </span>Ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _309\"> </span>223,666<span class=\"_ _3d5\"> </span>-12,59<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>-40,11<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>fl<span class=\"_ _6\"></span>ows<span class=\"_ _6\"></span> <span class=\"_ _309\"> </span>500,0<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>55,007<span class=\"_ _3d5\"> </span>13,000<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _304\"> </span>-215,600<span class=\"_ _3d5\"> </span>-63,117<span class=\"_ _3d5\"> </span>-46,930<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _305\"> </span>-60,734<span class=\"_ _3d5\"> </span>-4,489<span class=\"_ _3d5\"> </span>-6,186<span class=\"_ _3d5\"> </span>Non-<span class=\"_ _6\"></span>ca<span class=\"_ _1\"></span>sh <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _306\"> </span>72,016<span class=\"_ _3d5\"> </span>5,410<span class=\"_ _3d5\"> </span>40,519<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _307\"> </span>71,327<span class=\"_ _3d5\"> </span>5,410<span class=\"_ _3d5\"> </span>38,324<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _b5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-607<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _96\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,160<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ca\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,823<span class=\"_ _3d5\"> </span>Me<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>han<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _308\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>62<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _8e\"> </span>689<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,403<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _100\"> </span>1,7<span class=\"_ _6\"></span>89,281<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>777,111<span class=\"_ _3d5\"> </span>*It contains <span class=\"_ _7\"></span>derivative liabilities <span class=\"_ _7\"></span>from financing liabilities, other financin<span class=\"_ _7\"></span>g liabilities and lease liabilities.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-501": {
   "value": "7.2.<span class=\"ff4a\"> </span>Liabiliti<span class=\"_ _7\"></span>es Compositio<span class=\"_ _6\"></span>n <span class=\"_ _297\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>587,214<span class=\"_ _3d5\"> </span>558,020<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _25c\"> </span>525,461<span class=\"_ _3d5\"> </span>391,808<span class=\"_ _3d5\"> </span>Total <span class=\"_ _204\"> </span>1,11<span class=\"_ _6\"></span>2,675<span class=\"_ _3d5\"> </span>949,828<span class=\"_ _3d5\"> </span>For detai<span class=\"_ _7\"></span>led info<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>matio<span class=\"_ _7\"></span>n on t<span class=\"_ _7\"></span>he tax li<span class=\"_ _7\"></span>abiliti<span class=\"_ _7\"></span>es, pleas<span class=\"_ _7\"></span>e refe<span class=\"_ _7\"></span>r to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ments i<span class=\"_ _2\"></span>n Note 11. <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>axes sta<span class=\"_ _7\"></span>rting on <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 112.<span class=\"_ _2\"></span> Fo<span class=\"_ _2\"></span>r d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nfo<span class=\"_ _7\"></span>rm<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>ab<span class=\"_ _7\"></span>ili<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>ple<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span> to<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>st<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>ote<span class=\"_ _2\"></span> 8<span class=\"_ _2\"></span>. <span class=\"_ _7\"></span>Fin<span class=\"_ _2\"></span>anci<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> l<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>abi<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>rti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>ge <span class=\"_ _7\"></span>10<span class=\"_ _2\"></span>8. Maturity s<span class=\"_ _6\"></span>tructu<span class=\"_ _6\"></span>re <span class=\"_ _300\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Up t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>1 <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _24d\"> </span>798,211<span class=\"_ _3d5\"> </span>622,773<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> on<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _7b\"> </span>51,9<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span>41,817<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> up<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>ten<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _222\"> </span>28,203<span class=\"_ _3d5\"> </span>38,549<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs <span class=\"_ _2f5\"> </span>23<span class=\"_ _6\"></span>4,274<span class=\"_ _3d5\"> </span>246,689<span class=\"_ _3d5\"> </span>Total <span class=\"_ _204\"> </span>1,11<span class=\"_ _6\"></span>2,675<span class=\"_ _3d5\"> </span>949,828<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-477": {
   "value": "7.2.<span class=\"ff4a\"> </span>Liabiliti<span class=\"_ _7\"></span>es Compositio<span class=\"_ _6\"></span>n <span class=\"_ _297\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>587,214<span class=\"_ _3d5\"> </span>558,020<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es <span class=\"_ _25c\"> </span>525,461<span class=\"_ _3d5\"> </span>391,808<span class=\"_ _3d5\"> </span>Total <span class=\"_ _204\"> </span>1,11<span class=\"_ _6\"></span>2,675<span class=\"_ _3d5\"> </span>949,828<span class=\"_ _3d5\"> </span>For detai<span class=\"_ _7\"></span>led info<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>matio<span class=\"_ _7\"></span>n on t<span class=\"_ _7\"></span>he tax li<span class=\"_ _7\"></span>abiliti<span class=\"_ _7\"></span>es, pleas<span class=\"_ _7\"></span>e refe<span class=\"_ _7\"></span>r to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ments i<span class=\"_ _2\"></span>n Note 11. <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>axes sta<span class=\"_ _7\"></span>rting on <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 112.<span class=\"_ _2\"></span> Fo<span class=\"_ _2\"></span>r d<span class=\"_ _2\"></span>eta<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nfo<span class=\"_ _7\"></span>rm<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span>e li<span class=\"_ _2\"></span>ab<span class=\"_ _7\"></span>ili<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>ple<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span> to<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>st<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>ote<span class=\"_ _2\"></span> 8<span class=\"_ _2\"></span>. <span class=\"_ _7\"></span>Fin<span class=\"_ _2\"></span>anci<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> l<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>abi<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>rti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>ge <span class=\"_ _7\"></span>10<span class=\"_ _2\"></span>8. Maturity s<span class=\"_ _6\"></span>tructu<span class=\"_ _6\"></span>re <span class=\"_ _300\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Up t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>1 <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _24d\"> </span>798,211<span class=\"_ _3d5\"> </span>622,773<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> on<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _7b\"> </span>51,9<span class=\"_ _6\"></span>87<span class=\"_ _3d5\"> </span>41,817<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> up<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>ten<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _222\"> </span>28,203<span class=\"_ _3d5\"> </span>38,549<span class=\"_ _3d5\"> </span>Mo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>rs <span class=\"_ _2f5\"> </span>23<span class=\"_ _6\"></span>4,274<span class=\"_ _3d5\"> </span>246,689<span class=\"_ _3d5\"> </span>Total <span class=\"_ _204\"> </span>1,11<span class=\"_ _6\"></span>2,675<span class=\"_ _3d5\"> </span>949,828<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-547": {
   "value": "9.<span class=\"ff4a\"> </span>NO<span class=\"_ _6\"></span>TES <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>O T<span class=\"_ _7\"></span>HE CONS<span class=\"_ _7\"></span>OLIDA<span class=\"_ _2\"></span>TED INC<span class=\"_ _7\"></span>OME ST<span class=\"_ _10\"></span>AT<span class=\"_ _7\"></span>EMENT<span class=\"_ _3d5\"> </span><span class=\"_ _2\"></span> Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-546": {
   "value": "9.<span class=\"ff4a\"> </span>NO<span class=\"_ _6\"></span>TES <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>O T<span class=\"_ _7\"></span>HE CONS<span class=\"_ _7\"></span>OLIDA<span class=\"_ _2\"></span>TED INC<span class=\"_ _7\"></span>OME ST<span class=\"_ _10\"></span>AT<span class=\"_ _7\"></span>EMENT<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _1ec\"> </span><span class=\"fsf\">Austria<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic <span class=\"_ _4a\"> </span>Po<span class=\"_ _6\"></span>land <span class=\"_ _191\"> </span>Extended CE<span class=\"_ _6\"></span>E </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>1,01<span class=\"_ _6\"></span>0,854<span class=\"_ _3d5\"> </span>-740,6<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>183,108<span class=\"_ _3d5\"> </span>-15,72<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>130,074<span class=\"_ _3d5\"> </span>-14,84<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>293,611<span class=\"_ _3d5\"> </span>-13,88<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 450,204<span class=\"_ _3d5\"> </span>422,286<span class=\"_ _3d5\"> </span>91,970<span class=\"_ _3d5\"> </span>81,789<span class=\"_ _3d5\"> </span>61,016<span class=\"_ _3d5\"> </span>43,256<span class=\"_ _3d5\"> </span>186,751<span class=\"_ _3d5\"> </span>144,147<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-36<span class=\"_ _3d5\"> </span>-3,953<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>-1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>420<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -1,697<span class=\"_ _3d5\"> </span>-59,305<span class=\"_ _3d5\"> </span>-12,345<span class=\"_ _3d5\"> </span>-1,016<span class=\"_ _3d5\"> </span>-1,058<span class=\"_ _3d5\"> </span>-502<span class=\"_ _3d5\"> </span>-41,948<span class=\"_ _3d5\"> </span>-20,357<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>562,383<span class=\"_ _3d5\"> </span>-1,099,66<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>103,483<span class=\"_ _3d5\"> </span>-96,406<span class=\"_ _3d5\"> </span>70,117<span class=\"_ _3d5\"> </span>-57,600<span class=\"_ _3d5\"> </span>148,650<span class=\"_ _3d5\"> </span>-138,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 450,961<span class=\"_ _3d5\"> </span>-1,166,37<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>85,029<span class=\"_ _3d5\"> </span>-100,775<span class=\"_ _3d5\"> </span>46,694<span class=\"_ _3d5\"> </span>-23,533<span class=\"_ _3d5\"> </span>139,636<span class=\"_ _3d5\"> </span>-164,139<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _15f\"> </span>13,106<span class=\"_ _3d5\"> </span>-120,577<span class=\"_ _3d5\"> </span>7,726<span class=\"_ _3d5\"> </span>-5,807<span class=\"_ _3d5\"> </span>37,271<span class=\"_ _3d5\"> </span>-35,587<span class=\"_ _3d5\"> </span>14,103<span class=\"_ _3d5\"> </span>-23,075<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>26,252<span class=\"_ _3d5\"> </span>18,701<span class=\"_ _3d5\"> </span>-1,040<span class=\"_ _3d5\"> </span>105<span class=\"_ _3d5\"> </span>339<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>226<span class=\"_ _3d5\"> </span>2,918<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>84,590<span class=\"_ _3d5\"> </span>69,487<span class=\"_ _3d5\"> </span>535<span class=\"_ _3d5\"> </span>511<span class=\"_ _3d5\"> </span>682<span class=\"_ _3d5\"> </span>312<span class=\"_ _3d5\"> </span>5,446<span class=\"_ _3d5\"> </span>4,354<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>-58,33<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-51,073<span class=\"_ _3d5\"> </span>-1,575<span class=\"_ _3d5\"> </span>-407<span class=\"_ _3d5\"> </span>-344<span class=\"_ _3d5\"> </span>-288<span class=\"_ _3d5\"> </span>-5,302<span class=\"_ _3d5\"> </span>-2,033<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>323<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _49\"> </span>-<span class=\"_ _6\"></span>48,237<span class=\"_ _3d5\"> </span>-44,86<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>-2,935<span class=\"_ _3d5\"> </span>-1,911<span class=\"_ _3d5\"> </span>-1,012<span class=\"_ _3d5\"> </span>-1,134<span class=\"_ _3d5\"> </span>-8,276<span class=\"_ _3d5\"> </span>-4,374<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>-8,637<span class=\"_ _3d5\"> </span>-4,486<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,691<span class=\"_ _3d5\"> </span>-1,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-57<span class=\"_ _3d5\"> </span>-4<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>-77<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-818<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-466<span class=\"_ _3d5\"> </span>-350<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _1d\"> </span>-35,287<span class=\"_ _3d5\"> </span>-35,989<span class=\"_ _3d5\"> </span>-1,224<span class=\"_ _3d5\"> </span>-1,131<span class=\"_ _3d5\"> </span>-1,500<span class=\"_ _3d5\"> </span>-612<span class=\"_ _3d5\"> </span>-6,397<span class=\"_ _3d5\"> </span>-3,097<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>-1,718<span class=\"_ _3d5\"> </span>-1,561<span class=\"_ _3d5\"> </span>-1,506<span class=\"_ _3d5\"> </span>-979<span class=\"_ _3d5\"> </span>-297<span class=\"_ _3d5\"> </span>-174<span class=\"_ _3d5\"> </span>-961<span class=\"_ _3d5\"> </span>-750<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>2,768<span class=\"_ _3d5\"> </span>-5,485<span class=\"_ _3d5\"> </span>-6,174<span class=\"_ _3d5\"> </span>-788<span class=\"_ _3d5\"> </span>-679<span class=\"_ _3d5\"> </span>-2,779<span class=\"_ _3d5\"> </span>-2,459<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>-7,634<span class=\"_ _3d5\"> </span>-7,286<span class=\"_ _3d5\"> </span>-5,101<span class=\"_ _3d5\"> </span>-3,834<span class=\"_ _3d5\"> </span>-411<span class=\"_ _3d5\"> </span>-398<span class=\"_ _3d5\"> </span>-3,333<span class=\"_ _3d5\"> </span>-3,282<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>154<span class=\"_ _3d5\"> </span>496<span class=\"_ _3d5\"> </span>-29<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>590<span class=\"_ _3d5\"> </span>896<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _30b\"> </span><span class=\"fsf\">Specia<span class=\"_ _6\"></span>l Mark<span class=\"_ _6\"></span>ets <span class=\"_ _1a2\"> </span>G<span class=\"_ _6\"></span>roup Functio<span class=\"_ _6\"></span>ns <span class=\"_ _216\"> </span>Consolidatio<span class=\"_ _6\"></span>n <span class=\"_ _30c\"> </span>Total </span>  <span class=\"_ _217\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ult<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>27<span class=\"_ _6\"></span>4,198<span class=\"_ _3d5\"> </span>30,784<span class=\"_ _3d5\"> </span>50,780<span class=\"_ _3d5\"> </span>-8,756<span class=\"_ _3d5\"> </span>-49,55<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>-46,64<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,893,06<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-809,6<span class=\"_ _6\"></span>96<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ev<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>ive int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> 89,306<span class=\"_ _3d5\"> </span>29,870<span class=\"_ _3d5\"> </span>53,210<span class=\"_ _3d5\"> </span>26,355<span class=\"_ _3d5\"> </span>-36,656<span class=\"_ _3d5\"> </span>-32,806<span class=\"_ _3d5\"> </span>895,801<span class=\"_ _3d5\"> </span>714,897<span class=\"_ _3d5\"> </span>Rea<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d g<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1b\"> </span>-41<span class=\"_ _3d5\"> </span>-123<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-500<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>80<span class=\"_ _3d5\"> </span>-4,242<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s on <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> -2,880<span class=\"_ _3d5\"> </span>-18,327<span class=\"_ _3d5\"> </span>3,444<span class=\"_ _3d5\"> </span>-5,435<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-56,484<span class=\"_ _3d5\"> </span>-104,942<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>187,813<span class=\"_ _3d5\"> </span>19,364<span class=\"_ _3d5\"> </span>-5,874<span class=\"_ _3d5\"> </span>-29,176<span class=\"_ _3d5\"> </span>-12,901<span class=\"_ _3d5\"> </span>-13,834<span class=\"_ _3d5\"> </span>1,053,67<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-1,415,40<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>f fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>easu<span class=\"_ _1\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> 50,994<span class=\"_ _3d5\"> </span>-87,830<span class=\"_ _3d5\"> </span>-1,140<span class=\"_ _3d5\"> </span>-8,518<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>772,174<span class=\"_ _3d5\"> </span>-1,551,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>al ins<span class=\"_ _6\"></span>tru<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>-87<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-3,747<span class=\"_ _3d5\"> </span>-5,815<span class=\"_ _3d5\"> </span>-21,328<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>65,520<span class=\"_ _3d5\"> </span>-210,121<span class=\"_ _3d5\"> </span>Inco<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>e a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s fr<span class=\"_ _6\"></span>om inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1bd\"> </span>543<span class=\"_ _3d5\"> </span>379<span class=\"_ _3d5\"> </span>5,579<span class=\"_ _3d5\"> </span>15,728<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>31,844<span class=\"_ _3d5\"> </span>37,802<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>661<span class=\"_ _3d5\"> </span>625<span class=\"_ _3d5\"> </span>32,853<span class=\"_ _3d5\"> </span>32,420<span class=\"_ _3d5\"> </span>-55<span class=\"_ _3d5\"> </span>-54<span class=\"_ _3d5\"> </span>124,712<span class=\"_ _3d5\"> </span>107,655<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-251<span class=\"_ _3d5\"> </span>-246<span class=\"_ _3d5\"> </span>-30,530<span class=\"_ _3d5\"> </span>-18,951<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-96,340<span class=\"_ _3d5\"> </span>-72,998<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>133<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,256<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>3,470<span class=\"_ _3d5\"> </span>610<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _1e8\"> </span>-577<span class=\"_ _3d5\"> </span>-317<span class=\"_ _3d5\"> </span>-86,23<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>-89,22<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>47,944<span class=\"_ _3d5\"> </span>46,554<span class=\"_ _3d5\"> </span>-99,32<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-95,26<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>onn<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _e7\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-1,829<span class=\"_ _3d5\"> </span>-704<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-10,466<span class=\"_ _3d5\"> </span>-5,190<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ina<span class=\"_ _6\"></span>n<span class=\"_ _1\"></span>cing<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30d\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-3,004<span class=\"_ _3d5\"> </span>-3,146<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-4,752<span class=\"_ _3d5\"> </span>-5,048<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>itu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-26,604<span class=\"_ _3d5\"> </span>-26,794<span class=\"_ _3d5\"> </span>21,619<span class=\"_ _3d5\"> </span>21,413<span class=\"_ _3d5\"> </span>-6,229<span class=\"_ _3d5\"> </span>-6,549<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _a5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-54,126<span class=\"_ _3d5\"> </span>-58,294<span class=\"_ _3d5\"> </span>26,305<span class=\"_ _3d5\"> </span>24,296<span class=\"_ _3d5\"> </span>-72,229<span class=\"_ _3d5\"> </span>-74,827<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>e liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>-5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>-316<span class=\"_ _3d5\"> </span>-96<span class=\"_ _3d5\"> </span>-87<span class=\"_ _3d5\"> </span>479<span class=\"_ _3d5\"> </span>462<span class=\"_ _3d5\"> </span>-4,677<span class=\"_ _3d5\"> </span>-3,405<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>wner<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>upie<span class=\"_ _1\"></span>d pro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s 325<span class=\"_ _3d5\"> </span>436<span class=\"_ _3d5\"> </span>510<span class=\"_ _3d5\"> </span>104<span class=\"_ _3d5\"> </span>-5,496<span class=\"_ _3d5\"> </span>-4,522<span class=\"_ _3d5\"> </span>-13,38<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-10,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _6\"></span>rec<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>-252<span class=\"_ _3d5\"> </span>-261<span class=\"_ _3d5\"> </span>-1,200<span class=\"_ _3d5\"> </span>-1,098<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>-17,931<span class=\"_ _3d5\"> </span>-16,159<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1e4\"> </span>0<span class=\"_ _3d5\"> </span>119<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>715<span class=\"_ _3d5\"> </span>1,511<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-449": {
   "value": "10.<span class=\"ff4a\"> </span>CONSOLIDA<span class=\"_ _2\"></span>TE<span class=\"_ _2\"></span>D<span class=\"_ _6\"></span> SHAREHO<span class=\"_ _7\"></span>LD<span class=\"_ _6\"></span>ERS<span class=\"_ _7\"></span><span class=\"ff4a\">\u02be<span class=\"ff46\"> EQUITY<span class=\"_ _2\"></span> </span></span>Further info<span class=\"_ _2\"></span>rmation o<span class=\"_ _7\"></span>n the s<span class=\"_ _7\"></span>hare<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>olders\u2019 eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>y can be fo<span class=\"_ _2\"></span>und sta<span class=\"_ _7\"></span>rting o<span class=\"_ _7\"></span>n page 177.<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1d7f\">10.4.<span class=\"ff4a\"> </span>Other r<span class=\"_ _7\"></span>eser<span class=\"_ _6\"></span>ves<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1d80\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _238\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1d81\">  <span class=\"_ _30f\"> </span><span class=\"fsf\">Gross<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d82\">+/- Defe<span class=\"_ _6\"></span>rred </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d83\">taxes<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d84\">+/- Non-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d85\">contro<span class=\"_ _6\"></span>lling </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d86\">intere<span class=\"_ _6\"></span>sts<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d87\">Net<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1d88\"><div class=\"t m0 x0 h29 y767 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1d89\"><div class=\"t m0 x0 h29 y767 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d8a\">Unre<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>gai<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>226,0<span class=\"_ _6\"></span>14 </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d8b\">-66,69<span class=\"_ _6\"></span>3 </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d8c\">-4,146<span class=\"_ _6\"></span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d8d\">155,175 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d8e\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>rve<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cy<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>le*<span class=\"_ _6\"></span> <span class=\"_ _9a\"> </span>-9<span class=\"_ _6\"></span>97,005 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d8f\">213,339 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d90\">12,054 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d91\">-771,612<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d92\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>rve<span class=\"_ _6\"></span>s n<span class=\"_ _6\"></span>on<span class=\"_ _1\"></span>-re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ycl<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span>-1,953 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d93\">-3,155 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d94\">-241 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d95\">-5,349 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d96\">IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7 <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span>1,2<span class=\"_ _6\"></span>24,972 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d97\">-276,877<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d98\">-15,959 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d99\">932,136 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d9a\">Ac<span class=\"_ _6\"></span>tua<span class=\"_ _6\"></span>ria<span class=\"_ _6\"></span>l g<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r em<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oye<span class=\"_ _6\"></span>e b<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _6\"></span>its<span class=\"_ _6\"></span> <span class=\"_ _310\"> </span>-188,664<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d9b\">42,936 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d9c\">3,022 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d9d\">-142,706<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d9e\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of ot<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _311\"> </span>-11,888 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d9f\">0 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1da0\">250 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1da1\">-11,638 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1da2\">Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span>-144,572<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1da3\">0 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1da4\">4,016 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1da5\">-140,556<span class=\"_ _6\"></span> </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1da6\">Total <span class=\"_ _98\"> </span>-119,1<span class=\"_ _6\"></span>10 </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1da7\">-23,75<span class=\"_ _6\"></span>7 </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1da8\">3,142 </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1da9\">-139,7<span class=\"_ _6\"></span>25 </div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1daa\">*Thereof reclassi<span class=\"_ _7\"></span>fied to income statement in<span class=\"_ _7\"></span> gross value: EUR 122,542,000 </div><div class=\"t m0 h5c ff46 fs18 fcb sc0 ls5 ws2 gs1dab\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _2ca\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>22 adju<span class=\"_ _6\"></span>sted </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1dac\">Gross<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1dad\">+/- Defe<span class=\"_ _6\"></span>rred </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1dae\">taxes<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1daf\">+/- Non-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1db0\">contro<span class=\"_ _6\"></span>lling </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1db1\">intere<span class=\"_ _6\"></span>sts<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1db2\">Net<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1db3\"><div class=\"t m0 x0 h29 y629 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1db4\"><div class=\"t m0 x0 h29 y629 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1db5\">Unre<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>gai<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c5\"> </span>-43<span class=\"_ _6\"></span>,587<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1db6\">-8,749<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1db7\">1,996<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1db8\">-50,34<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1db9\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>rve<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cy<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>le*<span class=\"_ _6\"></span> <span class=\"_ _1ae\"> </span>-2,292,<span class=\"_ _6\"></span>672<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dba\">485,442<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dbb\">53,014<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dbc\">-1,754,21<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dbd\">IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>rve<span class=\"_ _6\"></span>s n<span class=\"_ _6\"></span>on<span class=\"_ _1\"></span>-re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ycl<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span>-8,582<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dbe\">111<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dbf\">874<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dc0\">-7,597<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dc1\">IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7 <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span>2,2<span class=\"_ _6\"></span>57,667<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dc2\">-494,302<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dc3\">-51,892<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dc4\">1,711,47<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dc5\">Ac<span class=\"_ _6\"></span>tua<span class=\"_ _6\"></span>ria<span class=\"_ _6\"></span>l g<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r em<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oye<span class=\"_ _6\"></span>e b<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _6\"></span>its<span class=\"_ _6\"></span> <span class=\"_ _310\"> </span>-143,547<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dc6\">32,598<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dc7\">2,318<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dc8\">-108,631<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dc9\">Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of ot<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _313\"> </span>-494<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dca\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dcb\">29<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dcc\">-465<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dcd\">Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span>-202,673<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dce\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dcf\">22,309<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dd0\">-180,364<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1dd1\">Total <span class=\"_ _98\"> </span>-390,3<span class=\"_ _6\"></span>01<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1dd2\">23,849<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1dd3\">26,652<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1dd4\">-339,8<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1dd5\">*Thereof reclassi<span class=\"_ _7\"></span>fied to income statement in<span class=\"_ _7\"></span> gross value: EUR -189,379,000<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2ad3\">25.10.<span class=\"ff4a\"> </span>Consolid<span class=\"_ _7\"></span>ated sharehold<span class=\"_ _7\"></span>ers<span class=\"ff4a\">\u02be</span> equit<span class=\"_ _7\"></span>y </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ad4\">The items shar<span class=\"_ _7\"></span>e capital<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ther capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l res<span class=\"_ _7\"></span>erves includ<span class=\"_ _7\"></span>e the a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> pa<span class=\"_ _6\"></span>id<span class=\"_ _7\"></span> in to <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>capital <span class=\"_ _7\"></span>by the share<span class=\"_ _7\"></span>hold<span class=\"_ _7\"></span>ers of VIG </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ad5\">Holdi<span class=\"_ _7\"></span>ng. Ot<span class=\"_ _7\"></span>her c<span class=\"_ _2\"></span>apital r<span class=\"_ _2\"></span>eserves <span class=\"_ _2\"></span>report <span class=\"_ _2\"></span>the s<span class=\"_ _7\"></span>hare <span class=\"_ _2\"></span>of co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ons <span class=\"_ _7\"></span>paid t<span class=\"_ _2\"></span>hat is<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>n exc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss <span class=\"_ _2\"></span>of th<span class=\"_ _7\"></span>e sh<span class=\"_ _7\"></span>are <span class=\"_ _2\"></span>capital. <span class=\"_ _2\"></span>The r<span class=\"_ _2\"></span>eserves <span class=\"_ _2\"></span>are </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ad6\">red<span class=\"_ _7\"></span>uced b<span class=\"_ _7\"></span>y exte<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>al costs <span class=\"_ _2\"></span>directly r<span class=\"_ _2\"></span>elated to <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>orpor<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te ac<span class=\"_ _7\"></span>tions af<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ng equit<span class=\"_ _7\"></span>y (aft<span class=\"_ _7\"></span>er taking <span class=\"_ _7\"></span>tax ef<span class=\"_ _2\"></span>fects into a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>cou<span class=\"_ _7\"></span>nt).<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ad7\">Retained earnings <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>profits that <span class=\"_ _6\"></span>subsidia<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies have <span class=\"_ _6\"></span>earned <span class=\"_ _6\"></span>since their <span class=\"_ _6\"></span>af<span class=\"_ _7\"></span>fili<span class=\"_ _7\"></span>ation <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ith VIG <span class=\"_ _6\"></span>Insurance<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Grou<span class=\"_ _7\"></span>p. <span class=\"_ _6\"></span>These are </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26d8\">red<span class=\"_ _7\"></span>uced <span class=\"_ _7\"></span>by <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>divid<span class=\"_ _7\"></span>ends <span class=\"_ _7\"></span>dist<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ib<span class=\"_ _7\"></span>uted <span class=\"_ _7\"></span>by <span class=\"_ _2\"></span>VIG Hol<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng. A<span class=\"_ _7\"></span>mo<span class=\"_ _7\"></span>un<span class=\"_ _7\"></span>ts r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ulting f<span class=\"_ _7\"></span>rom<span class=\"_ _2\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>nges i<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he s<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>op<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span>re </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ad8\">also r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised her<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. If c<span class=\"_ _7\"></span>hang<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e made to <span class=\"_ _2\"></span>accounti<span class=\"_ _7\"></span>ng pol<span class=\"_ _7\"></span>icies, the <span class=\"_ _7\"></span>adjustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts for <span class=\"_ _7\"></span>earlier p<span class=\"_ _7\"></span>eriods <span class=\"_ _7\"></span>that ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>not include<span class=\"_ _2\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26d9\">in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _1\"></span>statem<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>op<span class=\"_ _7\"></span>ening<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>balance<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>sheet <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>tained<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>earn<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ngs <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>arli<span class=\"_ _7\"></span>est <span class=\"_ _6\"></span>period </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26da\">prese<span class=\"_ _7\"></span>nted.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26dc\">Other r<span class=\"_ _2\"></span>eserves co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sist of<span class=\"_ _7\"></span> u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>real<span class=\"_ _7\"></span>ised g<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ins <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>ses fr<span class=\"_ _7\"></span>om<span class=\"_ _2\"></span> the meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> co<span class=\"_ _7\"></span>ntracts, t<span class=\"_ _2\"></span>he measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents <span class=\"_ _2\"></span>of<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ad9\">financial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts me<span class=\"_ _7\"></span>asured a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> FVt<span class=\"_ _7\"></span>OCI as well<span class=\"_ _7\"></span> as actuari<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l gains a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d losses, <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h are to be r<span class=\"_ _2\"></span>ecor<span class=\"_ _7\"></span>ded i<span class=\"_ _7\"></span>n the statem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ada\">of <span class=\"_ _3\"> </span>compr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>he<span class=\"_ _7\"></span>nsive <span class=\"_ _3\"> </span>income<span class=\"_ _7\"></span> <span class=\"_ _d\"> </span>in <span class=\"_ _3\"> </span>accor<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _3\"> </span>with <span class=\"_ _3\"> </span>IAS 19.<span class=\"_ _2\"></span>  Furth<span class=\"_ _7\"></span>ermor<span class=\"_ _7\"></span>e, <span class=\"_ _3\"> </span>unr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>alised<span class=\"_ _2\"></span>  gai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _d\"> </span>and<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>losses <span class=\"_ _3\"> </span>from<span class=\"_ _2\"></span>  t<span class=\"_ _7\"></span>he <span class=\"_ _3\"> </span>at <span class=\"_ _d\"> </span>eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ity </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26de\">meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>associ<span class=\"_ _7\"></span>ated <span class=\"_ _4\"> </span>comp<span class=\"_ _7\"></span>anies, <span class=\"_ _4\"></span>ef<span class=\"_ _7\"></span>fects<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>from <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>applicati<span class=\"_ _7\"></span>on <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>IAS 29 <span class=\"_ _0\"></span>F<span class=\"_ _6\"></span>inancial<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>Repo<span class=\"_ _7\"></span>rting <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Hyperinfl<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>nary </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2adb\">Economi<span class=\"_ _7\"></span>es and t<span class=\"_ _7\"></span>he excha<span class=\"_ _7\"></span>nge dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nces res<span class=\"_ _2\"></span>ulting from <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>curren<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>y conv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rsion of f<span class=\"_ _7\"></span>oreig<span class=\"_ _2\"></span>n subsidiaries <span class=\"_ _2\"></span>are r<span class=\"_ _7\"></span>eported i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2adc\">other r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>se<span class=\"_ _7\"></span>rves. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2add\">Non-con<span class=\"_ _7\"></span>troll<span class=\"_ _7\"></span>ing <span class=\"_ _6\"></span>inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sts are <span class=\"_ _6\"></span>also <span class=\"_ _6\"></span>sho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>part <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>holders\u2019 equity<span class=\"_ _e\"></span>. <span class=\"_ _1\"></span>Th<span class=\"_ _7\"></span>ese <span class=\"_ _6\"></span>incl<span class=\"_ _7\"></span>ude <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>held <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>thir<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>parties in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ade\">the equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> of co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated subs<span class=\"_ _7\"></span>idiaries <span class=\"_ _2\"></span>which ar<span class=\"_ _7\"></span>e not dir<span class=\"_ _2\"></span>ectly<span class=\"_ _7\"></span> or indir<span class=\"_ _2\"></span>ect<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>y wholly o<span class=\"_ _2\"></span>wned by VI<span class=\"_ _7\"></span>G Holdi<span class=\"_ _7\"></span>ng. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e4\">Details r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ardi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g capital <span class=\"_ _7\"></span>man<span class=\"_ _7\"></span>agemen<span class=\"_ _7\"></span>t can b<span class=\"_ _7\"></span>e found i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ch<span class=\"_ _7\"></span>apter <span class=\"_ _7\"></span>\u201cCapital m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span>\u201d starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 197.  <span class=\"_ _7\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2adf\">Share cap<span class=\"_ _7\"></span>ital an<span class=\"_ _7\"></span>d voting r<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>ghts<span class=\"_ _2\"></span> <span class=\"_ _1bc\"> </span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e7\">The <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>capital amou<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>EU<span class=\"_ _7\"></span>R 132,887<span class=\"_ _7\"></span>,468.2<span class=\"_ _7\"></span>0. It <span class=\"_ _6\"></span>is divided int<span class=\"_ _6\"></span>o 128,000,0<span class=\"_ _7\"></span>00 no-par<span class=\"_ _10\"></span>-value beare<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>es with v<span class=\"_ _6\"></span>oti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ae0\">rights, wi<span class=\"_ _7\"></span>th eac<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> shar<span class=\"_ _2\"></span>e repr<span class=\"_ _7\"></span>esen<span class=\"_ _7\"></span>ting an <span class=\"_ _7\"></span>equal po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of shar<span class=\"_ _2\"></span>e capital. <span class=\"_ _7\"></span>The <span class=\"_ _7\"></span>numbe<span class=\"_ _7\"></span>r of shar<span class=\"_ _7\"></span>es iss<span class=\"_ _2\"></span>ue<span class=\"_ _6\"></span>d r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ained <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ncha<span class=\"_ _7\"></span>nged. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ae1\">The Ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>agi<span class=\"_ _7\"></span>ng Boar<span class=\"_ _2\"></span>d is <span class=\"_ _7\"></span>not aw<span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>of a<span class=\"_ _7\"></span>ny r<span class=\"_ _2\"></span>estr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ctions <span class=\"_ _7\"></span>on vo<span class=\"_ _7\"></span>ting <span class=\"_ _7\"></span>rights o<span class=\"_ _7\"></span>r the <span class=\"_ _2\"></span>transfer of s<span class=\"_ _2\"></span>hares. <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>mplo<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ees <span class=\"_ _2\"></span>wh<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>own s<span class=\"_ _2\"></span>hares </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2992\">exer<span class=\"_ _7\"></span>cise t<span class=\"_ _7\"></span>heir voti<span class=\"_ _7\"></span>ng rig<span class=\"_ _7\"></span>ht dir<span class=\"_ _7\"></span>ectly a<span class=\"_ _7\"></span>t the A<span class=\"_ _7\"></span>nnual G<span class=\"_ _7\"></span>eneral M<span class=\"_ _7\"></span>eeting. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26ec\">The <span class=\"_ _6\"></span>Man<span class=\"_ _7\"></span>aging Boar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>must consist of at<span class=\"_ _6\"></span> least thr<span class=\"_ _7\"></span>ee but no more than eight membe<span class=\"_ _7\"></span>rs. The <span class=\"_ _6\"></span>S<span class=\"_ _7\"></span>uperviso<span class=\"_ _7\"></span>ry B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard has at <span class=\"_ _6\"></span>least </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26ed\">three<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>but no more<span class=\"_ _7\"></span> than twelv<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>embers (shar<span class=\"_ _2\"></span>eholder re<span class=\"_ _2\"></span>presentati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>es). The<span class=\"_ _7\"></span> W<span class=\"_ _6\"></span>iener St\u00e4dtisc<span class=\"_ _2\"></span>he V<span class=\"_ _7\"></span>ersic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>erungs<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>ein, whi<span class=\"_ _7\"></span>ch </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ae2\">directl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tly <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>olds <span class=\"_ _0\"></span>arou<span class=\"_ _7\"></span>nd 72.47<span class=\"_ _2\"></span>% <span class=\"_ _4\"></span>(72.47<span class=\"_ _2\"></span>%) <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>capital, <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ight <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>appoint <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ird<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>of <span class=\"_ _0\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26ee\">membe<span class=\"_ _7\"></span>rs o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the S<span class=\"_ _7\"></span>upervis<span class=\"_ _7\"></span>ory <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>if, <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>d as <span class=\"_ _2\"></span>long as, <span class=\"_ _2\"></span>it hol<span class=\"_ _7\"></span>ds<span class=\"_ _7\"></span> 5<span class=\"_ _7\"></span>0% o<span class=\"_ _7\"></span>r less<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he Compa<span class=\"_ _2\"></span>ny\u2019<span class=\"_ _10\"></span>s <span class=\"_ _7\"></span>voting <span class=\"_ _2\"></span>shar<span class=\"_ _7\"></span>es. <span class=\"_ _7\"></span>Ann<span class=\"_ _7\"></span>ual G<span class=\"_ _7\"></span>ene<span class=\"_ _7\"></span>ral </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ae3\">Meeti<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>esolutions <span class=\"_ _4\"></span>are<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>dopted <span class=\"_ _4\"> </span>by <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>si<span class=\"_ _7\"></span>mple <span class=\"_ _4\"> </span>majority<span class=\"_ _e\"></span>, <span class=\"_ _4\"> </span>unless <span class=\"_ _4\"> </span>a <span class=\"_ _f\"> </span>di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"> </span>majority <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"> </span>req<span class=\"_ _7\"></span>uire<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>b<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>w <span class=\"_ _4\"> </span>or <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Art<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>cles <span class=\"_ _4\"> </span>of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ae4\">Associatio<span class=\"_ _7\"></span>n. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26f1\">There ar<span class=\"_ _2\"></span>e no shares wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> special<span class=\"_ _7\"></span> rights of contr<span class=\"_ _2\"></span>ol; refer<span class=\"_ _2\"></span>ence is<span class=\"_ _7\"></span> made to the previo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s paragr<span class=\"_ _7\"></span>aph with r<span class=\"_ _7\"></span>egar<span class=\"_ _7\"></span>d to the righ<span class=\"_ _7\"></span>ts of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ae5\">the shar<span class=\"_ _7\"></span>ehold<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Wiener S<span class=\"_ _7\"></span>t\u00e4dtis<span class=\"_ _7\"></span>che V<span class=\"_ _10\"></span>ersiche<span class=\"_ _7\"></span>rungsver<span class=\"_ _2\"></span>ein. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ae6\">At <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ep<span class=\"_ _6\"></span>orti<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>d<span class=\"_ _7\"></span>ate, <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>ny <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>party <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>an<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>ma<span class=\"_ _7\"></span>terial <span class=\"_ _1\"></span>agr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>em<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _6\"></span>take <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fect, <span class=\"_ _6\"></span>alter <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>ermi<span class=\"_ _7\"></span>nate <span class=\"_ _1\"></span>upon<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>a </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ae7\">change <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>control <span class=\"_ _4\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>com<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y <span class=\"_ _4\"> </span>following <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>takeover <span class=\"_ _4\"> </span>bid, <span class=\"_ _4\"> </span>especi<span class=\"_ _7\"></span>ally <span class=\"_ _4\"> </span>none <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>concern <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>participatio<span class=\"_ _7\"></span>ns <span class=\"_ _4\"> </span>held <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ae8\">insuranc<span class=\"_ _7\"></span>e com<span class=\"_ _7\"></span>panies. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ae9\">No <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ompe<span class=\"_ _7\"></span>nsation <span class=\"_ _10\"></span>agre<span class=\"_ _7\"></span>ements <span class=\"_ _10\"></span>exist <span class=\"_ _10\"></span>b<span class=\"_ _6\"></span>etw<span class=\"_ _7\"></span>een <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>company <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _10\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>members, <span class=\"_ _10\"></span>Super<span class=\"_ _7\"></span>visory <span class=\"_ _10\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>embe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aea\">or emplo<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ees co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ering t<span class=\"_ _7\"></span>he cas<span class=\"_ _7\"></span>e of a p<span class=\"_ _7\"></span>ublic <span class=\"_ _7\"></span>takeover <span class=\"_ _2\"></span>bid.<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2950\">Anticipato<span class=\"_ _7\"></span>ry resolution<span class=\"_ _2\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aec\">P<span class=\"_ _7\"></span>urs<span class=\"_ _2\"></span>uan<span class=\"_ _2\"></span>t to<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>\u00a7<span class=\"_ _7\"></span> 169<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Ak<span class=\"_ _2\"></span>tG,<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>M<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ag<span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span> Boar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>s aut<span class=\"_ _7\"></span>ho<span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>ed unti<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>no l<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>er tha<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>20<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>Ma<span class=\"_ _7\"></span>y 20<span class=\"_ _7\"></span>26<span class=\"_ _7\"></span> to in<span class=\"_ _7\"></span>cr<span class=\"_ _2\"></span>ea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>ny\u2019<span class=\"_ _5\"></span>s sh<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aed\">ca<span class=\"_ _2\"></span>pi<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>l <span class=\"_ _1\"></span>\u2013 <span class=\"_ _6\"></span>also<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt<span class=\"_ _2\"></span>ipl<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>tr<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u2013 <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>nom<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>amo<span class=\"_ _2\"></span>unt <span class=\"_ _6\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>p <span class=\"_ _6\"></span>to<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>EU<span class=\"_ _2\"></span>R 6<span class=\"_ _2\"></span>6,4<span class=\"_ _2\"></span>43<span class=\"_ _7\"></span>,7<span class=\"_ _7\"></span>3<span class=\"_ _7\"></span>4.<span class=\"_ _7\"></span>1<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>iss<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>up<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>64<span class=\"_ _2\"></span>,00<span class=\"_ _2\"></span>0,0<span class=\"_ _2\"></span>00 <span class=\"_ _1\"></span>no<span class=\"_ _2\"></span>-par<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aee\">be<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>sha<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>s <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n e<span class=\"_ _7\"></span>x<span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>e f<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> ca<span class=\"_ _2\"></span>sh <span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> no<span class=\"_ _2\"></span>n-c<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>h <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>ntri<span class=\"_ _2\"></span>but<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>ns o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>nat<span class=\"_ _2\"></span>ion<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>b<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>. <span class=\"_ _7\"></span>Th<span class=\"_ _2\"></span>e M<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> Bo<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>wi<span class=\"_ _2\"></span>th <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2953\">o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Sup<span class=\"_ _2\"></span>erv<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>sor<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>Bo<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>d deci<span class=\"_ _2\"></span>de<span class=\"_ _7\"></span>s <span class=\"_ _6\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _7\"></span>nt<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>s<span class=\"_ _7\"></span>ha<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>rig<span class=\"_ _7\"></span>ht<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ex<span class=\"_ _7\"></span>cl<span class=\"_ _2\"></span>usio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of pr<span class=\"_ _2\"></span>e-em<span class=\"_ _2\"></span>pt<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>sub<span class=\"_ _2\"></span>sc<span class=\"_ _7\"></span>ri<span class=\"_ _7\"></span>pt<span class=\"_ _2\"></span>ion<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aef\">te<span class=\"_ _2\"></span>rms<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>co<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>uan<span class=\"_ _7\"></span>ce<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Pr<span class=\"_ _2\"></span>ef<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>es <span class=\"_ _10\"></span>wi<span class=\"_ _2\"></span>thout<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>voti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>hts <span class=\"_ _10\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>nve<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>sa<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>alr<span class=\"_ _2\"></span>ea<span class=\"_ _7\"></span>dy<span class=\"_ _2\"></span> is<span class=\"_ _2\"></span>sued<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2976\">pr<span class=\"_ _10\"></span>ef<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>y al<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>be<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>ss<span class=\"_ _2\"></span>ued<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span> p<span class=\"_ _7\"></span>ric<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>mm<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>sha<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>pr<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>err<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>e d<span class=\"_ _7\"></span>if<span class=\"_ _2\"></span>fe<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2977\">The Man<span class=\"_ _7\"></span>aging <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d was a<span class=\"_ _7\"></span>uthorise<span class=\"_ _7\"></span>d by the An<span class=\"_ _2\"></span>nua<span class=\"_ _6\"></span>l <span class=\"_ _7\"></span>General<span class=\"_ _2\"></span> Meet<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng on 21 Ma<span class=\"_ _7\"></span>y 2021 wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>conse<span class=\"_ _7\"></span>nt of t<span class=\"_ _7\"></span>he Super<span class=\"_ _7\"></span>visory </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2af0\">Boar<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>issue <span class=\"_ _4\"> </span>con<span class=\"_ _7\"></span>vertible <span class=\"_ _4\"> </span>bonds <span class=\"_ _4\"> </span>accor<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>\u00a7 <span class=\"_ _4\"> </span>174 <span class=\"_ _f\"> </span>Akt<span class=\"_ _7\"></span>G, <span class=\"_ _4\"> </span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>nvey <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>rig<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>t <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>exchange <span class=\"_ _4\"> </span>or <span class=\"_ _f\"> </span>su<span class=\"_ _2\"></span>bscribe <span class=\"_ _4\"> </span>u<span class=\"_ _6\"></span>p <span class=\"_ _4\"> </span>to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2957\">30,00<span class=\"_ _7\"></span>0,000 of the <span class=\"_ _6\"></span>comp<span class=\"_ _7\"></span>any\u2019<span class=\"_ _5\"></span>s no-par beare<span class=\"_ _7\"></span>r common sh<span class=\"_ _7\"></span>ares<span class=\"_ _7\"></span> represe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>a propo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>nal <span class=\"_ _6\"></span>amo<span class=\"_ _7\"></span>unt <span class=\"_ _6\"></span>of sha<span class=\"_ _7\"></span>re capit<span class=\"_ _7\"></span>al of <span class=\"_ _6\"></span>up to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2958\">EUR 31,145<span class=\"_ _7\"></span>,500.3<span class=\"_ _7\"></span>6, <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>a <span class=\"_ _4\"> </span>total <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>omin<span class=\"_ _7\"></span>al <span class=\"_ _f\"> </span>amo<span class=\"_ _2\"></span>unt <span class=\"_ _f\"> </span>of <span class=\"_ _4\"></span>up <span class=\"_ _f\"> </span>to <span class=\"_ _4\"></span>EUR 2,000,0<span class=\"_ _7\"></span>00,00<span class=\"_ _7\"></span>0.00, <span class=\"_ _4\"></span>also <span class=\"_ _4\"> </span>under <span class=\"_ _4\"> </span>exclusio<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>pre-<span class=\"_ _7\"></span>empti<span class=\"_ _7\"></span>ve </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29c2\">subscriptio<span class=\"_ _2\"></span>n r<span class=\"_ _6\"></span>ig<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ts, o<span class=\"_ _7\"></span>n one or mo<span class=\"_ _2\"></span>re occasio<span class=\"_ _2\"></span>ns in the tim<span class=\"_ _7\"></span>e u<span class=\"_ _7\"></span>ntil<span class=\"_ _7\"></span> 20 May 202<span class=\"_ _7\"></span>6.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297b\">In <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>\u00a7 <span class=\"_ _10\"></span>159 <span class=\"_ _10\"></span>(2) <span class=\"_ _10\"></span>Z1 <span class=\"_ _2\"></span>AktG, <span class=\"_ _e\"></span>therefo<span class=\"_ _7\"></span>re, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>capital <span class=\"_ _e\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _10\"></span>been <span class=\"_ _10\"></span>raised <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nditio<span class=\"_ _7\"></span>nally <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>EUR 31,145<span class=\"_ _7\"></span>,500.<span class=\"_ _2\"></span>36 </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2af1\">by is<span class=\"_ _7\"></span>suing <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>30,000<span class=\"_ _7\"></span>,000 <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>-par <span class=\"_ _7\"></span>bear<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>commo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> s<span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>The co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ditio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al ca<span class=\"_ _2\"></span>pital inc<span class=\"_ _7\"></span>reas<span class=\"_ _7\"></span>e wil<span class=\"_ _7\"></span>l <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly b<span class=\"_ _2\"></span>e cond<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cted <span class=\"_ _7\"></span>insof<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2af2\">as <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>beare<span class=\"_ _7\"></span>rs <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>con<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ertible <span class=\"_ _2\"></span>bonds <span class=\"_ _2\"></span>issued <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e b<span class=\"_ _2\"></span>asis o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>resol<span class=\"_ _2\"></span>ution <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Annual <span class=\"_ _2\"></span>General <span class=\"_ _2\"></span>Meeting <span class=\"_ _2\"></span>of 21<span class=\"_ _2\"></span> M<span class=\"_ _7\"></span>ay <span class=\"_ _7\"></span>20<span class=\"_ _2\"></span>21 </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297c\">exer<span class=\"_ _7\"></span>cise t<span class=\"_ _7\"></span>heir subs<span class=\"_ _7\"></span>criptio<span class=\"_ _7\"></span>n or exc<span class=\"_ _7\"></span>hange righ<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s. T<span class=\"_ _5\"></span>o date, th<span class=\"_ _7\"></span>e Managing <span class=\"_ _2\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d has adopte<span class=\"_ _7\"></span>d no r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>solu<span class=\"_ _7\"></span>tion o<span class=\"_ _7\"></span>n the issu<span class=\"_ _7\"></span>ance o<span class=\"_ _7\"></span>f </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295d\">convertible <span class=\"_ _2\"></span>bonds on <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>asis of<span class=\"_ _7\"></span> the aut<span class=\"_ _7\"></span>horisatio<span class=\"_ _7\"></span>n gra<span class=\"_ _7\"></span>nted <span class=\"_ _7\"></span>on 21 Ma<span class=\"_ _7\"></span>y 2021.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295f\">Furthermor<span class=\"_ _2\"></span>e, <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>M<span class=\"_ _2\"></span>anaging<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>Bo<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>as <span class=\"_ _0\"></span>authorised<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>by <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>Annual <span class=\"_ _1\"></span>G<span class=\"_ _6\"></span>ene<span class=\"_ _7\"></span>ral <span class=\"_ _4\"></span>M<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>eting <span class=\"_ _0\"></span>wit<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sen<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Super<span class=\"_ _7\"></span>visory </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29c4\">Boar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>to i<span class=\"_ _7\"></span>ssue <span class=\"_ _2\"></span>particip<span class=\"_ _7\"></span>ating bo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds <span class=\"_ _2\"></span>purs<span class=\"_ _7\"></span>uant to <span class=\"_ _2\"></span>\u00a7 17<span class=\"_ _7\"></span>4 <span class=\"_ _7\"></span>(2) <span class=\"_ _2\"></span>AktG i<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>otal <span class=\"_ _2\"></span>nominal <span class=\"_ _2\"></span>amount o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>up to <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>UR 2,000<span class=\"_ _7\"></span>,000,0<span class=\"_ _7\"></span>00.0<span class=\"_ _2\"></span>0, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2af3\">also <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>multiple <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>ranc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>es <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>also <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>exclusio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>re-<span class=\"_ _7\"></span>empti<span class=\"_ _7\"></span>ve <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ubscriptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>rights, <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>time <span class=\"_ _2\"></span>until <span class=\"_ _2\"></span>20 <span class=\"_ _2\"></span>May <span class=\"_ _2\"></span>2026. <span class=\"_ _2\"></span>T<span class=\"_ _e\"></span>o <span class=\"_ _2\"></span>date, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297d\">the M<span class=\"_ _2\"></span>anaging <span class=\"_ _2\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>not a<span class=\"_ _7\"></span>dopted <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>solu<span class=\"_ _7\"></span>tion <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he iss<span class=\"_ _7\"></span>uance <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>participating <span class=\"_ _2\"></span>bonds <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sis <span class=\"_ _2\"></span>of <span class=\"_ _7\"></span>this a<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>thorisa<span class=\"_ _7\"></span>tion.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2af4\">The <span class=\"_ _f\"> </span>Ann<span class=\"_ _7\"></span>ual <span class=\"_ _f\"> </span>General <span class=\"_ _f\"> </span>Me<span class=\"_ _7\"></span>eti<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>authorised <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _f\"> </span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>26 <span class=\"_ _f\"> </span>Ma<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>2023 <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>acquir<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>ordi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ary <span class=\"_ _f\"> </span>bear<span class=\"_ _7\"></span>er <span class=\"_ _f\"> </span>s<span class=\"_ _7\"></span>hares<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>in<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2964\">accor<span class=\"_ _7\"></span>dan<span class=\"_ _7\"></span>ce wit<span class=\"_ _7\"></span>h \u00a7 6<span class=\"_ _7\"></span>5 <span class=\"_ _7\"></span>(1) <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o. <span class=\"_ _7\"></span>8, <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>1a) <span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>(1b) Ak<span class=\"_ _2\"></span>tG<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the m<span class=\"_ _7\"></span>axi<span class=\"_ _7\"></span>mum <span class=\"_ _7\"></span>extent <span class=\"_ _2\"></span>permissi<span class=\"_ _7\"></span>ble <span class=\"_ _7\"></span>by l<span class=\"_ _7\"></span>aw <span class=\"_ _7\"></span>during <span class=\"_ _2\"></span>a pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod <span class=\"_ _2\"></span>of 30<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>onths </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2965\">foll<span class=\"_ _7\"></span>owing <span class=\"_ _10\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Annual <span class=\"_ _10\"></span>General <span class=\"_ _e\"></span>Meeting <span class=\"_ _10\"></span>resol<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tion <span class=\"_ _e\"></span>wa<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>adopted. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>amount <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>upon <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>epur<span class=\"_ _2\"></span>chase <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>Compa<span class=\"_ _7\"></span>ny\u2019<span class=\"_ _e\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297f\">own <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>es <span class=\"_ _6\"></span>may n<span class=\"_ _6\"></span>ot b<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>mor<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>than <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>maxim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m of <span class=\"_ _6\"></span>50% be<span class=\"_ _6\"></span>low and <span class=\"_ _6\"></span>not <span class=\"_ _6\"></span>more than a <span class=\"_ _6\"></span>maxim<span class=\"_ _7\"></span>um of <span class=\"_ _6\"></span>10% a<span class=\"_ _6\"></span>bove the <span class=\"_ _6\"></span>avera<span class=\"_ _7\"></span>ge </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2967\">unweight<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>closi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>price <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Vienna <span class=\"_ _2\"></span>S<span class=\"_ _7\"></span>tock <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>xc<span class=\"_ _7\"></span>hange <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>ten <span class=\"_ _2\"></span>stock <span class=\"_ _10\"></span>exchang<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>trading <span class=\"_ _10\"></span>days <span class=\"_ _2\"></span>prec<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>rep<span class=\"_ _7\"></span>urch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e.<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2980\">The <span class=\"_ _2\"></span>Managing <span class=\"_ _e\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>may <span class=\"_ _10\"></span>de<span class=\"_ _6\"></span>cid<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>make <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>pur<span class=\"_ _7\"></span>chase <span class=\"_ _10\"></span>via <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>sto<span class=\"_ _7\"></span>ck <span class=\"_ _2\"></span>excha<span class=\"_ _7\"></span>nge, <span class=\"_ _2\"></span>thro<span class=\"_ _7\"></span>ugh <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>public <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>any <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>legal<span class=\"_ _7\"></span>ly </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2af5\">permissibl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>expedi<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>manner<span class=\"_ _10\"></span>. <span class=\"_ _1\"></span>If <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>repur<span class=\"_ _2\"></span>chase <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>perfo<span class=\"_ _7\"></span>rmed <span class=\"_ _0\"></span>vi<span class=\"_ _7\"></span>a <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>public <span class=\"_ _1\"></span>of<span class=\"_ _7\"></span>fer<span class=\"_ _e\"></span>, <span class=\"_ _0\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>end <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lation <span class=\"_ _1\"></span>period <span class=\"_ _6\"></span>is<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2af6\">determin<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>based on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>date on which t<span class=\"_ _6\"></span>he intention to <span class=\"_ _6\"></span>make a <span class=\"_ _6\"></span>public <span class=\"_ _6\"></span>of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> is <span class=\"_ _6\"></span>announced (\u00a7 <span class=\"_ _6\"></span>5 <span class=\"_ _6\"></span>(2) <span class=\"_ _6\"></span>and (<span class=\"_ _6\"></span>3<span class=\"_ _7\"></span>) <span class=\"_ _6\"></span>of th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Austria<span class=\"_ _7\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2af7\">T<span class=\"_ _e\"></span>akeover A<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t (\u00dcbe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>nahmegese<span class=\"_ _2\"></span>tz))<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2af8\">The <span class=\"_ _6\"></span>An<span class=\"_ _7\"></span>nual General M<span class=\"_ _7\"></span>eeting also<span class=\"_ _7\"></span> authorised the Ma<span class=\"_ _7\"></span>naging Boar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>for a <span class=\"_ _6\"></span>period of five ye<span class=\"_ _7\"></span>ars <span class=\"_ _6\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the date of the resol<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>on </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2af9\">to use ac<span class=\"_ _7\"></span>quir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d o<span class=\"_ _7\"></span>wn shar<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>while excl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng share<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>old<span class=\"_ _7\"></span>er pr<span class=\"_ _7\"></span>e-emptio<span class=\"_ _2\"></span>n r<span class=\"_ _6\"></span>ig<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2afa\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>f<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>vi<span class=\"_ _2\"></span>ci<span class=\"_ _10\"></span>ng <span class=\"_ _10\"></span>co<span class=\"_ _2\"></span>nv<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e b<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nds<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ss<span class=\"_ _10\"></span>ue<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>b<span class=\"_ _2\"></span>as<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> o<span class=\"_ _10\"></span>n <span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>e r<span class=\"_ _10\"></span>es<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>u<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ad<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>n<span class=\"_ _7\"></span>n<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>Ge<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>ral<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>M<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _10\"></span>n <span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>1<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>M<span class=\"_ _2\"></span>ay<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1;<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2afb\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>for sales in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> ma<span class=\"_ _7\"></span>nner permi<span class=\"_ _7\"></span>tted b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> law ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er t<span class=\"_ _7\"></span>han via t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e sto<span class=\"_ _2\"></span>ck market or b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>eans of a p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>blic of<span class=\"_ _2\"></span>fer<span class=\"_ _10\"></span>. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2afc\">T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> M<span class=\"_ _2\"></span>an<span class=\"_ _7\"></span>ag<span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>g <span class=\"_ _7\"></span>Bo<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>not<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>ade <span class=\"_ _2\"></span>use<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> t<span class=\"_ _2\"></span>hes<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span>uth<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>dat<span class=\"_ _2\"></span>e. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> G<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>up <span class=\"_ _2\"></span>hol<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>ow<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>sha<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>s a<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>epo<span class=\"_ _7\"></span>rt<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>da<span class=\"_ _7\"></span>te.<span class=\"_ _3d5\"> </span><span class=\"_ _2\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-12": {
   "value": "10.1.<span class=\"ff4a\"> </span>Dividend p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>yment Compositio<span class=\"_ _6\"></span>n <span class=\"_ _297\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Di<span class=\"_ _6\"></span>vid<span class=\"_ _6\"></span>end<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _30e\"> </span>166,400<span class=\"_ _3d5\"> </span>160,000<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> th<span class=\"_ _6\"></span>e h<span class=\"_ _1\"></span>yb<span class=\"_ _6\"></span>rid<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cap<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _237\"> </span>9,638<span class=\"_ _3d5\"> </span>9,638<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ctl<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cogn<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ed<span class=\"_ _1\"></span> in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _225\"> </span>-2,082<span class=\"_ _3d5\"> </span>-2,169<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>173,956<span class=\"_ _3d5\"> </span>167,469<span class=\"_ _3d5\"> </span>Payout 2023 <span class=\"_ _6\"></span>for t<span class=\"_ _6\"></span>he financial<span class=\"_ _6\"></span> yea<span class=\"_ _6\"></span>r 2022<span class=\"_ _6\"></span> <span class=\"_ _244\"> </span><span class=\"fsf\">p<span class=\"_ _7\"></span>er share<span class=\"_ _3d5\"> </span></span>Total<span class=\"_ _3d5\"> </span>in EU<span class=\"_ _6\"></span>R<span class=\"_ _3d5\"> </span>Ordi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y s<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2d9\"> </span>1.3<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>166,400,<span class=\"_ _6\"></span>000<span class=\"_ _3d5\"> </span>10.2.<span class=\"ff4a\"> </span>Propos<span class=\"_ _7\"></span>ed appropriation of profit<span class=\"_ _7\"></span>s VIENNA <span class=\"_ _1\"></span>INSURANC<span class=\"_ _2\"></span>E <span class=\"_ _0\"></span>GROUP <span class=\"_ _0\"></span>A<span class=\"_ _7\"></span>G <span class=\"_ _0\"></span>W<span class=\"_ _6\"></span>ien<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _0\"></span>V<span class=\"_ _10\"></span>er<span class=\"_ _6\"></span>sic<span class=\"_ _7\"></span>heru<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>G<span class=\"_ _6\"></span>ruppe <span class=\"_ _1\"></span>(VIG <span class=\"_ _0\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g) <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ncluded <span class=\"_ _1\"></span>financial <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _0\"></span>2023<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>net retai<span class=\"_ _7\"></span>ned <span class=\"_ _10\"></span>profi<span class=\"_ _7\"></span>t <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>EUR 396,846<span class=\"_ _7\"></span>,778.8<span class=\"_ _7\"></span>0. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>foll<span class=\"_ _7\"></span>owing <span class=\"_ _10\"></span>appro<span class=\"_ _7\"></span>priatio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>of <span class=\"_ _e\"></span>profits <span class=\"_ _e\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>propose<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>Annual <span class=\"_ _e\"></span>General <span class=\"_ _e\"></span>Meeting: <span class=\"_ _2\"></span> The <span class=\"_ _1\"></span>128 <span class=\"_ _6\"></span>mill<span class=\"_ _7\"></span>ion <span class=\"_ _6\"></span>shares will <span class=\"_ _6\"></span>receive a <span class=\"_ _1\"></span>divide<span class=\"_ _7\"></span>nd <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>EUR <span><span class=\"gs1d69\" id=\"__114\">1.4 0</span></span> per<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>e. <span class=\"_ _6\"></span>For <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>vidend, <span class=\"_ _6\"></span>29 <span class=\"_ _6\"></span>May <span class=\"_ _1\"></span>2024 was <span class=\"_ _6\"></span>agre<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s the payme<span class=\"_ _7\"></span>nt date, 28 M<span class=\"_ _2\"></span>ay 2024 as <span class=\"_ _7\"></span>the r<span class=\"_ _2\"></span>ecord d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te a<span class=\"_ _7\"></span>nd 27 M<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>y 20<span class=\"_ _7\"></span>24 as the ex<span class=\"_ _2\"></span>-dividend d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te. A total <span class=\"_ _2\"></span>distribution o<span class=\"_ _7\"></span>f EU<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> <span><span class=\"gs1d69\" id=\"__115\">179,2 00,000 .00</span></span> <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as th<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>efore <span class=\"_ _2\"></span>been app<span class=\"_ _7\"></span>rov<span class=\"_ _7\"></span>ed. T<span class=\"_ _7\"></span>he r<span class=\"_ _2\"></span>emaining <span class=\"_ _7\"></span>net r<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>ai<span class=\"_ _7\"></span>ned prof<span class=\"_ _7\"></span>it of<span class=\"_ _7\"></span> fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ear 2023 <span class=\"_ _7\"></span>of EUR 217<span class=\"_ _7\"></span>,646,7<span class=\"_ _7\"></span>78.80 af<span class=\"_ _7\"></span>ter th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> distrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>n should <span class=\"_ _7\"></span>be ca<span class=\"_ _7\"></span>rried fo<span class=\"_ _7\"></span>rwar<span class=\"_ _2\"></span>d t<span class=\"_ _6\"></span>o t<span class=\"_ _7\"></span>he new <span class=\"_ _7\"></span>acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-548": {
   "value": "1.4",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:EUR/xbrli:shares"
   }
  },
  "fact-549": {
   "value": "179200000",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-478": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1d6b\">10.3.<span class=\"ff4a\"> </span>Capital reserves \u2013 hybrid<span class=\"_ _7\"></span> capital<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1d6c\">Issue date<span class=\"_ _6\"></span> <span class=\"_ _37\"> </span><span class=\"fsf\">Outstandi<span class=\"_ _6\"></span>ng volume<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d6d\">Maturit<span class=\"_ _6\"></span>y<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d6e\">Yield<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1d6f\">Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1d70\"><div class=\"t m0 x0 h29 y6f4 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1d71\"><div class=\"t m0 x0 h29 y6f4 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"c w31 h28 gs1d72\"><div class=\"t m0 x0 h29 y6f4 ff48 fsf fca sc0 ls5 ws2\">in years<span class=\"_ _3d5\"> </span></div></div><div class=\"c w2a h28 gs1d73\"><div class=\"t m0 x0 h29 y6f4 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs1d74\"><div class=\"t m0 x0 h29 y6f4 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1d75\"><div class=\"t m0 x0 h29 y6f4 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d76\">10<span class=\"_ _6\"></span>/06<span class=\"_ _6\"></span>/2<span class=\"_ _6\"></span>02<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>300,000<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d77\">unlimited<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d78\">First 10 yea<span class=\"_ _6\"></span>rs: 3.2125%<span class=\"_ _6\"></span> p.a.; </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d79\">thereafter variable<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1d7a\">236,867<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1828\">As par<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>private<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>lacement <span class=\"_ _6\"></span>with<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>main <span class=\"_ _6\"></span>shareholder<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>Wien<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>St\u00e4dtisch<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>V<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>sicherungsver<span class=\"_ _7\"></span>ein, <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Holding p<span class=\"_ _6\"></span>laced <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1829\">hybr<span class=\"_ _6\"></span>id <span class=\"_ _4\"> </span>capital <span class=\"_ _4\"></span>bond <span class=\"_ _4\"> </span>on <span class=\"_ _f\"> </span>15<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>March <span class=\"_ _4\"> </span>2021. <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>hyb<span class=\"_ _6\"></span>rid <span class=\"_ _4\"> </span>capital <span class=\"_ _4\"></span>fulfils <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>sh<span class=\"_ _6\"></span>areholders\u2019 <span class=\"_ _4\"> </span>equ<span class=\"_ _6\"></span>ity <span class=\"_ _4\"></span>criteria <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>dance <span class=\"_ _4\"> </span>with </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1d7b\">IAS 32.16C <span class=\"_ _10\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _10\"></span>.16D, <span class=\"_ _10\"></span>as <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>issuer <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>fre<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>to <span class=\"_ _10\"></span>decide <span class=\"_ _10\"></span>about <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>inter<span class=\"_ _2\"></span>est <span class=\"_ _2\"></span>payme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>term <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>unr<span class=\"_ _7\"></span>estricte<span class=\"_ _7\"></span>d. <span class=\"_ _2\"></span>It <span class=\"_ _10\"></span>also <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ompli<span class=\"_ _2\"></span>es </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1d7c\">with the <span class=\"_ _6\"></span>Rest<span class=\"_ _7\"></span>ricted T<span class=\"_ _6\"></span>ier <span class=\"_ _6\"></span>1 req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ire<span class=\"_ _7\"></span>me<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>acco<span class=\"_ _7\"></span>rding to Solve<span class=\"_ _7\"></span>ncy <span class=\"_ _6\"></span>II as well a<span class=\"_ _6\"></span>s the capital qualifi<span class=\"_ _7\"></span>cation <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>accor<span class=\"_ _2\"></span>dance w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1d7d\">rating ag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ncy S&amp;<span class=\"_ _7\"></span>P<span class=\"_ _44\"></span>. </div>10.4.<span class=\"ff4a\"> </span>Other r<span class=\"_ _7\"></span>eser<span class=\"_ _6\"></span>ves<span class=\"_ _7\"></span> Compositio<span class=\"_ _6\"></span>n <span class=\"_ _238\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _30f\"> </span><span class=\"fsf\">Gross<span class=\"_ _3d5\"> </span></span>+/- Defe<span class=\"_ _6\"></span>rred taxes<span class=\"_ _3d5\"> </span>+/- Non-<span class=\"_ _3d5\"> </span>contro<span class=\"_ _6\"></span>lling intere<span class=\"_ _6\"></span>sts<span class=\"_ _3d5\"> </span>Net<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Unre<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>gai<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>226,0<span class=\"_ _6\"></span>14 -66,69<span class=\"_ _6\"></span>3 -4,146<span class=\"_ _6\"></span> 155,175 IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>rve<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cy<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>le*<span class=\"_ _6\"></span> <span class=\"_ _9a\"> </span>-9<span class=\"_ _6\"></span>97,005 213,339 12,054 -771,612<span class=\"_ _6\"></span> IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>rve<span class=\"_ _6\"></span>s n<span class=\"_ _6\"></span>on<span class=\"_ _1\"></span>-re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ycl<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span>-1,953 -3,155 -241 -5,349 IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7 <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span>1,2<span class=\"_ _6\"></span>24,972 -276,877<span class=\"_ _6\"></span> -15,959 932,136 Ac<span class=\"_ _6\"></span>tua<span class=\"_ _6\"></span>ria<span class=\"_ _6\"></span>l g<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r em<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oye<span class=\"_ _6\"></span>e b<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _6\"></span>its<span class=\"_ _6\"></span> <span class=\"_ _310\"> </span>-188,664<span class=\"_ _6\"></span> 42,936 3,022 -142,706<span class=\"_ _6\"></span> Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of ot<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _311\"> </span>-11,888 0 250 -11,638 Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span>-144,572<span class=\"_ _6\"></span> 0 4,016 -140,556<span class=\"_ _6\"></span> Total <span class=\"_ _98\"> </span>-119,1<span class=\"_ _6\"></span>10 -23,75<span class=\"_ _6\"></span>7 3,142 -139,7<span class=\"_ _6\"></span>25 *Thereof reclassi<span class=\"_ _7\"></span>fied to income statement in<span class=\"_ _7\"></span> gross value: EUR 122,542,000 Compositio<span class=\"_ _6\"></span>n <span class=\"_ _2ca\"> </span><span class=\"fsf\">31/12/20<span class=\"_ _6\"></span>22 adju<span class=\"_ _6\"></span>sted </span>Gross<span class=\"_ _3d5\"> </span>+/- Defe<span class=\"_ _6\"></span>rred taxes<span class=\"_ _3d5\"> </span>+/- Non-<span class=\"_ _3d5\"> </span>contro<span class=\"_ _6\"></span>lling intere<span class=\"_ _6\"></span>sts<span class=\"_ _3d5\"> </span>Net<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Unre<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>gai<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d lo<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c5\"> </span>-43<span class=\"_ _6\"></span>,587<span class=\"_ _3d5\"> </span>-8,749<span class=\"_ _3d5\"> </span>1,996<span class=\"_ _3d5\"> </span>-50,34<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>rve<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>cy<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lab<span class=\"_ _6\"></span>le*<span class=\"_ _6\"></span> <span class=\"_ _1ae\"> </span>-2,292,<span class=\"_ _6\"></span>672<span class=\"_ _3d5\"> </span>485,442<span class=\"_ _3d5\"> </span>53,014<span class=\"_ _3d5\"> </span>-1,754,21<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 9<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>rve<span class=\"_ _6\"></span>s n<span class=\"_ _6\"></span>on<span class=\"_ _1\"></span>-re<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ycl<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _127\"> </span>-8,582<span class=\"_ _3d5\"> </span>111<span class=\"_ _3d5\"> </span>874<span class=\"_ _3d5\"> </span>-7,597<span class=\"_ _3d5\"> </span>IFR<span class=\"_ _6\"></span>S 1<span class=\"_ _6\"></span>7 <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span>2,2<span class=\"_ _6\"></span>57,667<span class=\"_ _3d5\"> </span>-494,302<span class=\"_ _3d5\"> </span>-51,892<span class=\"_ _3d5\"> </span>1,711,47<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>tua<span class=\"_ _6\"></span>ria<span class=\"_ _6\"></span>l g<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r em<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oye<span class=\"_ _6\"></span>e b<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _6\"></span>its<span class=\"_ _6\"></span> <span class=\"_ _310\"> </span>-143,547<span class=\"_ _3d5\"> </span>32,598<span class=\"_ _3d5\"> </span>2,318<span class=\"_ _3d5\"> </span>-108,631<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of ot<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _313\"> </span>-494<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>29<span class=\"_ _3d5\"> </span>-465<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span>-202,673<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>22,309<span class=\"_ _3d5\"> </span>-180,364<span class=\"_ _3d5\"> </span>Total <span class=\"_ _98\"> </span>-390,3<span class=\"_ _6\"></span>01<span class=\"_ _3d5\"> </span>23,849<span class=\"_ _3d5\"> </span>26,652<span class=\"_ _3d5\"> </span>-339,8<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>*Thereof reclassi<span class=\"_ _7\"></span>fied to income statement in<span class=\"_ _7\"></span> gross value: EUR -189,379,000<span class=\"_ _3d5\"> </span>25.10.<span class=\"ff4a\"> </span>Consolid<span class=\"_ _7\"></span>ated sharehold<span class=\"_ _7\"></span>ers<span class=\"ff4a\">\u02be</span> equit<span class=\"_ _7\"></span>y The items shar<span class=\"_ _7\"></span>e capital<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ther capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l res<span class=\"_ _7\"></span>erves includ<span class=\"_ _7\"></span>e the a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> pa<span class=\"_ _6\"></span>id<span class=\"_ _7\"></span> in to <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>capital <span class=\"_ _7\"></span>by the share<span class=\"_ _7\"></span>hold<span class=\"_ _7\"></span>ers of VIG Holdi<span class=\"_ _7\"></span>ng. Ot<span class=\"_ _7\"></span>her c<span class=\"_ _2\"></span>apital r<span class=\"_ _2\"></span>eserves <span class=\"_ _2\"></span>report <span class=\"_ _2\"></span>the s<span class=\"_ _7\"></span>hare <span class=\"_ _2\"></span>of co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ons <span class=\"_ _7\"></span>paid t<span class=\"_ _2\"></span>hat is<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>n exc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss <span class=\"_ _2\"></span>of th<span class=\"_ _7\"></span>e sh<span class=\"_ _7\"></span>are <span class=\"_ _2\"></span>capital. <span class=\"_ _2\"></span>The r<span class=\"_ _2\"></span>eserves <span class=\"_ _2\"></span>are red<span class=\"_ _7\"></span>uced b<span class=\"_ _7\"></span>y exte<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>al costs <span class=\"_ _2\"></span>directly r<span class=\"_ _2\"></span>elated to <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>orpor<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te ac<span class=\"_ _7\"></span>tions af<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ng equit<span class=\"_ _7\"></span>y (aft<span class=\"_ _7\"></span>er taking <span class=\"_ _7\"></span>tax ef<span class=\"_ _2\"></span>fects into a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>cou<span class=\"_ _7\"></span>nt).<span class=\"_ _3d5\"> </span>Retained earnings <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>profits that <span class=\"_ _6\"></span>subsidia<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies have <span class=\"_ _6\"></span>earned <span class=\"_ _6\"></span>since their <span class=\"_ _6\"></span>af<span class=\"_ _7\"></span>fili<span class=\"_ _7\"></span>ation <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ith VIG <span class=\"_ _6\"></span>Insurance<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Grou<span class=\"_ _7\"></span>p. <span class=\"_ _6\"></span>These are red<span class=\"_ _7\"></span>uced <span class=\"_ _7\"></span>by <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>divid<span class=\"_ _7\"></span>ends <span class=\"_ _7\"></span>dist<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ib<span class=\"_ _7\"></span>uted <span class=\"_ _7\"></span>by <span class=\"_ _2\"></span>VIG Hol<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng. A<span class=\"_ _7\"></span>mo<span class=\"_ _7\"></span>un<span class=\"_ _7\"></span>ts r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ulting f<span class=\"_ _7\"></span>rom<span class=\"_ _2\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>nges i<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he s<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>op<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span>re also r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised her<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. If c<span class=\"_ _7\"></span>hang<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e made to <span class=\"_ _2\"></span>accounti<span class=\"_ _7\"></span>ng pol<span class=\"_ _7\"></span>icies, the <span class=\"_ _7\"></span>adjustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts for <span class=\"_ _7\"></span>earlier p<span class=\"_ _7\"></span>eriods <span class=\"_ _7\"></span>that ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>not include<span class=\"_ _2\"></span>d in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _1\"></span>statem<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>op<span class=\"_ _7\"></span>ening<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>balance<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>sheet <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>tained<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>earn<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ngs <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>arli<span class=\"_ _7\"></span>est <span class=\"_ _6\"></span>period prese<span class=\"_ _7\"></span>nted.<span class=\"_ _7\"></span> Other r<span class=\"_ _2\"></span>eserves co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sist of<span class=\"_ _7\"></span> u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>real<span class=\"_ _7\"></span>ised g<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ins <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>ses fr<span class=\"_ _7\"></span>om<span class=\"_ _2\"></span> the meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> co<span class=\"_ _7\"></span>ntracts, t<span class=\"_ _2\"></span>he measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents <span class=\"_ _2\"></span>of<span class=\"_ _6\"></span> financial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts me<span class=\"_ _7\"></span>asured a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> FVt<span class=\"_ _7\"></span>OCI as well<span class=\"_ _7\"></span> as actuari<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l gains a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d losses, <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h are to be r<span class=\"_ _2\"></span>ecor<span class=\"_ _7\"></span>ded i<span class=\"_ _7\"></span>n the statem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt of <span class=\"_ _3\"> </span>compr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>he<span class=\"_ _7\"></span>nsive <span class=\"_ _3\"> </span>income<span class=\"_ _7\"></span> <span class=\"_ _d\"> </span>in <span class=\"_ _3\"> </span>accor<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _3\"> </span>with <span class=\"_ _3\"> </span>IAS 19.<span class=\"_ _2\"></span>  Furth<span class=\"_ _7\"></span>ermor<span class=\"_ _7\"></span>e, <span class=\"_ _3\"> </span>unr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>alised<span class=\"_ _2\"></span>  gai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _d\"> </span>and<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>losses <span class=\"_ _3\"> </span>from<span class=\"_ _2\"></span>  t<span class=\"_ _7\"></span>he <span class=\"_ _3\"> </span>at <span class=\"_ _d\"> </span>eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ity meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>associ<span class=\"_ _7\"></span>ated <span class=\"_ _4\"> </span>comp<span class=\"_ _7\"></span>anies, <span class=\"_ _4\"></span>ef<span class=\"_ _7\"></span>fects<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>from <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>applicati<span class=\"_ _7\"></span>on <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>IAS 29 <span class=\"_ _0\"></span>F<span class=\"_ _6\"></span>inancial<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>Repo<span class=\"_ _7\"></span>rting <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Hyperinfl<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>nary Economi<span class=\"_ _7\"></span>es and t<span class=\"_ _7\"></span>he excha<span class=\"_ _7\"></span>nge dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nces res<span class=\"_ _2\"></span>ulting from <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>curren<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>y conv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rsion of f<span class=\"_ _7\"></span>oreig<span class=\"_ _2\"></span>n subsidiaries <span class=\"_ _2\"></span>are r<span class=\"_ _7\"></span>eported i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the other r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>se<span class=\"_ _7\"></span>rves. <span class=\"_ _7\"></span> Non-con<span class=\"_ _7\"></span>troll<span class=\"_ _7\"></span>ing <span class=\"_ _6\"></span>inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sts are <span class=\"_ _6\"></span>also <span class=\"_ _6\"></span>sho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>part <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>holders\u2019 equity<span class=\"_ _e\"></span>. <span class=\"_ _1\"></span>Th<span class=\"_ _7\"></span>ese <span class=\"_ _6\"></span>incl<span class=\"_ _7\"></span>ude <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>held <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>thir<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>parties in the equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> of co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated subs<span class=\"_ _7\"></span>idiaries <span class=\"_ _2\"></span>which ar<span class=\"_ _7\"></span>e not dir<span class=\"_ _2\"></span>ectly<span class=\"_ _7\"></span> or indir<span class=\"_ _2\"></span>ect<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>y wholly o<span class=\"_ _2\"></span>wned by VI<span class=\"_ _7\"></span>G Holdi<span class=\"_ _7\"></span>ng. Details r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ardi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g capital <span class=\"_ _7\"></span>man<span class=\"_ _7\"></span>agemen<span class=\"_ _7\"></span>t can b<span class=\"_ _7\"></span>e found i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ch<span class=\"_ _7\"></span>apter <span class=\"_ _7\"></span>\u201cCapital m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span>\u201d starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 197.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-450": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1dd7\">11.<span class=\"ff4a\"> </span>T<span class=\"_ _2\"></span>AXES </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1dd8\">The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.13. T<span class=\"_ _5\"></span>a<span class=\"_ _6\"></span>xes st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> p<span class=\"_ _7\"></span>age 179.<span class=\"_ _2\"></span> </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1dd9\">11.1.<span class=\"ff4a\"> </span>T<span class=\"_ _e\"></span>ax<span class=\"_ _6\"></span> expens<span class=\"_ _7\"></span>es </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1dda\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _314\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ddb\">2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1ddc\"><div class=\"t m0 x0 h29 y496 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1ddd\"><div class=\"t m0 x0 h29 y496 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1dde\">Act<span class=\"_ _6\"></span>ual<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>xe<span class=\"_ _6\"></span>s <span class=\"_ _2cc\"> </span>152,883<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ddf\">90,281<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1de0\">From<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cur<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _2b4\"> </span>143<span class=\"_ _6\"></span>,208<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1de1\">80,211<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1de2\">From<span class=\"_ _6\"></span> p<span class=\"_ _1\"></span>revi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s p<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>riods<span class=\"_ _6\"></span> <span class=\"_ _315\"> </span>9,675<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1de3\">10,070<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1de4\">Defe<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>xe<span class=\"_ _6\"></span>s <span class=\"_ _1bf\"> </span>43,560<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1de5\">31,413<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1de6\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>xes <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cur<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>r <span class=\"_ _2f8\"> </span>5<span class=\"_ _6\"></span>5,865<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1de7\">34,370<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1de8\">Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> du<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rar<span class=\"_ _6\"></span>y d<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ces <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>ods<span class=\"_ _6\"></span> <span class=\"_ _316\"> </span>-8,948<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1de9\">-574<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1dea\">Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> du<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>arr<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>ds <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>atin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _12e\"> </span>-3<span class=\"_ _6\"></span>,357<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1deb\">-2,383<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1dec\">Total <span class=\"_ _236\"> </span>1<span class=\"_ _6\"></span>96,443<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ded\">121,694<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1def\">Reconciliation<span class=\"_ _6\"></span> <span class=\"_ _317\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1df0\">2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1df1\"><div class=\"t m0 x0 h29 y125 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1df2\"><div class=\"t m0 x0 h29 y125 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1df3\">Exp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cted<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> %<span class=\"_ _6\"></span> <span class=\"_ _295\"> </span>24.0%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1df4\">25.0%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1df5\">Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> <span class=\"_ _2ed\"> </span>772,689<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1df6\">585,697<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1df7\">Ex<span class=\"_ _6\"></span>pec<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d ta<span class=\"_ _1\"></span>x e<span class=\"_ _1\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _28c\"> </span>185,44<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1df8\">146,424<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1df9\">Adju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cts <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>:<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1dfa\">Dif<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ax r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2f6\"> </span>-31,06<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dfb\">-27,651<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1dfc\">Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> rat<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _318\"> </span>-11,528<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dfd\">2,807<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1dfe\">Non<span class=\"_ _6\"></span>-de<span class=\"_ _6\"></span>du<span class=\"_ _1\"></span>ctib<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>  <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>nse<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _319\"> </span>131,049<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1dff\">103,163<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e00\">In<span class=\"_ _6\"></span>come<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>sub<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> <span class=\"_ _298\"> </span>-1<span class=\"_ _6\"></span>00,669<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e01\">-129,474<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e02\">Ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>evi<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>-2,630<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e03\">7,113<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e04\">Non<span class=\"_ _6\"></span>-r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>ition<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry d<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _148\"> </span>6<span class=\"_ _6\"></span>,099<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e05\">6,518<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e06\">Non<span class=\"_ _6\"></span>-r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>ition<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ry <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>ard<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _31a\"> </span>6,023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e07\">6,153<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e08\">Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cts d<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> g<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>up <span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>x<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>/p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ofit<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>nsf<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _31b\"> </span>-403<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e09\">458<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e0a\">Oth<span class=\"_ _6\"></span>ers<span class=\"_ _6\"></span> <span class=\"_ _1c6\"> </span>14,118<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e0b\">6,183<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1e0c\">Effect<span class=\"_ _6\"></span>ive ta<span class=\"_ _6\"></span>x expenses <span class=\"_ _77\"> </span>196,443<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e0d\">121,694<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e0e\">Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ctiv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ax r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> %<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span>25.4%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e0f\">20.8%<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e10\">The incom<span class=\"_ _2\"></span>e ta<span class=\"_ _6\"></span>x <span class=\"_ _7\"></span>rate of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e par<span class=\"_ _2\"></span>ent compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y is <span class=\"_ _7\"></span>used as t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e gr<span class=\"_ _7\"></span>oup tax <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e11\">The <span class=\"_ _0\"></span>non<span class=\"_ _7\"></span>-deductibl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>enses <span class=\"_ _1\"></span>consis<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>primarily<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>depr<span class=\"_ _2\"></span>eciat<span class=\"_ _7\"></span>ion <span class=\"_ _0\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span>come <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>subje<span class=\"_ _7\"></span>ct <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>tax <span class=\"_ _1\"></span>is <span class=\"_ _0\"></span>mainl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt <span class=\"_ _1\"></span>of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ea\">appr<span class=\"_ _7\"></span>eciatio<span class=\"_ _7\"></span>n, divide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds <span class=\"_ _7\"></span>and inter<span class=\"_ _7\"></span>est r<span class=\"_ _2\"></span>eceived. </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1e12\">11.2.<span class=\"ff4a\"> </span>Def<span class=\"_ _7\"></span>erre<span class=\"_ _6\"></span>d t<span class=\"_ _7\"></span>axes </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e13\">The deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d tax <span class=\"_ _7\"></span>assets a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d liabil<span class=\"_ _7\"></span>ities r<span class=\"_ _7\"></span>eported r<span class=\"_ _2\"></span>elate to tem<span class=\"_ _7\"></span>porary di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ferences i<span class=\"_ _7\"></span>n the bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce shee<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> items l<span class=\"_ _7\"></span>isted in t<span class=\"_ _7\"></span>he tabl<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e14\">below <span class=\"_ _1\"></span>(<span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>dif<span class=\"_ _2\"></span>feren<span class=\"_ _7\"></span>ces <span class=\"_ _0\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>applicabl<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>tax <span class=\"_ _0\"></span>rates). <span class=\"_ _0\"></span>It <span class=\"_ _0\"></span>sho<span class=\"_ _7\"></span>uld <span class=\"_ _0\"></span>be <span class=\"_ _0\"></span>noted <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _0\"></span>deferr<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>taxes, <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>far<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>as </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e15\">permissibl<span class=\"_ _7\"></span>e, ar<span class=\"_ _7\"></span>e of<span class=\"_ _2\"></span>fset at the t<span class=\"_ _7\"></span>axpay<span class=\"_ _7\"></span>er level, a<span class=\"_ _7\"></span>nd, ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gly<span class=\"_ _5\"></span>, the<span class=\"_ _6\"></span> di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>feren<span class=\"_ _7\"></span>t balan<span class=\"_ _7\"></span>ces ar<span class=\"_ _7\"></span>e sho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>n eith<span class=\"_ _7\"></span>er as ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts or liabi<span class=\"_ _7\"></span>lities </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e16\">on the bal<span class=\"_ _7\"></span>ance sh<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>et. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e17\">Deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d tax assets ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>for unus<span class=\"_ _7\"></span>ed tax <span class=\"_ _6\"></span>losses, <span class=\"_ _7\"></span>unused tax cr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dits and ded<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ctible tempo<span class=\"_ _7\"></span>rary dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nces to the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e18\">extent that it <span class=\"_ _6\"></span>is probable that the <span class=\"_ _6\"></span>defe<span class=\"_ _7\"></span>rred tax a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>ets can be u<span class=\"_ _6\"></span>sed. Defe<span class=\"_ _7\"></span>rred tax <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>amined each balance sh<span class=\"_ _7\"></span>eet </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e19\">date a<span class=\"_ _7\"></span>nd r<span class=\"_ _7\"></span>educed to t<span class=\"_ _2\"></span>he exte<span class=\"_ _7\"></span>nt that it i<span class=\"_ _7\"></span>s no long<span class=\"_ _7\"></span>er pr<span class=\"_ _7\"></span>ob<span class=\"_ _7\"></span>able that t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e asso<span class=\"_ _7\"></span>ciated <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ax b<span class=\"_ _7\"></span>enefits c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>n be r<span class=\"_ _2\"></span>ealised.<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1e1b\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _31c\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> <span class=\"_ _3c\"> </span><span class=\"fcb\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1e1c\">  <span class=\"_ _238\"> </span><span class=\"fsf\">A<span class=\"_ _6\"></span>ssets<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1e1d\">Liabil<span class=\"_ _6\"></span>ities<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e1e\">Assets<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e1f\">Liabil<span class=\"_ _6\"></span>ities<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1e20\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1e21\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e22\">Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _8a\"> </span>32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e23\">42,605<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e24\">4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e25\">48,371<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e26\">Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ates<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span>553,<span class=\"_ _6\"></span>663<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e27\">393,599<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e28\">1,893,00<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e29\">1,391,80<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e2a\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>vab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ac\"> </span>211,<span class=\"_ _6\"></span>304<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e2b\">22,191<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e2c\">212,280<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e2d\">22,220<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e2e\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs1e2f\">1</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e30\"> <span class=\"_ _22b\"> </span>225,<span class=\"_ _6\"></span>921<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e31\">118,421<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e32\">281,262<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e33\">28,531<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e34\">In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> as<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Own<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>-oc<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ip<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _14d\"> </span>13,6<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e35\">36,711<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e36\">16,278<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e37\">44,348<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e38\">Go<span class=\"_ _6\"></span>odwi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>In<span class=\"_ _1\"></span>tan<span class=\"_ _6\"></span>gib<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>4,088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e39\">12,801<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e3a\">6,483<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e3b\">37,566<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e3c\">Righ<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>-of<span class=\"_ _6\"></span>-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _31d\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e3d\">59,319<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e3e\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e3f\">39,013<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e40\">Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>yabl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>ili<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>27<span class=\"_ _6\"></span>5,614<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e41\">73,449<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e42\">137,184<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e43\">266,730<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e44\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs1e45\">2</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e46\"> <span class=\"_ _31e\"> </span>665,666<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e47\">1,137,07<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e48\">604,987<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e49\">1,096,70<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e4a\">Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _31f\"> </span>122,299<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e4b\">90,088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e4c\">64,655<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e4d\">54,517<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e4e\">Ta<span class=\"_ _6\"></span>x-ex<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _320\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e4f\">9,162<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e50\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e51\">9,450<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e52\">Ac<span class=\"_ _6\"></span>cum<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span> <span class=\"_ _12e\"> </span>4<span class=\"_ _6\"></span>6,293<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e53\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e54\">31,551<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e55\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1e56\">Sum<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>befo<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>n a<span class=\"_ _6\"></span>llo<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _321\"> </span>2,118,50<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1e57\">1,995,41<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e58\">3,247,69<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e59\">3,039,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e5a\">Valu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>wan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _322\"> </span>-42,012</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e5b\">  <span class=\"_ _323\"> </span><span class=\"fcb\">-36,570<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1e5c\">Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>bef<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>nett<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _1b0\"> </span>2,076,495<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1e5d\">1,995,41<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e5e\">3,211,12<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e5f\">3,039,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e60\">Net<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _31f\"> </span>-1<span class=\"_ _6\"></span>,593,208<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e61\">-1,593,20<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e62\">-2,669,89<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e63\">-2,669,89<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1e64\">Net bala<span class=\"_ _6\"></span>nce <span class=\"_ _2a7\"> </span>483,287<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1e65\">402,208<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e66\">541,225<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e67\">369,352<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs1e68\">1</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1e69\"> <span class=\"_ _3\"> </span>Incl.<span class=\"_ _7\"></span> Insurance contracts assets issu<span class=\"_ _7\"></span>ed and Reinsur<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>nce contracts assets h<span class=\"_ _7\"></span>eld </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs1e6a\">2</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1e6b\"> <span class=\"_ _3\"> </span>Incl.<span class=\"_ _7\"></span> Insurance contracts liabi<span class=\"_ _7\"></span>lities issued and Reinsurance <span class=\"_ _7\"></span>contracts liabilities held </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e6c\">Deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d tax assets from<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>seven-ye<span class=\"_ _7\"></span>ar amortisatio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of participations to going con<span class=\"_ _7\"></span>cern va<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e were recog<span class=\"_ _2\"></span>nised in the <span class=\"_ _6\"></span>amo<span class=\"_ _7\"></span>unt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e6d\">of <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>UR 10,4<span class=\"_ _7\"></span>58,000<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>(E<span class=\"_ _6\"></span>UR 15,04<span class=\"_ _7\"></span>1,000<span class=\"_ _2\"></span>). <span class=\"_ _2\"></span>Th<span class=\"_ _6\"></span>ose <span class=\"_ _10\"></span>amounts <span class=\"_ _10\"></span>not <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>2023<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>amount <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>3,810,000. <span class=\"_ _10\"></span>Deferr<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>liabili<span class=\"_ _7\"></span>ties </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e6e\">and deferre<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>tax a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>ets of <span class=\"_ _6\"></span>consolida<span class=\"_ _7\"></span>ted taxable entities in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>tax grou<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>oll<span class=\"_ _7\"></span>ected by <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>sam<span class=\"_ _7\"></span>e t<span class=\"_ _6\"></span>ax authority wer<span class=\"_ _7\"></span>e netted, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e6f\">resulti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>in <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>tax <span class=\"_ _10\"></span>liability <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>EUR 875,00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>(in <span class=\"_ _2\"></span>a <span class=\"_ _10\"></span>de<span class=\"_ _6\"></span>ferr<span class=\"_ _2\"></span>ed <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>ax <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>U<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> 23,878<span class=\"_ _7\"></span>,000). <span class=\"_ _e\"></span>I<span class=\"_ _6\"></span>n <span class=\"_ _10\"></span>accor<span class=\"_ _7\"></span>dance <span class=\"_ _e\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _10\"></span>IAS 12.3<span class=\"_ _2\"></span>9,<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e70\">deferred <span class=\"_ _2\"></span>tax liabili<span class=\"_ _7\"></span>ties wer<span class=\"_ _7\"></span>e not r<span class=\"_ _2\"></span>eported fo<span class=\"_ _7\"></span>r tempor<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ry dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _7\"></span>es fro<span class=\"_ _7\"></span>m int<span class=\"_ _7\"></span>eres<span class=\"_ _7\"></span>ts in subs<span class=\"_ _7\"></span>idiaries <span class=\"_ _7\"></span>and associ<span class=\"_ _2\"></span>ated comp<span class=\"_ _7\"></span>anie<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e71\">since <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>ey <span class=\"_ _6\"></span>would <span class=\"_ _6\"></span>not <span class=\"_ _6\"></span>be <span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ersed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>for<span class=\"_ _7\"></span>esee<span class=\"_ _7\"></span>able <span class=\"_ _6\"></span>future.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>nce <span class=\"_ _1\"></span>betwe<span class=\"_ _7\"></span>en <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>book v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>tax purposes <span class=\"_ _6\"></span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e72\">the <span class=\"_ _4\"> </span>IFRS <span class=\"_ _4\"> </span>sha<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>holders' <span class=\"_ _4\"></span>e<span class=\"_ _7\"></span>quity <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>EUR 1,<span class=\"_ _7\"></span>868,34<span class=\"_ _7\"></span>1,000 <span class=\"_ _4\"></span>(<span class=\"_ _7\"></span>EUR 1<span class=\"_ _7\"></span>,650,8<span class=\"_ _7\"></span>58,000<span class=\"_ _7\"></span>). <span class=\"_ _4\"> </span>Deferre<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>taxes <span class=\"_ _4\"></span>for <span class=\"_ _0\"></span>undistributed <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ubsidia<span class=\"_ _7\"></span>ry </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e73\">prof<span class=\"_ _7\"></span>its <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>EUR 17,2<span class=\"_ _7\"></span>52,000<span class=\"_ _7\"></span> (<span class=\"_ _6\"></span>EUR 15<span class=\"_ _7\"></span>,666,0<span class=\"_ _7\"></span>00)<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>were <span class=\"_ _6\"></span>also not reporte<span class=\"_ _7\"></span>d, <span class=\"_ _6\"></span>becaus<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>decision<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>distribut<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>pro<span class=\"_ _7\"></span>fits <span class=\"_ _6\"></span>had<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>not </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e74\">yet been m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>de.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1e75\">Deferred tax<span class=\"_ _6\"></span> asset<span class=\"_ _6\"></span>s on tax <span class=\"_ _6\"></span>loss<span class=\"_ _6\"></span> carryforwar<span class=\"_ _6\"></span>ds<span class=\"_ _6\"></span> not recogni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _2fc\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e76\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1e77\"><div class=\"t m0 x0 h29 y945 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1e78\"><div class=\"t m0 x0 h29 y945 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e79\">Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _324\"> </span>-309<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e7a\">-161<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e7b\">Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _325\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e7c\">-1,519<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e7d\">Est<span class=\"_ _6\"></span>oni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _275\"> </span>-3<span class=\"_ _6\"></span>40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e7e\">-340<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e7f\">Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _277\"> </span>-25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e80\">-25<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e81\">Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _29a\"> </span>-960<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e82\">-904<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e83\">Lith<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2d8\"> </span>-275<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e84\">-44<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e85\">Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _326\"> </span>-9,601<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e86\">-8,602<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e87\">Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _1c3\"> </span>-9,379<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e88\">-4,186<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e89\">Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2b5\"> </span>-1,469<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e8a\">-4,851<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e8b\">Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _327\"> </span>-822<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e8c\">-2,259<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e8d\">Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _1c4\"> </span>-577<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e8e\">-376<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e8f\">Sl<span class=\"_ _6\"></span>oven<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _328\"> </span>-40<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e90\">-45<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e91\">Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>-121<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e92\">-195<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e93\">Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _327\"> </span>-85<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e94\">-117<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e95\">Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _1c7\"> </span>-3,<span class=\"_ _6\"></span>397<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1e96\">-2,906<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1e97\">Total <span class=\"_ _1c2\"> </span>-<span class=\"_ _6\"></span>27,400<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e98\">-26,53<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1e9a\">11.3.<span class=\"ff4a\"> </span>T<span class=\"_ _e\"></span>ax<span class=\"_ _6\"></span> rates </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1e9b\">The defe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d taxes a<span class=\"_ _2\"></span>re based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e foll<span class=\"_ _7\"></span>owing tax r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tes: </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1e9c\">Tax rate<span class=\"_ _6\"></span>s <span class=\"_ _27b\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1e9d\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"c w2a h28 gs1e9e\"><div class=\"t m0 x0 h29 y39c ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1e9f\">Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2b5\"> </span>15.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ea0\">15.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ea1\">Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _329\"> </span>10.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ea2\">10.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ea3\">Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _32a\"> </span>10.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ea4\">10.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ea5\">Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs1ea6\">1</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ea7\"> <span class=\"_ _32b\"> </span>30.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ea8\">30.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ea9\">Est<span class=\"_ _6\"></span>oni<span class=\"_ _6\"></span>a<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs1eaa\">2</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1eab\"> <span class=\"_ _1c1\"> </span>0<span class=\"_ _6\"></span>.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1eac\">0.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ead\">Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ia<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs1eae\">3</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1eaf\"> <span class=\"_ _27c\"> </span>15.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1eb0\">15.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1eb1\">Kos<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vo <span class=\"_ _1c7\"> </span>10.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1eb2\">10.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1eb3\">Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _1c7\"> </span>18.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1eb4\">18.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1eb5\">Latv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs1eb6\">4</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1eb7\"> <span class=\"_ _32c\"> </span>0.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1eb8\">0.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1eb9\">Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _2e5\"> </span>12.5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1eba\">12.5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ebb\">Lith<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _278\"> </span>15.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ebc\">15.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ebd\">Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>a <span class=\"_ _32d\"> </span>12.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ebe\">12.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ebf\">No<span class=\"_ _6\"></span>rth<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ced<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _32e\"> </span>10.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ec0\">10.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ec1\">Net<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>rl<span class=\"_ _6\"></span>and<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _32f\"> </span>25.8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ec2\">25.8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ec3\">Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs1ec4\">5</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ec5\"> <span class=\"_ _330\"> </span>24.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ec6\">25.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ec7\">Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _1c1\"> </span>19.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ec8\">19.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ec9\">Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _27c\"> </span>16.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1eca\">16.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ecb\">Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _1c9\"> </span>15.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ecc\">15.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ecd\">Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs1ece\">7</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ecf\"> <span class=\"_ _2e7\"> </span>2<span class=\"_ _6\"></span>1.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ed0\">21.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ed1\">Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs1ed2\">8</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ed3\"> <span class=\"_ _24d\"> </span>19.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ed4\">19.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ed5\">T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs1ed6\">6</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ed7\"> <span class=\"_ _331\"> </span>30.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ed8\">25.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ed9\">Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _332\"> </span>18.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1eda\">18.0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1edb\">Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _32a\"> </span>11.3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1edc\">11.3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs1edd\">1</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1ede\"> <span class=\"_ _3\"> </span>The tax r<span class=\"_ _7\"></span>ate shown here i<span class=\"_ _7\"></span>s<span class=\"_ _6\"></span> a flat <span class=\"_ _7\"></span>tax rate. The tax rate is between 15.825% <span class=\"_ _7\"></span>and 31.715%, depend<span class=\"_ _7\"></span>ing on<span class=\"_ _6\"></span> the r<span class=\"_ _7\"></span>egistered office and activities of th<span class=\"_ _7\"></span>e company. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs1edf\">2</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1ee0\"> <span class=\"_ _3\"> </span>The retain<span class=\"_ _7\"></span>ed profits <span class=\"_ _7\"></span>of<span class=\"_ _6\"></span> locally domi<span class=\"_ _7\"></span>ciled companies are not su<span class=\"_ _7\"></span>bject to<span class=\"_ _6\"></span> corporate in<span class=\"_ _7\"></span>come tax. Profit di<span class=\"_ _7\"></span>strib<span class=\"_ _6\"></span>utions by th<span class=\"_ _7\"></span>e companies are subject to a tax <span class=\"_ _7\"></span>rate of 14.0% to 20.0%. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs1ee1\">3</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1ee2\"> <span class=\"_ _3\"> </span>As<span class=\"_ _2\"></span> a <span class=\"_ _7\"></span>ru<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>e, <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>etai<span class=\"_ _7\"></span>n<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>fi<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>of l<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ll<span class=\"_ _2\"></span>y d<span class=\"_ _7\"></span>omi<span class=\"_ _2\"></span>cil<span class=\"_ _7\"></span>ed<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>comp<span class=\"_ _2\"></span>ani<span class=\"_ _2\"></span>es w<span class=\"_ _2\"></span>ill<span class=\"_ _7\"></span> n<span class=\"_ _2\"></span>ot b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>subj<span class=\"_ _2\"></span>ect<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>to c<span class=\"_ _2\"></span>orp<span class=\"_ _2\"></span>o<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>e in<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>me <span class=\"_ _2\"></span>tax <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tar<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>1 J<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>u<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>y 2<span class=\"_ _2\"></span>023.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>Th<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>n<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>impl<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>tion<span class=\"_ _2\"></span> d<span class=\"_ _7\"></span>ate<span class=\"_ _2\"></span> wa<span class=\"_ _2\"></span>s po<span class=\"_ _2\"></span>stp<span class=\"_ _7\"></span>one<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>from<span class=\"_ _2\"></span> 1 <span class=\"_ _2\"></span>Janu<span class=\"_ _2\"></span>ary <span class=\"_ _2\"></span>201<span class=\"_ _7\"></span>9 <span class=\"_ _7\"></span>to<span class=\"_ _2\"></span> 1 <span class=\"_ _2\"></span>Janu<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>2023.<span class=\"_ _7\"></span> </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs1ee3\">4</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1ee4\"> <span class=\"_ _3\"> </span>The retain<span class=\"_ _7\"></span>ed profits <span class=\"_ _7\"></span>of<span class=\"_ _6\"></span> locally domi<span class=\"_ _7\"></span>ciled companies are not su<span class=\"_ _7\"></span>bject to<span class=\"_ _6\"></span> corporate in<span class=\"_ _7\"></span>come tax. Profit di<span class=\"_ _7\"></span>strib<span class=\"_ _6\"></span>utions by th<span class=\"_ _7\"></span>e companies are subject to a tax <span class=\"_ _7\"></span>rate of 20.0%. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs1ee5\">5</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1ee6\"> <span class=\"_ _3\"> </span>Due to a ch<span class=\"_ _7\"></span>ange in the l<span class=\"_ _7\"></span>aw<span class=\"_ _6\"></span>, the <span class=\"_ _7\"></span>corporate income tax rate will b<span class=\"_ _7\"></span>e reduced in stages from 25.0% to 24.0% i<span class=\"_ _7\"></span>n 2023<span class=\"_ _6\"></span>, an<span class=\"_ _7\"></span>d then to 23.0% i<span class=\"_ _7\"></span>n 2024<span class=\"_ _6\"></span>. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs1ee7\">6</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1ee8\"> <span class=\"_ _3\"> </span>In <span class=\"_ _7\"></span>2023, the corporate in<span class=\"_ _7\"></span>come tax rate was increased to 30.0% for <span class=\"_ _7\"></span>current taxes. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs1ee9\">7</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1eea\"> <span class=\"_ _3\"> </span>The corporate i<span class=\"_ _7\"></span>ncome tax rate <span class=\"_ _7\"></span>is 21.0%, but insurance <span class=\"_ _7\"></span>companies have to pay addition<span class=\"_ _7\"></span>al taxes, meaning<span class=\"_ _6\"></span> that a tax <span class=\"_ _7\"></span>rate of 25.36% appl<span class=\"_ _7\"></span>ies to these companies. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs1eeb\">8</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs1eec\"> <span class=\"_ _3\"> </span>Due to a n<span class=\"_ _7\"></span>ew law <span class=\"_ _7\"></span>t<span class=\"_ _6\"></span>hat was passed<span class=\"_ _7\"></span>, the corporate income <span class=\"_ _7\"></span>tax<span class=\"_ _6\"></span> rate wil<span class=\"_ _7\"></span>l be increased in stages from 19.0% to 21.0% i<span class=\"_ _7\"></span>n 2024<span class=\"_ _6\"></span>. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-13": {
   "value": "11.<span class=\"ff4a\"> </span>T<span class=\"_ _2\"></span>AXES The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.13. T<span class=\"_ _5\"></span>a<span class=\"_ _6\"></span>xes st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> p<span class=\"_ _7\"></span>age 179.<span class=\"_ _2\"></span> 11.1.<span class=\"ff4a\"> </span>T<span class=\"_ _e\"></span>ax<span class=\"_ _6\"></span> expens<span class=\"_ _7\"></span>es Compositio<span class=\"_ _6\"></span>n <span class=\"_ _314\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Act<span class=\"_ _6\"></span>ual<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>xe<span class=\"_ _6\"></span>s <span class=\"_ _2cc\"> </span>152,883<span class=\"_ _3d5\"> </span>90,281<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cur<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _2b4\"> </span>143<span class=\"_ _6\"></span>,208<span class=\"_ _3d5\"> </span>80,211<span class=\"_ _3d5\"> </span>From<span class=\"_ _6\"></span> p<span class=\"_ _1\"></span>revi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s p<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>riods<span class=\"_ _6\"></span> <span class=\"_ _315\"> </span>9,675<span class=\"_ _3d5\"> </span>10,070<span class=\"_ _3d5\"> </span>Defe<span class=\"_ _6\"></span>rr<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>xe<span class=\"_ _6\"></span>s <span class=\"_ _1bf\"> </span>43,560<span class=\"_ _3d5\"> </span>31,413<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>xes <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>cur<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>r <span class=\"_ _2f8\"> </span>5<span class=\"_ _6\"></span>5,865<span class=\"_ _3d5\"> </span>34,370<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> du<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rar<span class=\"_ _6\"></span>y d<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ces <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>ods<span class=\"_ _6\"></span> <span class=\"_ _316\"> </span>-8,948<span class=\"_ _3d5\"> </span>-574<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> du<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>arr<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>ds <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>atin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _12e\"> </span>-3<span class=\"_ _6\"></span>,357<span class=\"_ _3d5\"> </span>-2,383<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>1<span class=\"_ _6\"></span>96,443<span class=\"_ _3d5\"> </span>121,694<span class=\"_ _3d5\"> </span>Reconciliation<span class=\"_ _6\"></span> <span class=\"_ _317\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cted<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> %<span class=\"_ _6\"></span> <span class=\"_ _295\"> </span>24.0%<span class=\"_ _3d5\"> </span>25.0%<span class=\"_ _3d5\"> </span>Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> <span class=\"_ _2ed\"> </span>772,689<span class=\"_ _3d5\"> </span>585,697<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>pec<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d ta<span class=\"_ _1\"></span>x e<span class=\"_ _1\"></span>xpe<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _28c\"> </span>185,44<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>146,424<span class=\"_ _3d5\"> </span>Adju<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cts <span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>:<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span> Dif<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ax r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2f6\"> </span>-31,06<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>-27,651<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> rat<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _318\"> </span>-11,528<span class=\"_ _3d5\"> </span>2,807<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-de<span class=\"_ _6\"></span>du<span class=\"_ _1\"></span>ctib<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>  <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>nse<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _319\"> </span>131,049<span class=\"_ _3d5\"> </span>103,163<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>come<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>sub<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> <span class=\"_ _298\"> </span>-1<span class=\"_ _6\"></span>00,669<span class=\"_ _3d5\"> </span>-129,474<span class=\"_ _3d5\"> </span>Ta<span class=\"_ _6\"></span>xes<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>evi<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>-2,630<span class=\"_ _3d5\"> </span>7,113<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>ition<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry d<span class=\"_ _6\"></span>if<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _148\"> </span>6<span class=\"_ _6\"></span>,099<span class=\"_ _3d5\"> </span>6,518<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cogn<span class=\"_ _1\"></span>ition<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>du<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ry <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>ard<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _31a\"> </span>6,023<span class=\"_ _3d5\"> </span>6,153<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cts d<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> g<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>up <span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>x<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>/p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ofit<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>nsf<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _31b\"> </span>-403<span class=\"_ _3d5\"> </span>458<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>ers<span class=\"_ _6\"></span> <span class=\"_ _1c6\"> </span>14,118<span class=\"_ _3d5\"> </span>6,183<span class=\"_ _3d5\"> </span>Effect<span class=\"_ _6\"></span>ive ta<span class=\"_ _6\"></span>x expenses <span class=\"_ _77\"> </span>196,443<span class=\"_ _3d5\"> </span>121,694<span class=\"_ _3d5\"> </span>Eff<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ctiv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ax r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> %<span class=\"_ _6\"></span> <span class=\"_ _24e\"> </span>25.4%<span class=\"_ _3d5\"> </span>20.8%<span class=\"_ _3d5\"> </span>The incom<span class=\"_ _2\"></span>e ta<span class=\"_ _6\"></span>x <span class=\"_ _7\"></span>rate of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e par<span class=\"_ _2\"></span>ent compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y is <span class=\"_ _7\"></span>used as t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e gr<span class=\"_ _7\"></span>oup tax <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate.<span class=\"_ _2\"></span> The <span class=\"_ _0\"></span>non<span class=\"_ _7\"></span>-deductibl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>enses <span class=\"_ _1\"></span>consis<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>primarily<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>depr<span class=\"_ _2\"></span>eciat<span class=\"_ _7\"></span>ion <span class=\"_ _0\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span>come <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>subje<span class=\"_ _7\"></span>ct <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>tax <span class=\"_ _1\"></span>is <span class=\"_ _0\"></span>mainl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt <span class=\"_ _1\"></span>of appr<span class=\"_ _7\"></span>eciatio<span class=\"_ _7\"></span>n, divide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds <span class=\"_ _7\"></span>and inter<span class=\"_ _7\"></span>est r<span class=\"_ _2\"></span>eceived. 11.2.<span class=\"ff4a\"> </span>Def<span class=\"_ _7\"></span>erre<span class=\"_ _6\"></span>d t<span class=\"_ _7\"></span>axes The deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d tax <span class=\"_ _7\"></span>assets a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d liabil<span class=\"_ _7\"></span>ities r<span class=\"_ _7\"></span>eported r<span class=\"_ _2\"></span>elate to tem<span class=\"_ _7\"></span>porary di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ferences i<span class=\"_ _7\"></span>n the bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce shee<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> items l<span class=\"_ _7\"></span>isted in t<span class=\"_ _7\"></span>he tabl<span class=\"_ _7\"></span>e below <span class=\"_ _1\"></span>(<span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>dif<span class=\"_ _2\"></span>feren<span class=\"_ _7\"></span>ces <span class=\"_ _0\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sing <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>applicabl<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>tax <span class=\"_ _0\"></span>rates). <span class=\"_ _0\"></span>It <span class=\"_ _0\"></span>sho<span class=\"_ _7\"></span>uld <span class=\"_ _0\"></span>be <span class=\"_ _0\"></span>noted <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _0\"></span>deferr<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>taxes, <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>far<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>as permissibl<span class=\"_ _7\"></span>e, ar<span class=\"_ _7\"></span>e of<span class=\"_ _2\"></span>fset at the t<span class=\"_ _7\"></span>axpay<span class=\"_ _7\"></span>er level, a<span class=\"_ _7\"></span>nd, ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gly<span class=\"_ _5\"></span>, the<span class=\"_ _6\"></span> di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>feren<span class=\"_ _7\"></span>t balan<span class=\"_ _7\"></span>ces ar<span class=\"_ _7\"></span>e sho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>n eith<span class=\"_ _7\"></span>er as ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts or liabi<span class=\"_ _7\"></span>lities on the bal<span class=\"_ _7\"></span>ance sh<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>et. <span class=\"_ _2\"></span> Deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d tax assets ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>for unus<span class=\"_ _7\"></span>ed tax <span class=\"_ _6\"></span>losses, <span class=\"_ _7\"></span>unused tax cr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dits and ded<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ctible tempo<span class=\"_ _7\"></span>rary dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nces to the extent that it <span class=\"_ _6\"></span>is probable that the <span class=\"_ _6\"></span>defe<span class=\"_ _7\"></span>rred tax a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>ets can be u<span class=\"_ _6\"></span>sed. Defe<span class=\"_ _7\"></span>rred tax <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>amined each balance sh<span class=\"_ _7\"></span>eet date a<span class=\"_ _7\"></span>nd r<span class=\"_ _7\"></span>educed to t<span class=\"_ _2\"></span>he exte<span class=\"_ _7\"></span>nt that it i<span class=\"_ _7\"></span>s no long<span class=\"_ _7\"></span>er pr<span class=\"_ _7\"></span>ob<span class=\"_ _7\"></span>able that t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e asso<span class=\"_ _7\"></span>ciated <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ax b<span class=\"_ _7\"></span>enefits c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>n be r<span class=\"_ _2\"></span>ealised.<span class=\"_ _3d5\"> </span>Compositio<span class=\"_ _6\"></span>n <span class=\"_ _31c\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> <span class=\"_ _3c\"> </span><span class=\"fcb\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span></span>  <span class=\"_ _238\"> </span><span class=\"fsf\">A<span class=\"_ _6\"></span>ssets<span class=\"_ _3d5\"> </span></span>Liabil<span class=\"_ _6\"></span>ities<span class=\"_ _3d5\"> </span>Assets<span class=\"_ _3d5\"> </span>Liabil<span class=\"_ _6\"></span>ities<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _8a\"> </span>32<span class=\"_ _3d5\"> </span>42,605<span class=\"_ _3d5\"> </span>4<span class=\"_ _3d5\"> </span>48,371<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ates<span class=\"_ _6\"></span> <span class=\"_ _13f\"> </span>553,<span class=\"_ _6\"></span>663<span class=\"_ _3d5\"> </span>393,599<span class=\"_ _3d5\"> </span>1,893,00<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,391,80<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>vab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1ac\"> </span>211,<span class=\"_ _6\"></span>304<span class=\"_ _3d5\"> </span>22,191<span class=\"_ _3d5\"> </span>212,280<span class=\"_ _3d5\"> </span>22,220<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _3d5\"> </span>1 <span class=\"_ _22b\"> </span>225,<span class=\"_ _6\"></span>921<span class=\"_ _3d5\"> </span>118,421<span class=\"_ _3d5\"> </span>281,262<span class=\"_ _3d5\"> </span>28,531<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> as<span class=\"_ _6\"></span> w<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Own<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>-oc<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ip<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _14d\"> </span>13,6<span class=\"_ _6\"></span>27<span class=\"_ _3d5\"> </span>36,711<span class=\"_ _3d5\"> </span>16,278<span class=\"_ _3d5\"> </span>44,348<span class=\"_ _3d5\"> </span>Go<span class=\"_ _6\"></span>odwi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>In<span class=\"_ _1\"></span>tan<span class=\"_ _6\"></span>gib<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22b\"> </span>4,088<span class=\"_ _3d5\"> </span>12,801<span class=\"_ _3d5\"> </span>6,483<span class=\"_ _3d5\"> </span>37,566<span class=\"_ _3d5\"> </span>Righ<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>-of<span class=\"_ _6\"></span>-u<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _31d\"> </span>0<span class=\"_ _3d5\"> </span>59,319<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,013<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>yabl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>Fi<span class=\"_ _6\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>ili<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _23d\"> </span>27<span class=\"_ _6\"></span>5,614<span class=\"_ _3d5\"> </span>73,449<span class=\"_ _3d5\"> </span>137,184<span class=\"_ _3d5\"> </span>266,730<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>cts<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _3d5\"> </span>2 <span class=\"_ _31e\"> </span>665,666<span class=\"_ _3d5\"> </span>1,137,07<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>604,987<span class=\"_ _3d5\"> </span>1,096,70<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _31f\"> </span>122,299<span class=\"_ _3d5\"> </span>90,088<span class=\"_ _3d5\"> </span>64,655<span class=\"_ _3d5\"> </span>54,517<span class=\"_ _3d5\"> </span>Ta<span class=\"_ _6\"></span>x-ex<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>res<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _320\"> </span>0<span class=\"_ _3d5\"> </span>9,162<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>9,450<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>cum<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>car<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span> <span class=\"_ _12e\"> </span>4<span class=\"_ _6\"></span>6,293<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>31,551<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Sum<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>befo<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ua<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>n a<span class=\"_ _6\"></span>llo<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> <span class=\"_ _321\"> </span>2,118,50<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,995,41<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>3,247,69<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>3,039,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Valu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>wan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _322\"> </span>-42,012  <span class=\"_ _323\"> </span><span class=\"fcb\">-36,570<span class=\"_ _3d5\"> </span></span>Tota<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>bef<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>nett<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _1b0\"> </span>2,076,495<span class=\"_ _3d5\"> </span>1,995,41<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>3,211,12<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>3,039,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _31f\"> </span>-1<span class=\"_ _6\"></span>,593,208<span class=\"_ _3d5\"> </span>-1,593,20<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>-2,669,89<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>-2,669,89<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Net bala<span class=\"_ _6\"></span>nce <span class=\"_ _2a7\"> </span>483,287<span class=\"_ _3d5\"> </span>402,208<span class=\"_ _3d5\"> </span>541,225<span class=\"_ _3d5\"> </span>369,352<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>Incl.<span class=\"_ _7\"></span> Insurance contracts assets issu<span class=\"_ _7\"></span>ed and Reinsur<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>nce contracts assets h<span class=\"_ _7\"></span>eld 2 <span class=\"_ _3\"> </span>Incl.<span class=\"_ _7\"></span> Insurance contracts liabi<span class=\"_ _7\"></span>lities issued and Reinsurance <span class=\"_ _7\"></span>contracts liabilities held Deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d tax assets from<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>seven-ye<span class=\"_ _7\"></span>ar amortisatio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of participations to going con<span class=\"_ _7\"></span>cern va<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e were recog<span class=\"_ _2\"></span>nised in the <span class=\"_ _6\"></span>amo<span class=\"_ _7\"></span>unt of <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>UR 10,4<span class=\"_ _7\"></span>58,000<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>(E<span class=\"_ _6\"></span>UR 15,04<span class=\"_ _7\"></span>1,000<span class=\"_ _2\"></span>). <span class=\"_ _2\"></span>Th<span class=\"_ _6\"></span>ose <span class=\"_ _10\"></span>amounts <span class=\"_ _10\"></span>not <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>2023<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>amount <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>3,810,000. <span class=\"_ _10\"></span>Deferr<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>liabili<span class=\"_ _7\"></span>ties and deferre<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>tax a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>ets of <span class=\"_ _6\"></span>consolida<span class=\"_ _7\"></span>ted taxable entities in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>tax grou<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>oll<span class=\"_ _7\"></span>ected by <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>sam<span class=\"_ _7\"></span>e t<span class=\"_ _6\"></span>ax authority wer<span class=\"_ _7\"></span>e netted, resulti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>in <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>tax <span class=\"_ _10\"></span>liability <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>EUR 875,00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>(in <span class=\"_ _2\"></span>a <span class=\"_ _10\"></span>de<span class=\"_ _6\"></span>ferr<span class=\"_ _2\"></span>ed <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>ax <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>U<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span> 23,878<span class=\"_ _7\"></span>,000). <span class=\"_ _e\"></span>I<span class=\"_ _6\"></span>n <span class=\"_ _10\"></span>accor<span class=\"_ _7\"></span>dance <span class=\"_ _e\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _10\"></span>IAS 12.3<span class=\"_ _2\"></span>9,<span class=\"_ _6\"></span> deferred <span class=\"_ _2\"></span>tax liabili<span class=\"_ _7\"></span>ties wer<span class=\"_ _7\"></span>e not r<span class=\"_ _2\"></span>eported fo<span class=\"_ _7\"></span>r tempor<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ry dif<span class=\"_ _2\"></span>ferenc<span class=\"_ _7\"></span>es fro<span class=\"_ _7\"></span>m int<span class=\"_ _7\"></span>eres<span class=\"_ _7\"></span>ts in subs<span class=\"_ _7\"></span>idiaries <span class=\"_ _7\"></span>and associ<span class=\"_ _2\"></span>ated comp<span class=\"_ _7\"></span>anie<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span> since <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>ey <span class=\"_ _6\"></span>would <span class=\"_ _6\"></span>not <span class=\"_ _6\"></span>be <span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ersed <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>for<span class=\"_ _7\"></span>esee<span class=\"_ _7\"></span>able <span class=\"_ _6\"></span>future.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>nce <span class=\"_ _1\"></span>betwe<span class=\"_ _7\"></span>en <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>book v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>tax purposes <span class=\"_ _6\"></span>and the <span class=\"_ _4\"> </span>IFRS <span class=\"_ _4\"> </span>sha<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>holders' <span class=\"_ _4\"></span>e<span class=\"_ _7\"></span>quity <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>EUR 1,<span class=\"_ _7\"></span>868,34<span class=\"_ _7\"></span>1,000 <span class=\"_ _4\"></span>(<span class=\"_ _7\"></span>EUR 1<span class=\"_ _7\"></span>,650,8<span class=\"_ _7\"></span>58,000<span class=\"_ _7\"></span>). <span class=\"_ _4\"> </span>Deferre<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>taxes <span class=\"_ _4\"></span>for <span class=\"_ _0\"></span>undistributed <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ubsidia<span class=\"_ _7\"></span>ry prof<span class=\"_ _7\"></span>its <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>EUR 17,2<span class=\"_ _7\"></span>52,000<span class=\"_ _7\"></span> (<span class=\"_ _6\"></span>EUR 15<span class=\"_ _7\"></span>,666,0<span class=\"_ _7\"></span>00)<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>were <span class=\"_ _6\"></span>also not reporte<span class=\"_ _7\"></span>d, <span class=\"_ _6\"></span>becaus<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>decision<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>distribut<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>pro<span class=\"_ _7\"></span>fits <span class=\"_ _6\"></span>had<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>not yet been m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>de.<span class=\"_ _2\"></span> Deferred tax<span class=\"_ _6\"></span> asset<span class=\"_ _6\"></span>s on tax <span class=\"_ _6\"></span>loss<span class=\"_ _6\"></span> carryforwar<span class=\"_ _6\"></span>ds<span class=\"_ _6\"></span> not recogni<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _2fc\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _324\"> </span>-309<span class=\"_ _3d5\"> </span>-161<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _325\"> </span>0<span class=\"_ _3d5\"> </span>-1,519<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>oni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _275\"> </span>-3<span class=\"_ _6\"></span>40<span class=\"_ _3d5\"> </span>-340<span class=\"_ _3d5\"> </span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _277\"> </span>-25<span class=\"_ _3d5\"> </span>-25<span class=\"_ _3d5\"> </span>Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _29a\"> </span>-960<span class=\"_ _3d5\"> </span>-904<span class=\"_ _3d5\"> </span>Lith<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2d8\"> </span>-275<span class=\"_ _3d5\"> </span>-44<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _326\"> </span>-9,601<span class=\"_ _3d5\"> </span>-8,602<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _1c3\"> </span>-9,379<span class=\"_ _3d5\"> </span>-4,186<span class=\"_ _3d5\"> </span>Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2b5\"> </span>-1,469<span class=\"_ _3d5\"> </span>-4,851<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _327\"> </span>-822<span class=\"_ _3d5\"> </span>-2,259<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _6\"></span> <span class=\"_ _1c4\"> </span>-577<span class=\"_ _3d5\"> </span>-376<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>oven<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _328\"> </span>-40<span class=\"_ _3d5\"> </span>-45<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _24f\"> </span>-121<span class=\"_ _3d5\"> </span>-195<span class=\"_ _3d5\"> </span>Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _327\"> </span>-85<span class=\"_ _3d5\"> </span>-117<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _1c7\"> </span>-3,<span class=\"_ _6\"></span>397<span class=\"_ _3d5\"> </span>-2,906<span class=\"_ _3d5\"> </span>Total <span class=\"_ _1c2\"> </span>-<span class=\"_ _6\"></span>27,400<span class=\"_ _3d5\"> </span>-26,53<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>11.3.<span class=\"ff4a\"> </span>T<span class=\"_ _e\"></span>ax<span class=\"_ _6\"></span> rates The defe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d taxes a<span class=\"_ _2\"></span>re based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e foll<span class=\"_ _7\"></span>owing tax r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tes: Tax rate<span class=\"_ _6\"></span>s <span class=\"_ _27b\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2b5\"> </span>15.0<span class=\"_ _3d5\"> </span>15.0<span class=\"_ _3d5\"> </span>Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>He<span class=\"_ _6\"></span>rz<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _329\"> </span>10.0<span class=\"_ _3d5\"> </span>10.0<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _32a\"> </span>10.0<span class=\"_ _3d5\"> </span>10.0<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>any<span class=\"_ _3d5\"> </span>1 <span class=\"_ _32b\"> </span>30.0<span class=\"_ _3d5\"> </span>30.0<span class=\"_ _3d5\"> </span>Est<span class=\"_ _6\"></span>oni<span class=\"_ _6\"></span>a<span class=\"_ _3d5\"> </span>2 <span class=\"_ _1c1\"> </span>0<span class=\"_ _6\"></span>.0<span class=\"_ _3d5\"> </span>0.0<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ia<span class=\"_ _3d5\"> </span>3 <span class=\"_ _27c\"> </span>15.0<span class=\"_ _3d5\"> </span>15.0<span class=\"_ _3d5\"> </span>Kos<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>vo <span class=\"_ _1c7\"> </span>10.0<span class=\"_ _3d5\"> </span>10.0<span class=\"_ _3d5\"> </span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _1c7\"> </span>18.0<span class=\"_ _3d5\"> </span>18.0<span class=\"_ _3d5\"> </span>Latv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _3d5\"> </span>4 <span class=\"_ _32c\"> </span>0.0<span class=\"_ _3d5\"> </span>0.0<span class=\"_ _3d5\"> </span>Lie<span class=\"_ _6\"></span>cht<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ein<span class=\"_ _6\"></span> <span class=\"_ _2e5\"> </span>12.5<span class=\"_ _3d5\"> </span>12.5<span class=\"_ _3d5\"> </span>Lith<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _278\"> </span>15.0<span class=\"_ _3d5\"> </span>15.0<span class=\"_ _3d5\"> </span>Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>a <span class=\"_ _32d\"> </span>12.0<span class=\"_ _3d5\"> </span>12.0<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rth<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ced<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _32e\"> </span>10.0<span class=\"_ _3d5\"> </span>10.0<span class=\"_ _3d5\"> </span>Net<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>rl<span class=\"_ _6\"></span>and<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _32f\"> </span>25.8<span class=\"_ _3d5\"> </span>25.8<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tri<span class=\"_ _6\"></span>a<span class=\"_ _3d5\"> </span>5 <span class=\"_ _330\"> </span>24.0<span class=\"_ _3d5\"> </span>25.0<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _1c1\"> </span>19.0<span class=\"_ _3d5\"> </span>19.0<span class=\"_ _3d5\"> </span>Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _27c\"> </span>16.0<span class=\"_ _3d5\"> </span>16.0<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>a <span class=\"_ _1c9\"> </span>15.0<span class=\"_ _3d5\"> </span>15.0<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ova<span class=\"_ _6\"></span>kia<span class=\"_ _3d5\"> </span>7 <span class=\"_ _2e7\"> </span>2<span class=\"_ _6\"></span>1.0<span class=\"_ _3d5\"> </span>21.0<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>epub<span class=\"_ _1\"></span>li<span class=\"_ _6\"></span>c<span class=\"_ _3d5\"> </span>8 <span class=\"_ _24d\"> </span>19.0<span class=\"_ _3d5\"> </span>19.0<span class=\"_ _3d5\"> </span>T\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _3d5\"> </span>6 <span class=\"_ _331\"> </span>30.0<span class=\"_ _3d5\"> </span>25.0<span class=\"_ _3d5\"> </span>Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _332\"> </span>18.0<span class=\"_ _3d5\"> </span>18.0<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> <span class=\"_ _32a\"> </span>11.3<span class=\"_ _3d5\"> </span>11.3<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>The tax r<span class=\"_ _7\"></span>ate shown here i<span class=\"_ _7\"></span>s<span class=\"_ _6\"></span> a flat <span class=\"_ _7\"></span>tax rate. The tax rate is between 15.825% <span class=\"_ _7\"></span>and 31.715%, depend<span class=\"_ _7\"></span>ing on<span class=\"_ _6\"></span> the r<span class=\"_ _7\"></span>egistered office and activities of th<span class=\"_ _7\"></span>e company. 2 <span class=\"_ _3\"> </span>The retain<span class=\"_ _7\"></span>ed profits <span class=\"_ _7\"></span>of<span class=\"_ _6\"></span> locally domi<span class=\"_ _7\"></span>ciled companies are not su<span class=\"_ _7\"></span>bject to<span class=\"_ _6\"></span> corporate in<span class=\"_ _7\"></span>come tax. Profit di<span class=\"_ _7\"></span>strib<span class=\"_ _6\"></span>utions by th<span class=\"_ _7\"></span>e companies are subject to a tax <span class=\"_ _7\"></span>rate of 14.0% to 20.0%. 3 <span class=\"_ _3\"> </span>As<span class=\"_ _2\"></span> a <span class=\"_ _7\"></span>ru<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>e, <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>etai<span class=\"_ _7\"></span>n<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>fi<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>of l<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ll<span class=\"_ _2\"></span>y d<span class=\"_ _7\"></span>omi<span class=\"_ _2\"></span>cil<span class=\"_ _7\"></span>ed<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>comp<span class=\"_ _2\"></span>ani<span class=\"_ _2\"></span>es w<span class=\"_ _2\"></span>ill<span class=\"_ _7\"></span> n<span class=\"_ _2\"></span>ot b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>subj<span class=\"_ _2\"></span>ect<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>to c<span class=\"_ _2\"></span>orp<span class=\"_ _2\"></span>o<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>e in<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>me <span class=\"_ _2\"></span>tax <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tar<span class=\"_ _2\"></span>ting <span class=\"_ _2\"></span>1 J<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>u<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>y 2<span class=\"_ _2\"></span>023.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>Th<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>n<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>impl<span class=\"_ _2\"></span>emen<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>tion<span class=\"_ _2\"></span> d<span class=\"_ _7\"></span>ate<span class=\"_ _2\"></span> wa<span class=\"_ _2\"></span>s po<span class=\"_ _2\"></span>stp<span class=\"_ _7\"></span>one<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>from<span class=\"_ _2\"></span> 1 <span class=\"_ _2\"></span>Janu<span class=\"_ _2\"></span>ary <span class=\"_ _2\"></span>201<span class=\"_ _7\"></span>9 <span class=\"_ _7\"></span>to<span class=\"_ _2\"></span> 1 <span class=\"_ _2\"></span>Janu<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>2023.<span class=\"_ _7\"></span> 4 <span class=\"_ _3\"> </span>The retain<span class=\"_ _7\"></span>ed profits <span class=\"_ _7\"></span>of<span class=\"_ _6\"></span> locally domi<span class=\"_ _7\"></span>ciled companies are not su<span class=\"_ _7\"></span>bject to<span class=\"_ _6\"></span> corporate in<span class=\"_ _7\"></span>come tax. Profit di<span class=\"_ _7\"></span>strib<span class=\"_ _6\"></span>utions by th<span class=\"_ _7\"></span>e companies are subject to a tax <span class=\"_ _7\"></span>rate of 20.0%. 5 <span class=\"_ _3\"> </span>Due to a ch<span class=\"_ _7\"></span>ange in the l<span class=\"_ _7\"></span>aw<span class=\"_ _6\"></span>, the <span class=\"_ _7\"></span>corporate income tax rate will b<span class=\"_ _7\"></span>e reduced in stages from 25.0% to 24.0% i<span class=\"_ _7\"></span>n 2023<span class=\"_ _6\"></span>, an<span class=\"_ _7\"></span>d then to 23.0% i<span class=\"_ _7\"></span>n 2024<span class=\"_ _6\"></span>. 6 <span class=\"_ _3\"> </span>In <span class=\"_ _7\"></span>2023, the corporate in<span class=\"_ _7\"></span>come tax rate was increased to 30.0% for <span class=\"_ _7\"></span>current taxes. 7 <span class=\"_ _3\"> </span>The corporate i<span class=\"_ _7\"></span>ncome tax rate <span class=\"_ _7\"></span>is 21.0%, but insurance <span class=\"_ _7\"></span>companies have to pay addition<span class=\"_ _7\"></span>al taxes, meaning<span class=\"_ _6\"></span> that a tax <span class=\"_ _7\"></span>rate of 25.36% appl<span class=\"_ _7\"></span>ies to these companies. 8 <span class=\"_ _3\"> </span>Due to a n<span class=\"_ _7\"></span>ew law <span class=\"_ _7\"></span>t<span class=\"_ _6\"></span>hat was passed<span class=\"_ _7\"></span>, the corporate income <span class=\"_ _7\"></span>tax<span class=\"_ _6\"></span> rate wil<span class=\"_ _7\"></span>l be increased in stages from 19.0% to 21.0% i<span class=\"_ _7\"></span>n 2024<span class=\"_ _6\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-451": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1eee\">12.<span class=\"ff4a\"> </span>PROVISIONS </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1eef\">The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.11. Pr<span class=\"_ _7\"></span>ovisio<span class=\"_ _7\"></span>ns star<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>n page 179<span class=\"_ _7\"></span>. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs1ef0\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _297\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ef1\">31/12/2022 </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ef2\">adjusted<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs1ef3\"><div class=\"t m0 x0 h29 y578 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs1ef4\"><div class=\"t m0 x0 h29 y578 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1ef5\">Pro<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>nsio<span class=\"_ _1\"></span>ns a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>simi<span class=\"_ _1\"></span>lar<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>bli<span class=\"_ _1\"></span>gati<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _89\"> </span>340,708<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1ef6\">312,929<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ef7\">Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> ob<span class=\"_ _1\"></span>lig<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>tion<span class=\"_ _1\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c8\"> </span>236,499<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1ef8\">213,054<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1ef9\">Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ob<span class=\"_ _6\"></span>lig<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _b0\"> </span>104,209<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1efa\">99,875<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1efb\">Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>mpl<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>e b<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _333\"> </span>71,853<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1efc\">59,550<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs1efd\">Mis<span class=\"_ _6\"></span>cel<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ane<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _2ce\"> </span>336,059<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs1efe\">297,400<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs1eff\">Total <span class=\"_ _236\"> </span>748,620<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs1f00\">669,879<span class=\"_ _3d5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-14": {
   "value": "12.<span class=\"ff4a\"> </span>PROVISIONS The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.11. Pr<span class=\"_ _7\"></span>ovisio<span class=\"_ _7\"></span>ns star<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>n page 179<span class=\"_ _7\"></span>. Compositio<span class=\"_ _6\"></span>n <span class=\"_ _297\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Pro<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>nsio<span class=\"_ _1\"></span>ns a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>simi<span class=\"_ _1\"></span>lar<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>bli<span class=\"_ _1\"></span>gati<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _89\"> </span>340,708<span class=\"_ _3d5\"> </span>312,929<span class=\"_ _3d5\"> </span>Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> ob<span class=\"_ _1\"></span>lig<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>tion<span class=\"_ _1\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2c8\"> </span>236,499<span class=\"_ _3d5\"> </span>213,054<span class=\"_ _3d5\"> </span>Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ob<span class=\"_ _6\"></span>lig<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _b0\"> </span>104,209<span class=\"_ _3d5\"> </span>99,875<span class=\"_ _3d5\"> </span>Prov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>mpl<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ye<span class=\"_ _6\"></span>e b<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _333\"> </span>71,853<span class=\"_ _3d5\"> </span>59,550<span class=\"_ _3d5\"> </span>Mis<span class=\"_ _6\"></span>cel<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ane<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _2ce\"> </span>336,059<span class=\"_ _3d5\"> </span>297,400<span class=\"_ _3d5\"> </span>Total <span class=\"_ _236\"> </span>748,620<span class=\"_ _3d5\"> </span>669,879<span class=\"_ _3d5\"> </span>Personnel<span class=\"_ _6\"></span> expen<span class=\"_ _6\"></span>ses <span class=\"_ _28a\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Wag<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _25d\"> </span>823<span class=\"_ _6\"></span>,528<span class=\"_ _3d5\"> </span>697,878<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _147\"> </span>7,320<span class=\"_ _3d5\"> </span>7,218<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>ret<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _33c\"> </span>10,750<span class=\"_ _3d5\"> </span>16,898<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rit<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rib<span class=\"_ _6\"></span>ut<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _33d\"> </span>207,656<span class=\"_ _3d5\"> </span>190,633<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _33e\"> </span>29,344<span class=\"_ _3d5\"> </span>27,893<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>1,078,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>940,520<span class=\"_ _3d5\"> </span>Sa<span class=\"_ _6\"></span>les <span class=\"_ _6\"></span>rep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d7\"> </span>458,997<span class=\"_ _3d5\"> </span>412,233<span class=\"_ _3d5\"> </span>Offi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>aff<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>619,6<span class=\"_ _6\"></span>01<span class=\"_ _3d5\"> </span>528,287<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-15": {
   "value": "13.<span class=\"ff4a\"> </span>INT<span class=\"_ _2\"></span>ANGIBLE <span class=\"_ _2\"></span>ASSETS The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.6. Intangibl<span class=\"_ _2\"></span>e assets sta<span class=\"_ _7\"></span>rting on <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 172.<span class=\"_ _2\"></span> Compositio<span class=\"_ _6\"></span>n <span class=\"_ _334\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Pur<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span>twa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _335\"> </span>476,139<span class=\"_ _3d5\"> </span>446,118<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>tan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>11<span class=\"_ _6\"></span>4,222<span class=\"_ _3d5\"> </span>139,682<span class=\"_ _3d5\"> </span>Total <span class=\"_ _249\"> </span>59<span class=\"_ _6\"></span>0,361<span class=\"_ _3d5\"> </span>585,800<span class=\"_ _3d5\"> </span>13.1.<span class=\"ff4a\"> </span>Pu<span class=\"_ _7\"></span>rchased software Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>9<span class=\"_ _6\"></span>40,268<span class=\"_ _3d5\"> </span>1,441,53<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-494,15<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>-1,053,16<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>446,118<span class=\"_ _3d5\"> </span>388,363<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _302\"> </span>562<span class=\"_ _3d5\"> </span>-160<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>-361<span class=\"_ _3d5\"> </span>-5,179<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2e5\"> </span>1<span class=\"_ _6\"></span>20,481<span class=\"_ _3d5\"> </span>124,339<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _336\"> </span>-3,328<span class=\"_ _3d5\"> </span>-5,953<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span>23,967<span class=\"_ _3d5\"> </span>Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-8<span class=\"_ _6\"></span>0,498<span class=\"_ _3d5\"> </span>-79,259<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _c1\"> </span>-6<span class=\"_ _6\"></span>,835<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>476,13<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>446,118<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>572<span class=\"_ _6\"></span>,715<span class=\"_ _3d5\"> </span>494,150<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2db\"> </span>1,048,85<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>940,268<span class=\"_ _3d5\"> </span>The imp<span class=\"_ _7\"></span>airments <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> due to sof<span class=\"_ _7\"></span>twa<span class=\"_ _7\"></span>re p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ckages <span class=\"_ _2\"></span>that are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o l<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ger bei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>used in Rom<span class=\"_ _2\"></span>ania and Pola<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d. 13.2.<span class=\"ff4a\"> </span>Other intang<span class=\"_ _7\"></span>ible assets<span class=\"_ _7\"></span> Developme<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span> <span class=\"_ _203\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Acqu<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>3<span class=\"_ _6\"></span>19,274<span class=\"_ _3d5\"> </span>221,042<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rev<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ous<span class=\"_ _6\"></span> y<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ar <span class=\"_ _d5\"> </span>-179,59<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>-140,118<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>1/<span class=\"_ _6\"></span>12<span class=\"_ _6\"></span> of<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pre<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>yea<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> =<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ook<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ue <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s of<span class=\"_ _6\"></span> 01<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>01<span class=\"_ _6\"></span> <span class=\"_ _2ef\"> </span>139,682<span class=\"_ _3d5\"> </span>80,924<span class=\"_ _3d5\"> </span>Ex<span class=\"_ _6\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>e d<span class=\"_ _1\"></span>if<span class=\"_ _6\"></span>fer<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _24c\"> </span>5<span class=\"_ _3d5\"> </span>1,055<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>clas<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>-656<span class=\"_ _3d5\"> </span>279<span class=\"_ _3d5\"> </span>Add<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>16,506<span class=\"_ _3d5\"> </span>93,221<span class=\"_ _3d5\"> </span>Disp<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span> <span class=\"_ _2f0\"> </span>-234<span class=\"_ _3d5\"> </span>-270<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>ang<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _3d5\"> </span>7,941<span class=\"_ _3d5\"> </span>Sch<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>dep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _2e8\"> </span>-2<span class=\"_ _6\"></span>0,254<span class=\"_ _3d5\"> </span>-21,761<span class=\"_ _3d5\"> </span>Imp<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d9\"> </span>-20,827<span class=\"_ _3d5\"> </span>-21,707<span class=\"_ _3d5\"> </span>Book val<span class=\"_ _6\"></span>ue as of <span class=\"_ _6\"></span>31/12 <span class=\"_ _2d7\"> </span>114,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>139,682<span class=\"_ _3d5\"> </span>Cumu<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>31<span class=\"_ _6\"></span>/1<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _118\"> </span>219<span class=\"_ _6\"></span>,960<span class=\"_ _3d5\"> </span>179,592<span class=\"_ _3d5\"> </span>Ac<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>sit<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> co<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s <span class=\"_ _2f1\"> </span>334,182<span class=\"_ _3d5\"> </span>319,274<span class=\"_ _3d5\"> </span>In the <span class=\"_ _2\"></span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g p<span class=\"_ _7\"></span>eriod, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>mpairm<span class=\"_ _7\"></span>ents of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e it<span class=\"_ _7\"></span>em Ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tangible<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _7\"></span>relat<span class=\"_ _7\"></span>ed to <span class=\"_ _2\"></span>the cus<span class=\"_ _7\"></span>tomer b<span class=\"_ _2\"></span>ases of <span class=\"_ _7\"></span>Alfa <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>H<span class=\"_ _7\"></span>un<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ary) (EUR 2,661,00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>), <span class=\"_ _2\"></span>As<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>t <span class=\"_ _e\"></span>Ma<span class=\"_ _2\"></span>nag<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>ent<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>H<span class=\"_ _7\"></span>ung<span class=\"_ _2\"></span>ary<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>(EUR 8,38<span class=\"_ _7\"></span>8,0<span class=\"_ _2\"></span>00) <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _e\"></span>Vi<span class=\"_ _2\"></span>enna<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>fe<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(T<span class=\"_ _5\"></span>\u00fcrki<span class=\"_ _2\"></span>ye<span class=\"_ _7\"></span>) <span class=\"_ _10\"></span>(<span class=\"_ _6\"></span>EUR 9,778,<span class=\"_ _7\"></span>000). <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>n <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>evi<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>us<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>year<span class=\"_ _5\"></span>, th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>im<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>ir<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>cu<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tom<span class=\"_ _2\"></span>er <span class=\"_ _7\"></span>ba<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>Alf<span class=\"_ _2\"></span>a (<span class=\"_ _7\"></span>H<span class=\"_ _7\"></span>ung<span class=\"_ _2\"></span>ary)<span class=\"_ _7\"></span> (EUR 14,<span class=\"_ _7\"></span>666,00<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>) and Viennali<span class=\"_ _7\"></span>fe (T<span class=\"_ _e\"></span>\u00fcr<span class=\"_ _6\"></span>ki<span class=\"_ _7\"></span>ye) (EUR 3,0<span class=\"_ _7\"></span>41,000<span class=\"_ _2\"></span>), as well<span class=\"_ _7\"></span> as the Asi<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> bra<span class=\"_ _7\"></span>nd (EU<span class=\"_ _7\"></span>R 4,000<span class=\"_ _7\"></span>,000).<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-550": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1f66\">15.<span class=\"ff4a\"> </span>TYPE<span class=\"_ _7\"></span> OF EXPENSES <span class=\"_ _2\"></span>AND DET<span class=\"_ _2\"></span>AILS OT<span class=\"_ _7\"></span>HER INCOME <span class=\"_ _2\"></span>AND EXPE<span class=\"_ _7\"></span>NSES </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs1f67\">15.1.<span class=\"ff4a\"> </span>General<span class=\"_ _7\"></span> information </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f68\">D<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>to<span class=\"_ _2\"></span> t<span class=\"_ _2\"></span>he <span class=\"_ _7\"></span>ac<span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>unt<span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span> a<span class=\"_ _2\"></span>nd <span class=\"_ _2\"></span>val<span class=\"_ _2\"></span>uat<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>n r<span class=\"_ _2\"></span>eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>FRS <span class=\"_ _2\"></span>17,<span class=\"_ _2\"></span> ex<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>se<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ly <span class=\"_ _2\"></span>at<span class=\"_ _7\"></span>tri<span class=\"_ _2\"></span>but<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f69\">i<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span>ude<span class=\"_ _7\"></span>d in th<span class=\"_ _7\"></span>e \u201cIn<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ura<span class=\"_ _2\"></span>nce<span class=\"_ _7\"></span> ser<span class=\"_ _2\"></span>vi<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> res<span class=\"_ _2\"></span>ul<span class=\"_ _7\"></span>t\u201d<span class=\"_ _2\"></span>. <span class=\"_ _6\"></span>Gen<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>adm<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rativ<span class=\"_ _7\"></span>e ex<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>ses<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e no<span class=\"_ _2\"></span>t <span class=\"_ _6\"></span>dir<span class=\"_ _2\"></span>ec<span class=\"_ _7\"></span>tl<span class=\"_ _2\"></span>y <span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>tr<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>but<span class=\"_ _7\"></span>abl<span class=\"_ _2\"></span>e to <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ntr<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f6a\">an<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ude<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>tem <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span> O<span class=\"_ _2\"></span>the<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>ex<span class=\"_ _7\"></span>pe<span class=\"_ _2\"></span>nse<span class=\"_ _2\"></span>s.<span class=\"_ _3d5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-452": {
   "value": "x<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>se<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ect<span class=\"_ _2\"></span>ly <span class=\"_ _2\"></span>at<span class=\"_ _7\"></span>tri<span class=\"_ _2\"></span>but<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>cts<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span>ude<span class=\"_ _7\"></span>d in th<span class=\"_ _7\"></span>e \u201cIn<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ura<span class=\"_ _2\"></span>nce<span class=\"_ _7\"></span> ser<span class=\"_ _2\"></span>vi<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> res<span class=\"_ _2\"></span>ul<span class=\"_ _7\"></span>t\u201d<span class=\"_ _2\"></span>. <span class=\"_ _6\"></span>Gen<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>adm<span class=\"_ _2\"></span>ini<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>rativ<span class=\"_ _7\"></span>e ex<span class=\"_ _2\"></span>pen<span class=\"_ _2\"></span>ses<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e no<span class=\"_ _2\"></span>t <span class=\"_ _6\"></span>dir<span class=\"_ _2\"></span>ec<span class=\"_ _7\"></span>tl<span class=\"_ _2\"></span>y <span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>tr<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>but<span class=\"_ _7\"></span>abl<span class=\"_ _2\"></span>e to <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ntr<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> an<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ude<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>tem <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span> O<span class=\"_ _2\"></span>the<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>ex<span class=\"_ _7\"></span>pe<span class=\"_ _2\"></span>nse<span class=\"_ _2\"></span>s.<span class=\"_ _3d5\"> </span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>ex<span class=\"_ _2\"></span>pen<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>ak<span class=\"_ _2\"></span>en <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nto <span class=\"_ _1\"></span>acc<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unt<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>unde<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>IFR<span class=\"_ _2\"></span>S <span class=\"_ _7\"></span>1<span class=\"_ _7\"></span>7<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>amo<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>EU<span class=\"_ _7\"></span>R 3<span class=\"_ _2\"></span>,67<span class=\"_ _7\"></span>7,<span class=\"_ _2\"></span>78<span class=\"_ _7\"></span>3<span class=\"_ _7\"></span>,0<span class=\"_ _7\"></span>00<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>curr<span class=\"_ _2\"></span>en<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>per<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>od<span class=\"_ _7\"></span>. <span class=\"_ _0\"></span>Ap<span class=\"_ _2\"></span>art<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>f<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>m pe<span class=\"_ _2\"></span>rs<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nne<span class=\"_ _2\"></span>l ex<span class=\"_ _2\"></span>pen<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>es,<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>a sig<span class=\"_ _2\"></span>nif<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>cant<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>po<span class=\"_ _2\"></span>rti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>is<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>ma<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>up of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>comm<span class=\"_ _2\"></span>iss<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>pai<span class=\"_ _2\"></span>d, IT<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>exp<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>, <span class=\"_ _6\"></span>ta<span class=\"_ _7\"></span>x<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>el<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ed to ins<span class=\"_ _2\"></span>ura<span class=\"_ _2\"></span>nce<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>co<span class=\"_ _2\"></span>ntr<span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>ts an<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>sc<span class=\"_ _2\"></span>hed<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> d<span class=\"_ _2\"></span>ep<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>eci<span class=\"_ _2\"></span>atio<span class=\"_ _2\"></span>n. 15.2.<span class=\"ff4a\"> </span>P<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rsonnel exp<span class=\"_ _7\"></span>enses<span class=\"_ _7\"></span> Number of em<span class=\"_ _6\"></span>ployee<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _bc\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Sa<span class=\"_ _6\"></span>les <span class=\"_ _6\"></span>rep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f5\"> </span>15,047<span class=\"_ _3d5\"> </span>14,797<span class=\"_ _3d5\"> </span>Offi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>aff<span class=\"_ _6\"></span> <span class=\"_ _33b\"> </span>14,358<span class=\"_ _3d5\"> </span>14,035<span class=\"_ _3d5\"> </span>Total <span class=\"_ _332\"> </span>29,405<span class=\"_ _3d5\"> </span>28,832<span class=\"_ _3d5\"> </span>The emplo<span class=\"_ _7\"></span>yee fig<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>show<span class=\"_ _7\"></span>n ar<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erage v<span class=\"_ _7\"></span>alues bas<span class=\"_ _2\"></span>ed on full-time e<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>valents.<span class=\"_ _3d5\"> </span>1<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>ersonnel<span class=\"_ _6\"></span> expen<span class=\"_ _6\"></span>ses <span class=\"_ _28a\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Wag<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _25d\"> </span>823<span class=\"_ _6\"></span>,528<span class=\"_ _3d5\"> </span>697,878<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ym<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>to<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>lan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _147\"> </span>7,320<span class=\"_ _3d5\"> </span>7,218<span class=\"_ _3d5\"> </span>Exp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>ret<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>eme<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ovi<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> <span class=\"_ _33c\"> </span>10,750<span class=\"_ _3d5\"> </span>16,898<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l s<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>rit<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rib<span class=\"_ _6\"></span>ut<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pen<span class=\"_ _1\"></span>se<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _33d\"> </span>207,656<span class=\"_ _3d5\"> </span>190,633<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>y e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _33e\"> </span>29,344<span class=\"_ _3d5\"> </span>27,893<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>1,078,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>940,520<span class=\"_ _3d5\"> </span>Sa<span class=\"_ _6\"></span>les <span class=\"_ _6\"></span>rep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2d7\"> </span>458,997<span class=\"_ _3d5\"> </span>412,233<span class=\"_ _3d5\"> </span>Offi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>aff<span class=\"_ _6\"></span> <span class=\"_ _2eb\"> </span>619,6<span class=\"_ _6\"></span>01<span class=\"_ _3d5\"> </span>528,287<span class=\"_ _3d5\"> </span>15.3.<span class=\"ff4a\"> </span>Other inc<span class=\"_ _7\"></span>ome and <span class=\"_ _7\"></span>expenses   <span class=\"_ _33f\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>ome<span class=\"_ _6\"></span> <span class=\"_ _1bf\"> </span>303,932<span class=\"_ _3d5\"> </span>273,780<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>82,414<span class=\"_ _3d5\"> </span>43,847<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _340\"> </span>122,185<span class=\"_ _3d5\"> </span>91,549<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>x<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _c5\"> </span>-<span class=\"_ _6\"></span>821,804<span class=\"_ _3d5\"> </span>-680,4<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f g<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>era<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>adm<span class=\"_ _1\"></span>ini<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>-512,564<span class=\"_ _3d5\"> </span>-468,706<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1a8\"> </span>-87,797<span class=\"_ _3d5\"> </span>-39,633<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>mon<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y it<span class=\"_ _6\"></span>ems<span class=\"_ _1\"></span> ac<span class=\"_ _6\"></span>c.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to IA<span class=\"_ _1\"></span>S 2<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-31,547<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _2d2\"> </span>-1<span class=\"_ _6\"></span>3,388<span class=\"_ _3d5\"> </span>-10,526<span class=\"_ _3d5\"> </span>Both <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>incr<span class=\"_ _2\"></span>ease <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>general<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>administr<span class=\"_ _7\"></span>ative expenses acc. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFRS 17 and the <span class=\"_ _1\"></span>incr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>other<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>reven<span class=\"_ _7\"></span>ues <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>services<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is due to a la<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ger b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>volume.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-16": {
   "value": "15.2.<span class=\"ff4a\"> </span>P<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rsonnel exp<span class=\"_ _7\"></span>enses<span class=\"_ _7\"></span> Number of em<span class=\"_ _6\"></span>ployee<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _bc\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Sa<span class=\"_ _6\"></span>les <span class=\"_ _6\"></span>rep<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2f5\"> </span>15,047<span class=\"_ _3d5\"> </span>14,797<span class=\"_ _3d5\"> </span>Offi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e s<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>aff<span class=\"_ _6\"></span> <span class=\"_ _33b\"> </span>14,358<span class=\"_ _3d5\"> </span>14,035<span class=\"_ _3d5\"> </span>Total <span class=\"_ _332\"> </span>29,405<span class=\"_ _3d5\"> </span>28,832<span class=\"_ _3d5\"> </span>The emplo<span class=\"_ _7\"></span>yee fig<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>show<span class=\"_ _7\"></span>n ar<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erage v<span class=\"_ _7\"></span>alues bas<span class=\"_ _2\"></span>ed on full-time e<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>valents.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-532": {
   "value": "15.3.<span class=\"ff4a\"> </span>Other inc<span class=\"_ _7\"></span>ome and <span class=\"_ _7\"></span>expenses   <span class=\"_ _33f\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>ome<span class=\"_ _6\"></span> <span class=\"_ _1bf\"> </span>303,932<span class=\"_ _3d5\"> </span>273,780<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>82,414<span class=\"_ _3d5\"> </span>43,847<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _340\"> </span>122,185<span class=\"_ _3d5\"> </span>91,549<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>x<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _c5\"> </span>-<span class=\"_ _6\"></span>821,804<span class=\"_ _3d5\"> </span>-680,4<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f g<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>era<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>adm<span class=\"_ _1\"></span>ini<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>-512,564<span class=\"_ _3d5\"> </span>-468,706<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1a8\"> </span>-87,797<span class=\"_ _3d5\"> </span>-39,633<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>mon<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y it<span class=\"_ _6\"></span>ems<span class=\"_ _1\"></span> ac<span class=\"_ _6\"></span>c.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to IA<span class=\"_ _1\"></span>S 2<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-31,547<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _2d2\"> </span>-1<span class=\"_ _6\"></span>3,388<span class=\"_ _3d5\"> </span>-10,526<span class=\"_ _3d5\"> </span>Both <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>incr<span class=\"_ _2\"></span>ease <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>general<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>administr<span class=\"_ _7\"></span>ative expenses acc. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFRS 17 and the <span class=\"_ _1\"></span>incr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>other<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>reven<span class=\"_ _7\"></span>ues <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>services<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is due to a la<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ger b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>volume.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-520": {
   "value": "15.3.<span class=\"ff4a\"> </span>Other inc<span class=\"_ _7\"></span>ome and <span class=\"_ _7\"></span>expenses   <span class=\"_ _33f\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>ome<span class=\"_ _6\"></span> <span class=\"_ _1bf\"> </span>303,932<span class=\"_ _3d5\"> </span>273,780<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>82,414<span class=\"_ _3d5\"> </span>43,847<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _340\"> </span>122,185<span class=\"_ _3d5\"> </span>91,549<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>x<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _c5\"> </span>-<span class=\"_ _6\"></span>821,804<span class=\"_ _3d5\"> </span>-680,4<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f g<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>era<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>adm<span class=\"_ _1\"></span>ini<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>-512,564<span class=\"_ _3d5\"> </span>-468,706<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1a8\"> </span>-87,797<span class=\"_ _3d5\"> </span>-39,633<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>mon<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y it<span class=\"_ _6\"></span>ems<span class=\"_ _1\"></span> ac<span class=\"_ _6\"></span>c.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to IA<span class=\"_ _1\"></span>S 2<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-31,547<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _2d2\"> </span>-1<span class=\"_ _6\"></span>3,388<span class=\"_ _3d5\"> </span>-10,526<span class=\"_ _3d5\"> </span>Both <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>incr<span class=\"_ _2\"></span>ease <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>general<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>administr<span class=\"_ _7\"></span>ative expenses acc. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFRS 17 and the <span class=\"_ _1\"></span>incr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>other<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>reven<span class=\"_ _7\"></span>ues <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>services<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is due to a la<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ger b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>volume.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-502": {
   "value": "15.3.<span class=\"ff4a\"> </span>Other inc<span class=\"_ _7\"></span>ome and <span class=\"_ _7\"></span>expenses   <span class=\"_ _33f\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>ome<span class=\"_ _6\"></span> <span class=\"_ _1bf\"> </span>303,932<span class=\"_ _3d5\"> </span>273,780<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>82,414<span class=\"_ _3d5\"> </span>43,847<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _340\"> </span>122,185<span class=\"_ _3d5\"> </span>91,549<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>x<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _c5\"> </span>-<span class=\"_ _6\"></span>821,804<span class=\"_ _3d5\"> </span>-680,4<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f g<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>era<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>adm<span class=\"_ _1\"></span>ini<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>-512,564<span class=\"_ _3d5\"> </span>-468,706<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1a8\"> </span>-87,797<span class=\"_ _3d5\"> </span>-39,633<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>mon<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y it<span class=\"_ _6\"></span>ems<span class=\"_ _1\"></span> ac<span class=\"_ _6\"></span>c.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to IA<span class=\"_ _1\"></span>S 2<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-31,547<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _2d2\"> </span>-1<span class=\"_ _6\"></span>3,388<span class=\"_ _3d5\"> </span>-10,526<span class=\"_ _3d5\"> </span>Both <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>incr<span class=\"_ _2\"></span>ease <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>general<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>administr<span class=\"_ _7\"></span>ative expenses acc. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFRS 17 and the <span class=\"_ _1\"></span>incr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>other<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>reven<span class=\"_ _7\"></span>ues <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>services<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is due to a la<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ger b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>volume.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-479": {
   "value": "15.3.<span class=\"ff4a\"> </span>Other inc<span class=\"_ _7\"></span>ome and <span class=\"_ _7\"></span>expenses   <span class=\"_ _33f\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nc<span class=\"_ _6\"></span>ome<span class=\"_ _6\"></span> <span class=\"_ _1bf\"> </span>303,932<span class=\"_ _3d5\"> </span>273,780<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>ins<span class=\"_ _6\"></span> <span class=\"_ _296\"> </span>82,414<span class=\"_ _3d5\"> </span>43,847<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>enu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _340\"> </span>122,185<span class=\"_ _3d5\"> </span>91,549<span class=\"_ _3d5\"> </span>Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>x<span class=\"_ _6\"></span>pen<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>s <span class=\"_ _c5\"> </span>-<span class=\"_ _6\"></span>821,804<span class=\"_ _3d5\"> </span>-680,4<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f g<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>era<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>adm<span class=\"_ _1\"></span>ini<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xpe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>c. t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>FRS <span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>-512,564<span class=\"_ _3d5\"> </span>-468,706<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1a8\"> </span>-87,797<span class=\"_ _3d5\"> </span>-39,633<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>mon<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y it<span class=\"_ _6\"></span>ems<span class=\"_ _1\"></span> ac<span class=\"_ _6\"></span>c.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>to IA<span class=\"_ _1\"></span>S 2<span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _2af\"> </span>-31,547<span class=\"_ _3d5\"> </span>the<span class=\"_ _6\"></span>reo<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cu<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _2d2\"> </span>-1<span class=\"_ _6\"></span>3,388<span class=\"_ _3d5\"> </span>-10,526<span class=\"_ _3d5\"> </span>Both <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>incr<span class=\"_ _2\"></span>ease <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>general<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>administr<span class=\"_ _7\"></span>ative expenses acc. <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>IFRS 17 and the <span class=\"_ _1\"></span>incr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>other<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>reven<span class=\"_ _7\"></span>ues <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>services<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is due to a la<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ger b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>volume.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-545": {
   "value": "16.<span class=\"ff4a\"> </span>CALCULA<span class=\"_ _10\"></span>TION OF F<span class=\"_ _2\"></span>AIR <span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>AL<span class=\"_ _6\"></span>UE<span class=\"_ _7\"></span> The ac<span class=\"_ _7\"></span>counti<span class=\"_ _7\"></span>ng policies <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>esented i<span class=\"_ _7\"></span>n No<span class=\"_ _7\"></span>te 25<span class=\"_ _7\"></span>.9. Calcula<span class=\"_ _7\"></span>tion of fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ue sta<span class=\"_ _7\"></span>rting on p<span class=\"_ _7\"></span>age 173. <span class=\"_ _2\"></span> 16.1.<span class=\"ff4a\"> </span>F<span class=\"_ _7\"></span>air value and<span class=\"_ _7\"></span> book values<span class=\"_ _7\"></span> of financial inst<span class=\"_ _7\"></span>rument<span class=\"_ _7\"></span>s and invest<span class=\"_ _7\"></span>ments<span class=\"_ _7\"></span> Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>37,990,239<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,241,37<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>3,268,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>37,969,1<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>6,112,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>3,135,87<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,716,4<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span>406,366<span class=\"_ _3d5\"> </span>848,137<span class=\"_ _3d5\"> </span>461,933<span class=\"_ _3d5\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,17<span class=\"_ _6\"></span>4,035<span class=\"_ _3d5\"> </span>5,361,04<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,251,94<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>561,042<span class=\"_ _3d5\"> </span>8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>19,043<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,679<span class=\"_ _3d5\"> </span>17,364<span class=\"_ _3d5\"> </span>19,043<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>50,075<span class=\"_ _3d5\"> </span>345,186<span class=\"_ _3d5\"> </span>31,829<span class=\"_ _3d5\"> </span>73,060<span class=\"_ _3d5\"> </span>450,075<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>30,116<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>4,0<span class=\"_ _6\"></span>28<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,282<span class=\"_ _3d5\"> </span>1,746<span class=\"_ _3d5\"> </span>4,028<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>212,82<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,963,320<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>1,004,63<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,488,75<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,942,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>742,306<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>594,559<span class=\"_ _3d5\"> </span>127,842<span class=\"_ _3d5\"> </span>722,401<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>978,<span class=\"_ _6\"></span>491<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>410,078<span class=\"_ _3d5\"> </span>97,406<span class=\"_ _3d5\"> </span>956,342<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,24<span class=\"_ _6\"></span>2,523<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>24,021,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>24,021,071<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>3<span class=\"_ _6\"></span>99,293<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>364,354<span class=\"_ _3d5\"> </span>399,293<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>38,25<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>3,320<span class=\"_ _3d5\"> </span>38,259<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>70,088<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,85<span class=\"_ _6\"></span>2,090<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>32,988<span class=\"_ _3d5\"> </span>4,384,99<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>4,417,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>470,949<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,107<span class=\"_ _3d5\"> </span>792,142<span class=\"_ _3d5\"> </span>831,249<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>185,622<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>41,4<span class=\"_ _6\"></span>98,900<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,313,46<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>8,445,14<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>43,218,3<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>35,813,985<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,362,75<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,730,54<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>35,681,8<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>7,345,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,517,41<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,702,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>543,061<span class=\"_ _3d5\"> </span>1,034,01<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>125,080<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,15<span class=\"_ _6\"></span>5,893<span class=\"_ _3d5\"> </span>6,431,29<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,477,14<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>247,454<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>28,683<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,771<span class=\"_ _3d5\"> </span>26,912<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>27,950<span class=\"_ _3d5\"> </span>371,175<span class=\"_ _3d5\"> </span>4,479<span class=\"_ _3d5\"> </span>52,296<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>35,528<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2ff\"> </span>14,208<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>130,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>130,<span class=\"_ _6\"></span>870<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,717,480<span class=\"_ _3d5\"> </span>886,538<span class=\"_ _3d5\"> </span>953,116<span class=\"_ _3d5\"> </span>745,715<span class=\"_ _3d5\"> </span>2,585,36<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>788,952<span class=\"_ _3d5\"> </span>144,483<span class=\"_ _3d5\"> </span>576,739<span class=\"_ _3d5\"> </span>20,747<span class=\"_ _3d5\"> </span>741,969<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>888,<span class=\"_ _6\"></span>080<span class=\"_ _3d5\"> </span>396,184<span class=\"_ _3d5\"> </span>376,377<span class=\"_ _3d5\"> </span>29,916<span class=\"_ _3d5\"> </span>802,477<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,04<span class=\"_ _6\"></span>0,448<span class=\"_ _3d5\"> </span>345,871<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>695,052<span class=\"_ _3d5\"> </span>1,040,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>22,363,77<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>22,363,774<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>2<span class=\"_ _6\"></span>37,442<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,483<span class=\"_ _3d5\"> </span>207,316<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>33,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,234<span class=\"_ _3d5\"> </span>3,345<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>68,930<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>135<span class=\"_ _6\"></span>,290<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>249<span class=\"_ _3d5\"> </span>135,041<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,64<span class=\"_ _6\"></span>5,015<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>44,582<span class=\"_ _3d5\"> </span>4,220,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>4,264,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>482,841<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,007<span class=\"_ _3d5\"> </span>820,868<span class=\"_ _3d5\"> </span>859,875<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>287,961<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>39,2<span class=\"_ _6\"></span>29,802<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,446,34<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>6,771,77<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>40,806,6<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>1,296<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>707<span class=\"_ _3d5\"> </span>589<span class=\"_ _3d5\"> </span>1,296<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>555<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>55<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>555<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,196,072<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,644,86<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>416,711<span class=\"_ _3d5\"> </span>2,061,57<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>30<span class=\"_ _6\"></span>6,881<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>306,881<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>579,90<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>396,217<span class=\"_ _3d5\"> </span>88,175<span class=\"_ _3d5\"> </span>484,392<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,309,283<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,248,64<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>21,655<span class=\"_ _3d5\"> </span>1,270,30<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,197,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,645,57<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>417,855<span class=\"_ _3d5\"> </span>2,063,42<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>*Excl. lease <span class=\"_ _7\"></span>liabilities<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nda<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _1f0\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _210\"> </span>2,619<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,138<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>2,619<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>nat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVt<span class=\"_ _1\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _16d\"> </span>572<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s d<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FV<span class=\"_ _6\"></span>tP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _160\"> </span>5<span class=\"_ _6\"></span>72<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>572<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>bilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> at <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>C*<span class=\"_ _6\"></span> <span class=\"_ _e5\"> </span>2<span class=\"_ _6\"></span>,726,297<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,087,12<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>466,896<span class=\"_ _3d5\"> </span>2,554,01<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> ba<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ks<span class=\"_ _6\"></span> <span class=\"_ _1b4\"> </span>34<span class=\"_ _6\"></span>3,898<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>343,898<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>om <span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>vit<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _116\"> </span>593,11<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>320,939<span class=\"_ _3d5\"> </span>101,339<span class=\"_ _3d5\"> </span>422,278<span class=\"_ _3d5\"> </span>Subo<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>1,789,281<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,766,18<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>21,659<span class=\"_ _3d5\"> </span>1,787,84<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Total <span class=\"_ _149\"> </span>2,729,48<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,089,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>467,949<span class=\"_ _3d5\"> </span>2,557,21<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>*Excl. lease <span class=\"_ _7\"></span>liabilities The unr<span class=\"_ _2\"></span>ealised ef<span class=\"_ _2\"></span>fect (<span class=\"_ _7\"></span>net p<span class=\"_ _7\"></span>rofi<span class=\"_ _7\"></span>t or loss<span class=\"_ _7\"></span>) of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>Level 3 fi<span class=\"_ _2\"></span>nancial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts th<span class=\"_ _7\"></span>at ar<span class=\"_ _2\"></span>e still h<span class=\"_ _7\"></span>eld and<span class=\"_ _7\"></span> whos<span class=\"_ _2\"></span>e fair val<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>will be r<span class=\"_ _2\"></span>ecog-<span class=\"_ _3d5\"> </span>nised thro<span class=\"_ _2\"></span>ugh prof<span class=\"_ _7\"></span>it <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>s was EU<span class=\"_ _7\"></span>R 21,544,<span class=\"_ _7\"></span>000 i<span class=\"_ _2\"></span>n the re<span class=\"_ _2\"></span>port<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng period.<span class=\"_ _3d5\"> </span>Measurem<span class=\"_ _7\"></span>ent m<span class=\"_ _7\"></span>ethod for<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>fair<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ass<span class=\"_ _7\"></span>essment<span class=\"_ _2\"></span> Mea<span class=\"_ _6\"></span>surement p<span class=\"_ _6\"></span>rocedure<span class=\"_ _6\"></span> for fair<span class=\"_ _6\"></span> value<span class=\"_ _6\"></span> assessment<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span><span class=\"fsf\">31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>831,249<span class=\"_ _3d5\"> </span>859,689<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>ind<span class=\"_ _6\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span> <span class=\"_ _340\"> </span>378,82<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>394,979<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span> <span class=\"_ _291\"> </span>452,42<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>464,710<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _b9\"> </span>4,4<span class=\"_ _6\"></span>17,978<span class=\"_ _3d5\"> </span>4,265,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>ind<span class=\"_ _6\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _3d5\"> </span>* <span class=\"_ _84\"> </span>1,01<span class=\"_ _6\"></span>0,579<span class=\"_ _3d5\"> </span>1,017,71<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ev<span class=\"_ _6\"></span>alu<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span> <span class=\"_ _348\"> </span>3,407,39<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>3,247,46<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>*This corr<span class=\"_ _7\"></span>esponds to 22.87% <span class=\"_ _7\"></span>(23.86%) of the fair value of in<span class=\"_ _7\"></span>vestment property. Mea<span class=\"_ _6\"></span>surement met<span class=\"_ _6\"></span>hod<span class=\"_ _6\"></span> <span class=\"_ _bc\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022 adjusted<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _294\"> </span>831,249<span class=\"_ _3d5\"> </span>859,689<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _c2\"> </span>647,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>683,016<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d/<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>et <span class=\"_ _6\"></span>app<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span> <span class=\"_ _349\"> </span>179,883<span class=\"_ _3d5\"> </span>127,271<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _34a\"> </span>4,353<span class=\"_ _3d5\"> </span>49,402<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _b9\"> </span>4,4<span class=\"_ _6\"></span>17,978<span class=\"_ _3d5\"> </span>4,265,18<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>Cap<span class=\"_ _6\"></span>ita<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>4,008,590<span class=\"_ _3d5\"> </span>3,489,44<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ativ<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d/<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>et <span class=\"_ _6\"></span>app<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oa<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span> <span class=\"_ _349\"> </span>354,114<span class=\"_ _3d5\"> </span>123,614<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _2cb\"> </span>55,274<span class=\"_ _3d5\"> </span>652,119<span class=\"_ _3d5\"> </span>Total <span class=\"_ _299\"> </span>5,249,22<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>5,124,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-533": {
   "value": "Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _312\"> </span><span class=\"fsf\">31<span class=\"_ _6\"></span>/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>37,990,239<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,241,37<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>3,268,01<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>37,969,1<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>6,112,59<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>3,135,87<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,145,26<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>10,393,7<span class=\"_ _6\"></span>33<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,716,4<span class=\"_ _6\"></span>36<span class=\"_ _3d5\"> </span>406,366<span class=\"_ _3d5\"> </span>848,137<span class=\"_ _3d5\"> </span>461,933<span class=\"_ _3d5\"> </span>1,716,43<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,17<span class=\"_ _6\"></span>4,035<span class=\"_ _3d5\"> </span>5,361,04<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,251,94<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>561,042<span class=\"_ _3d5\"> </span>8,174,03<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>19,043<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,679<span class=\"_ _3d5\"> </span>17,364<span class=\"_ _3d5\"> </span>19,043<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>50,075<span class=\"_ _3d5\"> </span>345,186<span class=\"_ _3d5\"> </span>31,829<span class=\"_ _3d5\"> </span>73,060<span class=\"_ _3d5\"> </span>450,075<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>30,116<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>30,116<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1ec\"> </span>4,0<span class=\"_ _6\"></span>28<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2,282<span class=\"_ _3d5\"> </span>1,746<span class=\"_ _3d5\"> </span>4,028<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>212,82<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>212,<span class=\"_ _6\"></span>822<span class=\"_ _3d5\"> </span>161,678<span class=\"_ _3d5\"> </span>51,144<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>212,822<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,963,320<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>1,004,63<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>1,488,75<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>2,942,24<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>742,306<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>594,559<span class=\"_ _3d5\"> </span>127,842<span class=\"_ _3d5\"> </span>722,401<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>978,<span class=\"_ _6\"></span>491<span class=\"_ _3d5\"> </span>448,858<span class=\"_ _3d5\"> </span>410,078<span class=\"_ _3d5\"> </span>97,406<span class=\"_ _3d5\"> </span>956,342<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,24<span class=\"_ _6\"></span>2,523<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>1,263,50<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>24,021,07<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>24,021,071<span class=\"_ _3d5\"> </span>18,706,8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>5,044,56<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>269,645<span class=\"_ _3d5\"> </span>24,021,0<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>3<span class=\"_ _6\"></span>99,293<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>364,354<span class=\"_ _3d5\"> </span>399,293<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>38,25<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>29,784<span class=\"_ _3d5\"> </span>5,155<span class=\"_ _3d5\"> </span>3,320<span class=\"_ _3d5\"> </span>38,259<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>70,088<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>70,088<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>290<span class=\"_ _6\"></span>,946<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>290,946<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,85<span class=\"_ _6\"></span>2,090<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>32,988<span class=\"_ _3d5\"> </span>4,384,99<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>4,417,97<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>470,949<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,107<span class=\"_ _3d5\"> </span>792,142<span class=\"_ _3d5\"> </span>831,249<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>185,622<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>41,4<span class=\"_ _6\"></span>98,900<span class=\"_ _3d5\"> </span>25,459,7<span class=\"_ _6\"></span>84<span class=\"_ _3d5\"> </span>9,313,46<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>8,445,14<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>43,218,3<span class=\"_ _6\"></span>94<span class=\"_ _3d5\"> </span>Book<span class=\"_ _6\"></span> values and <span class=\"_ _6\"></span>valuation<span class=\"_ _6\"></span> hierarch<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _342\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _8a\"> </span><span class=\"fsf\">Boo<span class=\"_ _6\"></span>k value<span class=\"_ _3d5\"> </span></span>Level 1<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _3d5\"> </span>Fair<span class=\"_ _6\"></span> value<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>. to<span class=\"_ _1\"></span> IF<span class=\"_ _6\"></span>RS<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>9<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>35,813,985<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,362,75<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>1,730,54<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>35,681,8<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>7,345,52<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>2,517,41<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span>501,478<span class=\"_ _3d5\"> </span>10,364,4<span class=\"_ _6\"></span>19<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1,702,1<span class=\"_ _6\"></span>57<span class=\"_ _3d5\"> </span>543,061<span class=\"_ _3d5\"> </span>1,034,01<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>125,080<span class=\"_ _3d5\"> </span>1,702,15<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>Fund<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>8,15<span class=\"_ _6\"></span>5,893<span class=\"_ _3d5\"> </span>6,431,29<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>1,477,14<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>247,454<span class=\"_ _3d5\"> </span>8,155,89<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>De<span class=\"_ _6\"></span>riv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>28,683<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,771<span class=\"_ _3d5\"> </span>26,912<span class=\"_ _3d5\"> </span>28,683<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>4<span class=\"_ _6\"></span>27,950<span class=\"_ _3d5\"> </span>371,175<span class=\"_ _3d5\"> </span>4,479<span class=\"_ _3d5\"> </span>52,296<span class=\"_ _3d5\"> </span>427,950<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>35,528<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>35,528<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2ff\"> </span>14,208<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>14,208<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>PL<span class=\"_ _6\"></span> <span class=\"_ _189\"> </span>130,87<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>130,<span class=\"_ _6\"></span>870<span class=\"_ _3d5\"> </span>104,527<span class=\"_ _3d5\"> </span>26,343<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>130,870<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _1ad\"> </span>2,717,480<span class=\"_ _3d5\"> </span>886,538<span class=\"_ _3d5\"> </span>953,116<span class=\"_ _3d5\"> </span>745,715<span class=\"_ _3d5\"> </span>2,585,36<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span>Loan<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _166\"> </span>788,952<span class=\"_ _3d5\"> </span>144,483<span class=\"_ _3d5\"> </span>576,739<span class=\"_ _3d5\"> </span>20,747<span class=\"_ _3d5\"> </span>741,969<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>888,<span class=\"_ _6\"></span>080<span class=\"_ _3d5\"> </span>396,184<span class=\"_ _3d5\"> </span>376,377<span class=\"_ _3d5\"> </span>29,916<span class=\"_ _3d5\"> </span>802,477<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rm d<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _62\"> </span>1,04<span class=\"_ _6\"></span>0,448<span class=\"_ _3d5\"> </span>345,871<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>695,052<span class=\"_ _3d5\"> </span>1,040,92<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>dat<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ril<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> me<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ure<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _1\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>22,363,77<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Bond<span class=\"_ _6\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>22,363,774<span class=\"_ _3d5\"> </span>18,226,3<span class=\"_ _6\"></span>44<span class=\"_ _3d5\"> </span>3,861,39<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>276,033<span class=\"_ _3d5\"> </span>22,363,7<span class=\"_ _6\"></span>74<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>gnat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d at<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _1\"></span>OCI<span class=\"_ _6\"></span> <span class=\"_ _36\"> </span>2<span class=\"_ _6\"></span>37,442<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,483<span class=\"_ _3d5\"> </span>207,316<span class=\"_ _3d5\"> </span>237,442<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _223\"> </span>33,22<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>25,643<span class=\"_ _3d5\"> </span>4,234<span class=\"_ _3d5\"> </span>3,345<span class=\"_ _3d5\"> </span>33,222<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cipa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _120\"> </span>68,930<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>68,930<span class=\"_ _3d5\"> </span>Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ff<span class=\"_ _6\"></span>ilia<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d n<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _18f\"> </span>135<span class=\"_ _6\"></span>,290<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>249<span class=\"_ _3d5\"> </span>135,041<span class=\"_ _3d5\"> </span>135,290<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1f9\"> </span>2,64<span class=\"_ _6\"></span>5,015<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>44,582<span class=\"_ _3d5\"> </span>4,220,36<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>4,264,94<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>Ow<span class=\"_ _6\"></span>ner-<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>cc<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>pie<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>482,841<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>39,007<span class=\"_ _3d5\"> </span>820,868<span class=\"_ _3d5\"> </span>859,875<span class=\"_ _3d5\"> </span>Inve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _6\"></span>s in<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>ciat<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _167\"> </span>287,961<span class=\"_ _3d5\"> </span>Total <span class=\"_ _337\"> </span>39,2<span class=\"_ _6\"></span>29,802<span class=\"_ _3d5\"> </span>26,588,5<span class=\"_ _6\"></span>78<span class=\"_ _3d5\"> </span>7,446,34<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span>6,771,77<span class=\"_ _6\"></span>2<span class=\"_ _3d5\"> </span>40,806,6<span class=\"_ _6\"></span>93<span class=\"_ _3d5\"> </span>At equity con<span class=\"_ _6\"></span>solidate<span class=\"_ _6\"></span>d com<span class=\"_ _6\"></span>panies<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span><span class=\"fsf\">C<span class=\"_ _7\"></span>ountry of<span class=\"_ _6\"></span> domicil<span class=\"_ _6\"></span>e <span class=\"_ _38a\"> </span>Registere<span class=\"_ _6\"></span>d </span>off<span class=\"_ _6\"></span>ice Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Bet<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>lig<span class=\"_ _6\"></span>ung<span class=\"_ _1\"></span>s-<span class=\"_ _6\"></span> und<span class=\"_ _1\"></span> Im<span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Linz <span class=\"_ _38b\"> </span>25.00<span class=\"_ _3d5\"> </span>25.00<span class=\"_ _3d5\"> </span>21,515<span class=\"_ _3d5\"> </span>20,405<span class=\"_ _3d5\"> </span>Be<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>il<span class=\"_ _2\"></span>ig<span class=\"_ _7\"></span>un<span class=\"_ _7\"></span>gs<span class=\"_ _2\"></span>- u<span class=\"_ _2\"></span>nd<span class=\"_ _7\"></span> W<span class=\"_ _2\"></span>oh<span class=\"_ _7\"></span>nu<span class=\"_ _7\"></span>n<span class=\"_ _2\"></span>gsa<span class=\"_ _2\"></span>nla<span class=\"_ _2\"></span>ge<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>Gm<span class=\"_ _2\"></span>bH<span class=\"_ _2\"></span> <span class=\"_ _38c\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Linz <span class=\"_ _38b\"> </span>25.00<span class=\"_ _3d5\"> </span>25.00<span class=\"_ _3d5\"> </span>245,881<span class=\"_ _3d5\"> </span>237,778<span class=\"_ _3d5\"> </span>CR<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>N-<span class=\"_ _6\"></span>WS<span class=\"_ _6\"></span>F s<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>l.<span class=\"_ _6\"></span> s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _3f\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _380\"> </span>Prague <span class=\"_ _6b\"> </span>30.00<span class=\"_ _3d5\"> </span>30.00<span class=\"_ _3d5\"> </span>3,553<span class=\"_ _3d5\"> </span>7,740<span class=\"_ _3d5\"> </span>ERST<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> d.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>a u<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>vlj<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>bv<span class=\"_ _6\"></span>ezn<span class=\"_ _6\"></span>im<span class=\"_ _1\"></span> i dob<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>vljn<span class=\"_ _6\"></span>im<span class=\"_ _1\"></span> mi<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ovin<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>kim<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>o<span class=\"_ _6\"></span>vim<span class=\"_ _6\"></span>a Croatia <span class=\"_ _37e\"> </span>Zagreb<span class=\"_ _6\"></span> 25.30<span class=\"_ _3d5\"> </span>25.30<span class=\"_ _3d5\"> </span>17,757<span class=\"_ _3d5\"> </span>16,131<span class=\"_ _3d5\"> </span>Gew<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>-W<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>beg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lls<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>m.<span class=\"_ _6\"></span>b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _38d\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna <span class=\"_ _67\"> </span>33.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>33.00<span class=\"_ _3d5\"> </span>145,504<span class=\"_ _3d5\"> </span>128,915<span class=\"_ _3d5\"> </span>\u00d6ste<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ich<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rke<span class=\"_ _6\"></span>hr<span class=\"_ _6\"></span>sb\u00fc<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span> Ak<span class=\"_ _6\"></span>tien<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>chaf<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna 36.58<span class=\"_ _3d5\"> </span>36.58<span class=\"_ _3d5\"> </span>22,998<span class=\"_ _3d5\"> </span>53,300<span class=\"_ _3d5\"> </span>Towarzystw<span class=\"_ _6\"></span>o Ub<span class=\"_ _6\"></span>ezpiecze\u0144 Wz<span class=\"_ _6\"></span>ajemnych \u201eTU<span class=\"_ _6\"></span>W\" Poland <span class=\"_ _2b\"> </span>Warsaw<span class=\"_ _6\"></span> 52.16<span class=\"_ _3d5\"> </span>52.16<span class=\"_ _3d5\"> </span>68,580<span class=\"_ _3d5\"> </span>49,703<span class=\"_ _3d5\"> </span>VB<span class=\"_ _6\"></span>V - <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>rieb<span class=\"_ _1\"></span>lic<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>lte<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ors<span class=\"_ _6\"></span>org<span class=\"_ _1\"></span>e A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _38e\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna <span class=\"_ _67\"> </span>25.<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>25.32<span class=\"_ _3d5\"> </span>318,191<span class=\"_ _3d5\"> </span>311,808<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>The sh<span class=\"_ _7\"></span>are in equi<span class=\"_ _7\"></span>ty eq<span class=\"_ _6\"></span>uals th<span class=\"_ _7\"></span>e share in voting rights before non-controlli<span class=\"_ _7\"></span>ng interests. 2 <span class=\"_ _3\"> </span>The capi<span class=\"_ _7\"></span>tal value sh<span class=\"_ _7\"></span>own corresponds to the latest local annual<span class=\"_ _7\"></span> financial statements available.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-521": {
   "value": "16.2.<span class=\"ff4a\"> </span>Recl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssification <span class=\"_ _7\"></span>of financial instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts The compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ularly re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>iew t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t v<span class=\"_ _7\"></span>alidity of <span class=\"_ _7\"></span>the last f<span class=\"_ _2\"></span>air value classif<span class=\"_ _7\"></span>icati<span class=\"_ _7\"></span>on perfo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>med <span class=\"_ _7\"></span>on each <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>uation <span class=\"_ _7\"></span>date. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xampl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>a r<span class=\"_ _2\"></span>eclassifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n is <span class=\"_ _2\"></span>perfor<span class=\"_ _7\"></span>med <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ecess<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ry <span class=\"_ _7\"></span>inputs <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>no lo<span class=\"_ _7\"></span>nger <span class=\"_ _2\"></span>direc<span class=\"_ _7\"></span>tly obs<span class=\"_ _2\"></span>ervable <span class=\"_ _2\"></span>in the<span class=\"_ _7\"></span> market.<span class=\"_ _7\"></span> Reclassifica<span class=\"_ _6\"></span>tions<span class=\"_ _6\"></span> <span class=\"_ _23e\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _6\"></span> </span>  <span class=\"_ _d0\"> </span><span class=\"fsf\">Between Le<span class=\"_ _6\"></span>vel 1 </span>and Level 2<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _c8\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _5f\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _222\"> </span>87<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>189<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>10<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _2a6\"> </span>183<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _344\"> </span>183<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Des<span class=\"_ _6\"></span>ign<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>asu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>FVtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _b4\"> </span>6<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _269\"> </span>6<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Total <span class=\"_ _302\"> </span>2<span class=\"_ _6\"></span>76<span class=\"_ _3d5\"> </span>11<span class=\"_ _3d5\"> </span>15<span class=\"_ _3d5\"> </span>The r<span class=\"_ _7\"></span>eclassifi<span class=\"_ _7\"></span>cations bet<span class=\"_ _7\"></span>wee<span class=\"_ _7\"></span>n Level 1 and <span class=\"_ _7\"></span>Level 2 are d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e to chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s in li<span class=\"_ _7\"></span>quidity<span class=\"_ _10\"></span>, trading fr<span class=\"_ _2\"></span>equenc<span class=\"_ _7\"></span>y and tradi<span class=\"_ _7\"></span>ng activity<span class=\"_ _e\"></span>, as well as <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>harmonis<span class=\"_ _7\"></span>ation of v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>uation h<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>erarc<span class=\"_ _7\"></span>hies. The <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>fro<span class=\"_ _7\"></span>m L<span class=\"_ _6\"></span>ev<span class=\"_ _7\"></span>el 1 <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>Level 3 <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>prim<span class=\"_ _7\"></span>aril<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>based on <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>worseni<span class=\"_ _7\"></span>ng o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>liq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>idity<span class=\"_ _e\"></span>, fo<span class=\"_ _2\"></span>r ex<span class=\"_ _7\"></span>ample<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>connectio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _2\"></span>developm<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>estate <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>arket. <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>classifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>ns fro<span class=\"_ _7\"></span>m Level 2 to <span class=\"_ _2\"></span>Level 3 ar<span class=\"_ _7\"></span>e prim<span class=\"_ _7\"></span>arily b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed o<span class=\"_ _7\"></span>n a wo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>sening <span class=\"_ _7\"></span>of the <span class=\"_ _7\"></span>credi<span class=\"_ _7\"></span>t quality o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> liquidit<span class=\"_ _2\"></span>y<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>eclassifica<span class=\"_ _6\"></span>tions<span class=\"_ _6\"></span> <span class=\"_ _345\"> </span><span class=\"fsf\">31/12/2022 a<span class=\"_ _6\"></span>djuste<span class=\"_ _6\"></span>d </span>  <span class=\"_ _103\"> </span><span class=\"fsf\">Between Level 1<span class=\"_ _6\"></span> </span>and Level 2<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _6\"></span> to Level 1<span class=\"_ _3d5\"> </span>Level 1<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Level 3<span class=\"_ _6\"></span> to Level 2<span class=\"_ _3d5\"> </span>Level 2<span class=\"_ _6\"></span> to Level 3<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OC<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span> <span class=\"_ _92\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtO<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I <span class=\"_ _346\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _347\"> </span>13<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>23<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Mea<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>d a<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>VtPL<span class=\"_ _1\"></span> <span class=\"_ _22e\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Mand<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>y m<span class=\"_ _6\"></span>eas<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>VtPL<span class=\"_ _6\"></span> <span class=\"_ _214\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _5d\"> </span>8<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Total <span class=\"_ _2bf\"> </span>2<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>25<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>9<span class=\"_ _3d5\"> </span>Recl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssif<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>atio<span class=\"_ _2\"></span>ns b<span class=\"_ _7\"></span>etw<span class=\"_ _7\"></span>een <span class=\"_ _2\"></span>Level <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>and 2 <span class=\"_ _2\"></span>prim<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>il<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> o<span class=\"_ _2\"></span>ccur <span class=\"_ _7\"></span>if <span class=\"_ _2\"></span>liq<span class=\"_ _7\"></span>uidi<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>tradin<span class=\"_ _2\"></span>g fr<span class=\"_ _7\"></span>eq<span class=\"_ _2\"></span>uency <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r t<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>adi<span class=\"_ _2\"></span>ng a<span class=\"_ _7\"></span>ctivi<span class=\"_ _2\"></span>ty of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>parti<span class=\"_ _7\"></span>cula<span class=\"_ _7\"></span>r f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nan-<span class=\"_ _3d5\"> </span>cial ins<span class=\"_ _2\"></span>trume<span class=\"_ _7\"></span>nt onc<span class=\"_ _2\"></span>e a<span class=\"_ _6\"></span>gai<span class=\"_ _7\"></span>n, o<span class=\"_ _7\"></span>r ceas<span class=\"_ _7\"></span>e to allo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> one to co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>ud<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>at an<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ive m<span class=\"_ _7\"></span>ark<span class=\"_ _7\"></span>et exi<span class=\"_ _7\"></span>sts.<span class=\"_ _7\"></span> For exa<span class=\"_ _7\"></span>mpl<span class=\"_ _2\"></span>e, the mar<span class=\"_ _7\"></span>ket mak<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r for <span class=\"_ _7\"></span>a sec<span class=\"_ _2\"></span>urity fr<span class=\"_ _2\"></span>eque<span class=\"_ _2\"></span>ntly c<span class=\"_ _7\"></span>ha<span class=\"_ _7\"></span>nges, <span class=\"_ _2\"></span>with a c<span class=\"_ _2\"></span>orre<span class=\"_ _7\"></span>spo<span class=\"_ _7\"></span>ndi<span class=\"_ _2\"></span>ng imp<span class=\"_ _7\"></span>act o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> li<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>idi<span class=\"_ _7\"></span>ty<span class=\"_ _e\"></span>. A si<span class=\"_ _7\"></span>mil<span class=\"_ _2\"></span>ar exam<span class=\"_ _2\"></span>ple is <span class=\"_ _2\"></span>when s<span class=\"_ _2\"></span>har<span class=\"_ _7\"></span>es ar<span class=\"_ _2\"></span>e i<span class=\"_ _7\"></span>nclude<span class=\"_ _2\"></span>d in (or r<span class=\"_ _7\"></span>emo<span class=\"_ _7\"></span>ved<span class=\"_ _7\"></span> from<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> an in<span class=\"_ _7\"></span>dex th<span class=\"_ _7\"></span>at acts<span class=\"_ _7\"></span> as a benc<span class=\"_ _7\"></span>hma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>or ma<span class=\"_ _7\"></span>ny fund<span class=\"_ _7\"></span>s. In this c<span class=\"_ _2\"></span>ase, the cla<span class=\"_ _7\"></span>ssif<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n ca<span class=\"_ _7\"></span>n also cha<span class=\"_ _7\"></span>nge.<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>As a res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>t of t<span class=\"_ _7\"></span>he d<span class=\"_ _7\"></span>ece<span class=\"_ _7\"></span>ntr<span class=\"_ _7\"></span>alis<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d s<span class=\"_ _7\"></span>truc<span class=\"_ _2\"></span>tur<span class=\"_ _7\"></span>e of V<span class=\"_ _7\"></span>IG I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>ranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up, <span class=\"_ _2\"></span>classi<span class=\"_ _7\"></span>fic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>ns ar<span class=\"_ _2\"></span>e ge<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>all<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>evie<span class=\"_ _2\"></span>wed by <span class=\"_ _7\"></span>the s<span class=\"_ _7\"></span>ubsi<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>arie<span class=\"_ _2\"></span>s at th<span class=\"_ _7\"></span>e end <span class=\"_ _7\"></span>of t<span class=\"_ _2\"></span>he pe<span class=\"_ _7\"></span>rio<span class=\"_ _7\"></span>d. A<span class=\"_ _7\"></span>ny <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>cati<span class=\"_ _2\"></span>ons <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> pr<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>sen<span class=\"_ _7\"></span>ted <span class=\"_ _2\"></span>as if <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>ey <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ad <span class=\"_ _7\"></span>take<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pl<span class=\"_ _2\"></span>ace at <span class=\"_ _2\"></span>the e<span class=\"_ _7\"></span>nd of<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>he pe<span class=\"_ _7\"></span>riod.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-18": {
   "value": "18.<span class=\"ff4a\"> </span>EARNINGS PER S<span class=\"_ _7\"></span>HARE Earnings pe<span class=\"_ _6\"></span>r share<span class=\"_ _6\"></span> <span class=\"_ _272\"> </span><span class=\"fsf\">  <span class=\"_ _49\"> </span>20<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></span>2022 a<span class=\"_ _6\"></span>djusted<span class=\"_ _3d5\"> </span>Resu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _35a\"> </span>EUR<span class=\"_ _6\"></span> '000 <span class=\"_ _67\"> </span>576,246<span class=\"_ _3d5\"> </span>464,003<span class=\"_ _3d5\"> </span>Non<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>roll<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>eres<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in<span class=\"_ _1\"></span> ne<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>iod<span class=\"_ _6\"></span> <span class=\"_ _146\"> </span>EUR<span class=\"_ _6\"></span> '000 <span class=\"_ _191\"> </span>-17,2<span class=\"_ _6\"></span>67<span class=\"_ _3d5\"> </span>8,334<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>sult<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>peri<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>d le<span class=\"_ _1\"></span>ss<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>no<span class=\"_ _6\"></span>n-co<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>rol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng i<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _f4\"> </span>EUR '000<span class=\"_ _6\"></span> <span class=\"_ _35b\"> </span>558,979<span class=\"_ _3d5\"> </span>472,337<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rest <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or th<span class=\"_ _1\"></span>e h<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>br<span class=\"_ _6\"></span>id <span class=\"_ _6\"></span>cap<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _8c\"> </span>EUR<span class=\"_ _6\"></span> '000 <span class=\"_ _20\"> </span>7,556<span class=\"_ _3d5\"> </span>7,469<span class=\"_ _3d5\"> </span>Att<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>but<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _2a6\"> </span>EUR '000<span class=\"_ _6\"></span> <span class=\"_ _35b\"> </span>551,423<span class=\"_ _3d5\"> </span>464,868<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _1\"></span>er o<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>sh<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>res<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>los<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _219\"> </span>u<span class=\"_ _6\"></span>nits <span class=\"_ _35b\"> </span>12<span class=\"_ _6\"></span>8,000,00<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>128,000,<span class=\"_ _6\"></span>000<span class=\"_ _3d5\"> </span>Earnings per s<span class=\"_ _6\"></span>hare*<span class=\"_ _6\"></span> <span class=\"_ _270\"> </span>EUR <span class=\"_ _31\"> </span>4.31<span class=\"_ _3d5\"> </span>3.63<span class=\"_ _3d5\"> </span>*The un<span class=\"_ _7\"></span>diluted earnings per shar<span class=\"_ _7\"></span>e equals the diluted earnings per <span class=\"_ _7\"></span>share (in EUR).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-480": {
   "value": "<div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs21da\">*The un<span class=\"_ _7\"></span>diluted earnings per shar<span class=\"_ _7\"></span>e equals the diluted earnings per <span class=\"_ _7\"></span>share (in EUR). </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-17": {
   "value": "19.<span class=\"ff4a\"> </span>RELA<span class=\"_ _2\"></span>TED P<span class=\"_ _2\"></span>ARTIE<span class=\"_ _7\"></span>S Related<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>pa<span class=\"_ _7\"></span>rties <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>those <span class=\"_ _4\"> </span>affi<span class=\"_ _7\"></span>liated <span class=\"_ _4\"> </span>companies <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>associ<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>compa<span class=\"_ _7\"></span>nies <span class=\"_ _f\"> </span>li<span class=\"_ _7\"></span>sted <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>Note <span class=\"_ _4\"> </span>22. <span class=\"_ _f\"> </span>A<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>filiated <span class=\"_ _f\"> </span>com<span class=\"_ _2\"></span>panies <span class=\"_ _4\"> </span>and participatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>st<span class=\"_ _7\"></span>arting <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 133. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>urthe<span class=\"_ _7\"></span>rmor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>Manag<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>and S<span class=\"_ _2\"></span>upervisor<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>B<span class=\"_ _6\"></span>oa<span class=\"_ _7\"></span>rd <span class=\"_ _2\"></span>membe<span class=\"_ _7\"></span>rs of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>VIG <span class=\"_ _7\"></span>Holdi<span class=\"_ _2\"></span>ng a<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span> to be qu<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lif<span class=\"_ _7\"></span>ied as rela<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>sons. <span class=\"_ _7\"></span> Wiener <span class=\"_ _f\"> </span>S<span class=\"_ _2\"></span>t\u00e4dtische <span class=\"_ _0\"></span>V<span class=\"_ _7\"></span>ersic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>erungs<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erei<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>holds <span class=\"_ _0\"></span>directly <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>indir<span class=\"_ _7\"></span>ectl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>aro<span class=\"_ _7\"></span>und 72.47<span class=\"_ _2\"></span>% <span class=\"_ _4\"> </span>(arou<span class=\"_ _7\"></span>nd 72.47<span class=\"_ _2\"></span>%<span class=\"_ _6\"></span>) <span class=\"_ _4\"></span>and <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>her<span class=\"_ _2\"></span>efore <span class=\"_ _4\"> </span>th<span class=\"_ _7\"></span>e majority <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _2\"></span>voting <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>igh<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _2\"></span>Holding.<span class=\"_ _7\"></span> D<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e g<span class=\"_ _7\"></span>iven <span class=\"_ _2\"></span>control<span class=\"_ _7\"></span>, <span class=\"_ _7\"></span>it <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>therefor<span class=\"_ _2\"></span>e also<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>be <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>rela<span class=\"_ _7\"></span>ted <span class=\"_ _2\"></span>compa<span class=\"_ _7\"></span>ny and its M<span class=\"_ _7\"></span>anagi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g Boar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>as well<span class=\"_ _7\"></span> as Supe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>visory <span class=\"_ _2\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _7\"></span>d mem<span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>rs ar<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sider<span class=\"_ _2\"></span>ed to be r<span class=\"_ _2\"></span>elated p<span class=\"_ _7\"></span>ersons.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-453": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs21dc\">19.1.<span class=\"ff4a\"> </span>Memb<span class=\"_ _7\"></span>ers of management in <span class=\"_ _7\"></span>key positions<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs21dd\">Superviso<span class=\"_ _6\"></span>ry Board<span class=\"_ _6\"></span> <span class=\"_ _286\"> </span><span class=\"fsf\"> <span class=\"_ _6\"></span> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21de\">Ch<span class=\"_ _6\"></span>airm<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _9c\"> </span>G\u00fcnter Geyer </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21df\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs21e0\">st</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21e1\"> D<span class=\"_ _6\"></span>epu<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>rma<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _e3\"> </span>R<span class=\"_ _6\"></span>udolf E<span class=\"_ _6\"></span>rtl </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21e2\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 ha0 ff48 fs19 fc3 sc0 ls5 ws2 gs21e3\">nd</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21e4\"> D<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>ut<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>Ch<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _1ae\"> </span>R<span class=\"_ _6\"></span>obert Lassh<span class=\"_ _6\"></span>ofer </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21e5\">Memb<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>M<span class=\"_ _6\"></span>artina Dobring<span class=\"_ _6\"></span>er </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21e6\">  <span class=\"_ _2fa\"> </span>Zsuzsan<span class=\"_ _6\"></span>na Eifert </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21e7\">  <span class=\"_ _2fa\"> </span>Gerhard Fabis<span class=\"_ _6\"></span>ch </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21e8\">  <span class=\"_ _2fa\"> </span>An<span class=\"_ _6\"></span>dr\u00e1s Kozm<span class=\"_ _6\"></span>a </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21e9\">  <span class=\"_ _2fa\"> </span>Peter Mih\u00f3k<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21ea\">  <span class=\"_ _2fa\"> </span>Heinz \u00d6hler (until 3<span class=\"_ _6\"></span>0 <span class=\"_ _6\"></span>June 2023)<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21eb\">  <span class=\"_ _2fa\"> </span>Gabriele Semm<span class=\"_ _6\"></span>elroc<span class=\"_ _6\"></span>k-Werzer </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21ec\">  <span class=\"_ _2fa\"> </span>Katarina Slez\u00e1<span class=\"_ _6\"></span>kov\u00e1 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21ed\">  <span class=\"_ _2fa\"> </span>Peter Thirring<span class=\"_ _6\"></span>  (sin<span class=\"_ _6\"></span>ce 1 July 202<span class=\"_ _6\"></span>3) </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21ee\">  <span class=\"_ _2fa\"> </span>Gertrude T<span class=\"_ _6\"></span>ump<span class=\"_ _6\"></span>el-Gugerell<span class=\"_ _6\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs21ef\">Changes aft<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> clo<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span>e of<span class=\"_ _7\"></span> the finan<span class=\"_ _7\"></span>cial y<span class=\"_ _7\"></span>ear </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs21f0\">G\u00fcnter Geyer announced that he w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> n<span class=\"_ _6\"></span>o longer<span class=\"_ _6\"></span> serve a<span class=\"_ _6\"></span>s Chairman of t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>Super<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isor<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>Board of VIG<span class=\"_ _6\"></span> Holding a<span class=\"_ _6\"></span>ft<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>en<span class=\"_ _7\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs21f1\">of <span class=\"_ _0\"></span>his <span class=\"_ _0\"></span>curre<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>term <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span>fice. <span class=\"_ _0\"></span>His <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>erm <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span>fice <span class=\"_ _0\"></span>will <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>nd <span class=\"_ _0\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>May <span class=\"_ _4\"></span>20<span class=\"_ _7\"></span>24 <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Annual <span class=\"_ _1\"></span>G<span class=\"_ _6\"></span>en<span class=\"_ _7\"></span>eral <span class=\"_ _0\"></span>Meeti<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>will <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>dopt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs21f2\">resol<span class=\"_ _7\"></span>utions o<span class=\"_ _2\"></span>n the subje<span class=\"_ _7\"></span>ct of t<span class=\"_ _7\"></span>he 2023 fi<span class=\"_ _7\"></span>nancial y<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _e\"></span>. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs21f3\">Mana<span class=\"_ _6\"></span>ging Board <span class=\"_ _115\"> </span><span class=\"fsf\">  </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21f4\">Ch<span class=\"_ _6\"></span>airw<span class=\"_ _1\"></span>oma<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>E<span class=\"_ _6\"></span>lisabeth Stad<span class=\"_ _6\"></span>ler (until 30 <span class=\"_ _6\"></span>June 20<span class=\"_ _6\"></span>23) </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21f5\">Ch<span class=\"_ _6\"></span>airm<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _9c\"> </span>Har<span class=\"_ _7\"></span>twig <span class=\"_ _6\"></span>L\u00f6ger (sin<span class=\"_ _6\"></span>ce 1 July 2023<span class=\"_ _6\"></span>) </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21f6\">Depu<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>Ch<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>Hartw<span class=\"_ _6\"></span>ig L\u00f6ger (until 30<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>June 2023)<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21f7\">Depu<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>Ch<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>P<span class=\"_ _6\"></span>eter H\u00f6finger <span class=\"_ _6\"></span>(since 1 <span class=\"_ _6\"></span>July 2023<span class=\"_ _6\"></span>) </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21f8\">Memb<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>Liane Hirner<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21f9\">  <span class=\"_ _2fa\"> </span>Peter H\u00f6finger <span class=\"_ _6\"></span>(until 30<span class=\"_ _6\"></span> June 2023)<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21fa\">  <span class=\"_ _2fa\"> </span>Gerhard Lahn<span class=\"_ _6\"></span>er </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21fb\">  <span class=\"_ _2fa\"> </span>G\u00e1bor Lehel<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21fc\">  <span class=\"_ _2fa\"> </span>Harald Riener<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs21fd\">  <span class=\"_ _2fa\"> </span>Peter Thirring<span class=\"_ _6\"></span>  (until 1 <span class=\"_ _6\"></span>July 2023)<span class=\"_ _3d5\"> </span><span class=\"_ _6\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs21fe\">Changes aft<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> clo<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span>e of<span class=\"_ _7\"></span> the finan<span class=\"_ _7\"></span>cial y<span class=\"_ _7\"></span>ear </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs21ff\">C<span class=\"_ _7\"></span>hri<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>to<span class=\"_ _2\"></span>ph <span class=\"_ _2\"></span>Rat<span class=\"_ _2\"></span>h <span class=\"_ _2\"></span>was<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>appo<span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>ep<span class=\"_ _2\"></span>uty <span class=\"_ _10\"></span>me<span class=\"_ _2\"></span>mb<span class=\"_ _7\"></span>er <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>M<span class=\"_ _7\"></span>anag<span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>Bo<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>VIG<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Ho<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>fe<span class=\"_ _7\"></span>ct <span class=\"_ _2\"></span>fr<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>m <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>Se<span class=\"_ _2\"></span>ptem<span class=\"_ _2\"></span>be<span class=\"_ _7\"></span>r <span class=\"_ _10\"></span>2024<span class=\"_ _2\"></span>.  </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2200\">19.2.<span class=\"ff4a\"> </span>Key manag<span class=\"_ _7\"></span>ement personn<span class=\"_ _7\"></span>el compensation<span class=\"_ _7\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2201\">Compositio<span class=\"_ _6\"></span>n <span class=\"_ _219\"> </span><span class=\"fsf\">2023 <span class=\"_ _1b6\"> </span><span class=\"fcb\">202<span class=\"_ _6\"></span>2 </span></span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2202\">  <span class=\"_ _2c5\"> </span><span class=\"fsf\">Supervisory </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2203\">Board </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2204\">Members<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2205\">Managing </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2206\">Board<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2207\">Total<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2208\">Supervisory </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2209\">Board </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs220a\">Members<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs220b\">Managing </div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs220c\">Board<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs220d\">Total<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs220e\"><div class=\"t m0 x0 h29 yc81 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs220f\"><div class=\"t m0 x0 h29 yc81 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2210\">Sho<span class=\"_ _6\"></span>rt<span class=\"_ _3d5\"> </span></div><div class=\"c w10 h5d gs2211\"><div class=\"t m0 x0 hba yf8f ff50 fsf fc3 sc0 ls5 ws2\">\u2011<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2212\">t<span class=\"_ _6\"></span>erm<span class=\"_ _6\"></span> em<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oye<span class=\"_ _6\"></span>e b<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _6\"></span>its<span class=\"_ _6\"></span> <span class=\"_ _153\"> </span>8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2213\">7,527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2214\">8,393<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2215\">758<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2216\">7,948<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2217\">8,706<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2218\">Pos<span class=\"_ _6\"></span>t<span class=\"_ _3d5\"> </span></div><div class=\"c wa h5d gs2219\"><div class=\"t m0 x0 hba yf91 ff50 fsf fc3 sc0 ls5 ws2\">\u2011<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs221a\">emp<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oy<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ben<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _35c\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs221b\">1,077<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs221c\">1,077<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs221d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs221e\">1,075<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs221f\">1,075<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2220\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ng<span class=\"_ _3d5\"> </span></div><div class=\"c wa h5d gs2221\"><div class=\"t m0 x0 hba yf93 ff50 fsf fc3 sc0 ls5 ws2\">\u2011<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2222\">term<span class=\"_ _1\"></span> b<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _94\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2223\">5,535<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2224\">5,535<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2225\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2226\">6,999<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2227\">6,999<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2228\">Te<span class=\"_ _6\"></span>rmi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>ben<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ce\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2229\">81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs222a\">81<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs222b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs222c\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs222d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs222e\">Total <span class=\"_ _11a\"> </span>8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs222f\">14,220<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2230\">15,086<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2231\">758<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2232\">16,022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2233\">16,780<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2235\">In <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>reporti<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>periods,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>members <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Man<span class=\"_ _7\"></span>aging <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Super<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>Board did <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>receiv<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>any <span class=\"_ _1\"></span>loans <span class=\"_ _1\"></span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2236\">advanc<span class=\"_ _7\"></span>es, <span class=\"_ _7\"></span>nor wer<span class=\"_ _2\"></span>e th<span class=\"_ _7\"></span>ey liabl<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>or a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y loa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. <span class=\"_ _7\"></span>The mem<span class=\"_ _2\"></span>bers <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e Man<span class=\"_ _7\"></span>aging <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e S<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>per<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y Boar<span class=\"_ _2\"></span>d also <span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>no </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2237\">liabil<span class=\"_ _7\"></span>ity in the r<span class=\"_ _2\"></span>eporting pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod. </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2238\">Compensa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion pol<span class=\"_ _7\"></span>icies for <span class=\"_ _2\"></span>M<span class=\"_ _6\"></span>anag<span class=\"_ _7\"></span>ing Boar<span class=\"_ _7\"></span>d memb<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2239\">The <span class=\"_ _6\"></span>compe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>satio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>comp<span class=\"_ _7\"></span>any\u2019<span class=\"_ _5\"></span>s <span class=\"_ _6\"></span>Managing Board r<span class=\"_ _7\"></span>eflects the <span class=\"_ _6\"></span>importan<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>of th<span class=\"_ _6\"></span>e Gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>and t<span class=\"_ _6\"></span>he related res<span class=\"_ _7\"></span>ponsibil<span class=\"_ _2\"></span>ity<span class=\"_ _10\"></span>, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs223a\">as well<span class=\"_ _7\"></span> as the com<span class=\"_ _2\"></span>pany\u2019<span class=\"_ _e\"></span>s econo<span class=\"_ _7\"></span>mic si<span class=\"_ _7\"></span>tuatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> and t<span class=\"_ _7\"></span>he appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>priateness<span class=\"_ _7\"></span> of com<span class=\"_ _7\"></span>pe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>satio<span class=\"_ _7\"></span>n in the ma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ket e<span class=\"_ _7\"></span>nviro<span class=\"_ _7\"></span>nmen<span class=\"_ _7\"></span>t. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs223b\">Sustaina<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>is a point of emph<span class=\"_ _7\"></span>asis for the variabl<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>compe<span class=\"_ _7\"></span>nsation<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>compon<span class=\"_ _7\"></span>ent; the full attainm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt of sustai<span class=\"_ _7\"></span>nabili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>go<span class=\"_ _7\"></span>als is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs223c\">highly depe<span class=\"_ _7\"></span>ndent on ta<span class=\"_ _6\"></span>ki<span class=\"_ _7\"></span>ng a<span class=\"_ _6\"></span> longe<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>-term<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ie<span class=\"_ _7\"></span>w <span class=\"_ _6\"></span>of the compan<span class=\"_ _7\"></span>y\u2019<span class=\"_ _10\"></span>s perfo<span class=\"_ _7\"></span>rman<span class=\"_ _7\"></span>ce, <span class=\"_ _6\"></span>one that extends be<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ond a <span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ngle <span class=\"_ _6\"></span>finan<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>al </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs223d\">year<span class=\"_ _e\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs223e\">The <span class=\"_ _3\"> </span>amount <span class=\"_ _3\"> </span>of <span class=\"_ _3\"> </span>performa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce-d<span class=\"_ _7\"></span>epende<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _3\"> </span>compens<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n  is<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>limited. <span class=\"_ _3\"> </span>The  m<span class=\"_ _2\"></span>aximum <span class=\"_ _3\"> </span>amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _3\"> </span>of  p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>fo<span class=\"_ _7\"></span>rmance-d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pen<span class=\"_ _7\"></span>dent </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs223f\">compensa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion that t<span class=\"_ _7\"></span>he <span class=\"_ _6\"></span>Managi<span class=\"_ _7\"></span>ng Boar<span class=\"_ _7\"></span>d can achie<span class=\"_ _7\"></span>ve upon fulf<span class=\"_ _7\"></span>ilm<span class=\"_ _7\"></span>ent<span class=\"_ _6\"></span> of conven<span class=\"_ _7\"></span>tional targe<span class=\"_ _7\"></span>ts for the <span class=\"_ _6\"></span>2023 fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>anacial<span class=\"_ _7\"></span> year is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2240\">equal <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>ound<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>30% <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>aro<span class=\"_ _7\"></span>und 36% <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>total compens<span class=\"_ _7\"></span>ation. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>additio<span class=\"_ _7\"></span>n, <span class=\"_ _6\"></span>special<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>bonus compens<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>and c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>pensation<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2241\">for <span class=\"_ _f\"> </span>over<span class=\"_ _2\"></span>-fulfi<span class=\"_ _7\"></span>lment <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>certai<span class=\"_ _7\"></span>n <span class=\"_ _3\"> </span>targe<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>areas <span class=\"_ _f\"> </span>ma<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>granted<span class=\"_ _7\"></span>. <span class=\"_ _f\"> </span>As <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>result, <span class=\"_ _f\"> </span>Managi<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>Boar<span class=\"_ _2\"></span>d <span class=\"_ _3\"> </span>memb<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>earn <span class=\"_ _f\"> </span>variab<span class=\"_ _7\"></span>le </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2242\">compensa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion <span class=\"_ _7\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents <span class=\"_ _7\"></span>equal to <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o mor<span class=\"_ _7\"></span>e tha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> aro<span class=\"_ _2\"></span>und 45% to 50<span class=\"_ _2\"></span>% of their <span class=\"_ _7\"></span>total <span class=\"_ _7\"></span>compensa<span class=\"_ _7\"></span>tion.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2243\">Signif<span class=\"_ _7\"></span>icant <span class=\"_ _1\"></span>parts <span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>perfo<span class=\"_ _7\"></span>rmance-d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pen<span class=\"_ _7\"></span>dent <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>ensation <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>nly <span class=\"_ _1\"></span>payabl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>after<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>certain <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>which <span class=\"_ _1\"></span>extends<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>into </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2244\">the <span class=\"_ _1\"></span>year <span class=\"_ _1\"></span>2027 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ase <span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>2023<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _1\"></span>year<span class=\"_ _10\"></span>. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>award <span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>delayed <span class=\"_ _1\"></span>parts<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>de<span class=\"_ _6\"></span>pe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dent <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>consider<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2245\">given to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e sust<span class=\"_ _7\"></span>ainable d<span class=\"_ _2\"></span>evelopment of <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e corpor<span class=\"_ _7\"></span>ate gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2246\">If c<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>tai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ol<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> val<span class=\"_ _2\"></span>ues ar<span class=\"_ _2\"></span>e not<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>et,<span class=\"_ _2\"></span> n<span class=\"_ _6\"></span>o p<span class=\"_ _7\"></span>erf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>-dep<span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>ent co<span class=\"_ _7\"></span>mp<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>atio<span class=\"_ _2\"></span>n is g<span class=\"_ _7\"></span>rant<span class=\"_ _2\"></span>ed to<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e M<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>agi<span class=\"_ _2\"></span>ng Bo<span class=\"_ _2\"></span>ard<span class=\"_ _2\"></span>. Eve<span class=\"_ _7\"></span>n if </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2247\">th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>rge<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e f<span class=\"_ _2\"></span>ull<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>met <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giv<span class=\"_ _7\"></span>en <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>cial<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ye<span class=\"_ _7\"></span>ar<span class=\"_ _e\"></span>, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>aw<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e f<span class=\"_ _2\"></span>ull <span class=\"_ _10\"></span>vari<span class=\"_ _2\"></span>abl<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>comp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>ante<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>wit<span class=\"_ _2\"></span>h r<span class=\"_ _10\"></span>espe<span class=\"_ _2\"></span>ct <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>fo<span class=\"_ _2\"></span>cus </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2248\">o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>su<span class=\"_ _2\"></span>stai<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>bili<span class=\"_ _2\"></span>ty depe<span class=\"_ _2\"></span>nds <span class=\"_ _6\"></span>wh<span class=\"_ _7\"></span>et<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>cor<span class=\"_ _2\"></span>pora<span class=\"_ _2\"></span>te <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>up has exp<span class=\"_ _2\"></span>eri<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ced a <span class=\"_ _6\"></span>sus<span class=\"_ _7\"></span>tai<span class=\"_ _2\"></span>nabl<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>de<span class=\"_ _2\"></span>velop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>ov<span class=\"_ _7\"></span>er thr<span class=\"_ _2\"></span>ee <span class=\"_ _6\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ec<span class=\"_ _2\"></span>utiv<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2249\">ye<span class=\"_ _7\"></span>ars<span class=\"_ _2\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs224a\">Stock op<span class=\"_ _7\"></span>tions or sim<span class=\"_ _7\"></span>ila<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> instrum<span class=\"_ _7\"></span>ents a<span class=\"_ _7\"></span>re <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot par<span class=\"_ _7\"></span>t of the com<span class=\"_ _2\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n of the Ma<span class=\"_ _7\"></span>nagi<span class=\"_ _7\"></span>ng Boar<span class=\"_ _2\"></span>d. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs224b\">As <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>te <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>Decembe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>2019, <span class=\"_ _1\"></span>defined <span class=\"_ _1\"></span>bene<span class=\"_ _7\"></span>fit <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ensions <span class=\"_ _1\"></span>funded <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>pro<span class=\"_ _7\"></span>visions <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>dependi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>part <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs224c\">length <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>service <span class=\"_ _6\"></span>with <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>VIG <span class=\"_ _6\"></span>Insurance <span class=\"_ _6\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>\u2013 <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>gr<span class=\"_ _6\"></span>ant<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cti<span class=\"_ _7\"></span>ve <span class=\"_ _6\"></span>members <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>comp<span class=\"_ _7\"></span>any\u2019<span class=\"_ _5\"></span>s <span class=\"_ _1\"></span>Managing Board <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>a </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs224d\">maximum <span class=\"_ _2\"></span>amount eq<span class=\"_ _2\"></span>ual to 40<span class=\"_ _7\"></span>% of t<span class=\"_ _7\"></span>he assessm<span class=\"_ _2\"></span>ent basi<span class=\"_ _7\"></span>s for<span class=\"_ _2\"></span> members <span class=\"_ _7\"></span>who r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>n on<span class=\"_ _7\"></span> the M<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>naging<span class=\"_ _2\"></span> B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _7\"></span>until t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eir 65<span class=\"_ _7\"></span>th </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs224e\">birthday<span class=\"_ _e\"></span>. The assess<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ent basis i<span class=\"_ _7\"></span>s equal to <span class=\"_ _7\"></span>the stand<span class=\"_ _7\"></span>ard fi<span class=\"_ _7\"></span>xed s<span class=\"_ _7\"></span>alary<span class=\"_ _10\"></span>. In in<span class=\"_ _7\"></span>divid<span class=\"_ _7\"></span>ual cases, ext<span class=\"_ _7\"></span>ra amou<span class=\"_ _7\"></span>nts m<span class=\"_ _7\"></span>ay be gran<span class=\"_ _7\"></span>ted to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs224f\">membe<span class=\"_ _7\"></span>rs w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>o wor<span class=\"_ _7\"></span>k b<span class=\"_ _7\"></span>eyond t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e m<span class=\"_ _7\"></span>axim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _7\"></span>pension<span class=\"_ _2\"></span> date gi<span class=\"_ _7\"></span>ven t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o pe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sion <span class=\"_ _7\"></span>will be<span class=\"_ _2\"></span> collecte<span class=\"_ _7\"></span>d d<span class=\"_ _7\"></span>uring <span class=\"_ _7\"></span>the pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod of<span class=\"_ _7\"></span> f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rt<span class=\"_ _7\"></span>her </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2250\">work.<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2251\">Managing Bo<span class=\"_ _2\"></span>ard <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>embers<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>appointed fo<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>first tim<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>or<span class=\"_ _7\"></span> after <span class=\"_ _6\"></span>1 Jan<span class=\"_ _7\"></span>uary 2020 may<span class=\"_ _7\"></span> be <span class=\"_ _6\"></span>gran<span class=\"_ _7\"></span>ted entitlem<span class=\"_ _7\"></span>ents to defi<span class=\"_ _7\"></span>ned </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2252\">benefit <span class=\"_ _6\"></span>com<span class=\"_ _7\"></span>pany <span class=\"_ _6\"></span>pensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>(or <span class=\"_ _6\"></span>alternatively<span class=\"_ _e\"></span>, <span class=\"_ _6\"></span>defined <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ribu<span class=\"_ _7\"></span>tion <span class=\"_ _6\"></span>pensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s). <span class=\"_ _1\"></span>As<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ule, <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _6\"></span>pensio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>will <span class=\"_ _6\"></span>be <span class=\"_ _1\"></span>awar<span class=\"_ _2\"></span>ded <span class=\"_ _6\"></span>onl<span class=\"_ _7\"></span>y<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2253\">after <span class=\"_ _2\"></span>the m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>mber <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>been <span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>appoi<span class=\"_ _7\"></span>nted <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the M<span class=\"_ _2\"></span>anaging <span class=\"_ _2\"></span>Board <span class=\"_ _10\"></span>at le<span class=\"_ _7\"></span>ast o<span class=\"_ _2\"></span>nce a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d i<span class=\"_ _2\"></span>n st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ges, <span class=\"_ _7\"></span>so <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e m<span class=\"_ _7\"></span>axim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _7\"></span>pensi<span class=\"_ _2\"></span>on </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2254\">benefit <span class=\"_ _1\"></span>equ<span class=\"_ _7\"></span>al <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>40<span class=\"_ _2\"></span>%<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>fixed <span class=\"_ _1\"></span>com<span class=\"_ _7\"></span>pensa<span class=\"_ _7\"></span>tion <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>grante<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>com<span class=\"_ _7\"></span>pleti<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>65th <span class=\"_ _6\"></span>year <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>life <span class=\"_ _6\"></span>can <span class=\"_ _1\"></span>be <span class=\"_ _6\"></span>awarded <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2255\">earliest o<span class=\"_ _7\"></span>nly after <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>mem<span class=\"_ _7\"></span>ber has serv<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n the <span class=\"_ _6\"></span>M<span class=\"_ _7\"></span>anaging<span class=\"_ _7\"></span> Boar<span class=\"_ _7\"></span>d for 10 years. If a <span class=\"_ _6\"></span>Ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>aging Boar<span class=\"_ _7\"></span>d mem<span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>r had alre<span class=\"_ _2\"></span>ady </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2256\">held oth<span class=\"_ _7\"></span>er positio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s in t<span class=\"_ _7\"></span>he Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> at least 5 <span class=\"_ _2\"></span>years, the pe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sion m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>y be a<span class=\"_ _7\"></span>warde<span class=\"_ _2\"></span>d alread<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> upo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> comm<span class=\"_ _7\"></span>encem<span class=\"_ _7\"></span>ent of his <span class=\"_ _2\"></span>or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2257\">her term of<span class=\"_ _7\"></span> of<span class=\"_ _2\"></span>fice on the Ma<span class=\"_ _2\"></span>naging Boar<span class=\"_ _2\"></span>d.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2258\">As <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>standar<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>rule, <span class=\"_ _1\"></span>pensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>will <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>awar<span class=\"_ _2\"></span>ded<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>reg<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rdless<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fective <span class=\"_ _0\"></span>d<span class=\"_ _7\"></span>ate) <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>if<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>ither <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>positi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>Managing <span class=\"_ _1\"></span>Boa<span class=\"_ _2\"></span>rd </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2259\">membe<span class=\"_ _7\"></span>r is not r<span class=\"_ _2\"></span>enewed b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> no f<span class=\"_ _7\"></span>ault of th<span class=\"_ _7\"></span>e memb<span class=\"_ _7\"></span>er or if<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>Managi<span class=\"_ _7\"></span>ng Boar<span class=\"_ _2\"></span>d membe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> resig<span class=\"_ _2\"></span>ns by re<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>son of i<span class=\"_ _7\"></span>llness o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ag<span class=\"_ _7\"></span>e.<span class=\"_ _3d5\"> </span> </div>The pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>visions of<span class=\"_ _2\"></span> the Empl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>yee <span class=\"_ _7\"></span>and S<span class=\"_ _7\"></span>elf-Emplo<span class=\"_ _2\"></span>yment Pr<span class=\"_ _2\"></span>ovisions A<span class=\"_ _7\"></span>ct <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>\u201cNew<span class=\"_ _7\"></span> Seve<span class=\"_ _7\"></span>rance<span class=\"_ _7\"></span> Pa<span class=\"_ _7\"></span>y Mo<span class=\"_ _7\"></span>del\u201d) a<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span> appl<span class=\"_ _7\"></span>icable <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>Man-<span class=\"_ _3d5\"> </span>aging Bo<span class=\"_ _7\"></span>ard <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntracts.<span class=\"_ _7\"></span> Only <span class=\"_ _0\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _0\"></span>with <span class=\"_ _0\"></span>Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>Board <span class=\"_ _1\"></span>membe<span class=\"_ _7\"></span>rs <span class=\"_ _0\"></span>who <span class=\"_ _0\"></span>have <span class=\"_ _1\"></span>already <span class=\"_ _1\"></span>worked <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>very <span class=\"_ _0\"></span>long <span class=\"_ _0\"></span>time <span class=\"_ _0\"></span>pr<span class=\"_ _7\"></span>ovide <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>n entitleme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>seve<span class=\"_ _7\"></span>rance <span class=\"_ _0\"></span>pay<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>which <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>desig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>ance <span class=\"_ _0\"></span>wit<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>ns <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Sala<span class=\"_ _7\"></span>ried <span class=\"_ _1\"></span>E<span class=\"_ _6\"></span>mploy<span class=\"_ _7\"></span>ee <span class=\"_ _0\"></span>Act <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>the version<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>befor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>2003 <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>conj<span class=\"_ _7\"></span>unctio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>with <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>eleva<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>sector<span class=\"_ _2\"></span>-specif<span class=\"_ _7\"></span>ic <span class=\"_ _1\"></span>pro<span class=\"_ _7\"></span>visions. <span class=\"_ _0\"></span>A<span class=\"_ _7\"></span>ccor<span class=\"_ _7\"></span>dingly<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>such <span class=\"_ _0\"></span>Man<span class=\"_ _7\"></span>aging <span class=\"_ _1\"></span>Board<span class=\"_ _2\"></span> membe<span class=\"_ _7\"></span>rs <span class=\"_ _1\"></span>ma<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>recei<span class=\"_ _2\"></span>ve<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>severan<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>pay <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>q<span class=\"_ _7\"></span>ual <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>wo <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>12 <span class=\"_ _6\"></span>months\u2019 <span class=\"_ _6\"></span>salary <span class=\"_ _6\"></span>\u2013 <span class=\"_ _1\"></span>scal<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>accor<span class=\"_ _2\"></span>ding <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>length <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>service <span class=\"_ _6\"></span>\u2013 <span class=\"_ _6\"></span>plus<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> supplem<span class=\"_ _7\"></span>ent of 50<span class=\"_ _2\"></span>% if the memb<span class=\"_ _2\"></span>er re<span class=\"_ _7\"></span>tires o<span class=\"_ _7\"></span>r lea<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>es th<span class=\"_ _7\"></span>e Man<span class=\"_ _7\"></span>aging <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d aft<span class=\"_ _7\"></span>er a long-<span class=\"_ _7\"></span>term i<span class=\"_ _7\"></span>llness. No <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>everance <span class=\"_ _7\"></span>pay <span class=\"_ _7\"></span>will <span class=\"_ _7\"></span>be granted <span class=\"_ _6\"></span>if <span class=\"_ _6\"></span>the member <span class=\"_ _6\"></span>leaves<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>M<span class=\"_ _7\"></span>anagi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t his <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>her <span class=\"_ _1\"></span>ow<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quest<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>befor<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>date <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>pensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ligi<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>with<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ut the agr<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent of th<span class=\"_ _7\"></span>e com<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>y or if t<span class=\"_ _7\"></span>he membe<span class=\"_ _7\"></span>r leav<span class=\"_ _7\"></span>es the <span class=\"_ _7\"></span>Managing <span class=\"_ _2\"></span>Board b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> his o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> her ow<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> fault.<span class=\"_ _2\"></span> The M<span class=\"_ _2\"></span>anaging <span class=\"_ _2\"></span>Board <span class=\"_ _10\"></span>members <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vided <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>compan<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r <span class=\"_ _2\"></span>which i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lso <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>vate <span class=\"_ _2\"></span>use. <span class=\"_ _7\"></span>For <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>work, <span class=\"_ _2\"></span>the M<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nagi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g Boar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>mem<span class=\"_ _7\"></span>bers <span class=\"_ _2\"></span>rec<span class=\"_ _7\"></span>eived <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>UR 7,527<span class=\"_ _7\"></span>,000<span class=\"_ _2\"></span> (EU<span class=\"_ _7\"></span>R 7,948,00<span class=\"_ _7\"></span>0) <span class=\"_ _2\"></span>fr<span class=\"_ _2\"></span>om t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting <span class=\"_ _2\"></span>period. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _10\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d membe<span class=\"_ _7\"></span>rs re<span class=\"_ _7\"></span>ceived <span class=\"_ _7\"></span>EUR 9<span class=\"_ _7\"></span>95,000<span class=\"_ _7\"></span> (EUR 978<span class=\"_ _7\"></span>,000) fr<span class=\"_ _2\"></span>om subsi<span class=\"_ _2\"></span>diaries in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>eporting p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod.<span class=\"_ _7\"></span> Former M<span class=\"_ _2\"></span>anaging Boa<span class=\"_ _7\"></span>rd me<span class=\"_ _2\"></span>mbers re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ei<span class=\"_ _7\"></span>ved EU<span class=\"_ _7\"></span>R 1,158,0<span class=\"_ _7\"></span>00 (EUR 1,075<span class=\"_ _7\"></span>,000<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> The Man<span class=\"_ _7\"></span>aging <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d was com<span class=\"_ _2\"></span>posed of <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ight pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>sons i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>first half of<span class=\"_ _7\"></span> 2023 <span class=\"_ _7\"></span>and six <span class=\"_ _7\"></span>perso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s in th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> second <span class=\"_ _2\"></span>half of 2<span class=\"_ _7\"></span>023.<span class=\"_ _3d5\"> </span>19.3.<span class=\"ff4a\"> </span>T<span class=\"_ _e\"></span>ransactions with r<span class=\"_ _7\"></span>ela<span class=\"_ _6\"></span>ted p<span class=\"_ _7\"></span>ersons Transactio<span class=\"_ _6\"></span>ns <span class=\"_ _35d\"> </span><span class=\"fsf\">2023<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Di<span class=\"_ _6\"></span>vid<span class=\"_ _6\"></span>end<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _6\"></span>Hol<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g s<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _356\"> </span>47<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rests<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>for<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>ssu<span class=\"_ _1\"></span>ed<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>oan<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>rom<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Hold<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> <span class=\"_ _2dc\"> </span>1<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>tion<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>*<span class=\"_ _6\"></span> <span class=\"_ _35e\"> </span>44<span class=\"_ _3d5\"> </span>*Other tran<span class=\"_ _7\"></span>sactions compri<span class=\"_ _7\"></span>se<span class=\"_ _6\"></span> for examp<span class=\"_ _7\"></span>le purchases and sales of goods, r<span class=\"_ _7\"></span>endering or receiving of services, commitmen<span class=\"_ _7\"></span>ts like sureties or gu<span class=\"_ _7\"></span>arantees as well as transfers under li<span class=\"_ _7\"></span>cence agreements. In a<span class=\"_ _7\"></span>ddition, <span class=\"_ _2\"></span>ther<span class=\"_ _2\"></span>e ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>ntal <span class=\"_ _2\"></span>and i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>contracts <span class=\"_ _2\"></span>with r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>ted p<span class=\"_ _7\"></span>ersons <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>do <span class=\"_ _2\"></span>not <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xc<span class=\"_ _7\"></span>eed <span class=\"_ _7\"></span>an <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>unt <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>U<span class=\"_ _7\"></span>R 1,000,0<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>0. The membe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e S<span class=\"_ _7\"></span>upervisor<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> Boar<span class=\"_ _7\"></span>d r<span class=\"_ _2\"></span>eceived <span class=\"_ _7\"></span>EUR 349,0<span class=\"_ _2\"></span>00 fro<span class=\"_ _7\"></span>m af<span class=\"_ _2\"></span>filiated companies.<span class=\"_ _2\"></span> 19.4.<span class=\"ff4a\"> </span>T<span class=\"_ _e\"></span>ransactions with r<span class=\"_ _7\"></span>ela<span class=\"_ _6\"></span>ted co<span class=\"_ _7\"></span>mpanies<span class=\"_ _7\"></span> T<span class=\"_ _10\"></span>ransactions<span class=\"_ _7\"></span> with<span class=\"_ _7\"></span> related com<span class=\"_ _7\"></span>panie<span class=\"_ _7\"></span>s Primarily<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>financi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>transactio<span class=\"_ _7\"></span>ns <span class=\"_ _1\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>charges<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>for <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ervices<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>excha<span class=\"_ _7\"></span>nged <span class=\"_ _1\"></span>with <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-consolida<span class=\"_ _2\"></span>ted <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fil<span class=\"_ _7\"></span>iated <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>associate<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> companies. <span class=\"_ _2\"></span> T<span class=\"_ _e\"></span>ra<span class=\"_ _6\"></span>nsac<span class=\"_ _7\"></span>tions <span class=\"_ _7\"></span>betwe<span class=\"_ _7\"></span>en th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> fully<span class=\"_ _7\"></span> consol<span class=\"_ _7\"></span>idated<span class=\"_ _2\"></span> compani<span class=\"_ _7\"></span>es in<span class=\"_ _7\"></span>clude<span class=\"_ _7\"></span>d i<span class=\"_ _7\"></span>n the co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated fi<span class=\"_ _2\"></span>nancial s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nts a<span class=\"_ _7\"></span>re <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>limi<span class=\"_ _7\"></span>nated <span class=\"_ _2\"></span>as<span class=\"_ _6\"></span> part of th<span class=\"_ _7\"></span>e consol<span class=\"_ _7\"></span>idatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pro<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ess <span class=\"_ _7\"></span>and ar<span class=\"_ _2\"></span>e therefo<span class=\"_ _7\"></span>re <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot expl<span class=\"_ _2\"></span>ained in th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>se notes.<span class=\"_ _2\"></span> T<span class=\"_ _10\"></span>ransactions<span class=\"_ _7\"></span> with<span class=\"_ _7\"></span> the Wiener<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>St\u00e4dti<span class=\"_ _7\"></span>sche V<span class=\"_ _2\"></span>ersicherun<span class=\"_ _7\"></span>gsver<span class=\"_ _7\"></span>ein The Wiene<span class=\"_ _7\"></span>r St\u00e4<span class=\"_ _2\"></span>dt<span class=\"_ _6\"></span>isc<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>Ve<span class=\"_ _7\"></span>rsic<span class=\"_ _7\"></span>herungs<span class=\"_ _7\"></span>verein <span class=\"_ _2\"></span>is th<span class=\"_ _7\"></span>e m<span class=\"_ _7\"></span>ajority <span class=\"_ _2\"></span>sh<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>eholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG Hol<span class=\"_ _7\"></span>ding. <span class=\"_ _7\"></span>It <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e l<span class=\"_ _7\"></span>egal <span class=\"_ _7\"></span>structur<span class=\"_ _2\"></span>e of <span class=\"_ _2\"></span>a mutual<span class=\"_ _2\"></span> insuranc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>asso<span class=\"_ _2\"></span>ciation <span class=\"_ _0\"></span>which, <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>ccor<span class=\"_ _7\"></span>dan<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>Aus<span class=\"_ _7\"></span>trian <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _0\"></span>Supervisio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>Act<span class=\"_ _6\"></span>,<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>has <span class=\"_ _0\"></span>outso<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rc<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>its<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>insuran<span class=\"_ _7\"></span>ce operations <span class=\"_ _0\"></span>and <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>th<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>efore <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _4\"> </span>operati<span class=\"_ _7\"></span>ng <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>business.<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>Due <span class=\"_ _f\"> </span>to <span class=\"_ _4\"></span>its <span class=\"_ _4\"></span>ou<span class=\"_ _7\"></span>tsour<span class=\"_ _7\"></span>cing <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>Wiener <span class=\"_ _f\"> </span>S<span class=\"_ _7\"></span>t\u00e4dtisc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e V<span class=\"_ _2\"></span>ersiche<span class=\"_ _7\"></span>rung <span class=\"_ _6\"></span>AG<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>it <span class=\"_ _1\"></span>mer<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ly <span class=\"_ _6\"></span>has <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>fulfil <span class=\"_ _1\"></span>its <span class=\"_ _6\"></span>dut<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>majority <span class=\"_ _6\"></span>share<span class=\"_ _7\"></span>holder <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Holding, <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>so <span class=\"_ _6\"></span>only <span class=\"_ _1\"></span>services of <span class=\"_ _1\"></span>minor importa<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rise <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _1\"></span>Insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. <span class=\"_ _6\"></span>These <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>service <span class=\"_ _6\"></span>agreeme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>between <span class=\"_ _6\"></span>VIG <span class=\"_ _1\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _1\"></span>Gro<span class=\"_ _7\"></span>up and <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>W<span class=\"_ _6\"></span>ie<span class=\"_ _7\"></span>ner <span class=\"_ _2\"></span>St\u00e4dtisc<span class=\"_ _7\"></span>he <span class=\"_ _2\"></span>V<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>rsich<span class=\"_ _7\"></span>erungsv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>in <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>inter<span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pany <span class=\"_ _10\"></span>charges <span class=\"_ _2\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>internal <span class=\"_ _2\"></span>audit<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>services, <span class=\"_ _10\"></span>finance<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>and <span class=\"_ _10\"></span>accounti<span class=\"_ _7\"></span>ng and pro<span class=\"_ _2\"></span>vision of pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>sonn<span class=\"_ _7\"></span>el as wel<span class=\"_ _7\"></span>l as t<span class=\"_ _7\"></span>he leasing of<span class=\"_ _7\"></span> of<span class=\"_ _2\"></span>fices based o<span class=\"_ _2\"></span>n arm\u2019<span class=\"_ _e\"></span>s lengt<span class=\"_ _7\"></span>h prin<span class=\"_ _7\"></span>ciples.<div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs225b\">Related com<span class=\"_ _6\"></span>panies<span class=\"_ _6\"></span> <span class=\"_ _2f6\"> </span><span class=\"fsf\">2023<span class=\"_ _6\"></span> <span class=\"_ _35f\"> </span>31/12/2023<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs225c\">  <span class=\"_ _278\"> </span><span class=\"fsf\">Tra<span class=\"_ _6\"></span>nsactions<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs225d\">Open items<span class=\"_ _3d5\"> </span></div><div class=\"c w24 h28 gs225e\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs225f\"><div class=\"t m0 x0 h29 y8d9 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2260\">Re<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>nue f<span class=\"_ _1\"></span>rom<span class=\"_ _6\"></span> re<span class=\"_ _1\"></span>nde<span class=\"_ _6\"></span>ri<span class=\"_ _1\"></span>ng of<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>ser<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span>s <span class=\"_ _b5\"> </span>54,361<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2261\">19,944<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2262\">Pa<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _2dc\"> </span>1,696<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2263\">634<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2264\">Asso<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ated<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _360\"> </span>4,406<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2265\">158<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2266\">Subs<span class=\"_ _6\"></span>id<span class=\"_ _1\"></span>iari<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lud<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>so<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _12e\"> </span>47<span class=\"_ _6\"></span>,746<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2267\">19,116<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2268\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2b3\"> </span>513<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2269\">36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs226a\">Ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>nse<span class=\"_ _6\"></span>s f<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ser<span class=\"_ _6\"></span>vice<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>cei<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _361\"> </span>182,322<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs226b\">-18,09<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs226c\">Pa<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _27b\"> </span>131<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs226d\">-122<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs226e\">Asso<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ated<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _362\"> </span>534<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs226f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2270\">Subs<span class=\"_ _6\"></span>id<span class=\"_ _1\"></span>iari<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lud<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>so<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _363\"> </span>177,044<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2271\">-17,376<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2272\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28c\"> </span>4,613<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2273\">-599<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2274\">Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>div<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>nds<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>prof<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>di<span class=\"_ _6\"></span>str<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>but<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _364\"> </span>10,205<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2275\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2276\">Asso<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ated<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _360\"> </span>7,688<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2277\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2278\">Subs<span class=\"_ _6\"></span>id<span class=\"_ _1\"></span>iari<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lud<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>so<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1b1\"> </span>2,038<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2279\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs227a\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2b3\"> </span>479<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs227b\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs227c\">Pai<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>di<span class=\"_ _6\"></span>vide<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>s/<span class=\"_ _6\"></span>prof<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>di<span class=\"_ _6\"></span>stri<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>uti<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>n <span class=\"_ _cc\"> </span>130,337<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs227d\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs227e\">Pa<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _28a\"> </span>130,33<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs227f\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2280\">Loa<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d fi<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l li<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>bliti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>r r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>ate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nte<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> (A<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>, F<span class=\"_ _6\"></span>VtP<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>Vt<span class=\"_ _6\"></span>OCI<span class=\"_ _6\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _347\"> </span>23,2<span class=\"_ _6\"></span>95<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2281\">177,422<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2282\">Pa<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _2dc\"> </span>4,552<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2283\">542<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2284\">Asso<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ated<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _360\"> </span>7,947<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2285\">26,555<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2286\">Subs<span class=\"_ _6\"></span>id<span class=\"_ _1\"></span>iari<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lud<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>so<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _1b1\"> </span>3,321<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2287\">20,419<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2288\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _28c\"> </span>7,475<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2289\">129,906<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs228a\">Amo<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> re<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d t<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>gro<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>p t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>xatio<span class=\"_ _1\"></span>n <span class=\"_ _2b2\"> </span>64,627<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs228b\">27,564<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs228c\">Pa<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _2ee\"> </span>62,9<span class=\"_ _6\"></span>04<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs228d\">25,840<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs228e\">Asso<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ated<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _360\"> </span>1,723<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs228f\">1,724<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2290\">Ot<span class=\"_ _6\"></span>her<span class=\"_ _6\"></span> <span class=\"_ _32a\"> </span>69,280<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2291\">876<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2292\">Pa<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _2ee\"> </span>68,5<span class=\"_ _6\"></span>46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2293\">0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2294\">Subs<span class=\"_ _6\"></span>id<span class=\"_ _1\"></span>iari<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>lud<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> in<span class=\"_ _1\"></span> th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>con<span class=\"_ _1\"></span>so<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _165\"> </span>734<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2295\">868<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2296\">Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _243\"> </span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2297\">8<span class=\"_ _3d5\"> </span></div>22.<span class=\"ff4a\"> </span>AFFILIA<span class=\"_ _10\"></span>TED COMP<span class=\"_ _7\"></span>ANIES <span class=\"_ _2\"></span>AND P<span class=\"_ _10\"></span>ARTICIP<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TIONS Number of co<span class=\"_ _6\"></span>mpanie<span class=\"_ _6\"></span>s <span class=\"_ _1b0\"> </span><span class=\"fsf\">A<span class=\"_ _6\"></span>ustria<span class=\"_ _3d5\"> </span></span>Outside Aust<span class=\"_ _6\"></span>ria<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Co<span class=\"_ _6\"></span>nsoli<span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2ea\"> </span>78<span class=\"_ _3d5\"> </span>91<span class=\"_ _3d5\"> </span>169<span class=\"_ _3d5\"> </span>Ful<span class=\"_ _6\"></span>ly <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>pan<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _234\"> </span>73<span class=\"_ _3d5\"> </span>88<span class=\"_ _3d5\"> </span>161<span class=\"_ _3d5\"> </span>At <span class=\"_ _6\"></span>equ<span class=\"_ _1\"></span>ity <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pan<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>5<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Non-<span class=\"_ _6\"></span>co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>43<span class=\"_ _3d5\"> </span>96<span class=\"_ _3d5\"> </span>139<span class=\"_ _3d5\"> </span>Total <span class=\"_ _371\"> </span>121<span class=\"_ _3d5\"> </span>187<span class=\"_ _3d5\"> </span>308<span class=\"_ _3d5\"> </span>Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span>domicile<span class=\"_ _3d5\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>\"Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span> In<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>\",<span class=\"_ _6\"></span> AD<span class=\"_ _6\"></span>B<span class=\"_ _6\"></span> <span class=\"_ _372\"> </span>Lithuania <span class=\"_ _32\"> </span>Vilnius <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>63,180<span class=\"_ _3d5\"> </span>53,895<span class=\"_ _3d5\"> </span>\"Gr\u00fc<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>er B<span class=\"_ _1\"></span>aum<span class=\"_ _6\"></span>\" <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>rri<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s-<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> Verw<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>tun<span class=\"_ _1\"></span>gsg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>.m<span class=\"_ _6\"></span>.b<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>40,004<span class=\"_ _3d5\"> </span>40,043<span class=\"_ _3d5\"> </span>AB <span class=\"_ _6\"></span>Mo<span class=\"_ _6\"></span>d\u0159<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _159\"> </span>Czech R<span class=\"_ _6\"></span>epub<span class=\"_ _6\"></span>lic <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>9,099<span class=\"_ _3d5\"> </span>9,332<span class=\"_ _3d5\"> </span>Alf<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _6\"></span> In<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Gr<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> B<span class=\"_ _1\"></span>izt<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>\u00edt<span class=\"_ _6\"></span>\u00f3 <span class=\"_ _6\"></span>Zrt.<span class=\"_ _6\"></span> <span class=\"_ _375\"> </span>Hungary <span class=\"_ _18a\"> </span>Budapest <span class=\"_ _1d6\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>102,789<span class=\"_ _3d5\"> </span>100,137<span class=\"_ _3d5\"> </span>Alf<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>P\u00e9n<span class=\"_ _6\"></span>zt<span class=\"_ _6\"></span>\u00e1r<span class=\"_ _6\"></span>szo<span class=\"_ _6\"></span>lg<span class=\"_ _6\"></span>\u00e1l<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00f3 <span class=\"_ _6\"></span>Zrt.<span class=\"_ _6\"></span> <span class=\"_ _353\"> </span>Hun<span class=\"_ _6\"></span>gary <span class=\"_ _376\"> </span>Bud<span class=\"_ _6\"></span>apest <span class=\"_ _1d6\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,266<span class=\"_ _3d5\"> </span>1,959<span class=\"_ _3d5\"> </span>And<span class=\"_ _6\"></span>\u011b<span class=\"_ _6\"></span>l In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>t P<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ah<span class=\"_ _6\"></span>a s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _52\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>26,044<span class=\"_ _3d5\"> </span>25,465<span class=\"_ _3d5\"> </span>Anif<span class=\"_ _6\"></span>-R<span class=\"_ _1\"></span>esi<span class=\"_ _6\"></span>den<span class=\"_ _6\"></span>z G<span class=\"_ _1\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> <span class=\"_ _52\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _142\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>16,736<span class=\"_ _3d5\"> </span>16,617<span class=\"_ _3d5\"> </span>Asigu<span class=\"_ _1\"></span>rar<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>a R<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>\u00e2n<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>c\u0103 <span class=\"_ _6\"></span>- A<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>S.A<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span> Roman<span class=\"_ _6\"></span>ia <span class=\"_ _19e\"> </span>Bucharest 99.79<span class=\"_ _3d5\"> </span>99.79<span class=\"_ _3d5\"> </span>81,988<span class=\"_ _3d5\"> </span>79,442<span class=\"_ _3d5\"> </span>ATB<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>H G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _2f\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _142\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>179,157<span class=\"_ _3d5\"> </span>158,521<span class=\"_ _3d5\"> </span>ATR<span class=\"_ _6\"></span>IUM<span class=\"_ _6\"></span> T<span class=\"_ _1\"></span>OWE<span class=\"_ _6\"></span>R S<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>\u00d3\u0141<span class=\"_ _6\"></span>KA <span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>OGRA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>CZO<span class=\"_ _6\"></span>N\u0104<span class=\"_ _6\"></span> ODP<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>OS<span class=\"_ _6\"></span>CI\u0104<span class=\"_ _1\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>19,467<span class=\"_ _3d5\"> </span>17,867<span class=\"_ _3d5\"> </span>Atzl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rga<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>13-<span class=\"_ _6\"></span>15<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _155\"> </span>Aust<span class=\"_ _6\"></span>ria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>30<span class=\"_ _3d5\"> </span>39<span class=\"_ _3d5\"> </span>Atzl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rga<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>13-<span class=\"_ _6\"></span>15<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> &amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,471<span class=\"_ _3d5\"> </span>10,199<span class=\"_ _3d5\"> </span>AUT<span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OM <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>OSN<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>V\u00c1<span class=\"_ _6\"></span> u <span class=\"_ _6\"></span>\u010c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>k\u00e9 <span class=\"_ _6\"></span>L\u00edp<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span> <span class=\"_ _378\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,570<span class=\"_ _3d5\"> </span>1,563<span class=\"_ _3d5\"> </span>BCR A<span class=\"_ _1\"></span>si<span class=\"_ _6\"></span>gur<span class=\"_ _6\"></span>\u0103<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Via\u0163<span class=\"_ _6\"></span>\u0103 <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>nna<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce Gr<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>S.A<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span> Roman<span class=\"_ _6\"></span>ia <span class=\"_ _19e\"> </span>Bucharest 93.98<span class=\"_ _3d5\"> </span>93.98<span class=\"_ _3d5\"> </span>47,097<span class=\"_ _3d5\"> </span>51,794<span class=\"_ _3d5\"> </span>Blizz<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rd <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Sp<span class=\"_ _6\"></span>. z<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _136\"> </span>Poland <span class=\"_ _150\"> </span>Warsaw <span class=\"_ _2e\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>5,571<span class=\"_ _3d5\"> </span>3,602<span class=\"_ _3d5\"> </span>Bro<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span>man<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>32<span class=\"_ _6\"></span> Im<span class=\"_ _6\"></span>mob<span class=\"_ _1\"></span>ili<span class=\"_ _6\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>6,032<span class=\"_ _3d5\"> </span>3,559<span class=\"_ _3d5\"> </span>BTA<span class=\"_ _6\"></span> Ba<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>c In<span class=\"_ _1\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y AA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _78\"> </span>Latvia<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Riga <span class=\"_ _1b8\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>73,639<span class=\"_ _3d5\"> </span>53,934<span class=\"_ _3d5\"> </span>BULS<span class=\"_ _6\"></span>TR<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>D <span class=\"_ _6\"></span>LI<span class=\"_ _6\"></span>FE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIE<span class=\"_ _6\"></span>NNA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>SUR<span class=\"_ _6\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> GROU<span class=\"_ _6\"></span>P <span class=\"_ _6\"></span>J<span class=\"_ _6\"></span>OIN<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span> ST<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CK<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>COM<span class=\"_ _6\"></span>PA<span class=\"_ _6\"></span>NY<span class=\"_ _6\"></span> Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _376\"> </span>Sofia<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>22,894<span class=\"_ _3d5\"> </span>12,018<span class=\"_ _3d5\"> </span>Busin<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span>sp<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k B<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>nn<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>wi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>klun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _17b\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>34,045<span class=\"_ _3d5\"> </span>33,456<span class=\"_ _3d5\"> </span>CAP<span class=\"_ _6\"></span>IT<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>L, <span class=\"_ _6\"></span>ak<span class=\"_ _6\"></span>cio<span class=\"_ _6\"></span>v\u00e1<span class=\"_ _6\"></span> sp<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>\u010dn<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>\u0165 <span class=\"_ _379\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava <span class=\"_ _65\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,187<span class=\"_ _3d5\"> </span>1,681<span class=\"_ _3d5\"> </span>Cen<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ral <span class=\"_ _6\"></span>Po<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce I<span class=\"_ _6\"></span>T-S<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lut<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H in <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>22,182<span class=\"_ _3d5\"> </span>21,634<span class=\"_ _3d5\"> </span>\u010ces<span class=\"_ _6\"></span>k\u00e1<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>odn<span class=\"_ _1\"></span>ika<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>k\u00e1 p<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ji\u0161<span class=\"_ _6\"></span>\u0165<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.,<span class=\"_ _6\"></span> Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>131,472<span class=\"_ _3d5\"> </span>108,073<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>r\u00e1\u0161\u0165<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>er\u010d<span class=\"_ _6\"></span>n\u00ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e\u00e1<span class=\"_ _6\"></span>l a.<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>. <span class=\"_ _50\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>97.28<span class=\"_ _3d5\"> </span>2,781<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a d<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>As<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>r\u0103<span class=\"_ _6\"></span>ri \"<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span>AR<span class=\"_ _6\"></span>IS<span class=\"_ _6\"></span> VI<span class=\"_ _6\"></span>EN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span> INSUR<span class=\"_ _1\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OUP\"<span class=\"_ _1\"></span> S<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ciet<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>iun<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span> Moldova<span class=\"_ _6\"></span> <span class=\"_ _35f\"> </span>Chi\u0219in\u0103u<span class=\"_ _6\"></span> 99.99<span class=\"_ _3d5\"> </span>99.99<span class=\"_ _3d5\"> </span>8,323<span class=\"_ _3d5\"> </span>6,251<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>SE<span class=\"_ _6\"></span> <span class=\"_ _37a\"> </span>Estonia <span class=\"_ _37b\"> </span>Tallinn <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>83,678<span class=\"_ _3d5\"> </span>17,151<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>a T<span class=\"_ _6\"></span>ow<span class=\"_ _1\"></span>arz<span class=\"_ _6\"></span>yst<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze\u0144<span class=\"_ _6\"></span> N<span class=\"_ _6\"></span>a \u017by<span class=\"_ _6\"></span>cie <span class=\"_ _6\"></span>S.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Ins<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 99.97<span class=\"_ _3d5\"> </span>99.97<span class=\"_ _3d5\"> </span>64,152<span class=\"_ _3d5\"> </span>58,860<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>a T<span class=\"_ _6\"></span>ow<span class=\"_ _1\"></span>arz<span class=\"_ _6\"></span>yst<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze\u0144<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.A.<span class=\"_ _6\"></span> Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 99.95<span class=\"_ _3d5\"> </span>99.95<span class=\"_ _3d5\"> </span>80,760<span class=\"_ _3d5\"> </span>82,233<span class=\"_ _3d5\"> </span>CP <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>olu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _41\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>7,528<span class=\"_ _3d5\"> </span>13,514<span class=\"_ _3d5\"> </span>DBL<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Imm<span class=\"_ _6\"></span>ob<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _1\"></span> <span class=\"_ _1d5\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>3,996<span class=\"_ _3d5\"> </span>3,544<span class=\"_ _3d5\"> </span>DBR<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>ten<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>Co K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _185\"> </span>Germany<span class=\"_ _6\"></span> <span class=\"_ _32\"> </span>Stuttg<span class=\"_ _6\"></span>art <span class=\"_ _26e\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,569<span class=\"_ _3d5\"> </span>9,477<span class=\"_ _3d5\"> </span>Deu<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>chm<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rpl<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>tz <span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>Ob<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span>ktv<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>tung<span class=\"_ _1\"></span> Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,311<span class=\"_ _3d5\"> </span>2,343<span class=\"_ _3d5\"> </span><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs236c\">Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs236d\">domicile<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs236e\">Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs236f\">Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs2370\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2371\">Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs2372\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2373\">Equity 2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs2374\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2375\">Equity 2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs2376\">2<span class=\"_ _3d5\"> </span></div><div class=\"c w2a h28 gs2377\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w2a h28 gs2378\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs2379\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs237a\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs237b\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs237c\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs237d\">Don<span class=\"_ _6\"></span>au B<span class=\"_ _1\"></span>ro<span class=\"_ _6\"></span>ke<span class=\"_ _6\"></span>rlin<span class=\"_ _1\"></span>e V<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>eru<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>gs-<span class=\"_ _6\"></span>Se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs237e\">Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs237f\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2380\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2381\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2382\">107,300<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2383\">101,394<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2384\">DON<span class=\"_ _6\"></span>AU<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>eru<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2385\">Gr<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2386\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2387\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2388\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2389\">125,323<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs238a\">111,462<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs238b\">DV <span class=\"_ _6\"></span>Im<span class=\"_ _6\"></span>moh<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs238c\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs238d\">50,986<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs238e\">44,200<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs238f\">DVIB<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>pha<span class=\"_ _6\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _37c\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2390\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2391\">18,713<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2392\">18,506<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2393\">DVIB<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _1a0\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2394\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2395\">106,710<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2396\">101,186<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2397\">EL<span class=\"_ _6\"></span>VP <span class=\"_ _6\"></span>Be<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H <span class=\"_ _4a\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2398\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2399\">63,218<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs239a\">23,276<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs239b\">EUR<span class=\"_ _6\"></span>OPE<span class=\"_ _6\"></span>UM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Bus<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cen<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>er s.<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs239c\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs239d\">10,262<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs239e\">10,301<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs239f\">Flor<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>sd<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>am <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>tz <span class=\"_ _6\"></span>4 </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23a0\">Imm<span class=\"_ _6\"></span>obi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>erw<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rtu<span class=\"_ _6\"></span>ngs<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23a1\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23a2\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23a3\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23a4\">15,533<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23a5\">18,819<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23a6\">Ges<span class=\"_ _6\"></span>und<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>tsp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>k Wi<span class=\"_ _6\"></span>en-<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>be<span class=\"_ _6\"></span>rl<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>a G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>llsc<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23a7\">m.b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23a8\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23a9\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23aa\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23ab\">28,768<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23ac\">29,199<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23ad\">GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _83\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23ae\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23af\">5,986<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23b0\">6,754<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23b1\">Han<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>a\u00df<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3-5<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>mm<span class=\"_ _6\"></span>ob<span class=\"_ _6\"></span>ili<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>z G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _37d\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23b2\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23b3\">30,768<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23b4\">31,121<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23b5\">HUN<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>M <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>l\u00e1to<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l\u0151s<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>\u00e9g\u0171 <span class=\"_ _6\"></span>T\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> <span class=\"_ _112\"> </span>Hun<span class=\"_ _6\"></span>gary <span class=\"_ _376\"> </span>Budap<span class=\"_ _6\"></span>est <span class=\"_ _1d6\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23b6\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23b7\">5,797<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23b8\">4,416<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23b9\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>nj<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>.d.<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23ba\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23bb\">Bosnia-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23bc\">Herzegovina<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23bd\">Sarajevo<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23be\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23bf\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23c0\">10,703<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23c1\">9,735<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23c2\">INSUR<span class=\"_ _1\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> ON<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>-S<span class=\"_ _6\"></span>HAR<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>HO<span class=\"_ _6\"></span>LDE<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>JOI<span class=\"_ _6\"></span>NT-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23c3\">ST<span class=\"_ _6\"></span>OCK<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>OMP<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>NY <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>UL<span class=\"_ _6\"></span>STR<span class=\"_ _6\"></span>AD<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIE<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>NA </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23c4\">INSUR<span class=\"_ _1\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OUP <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>AD<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23c5\">Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _376\"> </span>Sofia<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23c6\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23c7\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23c8\">92,416<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23c9\">70,096<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23ca\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rRi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k Leb<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>sve<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>che<span class=\"_ _6\"></span>run<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>-A<span class=\"_ _6\"></span>G <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>nna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23cb\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23cc\">Germany<span class=\"_ _6\"></span> <span class=\"_ _32\"> </span>Wiesbad<span class=\"_ _6\"></span>en </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23cd\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23ce\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23cf\">23,518<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23d0\">23,518<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23d1\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rRi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k T<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>arz<span class=\"_ _6\"></span>ys<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ezp<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze\u0144<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23d2\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23d3\">Poland <span class=\"_ _150\"> </span>Warsaw </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23d4\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23d5\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23d6\">69,928<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23d7\">43,675<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23d8\">Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rRi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k Ve<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cher<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>-A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23d9\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23da\">Germany<span class=\"_ _6\"></span> <span class=\"_ _32\"> </span>Wiesbad<span class=\"_ _6\"></span>en </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23db\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23dc\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23dd\">64,320<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23de\">53,670<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23df\">INTER<span class=\"_ _1\"></span>SI<span class=\"_ _6\"></span>G <span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>ENNA<span class=\"_ _1\"></span> I<span class=\"_ _6\"></span>NSUR<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>NC<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> GR<span class=\"_ _6\"></span>OU<span class=\"_ _6\"></span>P <span class=\"_ _6\"></span>Sh<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _29\"> </span>Alban<span class=\"_ _6\"></span>ia <span class=\"_ _15f\"> </span>Tirana <span class=\"_ _18e\"> </span>89.98<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23e0\">89.98<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23e1\">8,399<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23e2\">7,295<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23e3\">Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce C<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23e4\">GPI<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23e5\">Georgia<span class=\"_ _6\"></span> <span class=\"_ _195\"> </span>Tb<span class=\"_ _6\"></span>ilisi </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23e6\">90.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23e7\">90.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23e8\">15,150<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23e9\">20,461<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23ea\">Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23eb\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> IRA<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23ec\">Georgia<span class=\"_ _6\"></span> <span class=\"_ _195\"> </span>Tb<span class=\"_ _6\"></span>ilisi </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23ed\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23ee\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23ef\">4,334<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23f0\">6,249<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23f1\">Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>mpa<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>y W<span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>ER-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23f2\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23f3\">North Macedonia<span class=\"_ _6\"></span> <span class=\"_ _372\"> </span>Sk<span class=\"_ _7\"></span>opje<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23f4\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23f5\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23f6\">6,812<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23f7\">7,097<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23f8\">Ka<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>erst<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>\u00dfe<span class=\"_ _6\"></span> 11<span class=\"_ _6\"></span>3 <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _30\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23f9\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23fa\">3,137<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs23fb\">2,979<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23fc\">K\u00c1L<span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>N T<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>WER<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>tl<span class=\"_ _6\"></span>anf<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>jl<span class=\"_ _6\"></span>esz<span class=\"_ _6\"></span>t\u00e9<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span> \u00e9<span class=\"_ _6\"></span>s </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23fd\">Ber<span class=\"_ _6\"></span>uh\u00e1<span class=\"_ _6\"></span>z\u00e1<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>l\u00e1<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>ele<span class=\"_ _6\"></span>l\u0151<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>\u00e9g\u0171<span class=\"_ _1\"></span> T\u00e1<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>s\u00e1g<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23fe\">Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs23ff\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2400\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2401\">2,400<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2402\">2,231<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2403\">KAPI<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>OL<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Czech Republic<span class=\"_ _6\"></span> <span class=\"_ _374\"> </span>Brno <span class=\"_ _ee\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2404\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2405\">1,573<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2406\">1,600<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2407\">KKB R<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>al E<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>Latvia <span class=\"_ _15a\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2408\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2409\">20,280<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs240a\">20,766<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs240b\">KOM<span class=\"_ _6\"></span>UN\u00c1<span class=\"_ _1\"></span>LNA<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ois<span class=\"_ _6\"></span>\u0165<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>\u0148a<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs240c\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs240d\">Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs240e\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs240f\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2410\">57,800<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2411\">52,644<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2412\">KOO<span class=\"_ _6\"></span>PER<span class=\"_ _6\"></span>AT<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>\u0165ov\u0148<span class=\"_ _6\"></span>a,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2413\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2414\">Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2415\">98.47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2416\">98.47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2417\">407,689<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2418\">231,548<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2419\">Ko<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span> po<span class=\"_ _6\"></span>ji<span class=\"_ _6\"></span>\u0161<span class=\"_ _6\"></span>\u0165ovn<span class=\"_ _6\"></span>a,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs241a\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs241b\">Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs241c\">97.28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs241d\">97.28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs241e\">679,414<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs241f\">596,911<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2420\">KOO<span class=\"_ _6\"></span>PER<span class=\"_ _6\"></span>AT<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA,<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>s.s<span class=\"_ _6\"></span>.,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2421\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2422\">14,628<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2423\">13,820<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2424\">KOPU<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> N<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>dba<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>nh<span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>ohn<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>chtu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2425\">Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2426\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2427\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2428\">11,807<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2429\">LVP <span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _2d6\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs242a\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs242b\">642,210<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs242c\">626,967<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs242d\">MAP-<span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>V B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>teil<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mbH<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs242e\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs242f\">368,527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2430\">368,793<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2431\">MC <span class=\"_ _6\"></span>EIN<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>men<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _37e\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2432\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2433\">30,758<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2434\">19,630<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2435\">MH <span class=\"_ _6\"></span>54<span class=\"_ _6\"></span> Im<span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ili<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>lag<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _8b\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2436\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2437\">26,041<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2438\">25,819<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2439\">NNC<span class=\"_ _6\"></span> RE<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>L E<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>AT<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>\u00d3\u0141KA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Z </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs243a\">OGRA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>IC<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>ON\u0104<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ODP<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>WIE<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ZIA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>O\u015a<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I\u0104<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs243b\">Poland <span class=\"_ _150\"> </span>Warsaw </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs243c\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs243d\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs243e\">23,998<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs243f\">20,099<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2440\">No<span class=\"_ _6\"></span>rdb<span class=\"_ _6\"></span>ahn<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>roj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt <span class=\"_ _6\"></span>EP<span class=\"_ _6\"></span>W8 <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _34e\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2441\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2442\">23,164<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2443\">19,187<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2444\">No<span class=\"_ _2\"></span>rd<span class=\"_ _7\"></span>ba<span class=\"_ _2\"></span>hnho<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>Pro<span class=\"_ _2\"></span>je<span class=\"_ _2\"></span>kt<span class=\"_ _2\"></span> EP<span class=\"_ _2\"></span>W8 <span class=\"_ _2\"></span>Ko<span class=\"_ _7\"></span>mp<span class=\"_ _7\"></span>le<span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>nt<span class=\"_ _2\"></span>\u00e4r<span class=\"_ _7\"></span> G<span class=\"_ _2\"></span>mbH<span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2445\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2446\">34<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2447\">34<span class=\"_ _3d5\"> </span></div>Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span>domicile<span class=\"_ _3d5\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rdb<span class=\"_ _6\"></span>ahn<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>roj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt <span class=\"_ _6\"></span>Ta<span class=\"_ _6\"></span>bo<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>a\u00df<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>123<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>27,708<span class=\"_ _3d5\"> </span>21,142<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rdb<span class=\"_ _6\"></span>ahn<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>roj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt <span class=\"_ _6\"></span>Ta<span class=\"_ _6\"></span>bo<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>a\u00df<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>123<span class=\"_ _6\"></span> Kom<span class=\"_ _6\"></span>pl<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>\u00e4<span class=\"_ _6\"></span>r G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>35<span class=\"_ _3d5\"> </span>36<span class=\"_ _3d5\"> </span>Nu\u00dfd<span class=\"_ _1\"></span>orfe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>a\u00dfe<span class=\"_ _6\"></span> 9<span class=\"_ _6\"></span>0-<span class=\"_ _6\"></span>92 <span class=\"_ _6\"></span>Pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span>kte<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cklu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>39,682<span class=\"_ _3d5\"> </span>38,364<span class=\"_ _3d5\"> </span>OMN<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>SIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIE<span class=\"_ _6\"></span>NN<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span> IN<span class=\"_ _6\"></span>SU<span class=\"_ _6\"></span>RA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> GR<span class=\"_ _6\"></span>OU<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.A.<span class=\"_ _6\"></span> <span class=\"_ _e8\"> </span>Romania <span class=\"_ _19e\"> </span>B<span class=\"_ _6\"></span>ucharest <span class=\"_ _26e\"> </span>99.54<span class=\"_ _3d5\"> </span>99.54<span class=\"_ _3d5\"> </span>154,385<span class=\"_ _3d5\"> </span>149,548<span class=\"_ _3d5\"> </span>O\u00dc <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>ive<span class=\"_ _6\"></span>On<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>ae<span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>Estonia <span class=\"_ _1d5\"> </span>Tallinn<span class=\"_ _6\"></span> <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,280<span class=\"_ _3d5\"> </span>86<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>lais<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span> I<span class=\"_ _6\"></span>mmo<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ic<span class=\"_ _6\"></span>klu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>56.55<span class=\"_ _3d5\"> </span>35,663<span class=\"_ _3d5\"> </span>35,859<span class=\"_ _3d5\"> </span>Pas<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>t R<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> Sp<span class=\"_ _6\"></span>. z<span class=\"_ _1\"></span> o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _142\"> </span>P<span class=\"_ _6\"></span>oland <span class=\"_ _150\"> </span>Warsaw <span class=\"_ _2e\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>27<span class=\"_ _3d5\"> </span>-1,361<span class=\"_ _3d5\"> </span>Pen<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on A<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ove<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>e A<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _37f\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _376\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span>8<span class=\"_ _6\"></span>2.59<span class=\"_ _3d5\"> </span>82.59<span class=\"_ _3d5\"> </span>39,766<span class=\"_ _3d5\"> </span>32,890<span class=\"_ _3d5\"> </span>PERE<span class=\"_ _1\"></span>CA <span class=\"_ _6\"></span>11 <span class=\"_ _6\"></span>SP<span class=\"_ _6\"></span>\u00d3<span class=\"_ _6\"></span>\u0141KA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Z <span class=\"_ _6\"></span>OGRA<span class=\"_ _1\"></span>NI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>ZON\u0104<span class=\"_ _6\"></span> ODP<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>O\u015a<span class=\"_ _6\"></span>CI\u0104<span class=\"_ _1\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>32,375<span class=\"_ _3d5\"> </span>31,881<span class=\"_ _3d5\"> </span>PFG<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _265\"> </span>89.23<span class=\"_ _3d5\"> </span>89.23<span class=\"_ _3d5\"> </span>71,876<span class=\"_ _3d5\"> </span>77,992<span class=\"_ _3d5\"> </span>PFG<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ege<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tsb<span class=\"_ _6\"></span>ew<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tung<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H &amp; C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 92.88<span class=\"_ _3d5\"> </span>92.88<span class=\"_ _3d5\"> </span>12,940<span class=\"_ _3d5\"> </span>12,663<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>rze<span class=\"_ _6\"></span>llan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e 4<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ege<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>erw<span class=\"_ _6\"></span>altu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g Gmb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>13,707<span class=\"_ _3d5\"> </span>13,576<span class=\"_ _3d5\"> </span>PRI<span class=\"_ _6\"></span>VAT<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>JOI<span class=\"_ _6\"></span>NT-<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CK <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span>PAN<span class=\"_ _6\"></span>Y<span class=\"_ _6\"></span> \"INS<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span>RAN<span class=\"_ _1\"></span>CE <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OMP<span class=\"_ _6\"></span>ANY<span class=\"_ _1\"></span> \"K<span class=\"_ _6\"></span>NIA<span class=\"_ _1\"></span>ZHA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>LIFE<span class=\"_ _6\"></span> VIEN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>NS<span class=\"_ _6\"></span>URA<span class=\"_ _1\"></span>NCE<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OU<span class=\"_ _6\"></span>P\"<span class=\"_ _6\"></span> Ukraine<span class=\"_ _6\"></span> <span class=\"_ _15e\"> </span>Kyiv 99.81<span class=\"_ _3d5\"> </span>99.81<span class=\"_ _3d5\"> </span>6,515<span class=\"_ _3d5\"> </span>2,922<span class=\"_ _3d5\"> </span>Priv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Jo<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>-S<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k C<span class=\"_ _6\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>\" <span class=\"_ _6\"></span>Insu<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> \"U<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>G \"<span class=\"_ _6\"></span> Ukraine<span class=\"_ _6\"></span> <span class=\"_ _15e\"> </span>Kyiv 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>14,158<span class=\"_ _3d5\"> </span>16,528<span class=\"_ _3d5\"> </span>PRI<span class=\"_ _6\"></span>VAT<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>JOI<span class=\"_ _6\"></span>NT-<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CK <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span>PAN<span class=\"_ _6\"></span>Y<span class=\"_ _6\"></span> \"UK<span class=\"_ _6\"></span>RAI<span class=\"_ _6\"></span>NIA<span class=\"_ _1\"></span>N <span class=\"_ _6\"></span>INSU<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span>PANY<span class=\"_ _1\"></span> \"KNI<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>ZHA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIEN<span class=\"_ _1\"></span>NA <span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>URA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE <span class=\"_ _6\"></span>GR<span class=\"_ _1\"></span>OUP\"<span class=\"_ _6\"></span> Ukraine<span class=\"_ _6\"></span> <span class=\"_ _15e\"> </span>Kyiv 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,922<span class=\"_ _3d5\"> </span>10,219<span class=\"_ _3d5\"> </span>PRO<span class=\"_ _6\"></span>GRE<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>igun<span class=\"_ _1\"></span>gsg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>.m<span class=\"_ _6\"></span>.b<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _380\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _265\"> </span>70.00<span class=\"_ _3d5\"> </span>70.00<span class=\"_ _3d5\"> </span>18,813<span class=\"_ _3d5\"> </span>17,769<span class=\"_ _3d5\"> </span>Proj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt<span class=\"_ _6\"></span>bau<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>esm<span class=\"_ _1\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>24,377<span class=\"_ _3d5\"> </span>14,106<span class=\"_ _3d5\"> </span>Proj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt<span class=\"_ _6\"></span>bau<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _6b\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>25,181<span class=\"_ _3d5\"> </span>14,183<span class=\"_ _3d5\"> </span>Rath<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>\u00dfe<span class=\"_ _6\"></span> 8<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>gen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>aft<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>tung<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,125<span class=\"_ _3d5\"> </span>1,087<span class=\"_ _3d5\"> </span>Ray<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>ta <span class=\"_ _6\"></span>A.<span class=\"_ _6\"></span>\u015e.<span class=\"_ _6\"></span> <span class=\"_ _17d\"> </span>T<span class=\"_ _6\"></span>\u00fcrkiye <span class=\"_ _1d5\"> </span>Is<span class=\"_ _6\"></span>tanbul <span class=\"_ _59\"> </span>94<span class=\"_ _6\"></span>.96<span class=\"_ _3d5\"> </span>94.96<span class=\"_ _3d5\"> </span>59,722<span class=\"_ _3d5\"> </span>44,622<span class=\"_ _3d5\"> </span>R\u00f6\u00dfl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>e B<span class=\"_ _6\"></span>au<span class=\"_ _1\"></span>te<span class=\"_ _6\"></span>il D<span class=\"_ _1\"></span>rei <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1a2\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>11,885<span class=\"_ _3d5\"> </span>11,841<span class=\"_ _3d5\"> </span>R\u00f6\u00dfl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>e B<span class=\"_ _6\"></span>au<span class=\"_ _1\"></span>te<span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Zwe<span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>30,413<span class=\"_ _3d5\"> </span>30,241<span class=\"_ _3d5\"> </span>S -<span class=\"_ _6\"></span> bud<span class=\"_ _1\"></span>ov<span class=\"_ _6\"></span>y, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>3,040<span class=\"_ _3d5\"> </span>3,189<span class=\"_ _3d5\"> </span>Sch<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>rin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>21<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>\u00fc<span class=\"_ _6\"></span>roh<span class=\"_ _6\"></span>au<span class=\"_ _6\"></span>s E<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>und<span class=\"_ _6\"></span> Verm<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>etun<span class=\"_ _1\"></span>gs <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>5,756<span class=\"_ _3d5\"> </span>5,737<span class=\"_ _3d5\"> </span>SECU<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span> ma<span class=\"_ _6\"></span>j<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>kov<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>vna<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>a p<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>v\u00e1 s.r<span class=\"_ _6\"></span>.o.<span class=\"_ _6\"></span> Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>7,444<span class=\"_ _3d5\"> </span>7,505<span class=\"_ _3d5\"> </span>Sen<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>enz<span class=\"_ _1\"></span> Fu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rerp<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>rri<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s-<span class=\"_ _6\"></span> und<span class=\"_ _6\"></span> Ve<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>tun<span class=\"_ _1\"></span>gs <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>-7,293<span class=\"_ _3d5\"> </span>-6,998<span class=\"_ _3d5\"> </span>Sen<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>enz<span class=\"_ _1\"></span> Ve<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k Er<span class=\"_ _6\"></span>rich<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s-<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Verw<span class=\"_ _1\"></span>altu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 66.70<span class=\"_ _3d5\"> </span>66.70<span class=\"_ _3d5\"> </span>8,343<span class=\"_ _3d5\"> </span>8,146<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\u201cA<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>au<span class=\"_ _6\"></span>kst<span class=\"_ _6\"></span>a 1<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>/15<span class=\"_ _6\"></span>\u201d<span class=\"_ _6\"></span> <span class=\"_ _283\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>933<span class=\"_ _3d5\"> </span>937<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\u201cA<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>til<span class=\"_ _6\"></span>\u0113r<span class=\"_ _6\"></span>ij<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>5\u201d<span class=\"_ _6\"></span> <span class=\"_ _1b7\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,111<span class=\"_ _3d5\"> </span>1,146<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\u201c\u0122<span class=\"_ _1\"></span>ertr<span class=\"_ _6\"></span>\u016bd<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>121<span class=\"_ _6\"></span>\u201d<span class=\"_ _6\"></span> <span class=\"_ _381\"> </span>Latvia <span class=\"_ _1ba\"> </span>Rig<span class=\"_ _6\"></span>a <span class=\"_ _1b8\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>3,118<span class=\"_ _3d5\"> </span>3,414<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\"G<span class=\"_ _6\"></span>lob<span class=\"_ _1\"></span>al A<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e B<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c\"<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>250<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\"L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>On\"<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>Latvia <span class=\"_ _1ba\"> </span>Riga <span class=\"_ _1b8\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>70.00<span class=\"_ _3d5\"> </span>27,445<span class=\"_ _3d5\"> </span>26,699<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\"L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>On<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>rnu\"<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>Latvia <span class=\"_ _15a\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,093<span class=\"_ _3d5\"> </span>1,696<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>eOn<span class=\"_ _6\"></span> T<span class=\"_ _6\"></span>erb<span class=\"_ _1\"></span>atas<span class=\"_ _6\"></span> <span class=\"_ _18e\"> </span>Latvia<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Riga <span class=\"_ _1b8\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>5,017<span class=\"_ _3d5\"> </span>5,191<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\"U<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ban<span class=\"_ _6\"></span> Sp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e\"<span class=\"_ _6\"></span> <span class=\"_ _1b7\"> </span>Latvia <span class=\"_ _1ba\"> </span>Rig<span class=\"_ _6\"></span>a <span class=\"_ _1b8\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>360<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>SIG<span class=\"_ _6\"></span>MA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIEN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>NS<span class=\"_ _6\"></span>URA<span class=\"_ _1\"></span>NC<span class=\"_ _6\"></span>E GR<span class=\"_ _1\"></span>OU<span class=\"_ _6\"></span>P <span class=\"_ _6\"></span>Sho<span class=\"_ _6\"></span>q<span class=\"_ _6\"></span>\u00ebri<span class=\"_ _6\"></span> Aks<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ona<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span> Alban<span class=\"_ _6\"></span>ia <span class=\"_ _15f\"> </span>Tirana 89.05<span class=\"_ _3d5\"> </span>89.05<span class=\"_ _3d5\"> </span>18,095<span class=\"_ _3d5\"> </span>17,077<span class=\"_ _3d5\"> </span>SK B<span class=\"_ _6\"></span>M<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>.r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _20b\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava <span class=\"_ _65\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>13,562<span class=\"_ _3d5\"> </span>13,345<span class=\"_ _3d5\"> </span>SMAR<span class=\"_ _6\"></span>DA<span class=\"_ _1\"></span>N 5<span class=\"_ _6\"></span> DE<span class=\"_ _6\"></span>VE<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>OP<span class=\"_ _6\"></span>ME<span class=\"_ _6\"></span>NT<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.R<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>L.<span class=\"_ _6\"></span> <span class=\"_ _34\"> </span>Romania <span class=\"_ _19e\"> </span>B<span class=\"_ _6\"></span>ucharest <span class=\"_ _382\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,960<span class=\"_ _3d5\"> </span>5,022<span class=\"_ _3d5\"> </span><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2523\">Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2524\">domicile<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2525\">Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2526\">Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs2527\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2528\">Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs2529\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs252a\">Equity 2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs252b\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs252c\">Equity 2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs252d\">2<span class=\"_ _3d5\"> </span></div><div class=\"c w2a h28 gs252e\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w2a h28 gs252f\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs2530\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs2531\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs2532\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs2533\"><div class=\"t m0 x0 h29 y128 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2534\">Sto<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2535\">Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> MA<span class=\"_ _6\"></span>K<span class=\"_ _6\"></span>ED<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>JA <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>kop<span class=\"_ _6\"></span>je -<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2536\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2537\">North Macedonia<span class=\"_ _6\"></span> <span class=\"_ _372\"> </span>Sk<span class=\"_ _7\"></span>opje<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2538\">94.50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2539\">94.36<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs253a\">25,410<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs253b\">25,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs253c\">SVZ <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _209\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs253d\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs253e\">230,374<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs253f\">203,598<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2540\">SVZD<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _37\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2541\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2542\">63,227<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2543\">62,031<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2544\">SVZ<span class=\"_ _6\"></span>I G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _30b\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2545\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2546\">221,098<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2547\">200,314<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2548\">T 12<span class=\"_ _6\"></span>5 <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _34b\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2549\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs254a\">9,256<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs254b\">9,179<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs254c\">TEC<span class=\"_ _6\"></span>HBA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>E S<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce P<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>k Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs254d\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs254e\">13,993<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs254f\">13,649<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2550\">twin<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cs <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _18e\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2551\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2552\">3,797<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2553\">3,403<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2554\">UAB<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>veOn<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>km<span class=\"_ _6\"></span>enu<span class=\"_ _1\"></span> <span class=\"_ _383\"> </span>Lithuania <span class=\"_ _32\"> </span>Vilnius <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2555\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2556\">6,446<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2557\">3,660<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2558\">UNI<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup B<span class=\"_ _1\"></span>iz<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>s\u00ed<span class=\"_ _6\"></span>t\u00f3<span class=\"_ _6\"></span> Zr<span class=\"_ _6\"></span>t.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2559\">Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest <span class=\"_ _323\"> </span>98<span class=\"_ _6\"></span>.64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs255a\">98.64<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs255b\">28,738<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs255c\">36,082<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs255d\">Unte<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e D<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>au<span class=\"_ _6\"></span>l\u00e4n<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> 40<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _186\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs255e\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs255f\">11,453<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2560\">11,383<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2561\">Vien<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Ga<span class=\"_ _6\"></span>tve<span class=\"_ _6\"></span> In<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>O\u00dc<span class=\"_ _6\"></span> <span class=\"_ _215\"> </span>Est<span class=\"_ _6\"></span>onia <span class=\"_ _1d5\"> </span>Tallinn<span class=\"_ _6\"></span> <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2562\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2563\">131<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2564\">44<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2565\">Vien<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Ga<span class=\"_ _6\"></span>tve<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>SIA<span class=\"_ _6\"></span> <span class=\"_ _151\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2566\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2567\">1,576<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2568\">1,624<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2569\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>Lif<span class=\"_ _6\"></span>e T<span class=\"_ _1\"></span>ow<span class=\"_ _6\"></span>arz<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>stw<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze<span class=\"_ _6\"></span>\u0144 n<span class=\"_ _6\"></span>a </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs256a\">\u017by<span class=\"_ _6\"></span>cie <span class=\"_ _6\"></span>S.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Ins<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs256b\">Poland <span class=\"_ _150\"> </span>Warsaw </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs256c\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs256d\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs256e\">10,608<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs256f\">5,971<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2570\">V\u0130EN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span>L\u0130<span class=\"_ _6\"></span>FE<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>ME<span class=\"_ _6\"></span>KL<span class=\"_ _6\"></span>\u0130<span class=\"_ _6\"></span>L\u0130<span class=\"_ _6\"></span>K <span class=\"_ _6\"></span>VE <span class=\"_ _6\"></span>HAY<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>T A<span class=\"_ _1\"></span>NON<span class=\"_ _6\"></span>\u0130<span class=\"_ _6\"></span>M </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2571\">\u015e\u0130RK<span class=\"_ _6\"></span>ET<span class=\"_ _6\"></span>\u0130<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2572\">T\u00fcrkiye <span class=\"_ _37b\"> </span>Istanbu<span class=\"_ _6\"></span>l </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2573\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2574\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2575\">46,117<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2576\">38,063<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2577\">Vienn<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>-Lif<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Le<span class=\"_ _6\"></span>ben<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>eru<span class=\"_ _6\"></span>ng A<span class=\"_ _1\"></span>G <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2578\">Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2579\">Liechtenstein<span class=\"_ _6\"></span> <span class=\"_ _384\"> </span>Bend<span class=\"_ _6\"></span>ern </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs257a\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs257b\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs257c\">15,484<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs257d\">9,313<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs257e\">VIG-A<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>gu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _18\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs257f\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2580\">309,593<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2581\">354,694<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2582\">VIG-<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>Z R<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Est<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _55\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2583\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2584\">147,640<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2585\">147,548<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2586\">V.I.<span class=\"_ _6\"></span>G.<span class=\"_ _6\"></span> N<span class=\"_ _6\"></span>D,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2587\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2588\">96,211<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2589\">99,386<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs258a\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ka Sp<span class=\"_ _1\"></span>\u00f3<span class=\"_ _6\"></span>\u0142ka<span class=\"_ _6\"></span> z </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs258b\">org<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>czon<span class=\"_ _6\"></span>\u0105 <span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>owi<span class=\"_ _6\"></span>edz<span class=\"_ _1\"></span>ialn<span class=\"_ _1\"></span>o\u015b<span class=\"_ _6\"></span>ci\u0105<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs258c\">Poland <span class=\"_ _150\"> </span>Warsaw </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs258d\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs258e\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs258f\">13,935<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2590\">18,256<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2591\">VIG B<span class=\"_ _1\"></span>ef<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ktet<span class=\"_ _6\"></span>\u00e9s<span class=\"_ _6\"></span>i A<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>ke<span class=\"_ _6\"></span>ze<span class=\"_ _6\"></span>l\u0151<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>ya<span class=\"_ _6\"></span>ror<span class=\"_ _6\"></span>sz<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>g </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2592\">Z\u00e1r<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>k\u00f6r\u0171<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>M\u0171<span class=\"_ _6\"></span>k\u00f6<span class=\"_ _6\"></span>d\u0151<span class=\"_ _6\"></span> R\u00e9<span class=\"_ _6\"></span>sz<span class=\"_ _6\"></span>v\u00e9n<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>t\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2593\">Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2594\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2595\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2596\">13,940<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2597\">8,415<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2598\">VIG <span class=\"_ _6\"></span>FU<span class=\"_ _6\"></span>ND<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _43\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2599\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs259a\">273,607<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs259b\">276,262<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs259c\">VIG <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _31\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs259d\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs259e\">21,990<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs259f\">21,905<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25a0\">VIG <span class=\"_ _6\"></span>HU<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25a1\">99,800<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25a2\">VIG <span class=\"_ _6\"></span>IT<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Dig<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>olu<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _385\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25a3\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25a4\">6,916<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25a5\">VIG M<span class=\"_ _1\"></span>ag<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>aro<span class=\"_ _6\"></span>rsz<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kte<span class=\"_ _6\"></span>t\u00e9<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span> Z<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>rtk<span class=\"_ _6\"></span>\u00f6r<span class=\"_ _6\"></span>\u0171en<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25a6\">M\u0171k<span class=\"_ _6\"></span>\u00f6d<span class=\"_ _6\"></span>\u0151 R<span class=\"_ _6\"></span>\u00e9s<span class=\"_ _6\"></span>z<span class=\"_ _6\"></span>v\u00e9n<span class=\"_ _6\"></span>t\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25a7\">Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25a8\">90.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25a9\">55.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25aa\">728,742<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25ab\">197,606<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25ac\">VIG <span class=\"_ _6\"></span>Of<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>ces<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.o.<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span>Slov<span class=\"_ _7\"></span>akia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25ad\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25ae\">10,950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25af\">15,945<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25b0\">VIG <span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> Bu<span class=\"_ _1\"></span>lga<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ia A<span class=\"_ _6\"></span>D <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>iqu<span class=\"_ _1\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _17b\"> </span>Bulgaria <span class=\"_ _18a\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span>99.9<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25b1\">99.97<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25b2\">948<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25b3\">1,084<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25b4\">VIG R<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>aj<span class=\"_ _6\"></span>i\u0161<span class=\"_ _6\"></span>\u0165o<span class=\"_ _6\"></span>vn<span class=\"_ _6\"></span>a,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25b5\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25b6\">294,932<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25b7\">140,255<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25b8\">VIG R<span class=\"_ _6\"></span>EA<span class=\"_ _1\"></span>L <span class=\"_ _6\"></span>ESTA<span class=\"_ _1\"></span>TE <span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>OO<span class=\"_ _6\"></span> <span class=\"_ _386\"> </span>Serbia<span class=\"_ _6\"></span> <span class=\"_ _387\"> </span>Belgrade <span class=\"_ _30c\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25b9\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25ba\">2,205<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25bb\">10,672<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25bc\">VIG T<span class=\"_ _1\"></span>\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g B<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>V.<span class=\"_ _6\"></span> <span class=\"_ _e1\"> </span>Netherland<span class=\"_ _6\"></span>s <span class=\"_ _388\"> </span>Ams<span class=\"_ _6\"></span>terdam <span class=\"_ _1ce\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25bd\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25be\">32,288<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25bf\">32,288<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25c0\">VIG <span class=\"_ _6\"></span>ZP<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s. <span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _43\"> </span>S<span class=\"_ _6\"></span>lovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava <span class=\"_ _65\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25c1\">99.22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25c2\">21,228<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25c3\">VIVE<span class=\"_ _6\"></span>CA<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>ilig<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _3c\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25c4\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25c5\">36,649<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25c6\">31,175<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25c7\">WGP<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _69\"> </span>Aust<span class=\"_ _6\"></span>ria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25c8\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25c9\">106,537<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25ca\">105,287<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25cb\">WIBG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span> KG<span class=\"_ _6\"></span> <span class=\"_ _151\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25cc\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25cd\">80,193<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25ce\">80,258<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25cf\">WIBG<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ktent<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span>lung<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> <span class=\"_ _389\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25d0\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25d1\">80,557<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25d2\">80,191<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25d3\">Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>Osi<span class=\"_ _6\"></span>gu<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>je <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Gr<span class=\"_ _6\"></span>oup<span class=\"_ _1\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25d4\">ad<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25d5\">Bosnia-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25d6\">Herzegovina<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25d7\">Banja Luka<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25d8\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25d9\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25da\">9,055<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25db\">8,898<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25dc\">Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r o<span class=\"_ _6\"></span>sig<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span> Vi<span class=\"_ _6\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25dd\">dio<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>\u010dk<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>\u0161t<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>nj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25de\">Croatia <span class=\"_ _373\"> </span>Zagreb </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25df\">97.82<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25e0\">97.82<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25e1\">68,322<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25e2\">39,009<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25e3\">WIE<span class=\"_ _6\"></span>NER<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ak<span class=\"_ _6\"></span>cion<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ko<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>ru\u0161<span class=\"_ _6\"></span>tv<span class=\"_ _6\"></span>o z<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25e4\">reos<span class=\"_ _6\"></span>igu<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>j<span class=\"_ _6\"></span>e </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25e5\">Serbia<span class=\"_ _6\"></span> <span class=\"_ _387\"> </span>Belgrade </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25e6\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25e7\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25e8\">8,640<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25e9\">7,305<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25ea\">WIE<span class=\"_ _6\"></span>NER<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ST\u00c4<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>TIS<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>HE<span class=\"_ _6\"></span> O<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>GUR<span class=\"_ _6\"></span>AN<span class=\"_ _6\"></span>JE<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25eb\">ak<span class=\"_ _6\"></span>cion<span class=\"_ _1\"></span>ars<span class=\"_ _6\"></span>ko<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>rus<span class=\"_ _6\"></span>tv<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>za<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25ec\">Serbia<span class=\"_ _6\"></span> <span class=\"_ _387\"> </span>Belgrade </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25ed\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25ee\">100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25ef\">43,591<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25f0\">39,289<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25f1\">WIE<span class=\"_ _6\"></span>NER<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ST\u00c4<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>TIS<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>HE<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ERS<span class=\"_ _1\"></span>ICHER<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>G <span class=\"_ _6\"></span>AG </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25f2\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25f3\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25f4\">97.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25f5\">97.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs25f6\">670,369<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs25f7\">633,264<span class=\"_ _3d5\"> </span></div>Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span>domicile<span class=\"_ _3d5\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2  <span class=\"_ _111\"> </span>  <span class=\"_ _83\"> </span>  <span class=\"_ _1b9\"> </span>in <span class=\"_ _6\"></span>%<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EU<span class=\"_ _6\"></span>R \u201800<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>in EU<span class=\"_ _6\"></span>R \u201800<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>WI<span class=\"_ _2\"></span>ENE<span class=\"_ _2\"></span>R TO<span class=\"_ _2\"></span>WA<span class=\"_ _7\"></span>RZ<span class=\"_ _2\"></span>YS<span class=\"_ _2\"></span>TWO<span class=\"_ _2\"></span> UB<span class=\"_ _2\"></span>EZP<span class=\"_ _2\"></span>IEC<span class=\"_ _2\"></span>ZE<span class=\"_ _2\"></span>\u0143 SP<span class=\"_ _2\"></span>\u00d3\u0141<span class=\"_ _2\"></span>KA <span class=\"_ _7\"></span>AK<span class=\"_ _2\"></span>CYJ<span class=\"_ _2\"></span>NA <span class=\"_ _2\"></span>VI<span class=\"_ _2\"></span>ENN<span class=\"_ _7\"></span>A <span class=\"_ _2\"></span>INS<span class=\"_ _2\"></span>UR<span class=\"_ _7\"></span>AN<span class=\"_ _7\"></span>CE<span class=\"_ _2\"></span> G<span class=\"_ _2\"></span>RO<span class=\"_ _7\"></span>UP<span class=\"_ _2\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>77,282<span class=\"_ _3d5\"> </span>43,631<span class=\"_ _3d5\"> </span>WI<span class=\"_ _2\"></span>ENE<span class=\"_ _2\"></span>R V<span class=\"_ _2\"></span>EREI<span class=\"_ _10\"></span>N <span class=\"_ _7\"></span>BES<span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>ATT<span class=\"_ _10\"></span>UNGS<span class=\"_ _2\"></span>- <span class=\"_ _7\"></span>U<span class=\"_ _7\"></span>ND<span class=\"_ _10\"></span> V<span class=\"_ _7\"></span>ER<span class=\"_ _7\"></span>SI<span class=\"_ _2\"></span>CH<span class=\"_ _2\"></span>ERUN<span class=\"_ _7\"></span>GS<span class=\"_ _2\"></span>SE<span class=\"_ _2\"></span>RVI<span class=\"_ _2\"></span>CE<span class=\"_ _7\"></span>-<span class=\"_ _7\"></span>GE<span class=\"_ _7\"></span>SE<span class=\"_ _7\"></span>L<span class=\"_ _7\"></span>LS<span class=\"_ _2\"></span>CH<span class=\"_ _2\"></span>AFT<span class=\"_ _7\"></span> M.<span class=\"_ _2\"></span>B.H<span class=\"_ _2\"></span>. Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,594<span class=\"_ _3d5\"> </span>2,116<span class=\"_ _3d5\"> </span>WI<span class=\"_ _6\"></span>LA G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _35\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>37,473<span class=\"_ _3d5\"> </span>37,119<span class=\"_ _3d5\"> </span>WIN<span class=\"_ _6\"></span>O G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _e9\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>69,227<span class=\"_ _3d5\"> </span>64,713<span class=\"_ _3d5\"> </span>WN<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tsb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>z G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _15a\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>6,791<span class=\"_ _3d5\"> </span>6,187<span class=\"_ _3d5\"> </span>Woh<span class=\"_ _6\"></span>nqu<span class=\"_ _1\"></span>arti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r 1<span class=\"_ _6\"></span>1b<span class=\"_ _6\"></span> Im<span class=\"_ _1\"></span>mob<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _37d\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>8,773<span class=\"_ _3d5\"> </span>Woh<span class=\"_ _6\"></span>nqu<span class=\"_ _1\"></span>arti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r 1<span class=\"_ _6\"></span>2b<span class=\"_ _6\"></span> Im<span class=\"_ _1\"></span>mob<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _37d\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>97.75<span class=\"_ _3d5\"> </span>13,641<span class=\"_ _3d5\"> </span>WSBV B<span class=\"_ _6\"></span>eteiligung<span class=\"_ _6\"></span>sverwaltung<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H &amp; Co KG<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>50,192<span class=\"_ _3d5\"> </span>25,371<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>V B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Imm<span class=\"_ _6\"></span>oh<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>din<span class=\"_ _1\"></span>g G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _2d\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _383\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>97,800<span class=\"_ _3d5\"> </span>93,136<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>VA <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>ftb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>56,160<span class=\"_ _3d5\"> </span>55,423<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>VB <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>ftb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>41,738<span class=\"_ _3d5\"> </span>41,611<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>VC L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ege<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H <span class=\"_ _15a\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>21,352<span class=\"_ _3d5\"> </span>21,327<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Imm<span class=\"_ _6\"></span>oh<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _1bc\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>623,271<span class=\"_ _3d5\"> </span>582,027<span class=\"_ _3d5\"> </span>WSV Triesterst<span class=\"_ _6\"></span>ra\u00dfe 91 B<span class=\"_ _6\"></span>esitz Gm<span class=\"_ _6\"></span>bH &amp; Co KG<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>81,453<span class=\"_ _3d5\"> </span>80,979<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Ver<span class=\"_ _6\"></span>m\u00f6g<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rwa<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,367<span class=\"_ _3d5\"> </span>10,695<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>The sh<span class=\"_ _7\"></span>are in equi<span class=\"_ _7\"></span>ty eq<span class=\"_ _6\"></span>uals th<span class=\"_ _7\"></span>e share in voting rights before non-controlli<span class=\"_ _7\"></span>ng interests. 2 <span class=\"_ _3\"> </span>The capi<span class=\"_ _7\"></span>tal value sh<span class=\"_ _7\"></span>own corresponds to the latest local annual<span class=\"_ _7\"></span> financial statements available.<span class=\"_ _3d5\"> </span>At equity con<span class=\"_ _6\"></span>solidate<span class=\"_ _6\"></span>d com<span class=\"_ _6\"></span>panies<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span><span class=\"fsf\">C<span class=\"_ _7\"></span>ountry of<span class=\"_ _6\"></span> domicil<span class=\"_ _6\"></span>e <span class=\"_ _38a\"> </span>Registere<span class=\"_ _6\"></span>d </span>off<span class=\"_ _6\"></span>ice Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Bet<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>lig<span class=\"_ _6\"></span>ung<span class=\"_ _1\"></span>s-<span class=\"_ _6\"></span> und<span class=\"_ _1\"></span> Im<span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Linz <span class=\"_ _38b\"> </span>25.00<span class=\"_ _3d5\"> </span>25.00<span class=\"_ _3d5\"> </span>21,515<span class=\"_ _3d5\"> </span>20,405<span class=\"_ _3d5\"> </span>Be<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>il<span class=\"_ _2\"></span>ig<span class=\"_ _7\"></span>un<span class=\"_ _7\"></span>gs<span class=\"_ _2\"></span>- u<span class=\"_ _2\"></span>nd<span class=\"_ _7\"></span> W<span class=\"_ _2\"></span>oh<span class=\"_ _7\"></span>nu<span class=\"_ _7\"></span>n<span class=\"_ _2\"></span>gsa<span class=\"_ _2\"></span>nla<span class=\"_ _2\"></span>ge<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>Gm<span class=\"_ _2\"></span>bH<span class=\"_ _2\"></span> <span class=\"_ _38c\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Linz <span class=\"_ _38b\"> </span>25.00<span class=\"_ _3d5\"> </span>25.00<span class=\"_ _3d5\"> </span>245,881<span class=\"_ _3d5\"> </span>237,778<span class=\"_ _3d5\"> </span>CR<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>N-<span class=\"_ _6\"></span>WS<span class=\"_ _6\"></span>F s<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>l.<span class=\"_ _6\"></span> s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _3f\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _380\"> </span>Prague <span class=\"_ _6b\"> </span>30.00<span class=\"_ _3d5\"> </span>30.00<span class=\"_ _3d5\"> </span>3,553<span class=\"_ _3d5\"> </span>7,740<span class=\"_ _3d5\"> </span>ERST<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> d.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>a u<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>vlj<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>bv<span class=\"_ _6\"></span>ezn<span class=\"_ _6\"></span>im<span class=\"_ _1\"></span> i dob<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>vljn<span class=\"_ _6\"></span>im<span class=\"_ _1\"></span> mi<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ovin<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>kim<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>o<span class=\"_ _6\"></span>vim<span class=\"_ _6\"></span>a Croatia <span class=\"_ _37e\"> </span>Zagreb<span class=\"_ _6\"></span> 25.30<span class=\"_ _3d5\"> </span>25.30<span class=\"_ _3d5\"> </span>17,757<span class=\"_ _3d5\"> </span>16,131<span class=\"_ _3d5\"> </span>Gew<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>-W<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>beg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lls<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>m.<span class=\"_ _6\"></span>b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _38d\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna <span class=\"_ _67\"> </span>33.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>33.00<span class=\"_ _3d5\"> </span>145,504<span class=\"_ _3d5\"> </span>128,915<span class=\"_ _3d5\"> </span>\u00d6ste<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ich<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rke<span class=\"_ _6\"></span>hr<span class=\"_ _6\"></span>sb\u00fc<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span> Ak<span class=\"_ _6\"></span>tien<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>chaf<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna 36.58<span class=\"_ _3d5\"> </span>36.58<span class=\"_ _3d5\"> </span>22,998<span class=\"_ _3d5\"> </span>53,300<span class=\"_ _3d5\"> </span>Towarzystw<span class=\"_ _6\"></span>o Ub<span class=\"_ _6\"></span>ezpiecze\u0144 Wz<span class=\"_ _6\"></span>ajemnych \u201eTU<span class=\"_ _6\"></span>W\" Poland <span class=\"_ _2b\"> </span>Warsaw<span class=\"_ _6\"></span> 52.16<span class=\"_ _3d5\"> </span>52.16<span class=\"_ _3d5\"> </span>68,580<span class=\"_ _3d5\"> </span>49,703<span class=\"_ _3d5\"> </span>VB<span class=\"_ _6\"></span>V - <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>rieb<span class=\"_ _1\"></span>lic<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>lte<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ors<span class=\"_ _6\"></span>org<span class=\"_ _1\"></span>e A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _38e\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna <span class=\"_ _67\"> </span>25.<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span>25.32<span class=\"_ _3d5\"> </span>318,191<span class=\"_ _3d5\"> </span>311,808<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>The sh<span class=\"_ _7\"></span>are in equi<span class=\"_ _7\"></span>ty eq<span class=\"_ _6\"></span>uals th<span class=\"_ _7\"></span>e share in voting rights before non-controlli<span class=\"_ _7\"></span>ng interests. 2 <span class=\"_ _3\"> </span>The capi<span class=\"_ _7\"></span>tal value sh<span class=\"_ _7\"></span>own corresponds to the latest local annual<span class=\"_ _7\"></span> financial statements available. Non-consolidate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> compa<span class=\"_ _6\"></span>nies <span class=\"_ _1a7\"> </span><span class=\"fsf\">Co<span class=\"_ _6\"></span>untry of dom<span class=\"_ _6\"></span>icile <span class=\"_ _2c\"> </span>Registered of<span class=\"_ _6\"></span>fice <span class=\"_ _2c\"> </span>I<span class=\"_ _6\"></span>ntere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span></span>1<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>\"As<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>y\" U<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>ssi<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Se<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e\" <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>LC <span class=\"_ _aa\"> </span>Ukraine<span class=\"_ _6\"></span> <span class=\"_ _6b\"> </span>Kyiv <span class=\"_ _17f\"> </span>100.00<span class=\"_ _3d5\"> </span>\"LI<span class=\"_ _6\"></span>FETR<span class=\"_ _1\"></span>UST<span class=\"_ _6\"></span>\"<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>td<span class=\"_ _6\"></span> <span class=\"_ _38f\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>100.00<span class=\"_ _3d5\"> </span>\"WIE<span class=\"_ _6\"></span>NE<span class=\"_ _6\"></span>R A<span class=\"_ _1\"></span>UT<span class=\"_ _6\"></span>O <span class=\"_ _6\"></span>CEN<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>AR\"<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>d.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _1f7\"> </span>Bos<span class=\"_ _6\"></span>nia-Herzegovina<span class=\"_ _6\"></span> <span class=\"_ _17c\"> </span>B<span class=\"_ _6\"></span>anja Luka<span class=\"_ _6\"></span> <span class=\"_ _382\"> </span>100.00<span class=\"_ _3d5\"> </span>AEG<span class=\"_ _6\"></span>ON <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ER<span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>SP<span class=\"_ _6\"></span>\u00d3<span class=\"_ _6\"></span>\u0141KA <span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>OGRA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>CZO<span class=\"_ _6\"></span>N\u0104 <span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>IED<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>IAL<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>O\u015a<span class=\"_ _6\"></span>CI\u0104<span class=\"_ _6\"></span> <span class=\"_ _2d4\"> </span>Poland<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _383\"> </span>100.00<span class=\"_ _3d5\"> </span>AEG<span class=\"_ _6\"></span>ON <span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>OWA<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>ZY<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>O U<span class=\"_ _6\"></span>BE<span class=\"_ _6\"></span>ZP<span class=\"_ _6\"></span>IE<span class=\"_ _6\"></span>CZ<span class=\"_ _6\"></span>E\u0143 <span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>\u017bY<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>IE <span class=\"_ _6\"></span>SP<span class=\"_ _6\"></span>\u00d3<span class=\"_ _6\"></span>\u0141KA <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>K<span class=\"_ _6\"></span>CY<span class=\"_ _6\"></span>JNA<span class=\"_ _6\"></span> <span class=\"_ _157\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _383\"> </span>100.00<span class=\"_ _3d5\"> </span>AIS <span class=\"_ _6\"></span>Se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vis<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span> s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _390\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Brno <span class=\"_ _40\"> </span>98.<span class=\"_ _6\"></span>10<span class=\"_ _3d5\"> </span>Ak<span class=\"_ _6\"></span>cion<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>ko d<span class=\"_ _1\"></span>ru\u017e<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>o z<span class=\"_ _6\"></span>a \u017e<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span>tno<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>osi<span class=\"_ _6\"></span>gu<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>j<span class=\"_ _6\"></span>e W<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> St<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>odg<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>ca,<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce G<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>up<span class=\"_ _3d5\"> </span>Monteneg<span class=\"_ _6\"></span>ro <span class=\"_ _50\"> </span>Pod<span class=\"_ _6\"></span>gorica <span class=\"_ _30c\"> </span>100.00<span class=\"_ _3d5\"> </span>Alf<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>K\u00f6z<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>\u00edt\u0151 <span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _224\"> </span>Hun<span class=\"_ _6\"></span>gary <span class=\"_ _72\"> </span>Budap<span class=\"_ _6\"></span>est <span class=\"_ _383\"> </span>90.00<span class=\"_ _3d5\"> </span>Amad<span class=\"_ _1\"></span>i G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _268\"> </span>German<span class=\"_ _6\"></span>y <span class=\"_ _83\"> </span>Wiesbaden <span class=\"_ _191\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>AQU<span class=\"_ _6\"></span>ILA<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>au<span class=\"_ _6\"></span>sm<span class=\"_ _1\"></span>ana<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _391\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span>ARE<span class=\"_ _6\"></span>AL<span class=\"_ _6\"></span>IS <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>ieg<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>cha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span>sm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _10e\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>48.87<span class=\"_ _3d5\"> </span>arit<span class=\"_ _6\"></span>hm<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>tic<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>tin<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mbH<span class=\"_ _6\"></span> <span class=\"_ _200\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>98.3<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2637\">Non-consolidate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> compa<span class=\"_ _6\"></span>nies <span class=\"_ _145\"> </span><span class=\"fsf\">Co<span class=\"_ _6\"></span>untry of domi<span class=\"_ _6\"></span>cile <span class=\"_ _2c\"> </span>Registered of<span class=\"_ _6\"></span>fice <span class=\"_ _2c\"> </span>Int<span class=\"_ _6\"></span>erest <span class=\"_ _6\"></span>2023</span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs2638\">1</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2639\"> <span class=\"_ _1d2\"> </span> <span class=\"_ _352\"> </span> <span class=\"_ _193\"> </span><span class=\"fca\">in %<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs263a\">Auto<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>sp<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>. s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _8f\"> </span>Czech R<span class=\"_ _6\"></span>epub<span class=\"_ _6\"></span>lic <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>98.1<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs263b\">Auto<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>um <span class=\"_ _6\"></span>Lu<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>\u00e1\u0161 <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _1ff\"> </span>Czech R<span class=\"_ _6\"></span>epub<span class=\"_ _6\"></span>lic </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs263c\">Wallachian </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs263d\">Meseritsch<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs263e\">98.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs263f\">AUT<span class=\"_ _6\"></span>ON<span class=\"_ _1\"></span>OVA B<span class=\"_ _6\"></span>RN<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _97\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Brno <span class=\"_ _37c\"> </span>9<span class=\"_ _6\"></span>8.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2640\">Auto<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> SR<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _2ae\"> </span>Rom<span class=\"_ _6\"></span>ania <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _38b\"> </span>99.54<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2641\">B&amp;A<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>nsu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> Con<span class=\"_ _1\"></span>sul<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>.r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _1f7\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Moravsk\u00e1 Ostr<span class=\"_ _6\"></span>ava <span class=\"_ _392\"> </span>48.45<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2642\">BEE<span class=\"_ _6\"></span>SA<span class=\"_ _6\"></span>FE <span class=\"_ _6\"></span>SP<span class=\"_ _1\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> Z <span class=\"_ _6\"></span>OGR<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>NI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>ONA <span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>OWIE<span class=\"_ _1\"></span>DZ<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>OS<span class=\"_ _6\"></span>CIA<span class=\"_ _1\"></span> <span class=\"_ _2fd\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _39\"> </span>99.99<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2643\">Ben<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> Ub<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cz<span class=\"_ _6\"></span>eni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> Sp<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>ka z<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>ogr<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>icz<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>a o<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>wi<span class=\"_ _6\"></span>edz<span class=\"_ _1\"></span>ialn<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _21f\"> </span>P<span class=\"_ _6\"></span>oland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _265\"> </span>99.95<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2644\">Boh<span class=\"_ _6\"></span>emi<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _133\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>\u017datec <span class=\"_ _1b8\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2645\">Boh<span class=\"_ _6\"></span>emi<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>HY<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>O s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.o.<span class=\"_ _6\"></span> <span class=\"_ _96\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>\u017datec <span class=\"_ _1b8\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2646\">BSA<span class=\"_ _6\"></span> +<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>OFK <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>erm<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>y R<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Est<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Im<span class=\"_ _6\"></span>mob<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>4 G<span class=\"_ _1\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _153\"> </span>Germany<span class=\"_ _6\"></span> <span class=\"_ _37e\"> </span>Fran<span class=\"_ _6\"></span>kfurt am Main<span class=\"_ _6\"></span> <span class=\"_ _353\"> </span>97.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2647\">Buls<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span> T<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ova <span class=\"_ _6\"></span>M<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>zin<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>OO<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _393\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2648\">Cam<span class=\"_ _6\"></span>elo<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>Inf<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>k un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> Co<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>t m<span class=\"_ _6\"></span>.b.<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _85\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>92.8<span class=\"_ _6\"></span>6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2649\">CARPA<span class=\"_ _1\"></span>TH<span class=\"_ _6\"></span>IA <span class=\"_ _6\"></span>PE<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I-<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>OCIET<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>TE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>DE A<span class=\"_ _1\"></span>DMI<span class=\"_ _6\"></span>NI<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>RAR<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>FON<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>URI<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>OR <span class=\"_ _6\"></span>DE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>PEN<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I P<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA<span class=\"_ _6\"></span>TE S<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _394\"> </span>Roman<span class=\"_ _6\"></span>ia <span class=\"_ _2b\"> </span>Floresti <span class=\"_ _283\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs264a\">CARP<span class=\"_ _6\"></span>LU<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vers<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ung<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ver<span class=\"_ _6\"></span>mi<span class=\"_ _6\"></span>tt<span class=\"_ _6\"></span>lun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>gen<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>r G<span class=\"_ _1\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1dc\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs264b\">CLA<span class=\"_ _6\"></span>IM<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>XPER<span class=\"_ _1\"></span>T S<span class=\"_ _6\"></span>ER<span class=\"_ _1\"></span>VICE<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.R.<span class=\"_ _6\"></span>L.<span class=\"_ _6\"></span> <span class=\"_ _1f8\"> </span>Rom<span class=\"_ _6\"></span>ania <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _38b\"> </span>99.16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs264c\">Colo<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>ar, <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ole<span class=\"_ _6\"></span>\u010dn<span class=\"_ _6\"></span>ost<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>\u010den<span class=\"_ _6\"></span>\u00edm<span class=\"_ _6\"></span> om<span class=\"_ _6\"></span>ez<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>\u00fdm<span class=\"_ _6\"></span> (s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.o.<span class=\"_ _6\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _c0\"> </span>Czech R<span class=\"_ _6\"></span>epublic<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs264d\">K\u00f6nigg<span class=\"_ _6\"></span>r\u00e4tz  </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs264e\">(Hradec Kr\u00e1l<span class=\"_ _6\"></span>ov\u00e9)  </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs264f\">98.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2650\">Com<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>a D<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ry<span class=\"_ _6\"></span>bu<span class=\"_ _6\"></span>cj<span class=\"_ _6\"></span>a S<span class=\"_ _6\"></span>p.<span class=\"_ _6\"></span> z <span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _2c0\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _395\"> </span>99.97<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2651\">\u010cPP<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rvis<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _d8\"> </span>Czech Repub<span class=\"_ _6\"></span>lic <span class=\"_ _373\"> </span>Prague <span class=\"_ _19f\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2652\">DBL<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Imm<span class=\"_ _6\"></span>ob<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _165\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2653\">DBR<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>ten<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Verw<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ltu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>gs <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _396\"> </span>Germany<span class=\"_ _6\"></span> <span class=\"_ _37e\"> </span>Stu<span class=\"_ _6\"></span>ttgart <span class=\"_ _283\"> </span>97.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2654\">DEL<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>IS <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> r.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o. <span class=\"_ _397\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Bratislava <span class=\"_ _130\"> </span>98.47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2655\">Dom<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>c\u00ed p<span class=\"_ _1\"></span>\u00e9\u010de<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>\u00e1 <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _9b\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Prerau <span class=\"_ _398\"> </span>63.23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2656\">DV <span class=\"_ _6\"></span>Ass<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>EA<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _53\"> </span>Bulgaria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2657\">DV <span class=\"_ _6\"></span>CO<span class=\"_ _6\"></span>NSU<span class=\"_ _1\"></span>LTI<span class=\"_ _6\"></span>NG <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span> <span class=\"_ _2bf\"> </span>Bulgaria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2658\">DV <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>vest<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _399\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2659\">EBV<span class=\"_ _6\"></span>-L<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>Ge<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>cha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span> m.<span class=\"_ _6\"></span>b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _39a\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>47.90<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs265a\">EKG U<span class=\"_ _1\"></span>W <span class=\"_ _6\"></span>No<span class=\"_ _6\"></span>rd<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>K<span class=\"_ _6\"></span>lagenfurt <span class=\"_ _136\"> </span>24.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs265b\">Els<span class=\"_ _6\"></span>\u00f6 M<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>eg<span class=\"_ _1\"></span>eszs<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>\u00fcg<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>i H<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>oz<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> Z<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>. <span class=\"_ _179\"> </span>Hungary <span class=\"_ _72\"> </span>Bud<span class=\"_ _6\"></span>apest <span class=\"_ _383\"> </span>43.50<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs265c\">ERST<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> Biz<span class=\"_ _1\"></span>to<span class=\"_ _6\"></span>s\u00ed<span class=\"_ _6\"></span>t\u00e1s<span class=\"_ _6\"></span>i A<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ku<span class=\"_ _6\"></span>sz<span class=\"_ _6\"></span> Kf<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>Hun<span class=\"_ _6\"></span>gary <span class=\"_ _72\"> </span>Budap<span class=\"_ _6\"></span>est <span class=\"_ _383\"> </span>88.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs265d\">Eur<span class=\"_ _6\"></span>op<span class=\"_ _6\"></span>ean<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce &amp; R<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e B<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>ke<span class=\"_ _6\"></span>rs <span class=\"_ _6\"></span>Lt<span class=\"_ _6\"></span>d.<span class=\"_ _6\"></span> <span class=\"_ _183\"> </span>U<span class=\"_ _6\"></span>nited Kin<span class=\"_ _6\"></span>gdom <span class=\"_ _15e\"> </span>Lond<span class=\"_ _6\"></span>on <span class=\"_ _1e5\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs265e\">EXP<span class=\"_ _6\"></span>ERT<span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>ade<span class=\"_ _6\"></span>nr<span class=\"_ _6\"></span>egu<span class=\"_ _1\"></span>lie<span class=\"_ _6\"></span>run<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s-<span class=\"_ _6\"></span>Ge<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>aft<span class=\"_ _6\"></span> mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _138\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>99.4<span class=\"_ _6\"></span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs265f\">Fin<span class=\"_ _6\"></span>anz<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _8d\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>48.87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2660\">Fin<span class=\"_ _6\"></span>Se<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>Plu<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.o.<span class=\"_ _6\"></span> <span class=\"_ _39b\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _19f\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2661\">For<span class=\"_ _6\"></span>eig<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>lim<span class=\"_ _1\"></span>ited<span class=\"_ _1\"></span> l<span class=\"_ _6\"></span>iab<span class=\"_ _6\"></span>ili<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> \"<span class=\"_ _6\"></span>Int<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>estU<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ie\"<span class=\"_ _6\"></span> <span class=\"_ _125\"> </span>B<span class=\"_ _6\"></span>elarus <span class=\"_ _6b\"> </span>M<span class=\"_ _6\"></span>insk <span class=\"_ _18e\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2662\">FRAN<span class=\"_ _1\"></span>CE <span class=\"_ _6\"></span>CAR<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.o.<span class=\"_ _6\"></span> <span class=\"_ _1fa\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2663\">K\u00f6nigg<span class=\"_ _6\"></span>r\u00e4tz  </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2664\">(Hradec Kr\u00e1l<span class=\"_ _6\"></span>ov\u00e9)  <span class=\"_ _151\"> </span>98.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2665\">GELU<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _2cf\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>32.<span class=\"_ _6\"></span>58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2666\">GGV<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>er P<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>j<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt-G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>Austria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>53<span class=\"_ _6\"></span>.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2667\">Gla<span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>s B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>igun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>altu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>\"B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>\" K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _de\"> </span>Austria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>42.76<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2668\">GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> dr<span class=\"_ _6\"></span>u\u0161t<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>og<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>\u010den<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>m <span class=\"_ _6\"></span>odg<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>o\u0161<span class=\"_ _6\"></span>\u0107u<span class=\"_ _6\"></span> za<span class=\"_ _6\"></span> us<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _65\"> </span>Croatia<span class=\"_ _6\"></span> <span class=\"_ _382\"> </span>Zagreb<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>49.46<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2669\">GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> D<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>O.<span class=\"_ _6\"></span>O. B<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>OGRA<span class=\"_ _1\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span>Serbia <span class=\"_ _1d6\"> </span>B<span class=\"_ _6\"></span>elgrade <span class=\"_ _136\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs266a\">Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Ge<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rgi<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>LLC<span class=\"_ _6\"></span> <span class=\"_ _fc\"> </span>Georgia<span class=\"_ _6\"></span> <span class=\"_ _55\"> </span>Tbilisi <span class=\"_ _20a\"> </span>95.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs266b\">Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Po<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>ka <span class=\"_ _6\"></span>Sp<span class=\"_ _6\"></span>.z<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _110\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _395\"> </span>99.99<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs266c\">GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>ER<span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>CES<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _201\"> </span>Czech R<span class=\"_ _6\"></span>epub<span class=\"_ _6\"></span>lic <span class=\"_ _373\"> </span>Prague <span class=\"_ _19f\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs266d\">GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>ER<span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>CES<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _179\"> </span>Roman<span class=\"_ _6\"></span>ia <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _38b\"> </span>99.23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs266e\">GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>OVAK<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _91\"> </span>Slovakia <span class=\"_ _72\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>99.22<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs266f\">Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l E<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>, s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o. <span class=\"_ _39c\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Pardub<span class=\"_ _6\"></span>ice <span class=\"_ _38b\"> </span>98.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2670\">Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Pa<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r B<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>kyd<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>, s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _1d3\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>63.23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2671\">Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Pa<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r P\u00e9<span class=\"_ _6\"></span>\u010d<span class=\"_ _6\"></span>e,<span class=\"_ _6\"></span> z.<span class=\"_ _6\"></span>\u00fa.<span class=\"_ _6\"></span> <span class=\"_ _9b\"> </span>C<span class=\"_ _7\"></span>zech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>63.23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2672\">Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Pa<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r Pr<span class=\"_ _6\"></span>ah<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _39d\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>6<span class=\"_ _6\"></span>3.23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2673\">Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Pa<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r Zd<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>\u00ed,<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o.<span class=\"_ _6\"></span> <span class=\"_ _53\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>63<span class=\"_ _6\"></span>.23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2674\">Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Pa<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r, a<span class=\"_ _6\"></span>.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _2a4\"> </span>Czech Republic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>63.23<span class=\"_ _3d5\"> </span></div>Non-consolidate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> compa<span class=\"_ _6\"></span>nies <span class=\"_ _1a7\"> </span><span class=\"fsf\">Co<span class=\"_ _6\"></span>untry of dom<span class=\"_ _6\"></span>icile <span class=\"_ _2c\"> </span>Registered of<span class=\"_ _6\"></span>fice <span class=\"_ _2c\"> </span>I<span class=\"_ _6\"></span>ntere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span></span>1 <span class=\"_ _d4\"> </span> <span class=\"_ _ad\"> </span> <span class=\"_ _1a0\"> </span><span class=\"fca\">in %<span class=\"_ _3d5\"> </span></span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l R<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>es,<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>.r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _2a5\"> </span>C<span class=\"_ _7\"></span>zech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Pardubitz <span class=\"_ _383\"> </span>98<span class=\"_ _6\"></span>.10<span class=\"_ _3d5\"> </span>Glo<span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Se<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>ces<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Bu<span class=\"_ _6\"></span>lga<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>JSC<span class=\"_ _6\"></span> <span class=\"_ _363\"> </span>B<span class=\"_ _6\"></span>ulgaria <span class=\"_ _72\"> </span>S<span class=\"_ _6\"></span>ofia <span class=\"_ _30a\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>Help<span class=\"_ _6\"></span>2<span class=\"_ _6\"></span>4 A<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>tan<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>l\u00e1to<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>l\u0151s<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>\u00e9g\u0171<span class=\"_ _6\"></span> T\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> <span class=\"_ _213\"> </span>Hungary <span class=\"_ _135\"> </span>B<span class=\"_ _6\"></span>udap<span class=\"_ _6\"></span>est <span class=\"_ _383\"> </span>90.00<span class=\"_ _3d5\"> </span>Hote<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>tin<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span> in<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>iqu<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _21a\"> </span>Croa<span class=\"_ _7\"></span>tia<span class=\"_ _6\"></span> <span class=\"_ _382\"> </span>Zagreb<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>97.82<span class=\"_ _3d5\"> </span>HOTE<span class=\"_ _1\"></span>LY <span class=\"_ _6\"></span>SRN<span class=\"_ _1\"></span>\u00cd, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _234\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>97<span class=\"_ _6\"></span>.28<span class=\"_ _3d5\"> </span>HORI<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span>T P<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>-, <span class=\"_ _6\"></span>Te<span class=\"_ _6\"></span>am<span class=\"_ _6\"></span>- u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>sen<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cklu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>98.29<span class=\"_ _3d5\"> </span>Hyun<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>rad<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>c s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _1fe\"> </span>Czech R<span class=\"_ _6\"></span>epublic<span class=\"_ _6\"></span> K\u00f6nigg<span class=\"_ _6\"></span>r\u00e4tz  (Hradec Kr\u00e1l<span class=\"_ _6\"></span>ov\u00e9) <span class=\"_ _1b\"> </span>98.10<span class=\"_ _3d5\"> </span>insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>eX<span class=\"_ _6\"></span> IT<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _71\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>98.87<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rRi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k In<span class=\"_ _6\"></span>for<span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _a4\"> </span>Germany<span class=\"_ _6\"></span> <span class=\"_ _37e\"> </span>Wiesb<span class=\"_ _6\"></span>aden <span class=\"_ _191\"> </span>100.00<span class=\"_ _3d5\"> </span>ITI<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>Spo<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ka z<span class=\"_ _1\"></span> og<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>cz<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>\u0105 <span class=\"_ _6\"></span>odp<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>dz<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>aln<span class=\"_ _6\"></span>os<span class=\"_ _1\"></span>ci\u0105 <span class=\"_ _6\"></span>spo<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>a k<span class=\"_ _6\"></span>oma<span class=\"_ _6\"></span>nd<span class=\"_ _1\"></span>ytow<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _ae\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _39\"> </span>99.99<span class=\"_ _3d5\"> </span>ITI<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>Sp.z<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>o.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _268\"> </span>Polan<span class=\"_ _6\"></span>d <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _39\"> </span>9<span class=\"_ _6\"></span>9.99<span class=\"_ _3d5\"> </span>Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y \"<span class=\"_ _1\"></span>Cu<span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>io\"<span class=\"_ _1\"></span> <span class=\"_ _8c\"> </span>Georgia<span class=\"_ _6\"></span> <span class=\"_ _55\"> </span>Tbilisi <span class=\"_ _20a\"> </span>90.00<span class=\"_ _3d5\"> </span>Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>mpa<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>y W<span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>ER <span class=\"_ _6\"></span>LI<span class=\"_ _6\"></span>FE<span class=\"_ _6\"></span> - <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>nna<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce G<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>up<span class=\"_ _1\"></span> <span class=\"_ _352\"> </span>North M<span class=\"_ _6\"></span>acedonia<span class=\"_ _6\"></span> <span class=\"_ _19e\"> </span>Skopje <span class=\"_ _39\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>K A <span class=\"_ _6\"></span>P <span class=\"_ _6\"></span>P A<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>P,<span class=\"_ _6\"></span> sp<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _10f\"> </span>Czech R<span class=\"_ _6\"></span>epublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Aussig <span class=\"_ _398\"> </span>98.10<span class=\"_ _3d5\"> </span>Kit<span class=\"_ _6\"></span>zb\u00fc<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>er B<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ttu<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>V G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _7a\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Kitz<span class=\"_ _6\"></span>b\u00fch<span class=\"_ _6\"></span>el <span class=\"_ _142\"> </span>97.75<span class=\"_ _3d5\"> </span>KUPA<span class=\"_ _1\"></span>LA B<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rus<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>n-A<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>Joi<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k In<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>omp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>y <span class=\"_ _157\"> </span>Belarus <span class=\"_ _35b\"> </span>Minsk <span class=\"_ _2d6\"> </span>98.26<span class=\"_ _3d5\"> </span>KW<span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>Cam<span class=\"_ _6\"></span>pus<span class=\"_ _6\"></span> E<span class=\"_ _1\"></span>rri<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>sge<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>aft<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>.b.<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _16c\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Klagen<span class=\"_ _6\"></span>furt <span class=\"_ _136\"> </span>48.87<span class=\"_ _3d5\"> </span>LD <span class=\"_ _6\"></span>Ver<span class=\"_ _6\"></span>m\u00f6<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>verw<span class=\"_ _1\"></span>altu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>98<span class=\"_ _6\"></span>.65<span class=\"_ _3d5\"> </span>Lead<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Equ<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>II<span class=\"_ _6\"></span>.P<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>vat<span class=\"_ _6\"></span>e E<span class=\"_ _6\"></span>q<span class=\"_ _6\"></span>ui<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>tan<span class=\"_ _6\"></span>dsf<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>z<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>run<span class=\"_ _6\"></span>gs <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _1d4\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>21.59<span class=\"_ _3d5\"> </span>LiS<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Muth<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _6\"></span> KG<span class=\"_ _1\"></span> <span class=\"_ _393\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>42.76<span class=\"_ _3d5\"> </span>Mai<span class=\"_ _6\"></span>n P<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>\u00edn <span class=\"_ _6\"></span>II<span class=\"_ _6\"></span>.,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span> <span class=\"_ _2b1\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>97<span class=\"_ _6\"></span>.28<span class=\"_ _3d5\"> </span>MEDI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>INS<span class=\"_ _6\"></span>KI<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>EN<span class=\"_ _6\"></span>TER<span class=\"_ _1\"></span> AME<span class=\"_ _1\"></span>RIM<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>D <span class=\"_ _6\"></span>OO<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _347\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _72\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _198\"> </span>51.00<span class=\"_ _3d5\"> </span>Mon<span class=\"_ _6\"></span>ey<span class=\"_ _6\"></span> &amp;<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>P\u00e9n<span class=\"_ _6\"></span>z\u00fc<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>yi<span class=\"_ _6\"></span> T<span class=\"_ _6\"></span>an\u00e1<span class=\"_ _6\"></span>cs<span class=\"_ _6\"></span>ad<span class=\"_ _6\"></span>\u00f3<span class=\"_ _6\"></span> Z\u00e1<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>k\u00f6r<span class=\"_ _6\"></span>\u0171e<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> M\u0171<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>\u00f6d<span class=\"_ _6\"></span>\u0151 R<span class=\"_ _6\"></span>\u00e9sz<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>\u00e9n<span class=\"_ _6\"></span>yt<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>Hungary <span class=\"_ _72\"> </span>Budap<span class=\"_ _6\"></span>est <span class=\"_ _383\"> </span>88.78<span class=\"_ _3d5\"> </span>Nad<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cia <span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>\u0165o<span class=\"_ _6\"></span>vn<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>K<span class=\"_ _6\"></span>OOPE<span class=\"_ _6\"></span>RA<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA<span class=\"_ _6\"></span> <span class=\"_ _9a\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>98.47<span class=\"_ _3d5\"> </span>OC P<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OPE<span class=\"_ _6\"></span>RT<span class=\"_ _6\"></span>IE<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> O<span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span> <span class=\"_ _224\"> </span>B<span class=\"_ _6\"></span>ulgaria <span class=\"_ _4a\"> </span>Sofia <span class=\"_ _198\"> </span>51.00<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>lais<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span> Hot<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lbe<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>ebs<span class=\"_ _6\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _202\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span>PFG<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ege<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tsb<span class=\"_ _6\"></span>ew<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tung<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _57\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>73.42<span class=\"_ _3d5\"> </span>POL<span class=\"_ _6\"></span>ISA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>\u017bY<span class=\"_ _6\"></span>CIE<span class=\"_ _6\"></span> U<span class=\"_ _6\"></span>bez<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ecze<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ia <span class=\"_ _6\"></span>Sp<span class=\"_ _6\"></span>.z<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _39\"> </span>99<span class=\"_ _6\"></span>.97<span class=\"_ _3d5\"> </span>Priv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Join<span class=\"_ _1\"></span>t-<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>oc<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>comp<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span>y \"<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>N <span class=\"_ _6\"></span>SER<span class=\"_ _1\"></span>VICE<span class=\"_ _6\"></span> <span class=\"_ _10e\"> </span>Ukraine <span class=\"_ _6b\"> </span>Kyiv <span class=\"_ _17f\"> </span>100.00<span class=\"_ _3d5\"> </span>PRO<span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>IT<span class=\"_ _6\"></span>OWI <span class=\"_ _6\"></span>SP<span class=\"_ _1\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> AK<span class=\"_ _6\"></span>CY<span class=\"_ _6\"></span>JNA<span class=\"_ _6\"></span> <span class=\"_ _fc\"> </span>Poland<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _383\"> </span>100.00<span class=\"_ _3d5\"> </span>Ren<span class=\"_ _6\"></span>ais<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>ote<span class=\"_ _6\"></span>l R<span class=\"_ _1\"></span>ealb<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> Gmb<span class=\"_ _1\"></span>H <span class=\"_ _31a\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>40.00<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>t Bu<span class=\"_ _1\"></span>lg<span class=\"_ _6\"></span>aria<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>Bulgaria <span class=\"_ _72\"> </span>S<span class=\"_ _6\"></span>ofia <span class=\"_ _30a\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Con<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>t P<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>ka S<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>.z<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _200\"> </span>Poland<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _383\"> </span>100.00<span class=\"_ _3d5\"> </span>RISK<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>ONSU<span class=\"_ _6\"></span>LT<span class=\"_ _6\"></span> S<span class=\"_ _1\"></span>iche<span class=\"_ _6\"></span>rh<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>- u<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d R<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ko<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Man<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>be<span class=\"_ _6\"></span>ratu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lls<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span> m.b<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _52\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt <span class=\"_ _6\"></span>Ri<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k v<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Ha<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>Dan<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ma<span class=\"_ _6\"></span>nl<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Hiz<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>tl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ri L<span class=\"_ _6\"></span>im<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>eti<span class=\"_ _6\"></span> <span class=\"_ _209\"> </span>T<span class=\"_ _6\"></span>\u00fcrkiye <span class=\"_ _155\"> </span>Istanbul <span class=\"_ _381\"> </span>98.49<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o. <span class=\"_ _14c\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _26e\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>Ris<span class=\"_ _6\"></span>k <span class=\"_ _6\"></span>Log<span class=\"_ _6\"></span>ic<span class=\"_ _6\"></span>s R<span class=\"_ _1\"></span>is<span class=\"_ _6\"></span>iko<span class=\"_ _6\"></span>be<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mbH<span class=\"_ _6\"></span> <span class=\"_ _2c0\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>sam<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>vu <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _39e\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Bratislava <span class=\"_ _130\"> </span>98.47<span class=\"_ _3d5\"> </span>San<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>riu<span class=\"_ _6\"></span>m A<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _9c\"> </span>Czech Repub<span class=\"_ _6\"></span>lic <span class=\"_ _373\"> </span>Karlsbad <span class=\"_ _196\"> </span>97.2<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>S.<span class=\"_ _6\"></span>C. R<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> Con<span class=\"_ _1\"></span>sul<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>&amp; En<span class=\"_ _1\"></span>gin<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>S.R.<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _1ef\"> </span>Roman<span class=\"_ _6\"></span>ia <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _30\"> </span>100.00<span class=\"_ _3d5\"> </span>S.<span class=\"_ _6\"></span>C. <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>OCIET<span class=\"_ _1\"></span>ATE<span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>TR<span class=\"_ _6\"></span>AI<span class=\"_ _6\"></span>NI<span class=\"_ _6\"></span>NG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span> AS<span class=\"_ _6\"></span>IGU<span class=\"_ _6\"></span>RA<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>I <span class=\"_ _6\"></span>S.R<span class=\"_ _1\"></span>.L.<span class=\"_ _6\"></span> <span class=\"_ _1e1\"> </span>Roman<span class=\"_ _6\"></span>ia <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _38b\"> </span>99.16<span class=\"_ _3d5\"> </span>Sen<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>enz<span class=\"_ _1\"></span>en <span class=\"_ _6\"></span>gem<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>inn<span class=\"_ _6\"></span>\u00fc<span class=\"_ _6\"></span>tzi<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rieb<span class=\"_ _6\"></span>sg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lls<span class=\"_ _6\"></span>cha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _143\"> </span>Austria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>97<span class=\"_ _6\"></span>.75<span class=\"_ _3d5\"> </span>se<span class=\"_ _6\"></span>rvi<span class=\"_ _6\"></span>cel<span class=\"_ _6\"></span>ine<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ont<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ct <span class=\"_ _6\"></span>cen<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span> di<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>tung<span class=\"_ _1\"></span>s-G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _e0\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span>Sl<span class=\"_ _6\"></span>ove<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>, s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o. <span class=\"_ _14c\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Sillein<span class=\"_ _6\"></span> <span class=\"_ _2d6\"> </span>98.70<span class=\"_ _3d5\"> </span>So<span class=\"_ _6\"></span>leta<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>tei<span class=\"_ _6\"></span>lig<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ngs<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>wa<span class=\"_ _6\"></span>ltu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> Gmb<span class=\"_ _1\"></span>H <span class=\"_ _366\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>42<span class=\"_ _6\"></span>.76<span class=\"_ _3d5\"> </span>S.<span class=\"_ _6\"></span>O.S.<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>XP<span class=\"_ _6\"></span>ERT<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>d.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span>o. <span class=\"_ _6\"></span>za<span class=\"_ _6\"></span> po<span class=\"_ _6\"></span>sl<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>nj<span class=\"_ _6\"></span>e n<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kre<span class=\"_ _6\"></span>tni<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>a <span class=\"_ _282\"> </span>Croatia<span class=\"_ _6\"></span> <span class=\"_ _382\"> </span>Zagreb<span class=\"_ _6\"></span> <span class=\"_ _19f\"> </span>100.00<span class=\"_ _3d5\"> </span>Spa<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>kass<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>-V<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cheru<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ll<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>chaft<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _168\"> </span>Austria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span>Sp\u00f3<span class=\"_ _6\"></span>\u0142dz<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>ln<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> U<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>\u0142ug<span class=\"_ _6\"></span>owa<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>G E<span class=\"_ _6\"></span>KS<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>ERT<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>W <span class=\"_ _6\"></span>WAR<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ZA<span class=\"_ _6\"></span>WIE<span class=\"_ _6\"></span> <span class=\"_ _1e9\"> </span>Pola<span class=\"_ _7\"></span>nd <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _395\"> </span>99.97<span class=\"_ _3d5\"> </span>SUR<span class=\"_ _6\"></span>PM<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _399\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _373\"> </span>Prague <span class=\"_ _ee\"> </span>97.28<span class=\"_ _3d5\"> </span>TAU<span class=\"_ _6\"></span>RO<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>api<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>vest<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> <span class=\"_ _39f\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>19.55<span class=\"_ _3d5\"> </span>TAU<span class=\"_ _6\"></span>RO<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>api<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Man<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _22e\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>25.3<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>Tel<span class=\"_ _6\"></span>eD<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _108\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>25.01<span class=\"_ _3d5\"> </span><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs26b0\">Non-consolidate<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> compa<span class=\"_ _6\"></span>nies <span class=\"_ _145\"> </span><span class=\"fsf\">Co<span class=\"_ _6\"></span>untry of domi<span class=\"_ _6\"></span>cile <span class=\"_ _2c\"> </span>Registered of<span class=\"_ _6\"></span>fice <span class=\"_ _2c\"> </span>Int<span class=\"_ _6\"></span>erest <span class=\"_ _6\"></span>2023</span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs26b1\">1</div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26b2\"> <span class=\"_ _1d2\"> </span> <span class=\"_ _352\"> </span> <span class=\"_ _193\"> </span><span class=\"fca\">in %<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26b3\">TGM<span class=\"_ _6\"></span>Z T<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>und<span class=\"_ _1\"></span> Me<span class=\"_ _6\"></span>diz<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> Z<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _fa\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>39<span class=\"_ _6\"></span>.10<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26b4\">TOG<span class=\"_ _6\"></span>ET<span class=\"_ _6\"></span>HER<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>CA <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _2ad\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _188\"> </span>24.<span class=\"_ _6\"></span>71<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26b5\">UAB<span class=\"_ _6\"></span> \"<span class=\"_ _6\"></span>Com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>ife<span class=\"_ _6\"></span> D<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>rib<span class=\"_ _6\"></span>ut<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>n\"<span class=\"_ _6\"></span> <span class=\"_ _393\"> </span>Lithuania <span class=\"_ _37e\"> </span>Vilnius <span class=\"_ _265\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26b6\">UNI<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span>-E<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ed <span class=\"_ _6\"></span>El<span class=\"_ _6\"></span>la<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>ssz<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rv<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>\u00f6 K<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>rl<span class=\"_ _6\"></span>ato<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span> Fe<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>\u00f6ss<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>\u00fc <span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>ars<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ag<span class=\"_ _1\"></span> <span class=\"_ _ed\"> </span>Hungary <span class=\"_ _72\"> </span>Bud<span class=\"_ _6\"></span>apest <span class=\"_ _383\"> </span>88.78<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26b7\">Vers<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rung<span class=\"_ _6\"></span>sb<span class=\"_ _6\"></span>\u00fc<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span> D<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span> Ign<span class=\"_ _6\"></span>az<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>a G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lls<span class=\"_ _6\"></span>cha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span> m<span class=\"_ _6\"></span>.b<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _111\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>47.90<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26b8\">VEN<span class=\"_ _6\"></span>PA<span class=\"_ _6\"></span>CE <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>. K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _a4\"> </span>G<span class=\"_ _6\"></span>ermany<span class=\"_ _6\"></span> <span class=\"_ _37e\"> </span>Cologne<span class=\"_ _6\"></span> <span class=\"_ _39\"> </span>23.53<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26b9\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>rn<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>al U<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _1a3\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _39\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26ba\">V<span class=\"_ _7\"></span>I<span class=\"_ _7\"></span>EN<span class=\"_ _7\"></span>NA<span class=\"_ _7\"></span> PO<span class=\"_ _2\"></span>WSZ<span class=\"_ _7\"></span>ECH<span class=\"_ _2\"></span>NE <span class=\"_ _2\"></span>TOW<span class=\"_ _7\"></span>ARZ<span class=\"_ _2\"></span>YS<span class=\"_ _7\"></span>TWO<span class=\"_ _2\"></span> EM<span class=\"_ _7\"></span>ER<span class=\"_ _7\"></span>YT<span class=\"_ _7\"></span>AL<span class=\"_ _2\"></span>NE <span class=\"_ _2\"></span>S<span class=\"_ _6\"></span>P\u00d3<span class=\"_ _7\"></span>\u0141K<span class=\"_ _2\"></span>A A<span class=\"_ _7\"></span>KC<span class=\"_ _2\"></span>YJN<span class=\"_ _7\"></span>A V<span class=\"_ _2\"></span>IEN<span class=\"_ _2\"></span>NA <span class=\"_ _7\"></span>IN<span class=\"_ _2\"></span>SUR<span class=\"_ _7\"></span>ANC<span class=\"_ _7\"></span>E <span class=\"_ _2\"></span>GRO<span class=\"_ _2\"></span>UP <span class=\"_ _378\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _383\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26bb\">vies<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>re <span class=\"_ _6\"></span>inn<span class=\"_ _1\"></span>ova<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1f7\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>98.87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26bc\">VIG A<span class=\"_ _6\"></span>M<span class=\"_ _6\"></span> R<span class=\"_ _1\"></span>eal E<span class=\"_ _1\"></span>st<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e,<span class=\"_ _6\"></span> a.s<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _93\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _373\"> </span>Prague <span class=\"_ _19f\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26bd\">VIG A<span class=\"_ _6\"></span>M<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rv<span class=\"_ _6\"></span>ice<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _2bf\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26be\">VIG M<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> S<span class=\"_ _1\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce SR<span class=\"_ _1\"></span>L<span class=\"_ _6\"></span> <span class=\"_ _1d3\"> </span>Romania <span class=\"_ _2b\"> </span>Bucharest <span class=\"_ _38b\"> </span>99.16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26bf\">VIG p<span class=\"_ _1\"></span>la<span class=\"_ _6\"></span>tfo<span class=\"_ _6\"></span>rm <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rtn<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _122\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _38\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26c0\">VIG <span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>olan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>/R<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng B<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span>V.<span class=\"_ _6\"></span> <span class=\"_ _7a\"> </span>N<span class=\"_ _6\"></span>etherlands <span class=\"_ _216\"> </span>Am<span class=\"_ _6\"></span>sterdam <span class=\"_ _35b\"> </span>100.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26c1\">VIG <span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>OLS<span class=\"_ _6\"></span>KA<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>EA<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span> ES<span class=\"_ _6\"></span>TA<span class=\"_ _6\"></span>TE<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>Z OGR<span class=\"_ _1\"></span>ANI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>ONA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ODP<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>IE<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ZIA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>SCIA<span class=\"_ _1\"></span> <span class=\"_ _63\"> </span>Poland <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _395\"> </span>99.97<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26c2\">VIG <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ces <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>OOD<span class=\"_ _6\"></span> <span class=\"_ _a1\"> </span>Bulgaria <span class=\"_ _4a\"> </span>Sofia <span class=\"_ _30a\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26c3\">VIG <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ces <span class=\"_ _6\"></span>Sh<span class=\"_ _6\"></span>q<span class=\"_ _6\"></span>ip<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>Sh.<span class=\"_ _6\"></span>p.K<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _200\"> </span>Alb<span class=\"_ _6\"></span>ania <span class=\"_ _35b\"> </span>Tirana <span class=\"_ _3e\"> </span>89.52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26c4\">VIG <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ces <span class=\"_ _6\"></span>U<span class=\"_ _1\"></span>krai<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>LL<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span> <span class=\"_ _10c\"> </span>U<span class=\"_ _6\"></span>kraine <span class=\"_ _6b\"> </span>Kyiv<span class=\"_ _6\"></span> <span class=\"_ _dd\"> </span>89.52<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26c5\">VIG/<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>QUAD<span class=\"_ _6\"></span>RA<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span> T<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>AR<span class=\"_ _6\"></span>ZY<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>O <span class=\"_ _6\"></span>FUND<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ZY <span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>VE<span class=\"_ _6\"></span>STY<span class=\"_ _1\"></span>CY<span class=\"_ _6\"></span>JN<span class=\"_ _6\"></span>YC<span class=\"_ _6\"></span>H S<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> AK<span class=\"_ _6\"></span>CY<span class=\"_ _6\"></span>JNA<span class=\"_ _1\"></span> <span class=\"_ _20c\"> </span>Poland<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>Warsaw <span class=\"_ _39\"> </span>50.9<span class=\"_ _6\"></span>9<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26c6\">V\u00d6B <span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ire<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>Ver<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rung<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>tu<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _396\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _191\"> </span>Graz <span class=\"_ _13c\"> </span>48.87<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26c7\">Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r S<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00e4d<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>che D<span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>au <span class=\"_ _6\"></span>Le<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>Austria <span class=\"_ _191\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.75<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26c8\">Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r V<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>Be<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>sbe<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ebe<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _121\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _382\"> </span>K<span class=\"_ _6\"></span>ramsach<span class=\"_ _6\"></span> <span class=\"_ _20\"> </span>97.7<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26c9\">WSB<span class=\"_ _6\"></span>V B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>igun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>tung<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _22e\"> </span>Austria <span class=\"_ _382\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>97.7<span class=\"_ _6\"></span>5<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26ca\">zuu<span class=\"_ _6\"></span>ri <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _308\"> </span>Slovakia <span class=\"_ _72\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>98.47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs26cb\">1</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs26cc\"> <span class=\"_ _3\"> </span>The sh<span class=\"_ _7\"></span>are in equi<span class=\"_ _7\"></span>ty eq<span class=\"_ _6\"></span>uals th<span class=\"_ _7\"></span>e share in voting rights before non-controlli<span class=\"_ _7\"></span>ng interests. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs26cd\">Merged co<span class=\"_ _6\"></span>mpanies<span class=\"_ _6\"></span> <span class=\"_ _150\"> </span><span class=\"fsf\">C<span class=\"_ _7\"></span>ountry of<span class=\"_ _6\"></span> domicile<span class=\"_ _6\"></span> <span class=\"_ _1c\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice <span class=\"_ _2a3\"> </span>Merger dat<span class=\"_ _6\"></span>e <span class=\"_ _1a\"> </span>A<span class=\"_ _6\"></span>bsorbing compan<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26ce\">VIG <span class=\"_ _6\"></span>Hu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g B<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>V.<span class=\"_ _6\"></span> <span class=\"_ _211\"> </span>Netherland<span class=\"_ _6\"></span>s <span class=\"_ _61\"> </span>The Hagu<span class=\"_ _6\"></span>e <span class=\"_ _35\"> </span>31/01/2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26cf\">VIG Magyaro<span class=\"_ _6\"></span>rsz\u00e1g B<span class=\"_ _6\"></span>efektet\u00e9si Z\u00e1rt<span class=\"_ _6\"></span>k\u00f6r\u0171en </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26d0\">M\u0171k\u00f6d\u0151 R<span class=\"_ _6\"></span>\u00e9szv\u00e9nt\u00e1rsas\u00e1g<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26d1\">VIG <span class=\"_ _6\"></span>Hu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>II<span class=\"_ _6\"></span> B.<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _112\"> </span>N<span class=\"_ _6\"></span>etherlands <span class=\"_ _61\"> </span>T<span class=\"_ _6\"></span>he Hague <span class=\"_ _35\"> </span>31/01/2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26d2\">VIG Magyaro<span class=\"_ _6\"></span>rsz\u00e1g B<span class=\"_ _6\"></span>efektet\u00e9si Z\u00e1rt<span class=\"_ _6\"></span>k\u00f6r\u0171en </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26d3\">M\u0171k\u00f6d\u0151 R<span class=\"_ _6\"></span>\u00e9szv\u00e9nt\u00e1rsas\u00e1g<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26d4\">Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ki<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span> As<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>s E<span class=\"_ _1\"></span>OOD<span class=\"_ _6\"></span> <span class=\"_ _372\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _1bc\"> </span>Sofia <span class=\"_ _ea\"> </span>19/05/20<span class=\"_ _6\"></span>23<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs26d5\">VIG Properti<span class=\"_ _6\"></span>es Bulg<span class=\"_ _6\"></span>aria AD </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-19": {
   "value": "19.1.<span class=\"ff4a\"> </span>Memb<span class=\"_ _7\"></span>ers of management in <span class=\"_ _7\"></span>key positions<span class=\"_ _2\"></span> Superviso<span class=\"_ _6\"></span>ry Board<span class=\"_ _6\"></span> <span class=\"_ _286\"> </span><span class=\"fsf\"> <span class=\"_ _6\"></span> </span>Ch<span class=\"_ _6\"></span>airm<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _9c\"> </span>G\u00fcnter Geyer 1<span class=\"_ _3d5\"> </span>st D<span class=\"_ _6\"></span>epu<span class=\"_ _6\"></span>ty<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>rma<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _e3\"> </span>R<span class=\"_ _6\"></span>udolf E<span class=\"_ _6\"></span>rtl 2<span class=\"_ _3d5\"> </span>nd D<span class=\"_ _6\"></span>ep<span class=\"_ _6\"></span>ut<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>Ch<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _1ae\"> </span>R<span class=\"_ _6\"></span>obert Lassh<span class=\"_ _6\"></span>ofer Memb<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>M<span class=\"_ _6\"></span>artina Dobring<span class=\"_ _6\"></span>er   <span class=\"_ _2fa\"> </span>Zsuzsan<span class=\"_ _6\"></span>na Eifert   <span class=\"_ _2fa\"> </span>Gerhard Fabis<span class=\"_ _6\"></span>ch   <span class=\"_ _2fa\"> </span>An<span class=\"_ _6\"></span>dr\u00e1s Kozm<span class=\"_ _6\"></span>a   <span class=\"_ _2fa\"> </span>Peter Mih\u00f3k<span class=\"_ _6\"></span>   <span class=\"_ _2fa\"> </span>Heinz \u00d6hler (until 3<span class=\"_ _6\"></span>0 <span class=\"_ _6\"></span>June 2023)<span class=\"_ _6\"></span>   <span class=\"_ _2fa\"> </span>Gabriele Semm<span class=\"_ _6\"></span>elroc<span class=\"_ _6\"></span>k-Werzer   <span class=\"_ _2fa\"> </span>Katarina Slez\u00e1<span class=\"_ _6\"></span>kov\u00e1   <span class=\"_ _2fa\"> </span>Peter Thirring<span class=\"_ _6\"></span>  (sin<span class=\"_ _6\"></span>ce 1 July 202<span class=\"_ _6\"></span>3)   <span class=\"_ _2fa\"> </span>Gertrude T<span class=\"_ _6\"></span>ump<span class=\"_ _6\"></span>el-Gugerell<span class=\"_ _6\"></span> Changes aft<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> clo<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span>e of<span class=\"_ _7\"></span> the finan<span class=\"_ _7\"></span>cial y<span class=\"_ _7\"></span>ear G\u00fcnter Geyer announced that he w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> n<span class=\"_ _6\"></span>o longer<span class=\"_ _6\"></span> serve a<span class=\"_ _6\"></span>s Chairman of t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>Super<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isor<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>Board of VIG<span class=\"_ _6\"></span> Holding a<span class=\"_ _6\"></span>ft<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>en<span class=\"_ _7\"></span>d of <span class=\"_ _0\"></span>his <span class=\"_ _0\"></span>curre<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>term <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span>fice. <span class=\"_ _0\"></span>His <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>erm <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span>fice <span class=\"_ _0\"></span>will <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>nd <span class=\"_ _0\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>May <span class=\"_ _4\"></span>20<span class=\"_ _7\"></span>24 <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Annual <span class=\"_ _1\"></span>G<span class=\"_ _6\"></span>en<span class=\"_ _7\"></span>eral <span class=\"_ _0\"></span>Meeti<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>will <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>dopt resol<span class=\"_ _7\"></span>utions o<span class=\"_ _2\"></span>n the subje<span class=\"_ _7\"></span>ct of t<span class=\"_ _7\"></span>he 2023 fi<span class=\"_ _7\"></span>nancial y<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ar<span class=\"_ _e\"></span>. Mana<span class=\"_ _6\"></span>ging Board <span class=\"_ _115\"> </span><span class=\"fsf\">  </span>Ch<span class=\"_ _6\"></span>airw<span class=\"_ _1\"></span>oma<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1eb\"> </span>E<span class=\"_ _6\"></span>lisabeth Stad<span class=\"_ _6\"></span>ler (until 30 <span class=\"_ _6\"></span>June 20<span class=\"_ _6\"></span>23) Ch<span class=\"_ _6\"></span>airm<span class=\"_ _6\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _9c\"> </span>Har<span class=\"_ _7\"></span>twig <span class=\"_ _6\"></span>L\u00f6ger (sin<span class=\"_ _6\"></span>ce 1 July 2023<span class=\"_ _6\"></span>) Depu<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>Ch<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>Hartw<span class=\"_ _6\"></span>ig L\u00f6ger (until 30<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>June 2023)<span class=\"_ _6\"></span> Depu<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>Ch<span class=\"_ _6\"></span>ai<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _1ed\"> </span>P<span class=\"_ _6\"></span>eter H\u00f6finger <span class=\"_ _6\"></span>(since 1 <span class=\"_ _6\"></span>July 2023<span class=\"_ _6\"></span>) Memb<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span> <span class=\"_ _5c\"> </span>Liane Hirner<span class=\"_ _6\"></span>   <span class=\"_ _2fa\"> </span>Peter H\u00f6finger <span class=\"_ _6\"></span>(until 30<span class=\"_ _6\"></span> June 2023)<span class=\"_ _6\"></span>   <span class=\"_ _2fa\"> </span>Gerhard Lahn<span class=\"_ _6\"></span>er   <span class=\"_ _2fa\"> </span>G\u00e1bor Lehel<span class=\"_ _6\"></span>   <span class=\"_ _2fa\"> </span>Harald Riener<span class=\"_ _6\"></span>   <span class=\"_ _2fa\"> </span>Peter Thirring<span class=\"_ _6\"></span>  (until 1 <span class=\"_ _6\"></span>July 2023)<span class=\"_ _3d5\"> </span>19.2.<span class=\"ff4a\"> </span>Key manag<span class=\"_ _7\"></span>ement personn<span class=\"_ _7\"></span>el compensation<span class=\"_ _7\"></span> Compositio<span class=\"_ _6\"></span>n <span class=\"_ _219\"> </span><span class=\"fsf\">2023 <span class=\"_ _1b6\"> </span><span class=\"fcb\">202<span class=\"_ _6\"></span>2 </span></span>  <span class=\"_ _2c5\"> </span><span class=\"fsf\">Supervisory </span>Board Members<span class=\"_ _3d5\"> </span>Managing Board<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>Supervisory Board Members<span class=\"_ _3d5\"> </span>Managing Board<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Sho<span class=\"_ _6\"></span>rt<span class=\"_ _3d5\"> </span>\u2011<span class=\"_ _3d5\"> </span>t<span class=\"_ _6\"></span>erm<span class=\"_ _6\"></span> em<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oye<span class=\"_ _6\"></span>e b<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _6\"></span>its<span class=\"_ _6\"></span> <span class=\"_ _153\"> </span>8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>7,527<span class=\"_ _3d5\"> </span>8,393<span class=\"_ _3d5\"> </span>758<span class=\"_ _3d5\"> </span>7,948<span class=\"_ _3d5\"> </span>8,706<span class=\"_ _3d5\"> </span>Pos<span class=\"_ _6\"></span>t<span class=\"_ _3d5\"> </span>\u2011<span class=\"_ _3d5\"> </span>emp<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>oy<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ben<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _35c\"> </span>0<span class=\"_ _3d5\"> </span>1,077<span class=\"_ _3d5\"> </span>1,077<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>1,075<span class=\"_ _3d5\"> </span>1,075<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>ng<span class=\"_ _3d5\"> </span>\u2011<span class=\"_ _3d5\"> </span>term<span class=\"_ _1\"></span> b<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _94\"> </span>0<span class=\"_ _3d5\"> </span>5,535<span class=\"_ _3d5\"> </span>5,535<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>6,999<span class=\"_ _3d5\"> </span>6,999<span class=\"_ _3d5\"> </span>Te<span class=\"_ _6\"></span>rmi<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>ben<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _ce\"> </span>0<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>81<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Total <span class=\"_ _11a\"> </span>8<span class=\"_ _6\"></span>66<span class=\"_ _3d5\"> </span>14,220<span class=\"_ _3d5\"> </span>15,086<span class=\"_ _3d5\"> </span>758<span class=\"_ _3d5\"> </span>16,022<span class=\"_ _3d5\"> </span>16,780<span class=\"_ _3d5\"> </span>In <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>reporti<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>periods,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>members <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Man<span class=\"_ _7\"></span>aging <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Super<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>Board did <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>receiv<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>any <span class=\"_ _1\"></span>loans <span class=\"_ _1\"></span>and advanc<span class=\"_ _7\"></span>es, <span class=\"_ _7\"></span>nor wer<span class=\"_ _2\"></span>e th<span class=\"_ _7\"></span>ey liabl<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>or a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y loa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. <span class=\"_ _7\"></span>The mem<span class=\"_ _2\"></span>bers <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e Man<span class=\"_ _7\"></span>aging <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e S<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>per<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y Boar<span class=\"_ _2\"></span>d also <span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>no liabil<span class=\"_ _7\"></span>ity in the r<span class=\"_ _2\"></span>eporting pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod. Compensa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion pol<span class=\"_ _7\"></span>icies for <span class=\"_ _2\"></span>M<span class=\"_ _6\"></span>anag<span class=\"_ _7\"></span>ing Boar<span class=\"_ _7\"></span>d memb<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs The <span class=\"_ _6\"></span>compe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>satio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>comp<span class=\"_ _7\"></span>any\u2019<span class=\"_ _5\"></span>s <span class=\"_ _6\"></span>Managing Board r<span class=\"_ _7\"></span>eflects the <span class=\"_ _6\"></span>importan<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>of th<span class=\"_ _6\"></span>e Gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>and t<span class=\"_ _6\"></span>he related res<span class=\"_ _7\"></span>ponsibil<span class=\"_ _2\"></span>ity<span class=\"_ _10\"></span>, as well<span class=\"_ _7\"></span> as the com<span class=\"_ _2\"></span>pany\u2019<span class=\"_ _e\"></span>s econo<span class=\"_ _7\"></span>mic si<span class=\"_ _7\"></span>tuatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> and t<span class=\"_ _7\"></span>he appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>priateness<span class=\"_ _7\"></span> of com<span class=\"_ _7\"></span>pe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>satio<span class=\"_ _7\"></span>n in the ma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ket e<span class=\"_ _7\"></span>nviro<span class=\"_ _7\"></span>nmen<span class=\"_ _7\"></span>t. Sustaina<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>is a point of emph<span class=\"_ _7\"></span>asis for the variabl<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>compe<span class=\"_ _7\"></span>nsation<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>compon<span class=\"_ _7\"></span>ent; the full attainm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt of sustai<span class=\"_ _7\"></span>nabili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>go<span class=\"_ _7\"></span>als is highly depe<span class=\"_ _7\"></span>ndent on ta<span class=\"_ _6\"></span>ki<span class=\"_ _7\"></span>ng a<span class=\"_ _6\"></span> longe<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>-term<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ie<span class=\"_ _7\"></span>w <span class=\"_ _6\"></span>of the compan<span class=\"_ _7\"></span>y\u2019<span class=\"_ _10\"></span>s perfo<span class=\"_ _7\"></span>rman<span class=\"_ _7\"></span>ce, <span class=\"_ _6\"></span>one that extends be<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ond a <span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ngle <span class=\"_ _6\"></span>finan<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>al year<span class=\"_ _e\"></span>. The <span class=\"_ _3\"> </span>amount <span class=\"_ _3\"> </span>of <span class=\"_ _3\"> </span>performa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce-d<span class=\"_ _7\"></span>epende<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _3\"> </span>compens<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n  is<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>limited. <span class=\"_ _3\"> </span>The  m<span class=\"_ _2\"></span>aximum <span class=\"_ _3\"> </span>amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _3\"> </span>of  p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>fo<span class=\"_ _7\"></span>rmance-d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pen<span class=\"_ _7\"></span>dent compensa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion that t<span class=\"_ _7\"></span>he <span class=\"_ _6\"></span>Managi<span class=\"_ _7\"></span>ng Boar<span class=\"_ _7\"></span>d can achie<span class=\"_ _7\"></span>ve upon fulf<span class=\"_ _7\"></span>ilm<span class=\"_ _7\"></span>ent<span class=\"_ _6\"></span> of conven<span class=\"_ _7\"></span>tional targe<span class=\"_ _7\"></span>ts for the <span class=\"_ _6\"></span>2023 fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>anacial<span class=\"_ _7\"></span> year is equal <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>ound<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>30% <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>aro<span class=\"_ _7\"></span>und 36% <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>total compens<span class=\"_ _7\"></span>ation. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>additio<span class=\"_ _7\"></span>n, <span class=\"_ _6\"></span>special<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>bonus compens<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>and c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>pensation<span class=\"_ _7\"></span> for <span class=\"_ _f\"> </span>over<span class=\"_ _2\"></span>-fulfi<span class=\"_ _7\"></span>lment <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>certai<span class=\"_ _7\"></span>n <span class=\"_ _3\"> </span>targe<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>areas <span class=\"_ _f\"> </span>ma<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>granted<span class=\"_ _7\"></span>. <span class=\"_ _f\"> </span>As <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>result, <span class=\"_ _f\"> </span>Managi<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>Boar<span class=\"_ _2\"></span>d <span class=\"_ _3\"> </span>memb<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>earn <span class=\"_ _f\"> </span>variab<span class=\"_ _7\"></span>le compensa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion <span class=\"_ _7\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents <span class=\"_ _7\"></span>equal to <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o mor<span class=\"_ _7\"></span>e tha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> aro<span class=\"_ _2\"></span>und 45% to 50<span class=\"_ _2\"></span>% of their <span class=\"_ _7\"></span>total <span class=\"_ _7\"></span>compensa<span class=\"_ _7\"></span>tion.<span class=\"_ _7\"></span> Signif<span class=\"_ _7\"></span>icant <span class=\"_ _1\"></span>parts <span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>perfo<span class=\"_ _7\"></span>rmance-d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pen<span class=\"_ _7\"></span>dent <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>ensation <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>nly <span class=\"_ _1\"></span>payabl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>after<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>certain <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>which <span class=\"_ _1\"></span>extends<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>into the <span class=\"_ _1\"></span>year <span class=\"_ _1\"></span>2027 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ase <span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>2023<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _1\"></span>year<span class=\"_ _10\"></span>. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>award <span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>delayed <span class=\"_ _1\"></span>parts<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>de<span class=\"_ _6\"></span>pe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dent <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>consider<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n given to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e sust<span class=\"_ _7\"></span>ainable d<span class=\"_ _2\"></span>evelopment of <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e corpor<span class=\"_ _7\"></span>ate gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up. If c<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>tai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ol<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> val<span class=\"_ _2\"></span>ues ar<span class=\"_ _2\"></span>e not<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>et,<span class=\"_ _2\"></span> n<span class=\"_ _6\"></span>o p<span class=\"_ _7\"></span>erf<span class=\"_ _2\"></span>orm<span class=\"_ _2\"></span>ance<span class=\"_ _2\"></span>-dep<span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>ent co<span class=\"_ _7\"></span>mp<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>atio<span class=\"_ _2\"></span>n is g<span class=\"_ _7\"></span>rant<span class=\"_ _2\"></span>ed to<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e M<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>agi<span class=\"_ _2\"></span>ng Bo<span class=\"_ _2\"></span>ard<span class=\"_ _2\"></span>. Eve<span class=\"_ _7\"></span>n if th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>rge<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e f<span class=\"_ _2\"></span>ull<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>met <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giv<span class=\"_ _7\"></span>en <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>cial<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ye<span class=\"_ _7\"></span>ar<span class=\"_ _e\"></span>, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>aw<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e f<span class=\"_ _2\"></span>ull <span class=\"_ _10\"></span>vari<span class=\"_ _2\"></span>abl<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>comp<span class=\"_ _2\"></span>ens<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>ante<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>wit<span class=\"_ _2\"></span>h r<span class=\"_ _10\"></span>espe<span class=\"_ _2\"></span>ct <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>fo<span class=\"_ _2\"></span>cus o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>su<span class=\"_ _2\"></span>stai<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>bili<span class=\"_ _2\"></span>ty depe<span class=\"_ _2\"></span>nds <span class=\"_ _6\"></span>wh<span class=\"_ _7\"></span>et<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>cor<span class=\"_ _2\"></span>pora<span class=\"_ _2\"></span>te <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>up has exp<span class=\"_ _2\"></span>eri<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ced a <span class=\"_ _6\"></span>sus<span class=\"_ _7\"></span>tai<span class=\"_ _2\"></span>nabl<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>de<span class=\"_ _2\"></span>velop<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>ov<span class=\"_ _7\"></span>er thr<span class=\"_ _2\"></span>ee <span class=\"_ _6\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ec<span class=\"_ _2\"></span>utiv<span class=\"_ _7\"></span>e ye<span class=\"_ _7\"></span>ars<span class=\"_ _2\"></span>. Stock op<span class=\"_ _7\"></span>tions or sim<span class=\"_ _7\"></span>ila<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> instrum<span class=\"_ _7\"></span>ents a<span class=\"_ _7\"></span>re <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot par<span class=\"_ _7\"></span>t of the com<span class=\"_ _2\"></span>pen<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n of the Ma<span class=\"_ _7\"></span>nagi<span class=\"_ _7\"></span>ng Boar<span class=\"_ _2\"></span>d. As <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>te <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>Decembe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>2019, <span class=\"_ _1\"></span>defined <span class=\"_ _1\"></span>bene<span class=\"_ _7\"></span>fit <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ensions <span class=\"_ _1\"></span>funded <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>pro<span class=\"_ _7\"></span>visions <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>dependi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>part <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he length <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>service <span class=\"_ _6\"></span>with <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>VIG <span class=\"_ _6\"></span>Insurance <span class=\"_ _6\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>\u2013 <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>gr<span class=\"_ _6\"></span>ant<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>cti<span class=\"_ _7\"></span>ve <span class=\"_ _6\"></span>members <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>comp<span class=\"_ _7\"></span>any\u2019<span class=\"_ _5\"></span>s <span class=\"_ _1\"></span>Managing Board <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>a maximum <span class=\"_ _2\"></span>amount eq<span class=\"_ _2\"></span>ual to 40<span class=\"_ _7\"></span>% of t<span class=\"_ _7\"></span>he assessm<span class=\"_ _2\"></span>ent basi<span class=\"_ _7\"></span>s for<span class=\"_ _2\"></span> members <span class=\"_ _7\"></span>who r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>n on<span class=\"_ _7\"></span> the M<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>naging<span class=\"_ _2\"></span> B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _7\"></span>until t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eir 65<span class=\"_ _7\"></span>th birthday<span class=\"_ _e\"></span>. The assess<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ent basis i<span class=\"_ _7\"></span>s equal to <span class=\"_ _7\"></span>the stand<span class=\"_ _7\"></span>ard fi<span class=\"_ _7\"></span>xed s<span class=\"_ _7\"></span>alary<span class=\"_ _10\"></span>. In in<span class=\"_ _7\"></span>divid<span class=\"_ _7\"></span>ual cases, ext<span class=\"_ _7\"></span>ra amou<span class=\"_ _7\"></span>nts m<span class=\"_ _7\"></span>ay be gran<span class=\"_ _7\"></span>ted to membe<span class=\"_ _7\"></span>rs w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>o wor<span class=\"_ _7\"></span>k b<span class=\"_ _7\"></span>eyond t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e m<span class=\"_ _7\"></span>axim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _7\"></span>pension<span class=\"_ _2\"></span> date gi<span class=\"_ _7\"></span>ven t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o pe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sion <span class=\"_ _7\"></span>will be<span class=\"_ _2\"></span> collecte<span class=\"_ _7\"></span>d d<span class=\"_ _7\"></span>uring <span class=\"_ _7\"></span>the pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod of<span class=\"_ _7\"></span> f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rt<span class=\"_ _7\"></span>her work.<span class=\"_ _3d5\"> </span>Managing Bo<span class=\"_ _2\"></span>ard <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>embers<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>appointed fo<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>first tim<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>or<span class=\"_ _7\"></span> after <span class=\"_ _6\"></span>1 Jan<span class=\"_ _7\"></span>uary 2020 may<span class=\"_ _7\"></span> be <span class=\"_ _6\"></span>gran<span class=\"_ _7\"></span>ted entitlem<span class=\"_ _7\"></span>ents to defi<span class=\"_ _7\"></span>ned benefit <span class=\"_ _6\"></span>com<span class=\"_ _7\"></span>pany <span class=\"_ _6\"></span>pensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>(or <span class=\"_ _6\"></span>alternatively<span class=\"_ _e\"></span>, <span class=\"_ _6\"></span>defined <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ribu<span class=\"_ _7\"></span>tion <span class=\"_ _6\"></span>pensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s). <span class=\"_ _1\"></span>As<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ule, <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _6\"></span>pensio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>will <span class=\"_ _6\"></span>be <span class=\"_ _1\"></span>awar<span class=\"_ _2\"></span>ded <span class=\"_ _6\"></span>onl<span class=\"_ _7\"></span>y<span class=\"_ _6\"></span> after <span class=\"_ _2\"></span>the m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>mber <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>been <span class=\"_ _7\"></span>re<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>appoi<span class=\"_ _7\"></span>nted <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the M<span class=\"_ _2\"></span>anaging <span class=\"_ _2\"></span>Board <span class=\"_ _10\"></span>at le<span class=\"_ _7\"></span>ast o<span class=\"_ _2\"></span>nce a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d i<span class=\"_ _2\"></span>n st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ges, <span class=\"_ _7\"></span>so <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e m<span class=\"_ _7\"></span>axim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _7\"></span>pensi<span class=\"_ _2\"></span>on benefit <span class=\"_ _1\"></span>equ<span class=\"_ _7\"></span>al <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>40<span class=\"_ _2\"></span>%<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>fixed <span class=\"_ _1\"></span>com<span class=\"_ _7\"></span>pensa<span class=\"_ _7\"></span>tion <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>grante<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>com<span class=\"_ _7\"></span>pleti<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>65th <span class=\"_ _6\"></span>year <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>life <span class=\"_ _6\"></span>can <span class=\"_ _1\"></span>be <span class=\"_ _6\"></span>awarded <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>the earliest o<span class=\"_ _7\"></span>nly after <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>mem<span class=\"_ _7\"></span>ber has serv<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n the <span class=\"_ _6\"></span>M<span class=\"_ _7\"></span>anaging<span class=\"_ _7\"></span> Boar<span class=\"_ _7\"></span>d for 10 years. If a <span class=\"_ _6\"></span>Ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>aging Boar<span class=\"_ _7\"></span>d mem<span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>r had alre<span class=\"_ _2\"></span>ady held oth<span class=\"_ _7\"></span>er positio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s in t<span class=\"_ _7\"></span>he Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> at least 5 <span class=\"_ _2\"></span>years, the pe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sion m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>y be a<span class=\"_ _7\"></span>warde<span class=\"_ _2\"></span>d alread<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> upo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> comm<span class=\"_ _7\"></span>encem<span class=\"_ _7\"></span>ent of his <span class=\"_ _2\"></span>or her term of<span class=\"_ _7\"></span> of<span class=\"_ _2\"></span>fice on the Ma<span class=\"_ _2\"></span>naging Boar<span class=\"_ _2\"></span>d.  As <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>standar<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>rule, <span class=\"_ _1\"></span>pensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>will <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>awar<span class=\"_ _2\"></span>ded<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>reg<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rdless<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fective <span class=\"_ _0\"></span>d<span class=\"_ _7\"></span>ate) <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>if<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>ither <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>positi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>Managing <span class=\"_ _1\"></span>Boa<span class=\"_ _2\"></span>rd membe<span class=\"_ _7\"></span>r is not r<span class=\"_ _2\"></span>enewed b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> no f<span class=\"_ _7\"></span>ault of th<span class=\"_ _7\"></span>e memb<span class=\"_ _7\"></span>er or if<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>Managi<span class=\"_ _7\"></span>ng Boar<span class=\"_ _2\"></span>d membe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> resig<span class=\"_ _2\"></span>ns by re<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>son of i<span class=\"_ _7\"></span>llness o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ag<span class=\"_ _7\"></span>e.<span class=\"_ _3d5\"> </span>The pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>visions of<span class=\"_ _2\"></span> the Empl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>yee <span class=\"_ _7\"></span>and S<span class=\"_ _7\"></span>elf-Emplo<span class=\"_ _2\"></span>yment Pr<span class=\"_ _2\"></span>ovisions A<span class=\"_ _7\"></span>ct <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>\u201cNew<span class=\"_ _7\"></span> Seve<span class=\"_ _7\"></span>rance<span class=\"_ _7\"></span> Pa<span class=\"_ _7\"></span>y Mo<span class=\"_ _7\"></span>del\u201d) a<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span> appl<span class=\"_ _7\"></span>icable <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>Man-<span class=\"_ _3d5\"> </span>aging Bo<span class=\"_ _7\"></span>ard <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntracts.<span class=\"_ _7\"></span> Only <span class=\"_ _0\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _0\"></span>with <span class=\"_ _0\"></span>Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>Board <span class=\"_ _1\"></span>membe<span class=\"_ _7\"></span>rs <span class=\"_ _0\"></span>who <span class=\"_ _0\"></span>have <span class=\"_ _1\"></span>already <span class=\"_ _1\"></span>worked <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>very <span class=\"_ _0\"></span>long <span class=\"_ _0\"></span>time <span class=\"_ _0\"></span>pr<span class=\"_ _7\"></span>ovide <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>n entitleme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>seve<span class=\"_ _7\"></span>rance <span class=\"_ _0\"></span>pay<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>which <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>desig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>ance <span class=\"_ _0\"></span>wit<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>ns <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Sala<span class=\"_ _7\"></span>ried <span class=\"_ _1\"></span>E<span class=\"_ _6\"></span>mploy<span class=\"_ _7\"></span>ee <span class=\"_ _0\"></span>Act <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>the version<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>befor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>2003 <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>conj<span class=\"_ _7\"></span>unctio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>with <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>eleva<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>sector<span class=\"_ _2\"></span>-specif<span class=\"_ _7\"></span>ic <span class=\"_ _1\"></span>pro<span class=\"_ _7\"></span>visions. <span class=\"_ _0\"></span>A<span class=\"_ _7\"></span>ccor<span class=\"_ _7\"></span>dingly<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>such <span class=\"_ _0\"></span>Man<span class=\"_ _7\"></span>aging <span class=\"_ _1\"></span>Board<span class=\"_ _2\"></span> membe<span class=\"_ _7\"></span>rs <span class=\"_ _1\"></span>ma<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>recei<span class=\"_ _2\"></span>ve<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>severan<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>pay <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>q<span class=\"_ _7\"></span>ual <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>wo <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>12 <span class=\"_ _6\"></span>months\u2019 <span class=\"_ _6\"></span>salary <span class=\"_ _6\"></span>\u2013 <span class=\"_ _1\"></span>scal<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>accor<span class=\"_ _2\"></span>ding <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>length <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>service <span class=\"_ _6\"></span>\u2013 <span class=\"_ _6\"></span>plus<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> supplem<span class=\"_ _7\"></span>ent of 50<span class=\"_ _2\"></span>% if the memb<span class=\"_ _2\"></span>er re<span class=\"_ _7\"></span>tires o<span class=\"_ _7\"></span>r lea<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>es th<span class=\"_ _7\"></span>e Man<span class=\"_ _7\"></span>aging <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d aft<span class=\"_ _7\"></span>er a long-<span class=\"_ _7\"></span>term i<span class=\"_ _7\"></span>llness. No <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>everance <span class=\"_ _7\"></span>pay <span class=\"_ _7\"></span>will <span class=\"_ _7\"></span>be granted <span class=\"_ _6\"></span>if <span class=\"_ _6\"></span>the member <span class=\"_ _6\"></span>leaves<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>M<span class=\"_ _7\"></span>anagi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t his <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>her <span class=\"_ _1\"></span>ow<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quest<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>befor<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>date <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>pensio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ligi<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>with<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ut the agr<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent of th<span class=\"_ _7\"></span>e com<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>y or if t<span class=\"_ _7\"></span>he membe<span class=\"_ _7\"></span>r leav<span class=\"_ _7\"></span>es the <span class=\"_ _7\"></span>Managing <span class=\"_ _2\"></span>Board b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> his o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> her ow<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> fault.<span class=\"_ _2\"></span> The M<span class=\"_ _2\"></span>anaging <span class=\"_ _2\"></span>Board <span class=\"_ _10\"></span>members <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vided <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>compan<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r <span class=\"_ _2\"></span>which i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lso <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>vate <span class=\"_ _2\"></span>use. <span class=\"_ _7\"></span>For <span class=\"_ _2\"></span>their <span class=\"_ _2\"></span>work, <span class=\"_ _2\"></span>the M<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nagi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g Boar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>mem<span class=\"_ _7\"></span>bers <span class=\"_ _2\"></span>rec<span class=\"_ _7\"></span>eived <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>UR 7,527<span class=\"_ _7\"></span>,000<span class=\"_ _2\"></span> (EU<span class=\"_ _7\"></span>R 7,948,00<span class=\"_ _7\"></span>0) <span class=\"_ _2\"></span>fr<span class=\"_ _2\"></span>om t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting <span class=\"_ _2\"></span>period. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _10\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d membe<span class=\"_ _7\"></span>rs re<span class=\"_ _7\"></span>ceived <span class=\"_ _7\"></span>EUR 9<span class=\"_ _7\"></span>95,000<span class=\"_ _7\"></span> (EUR 978<span class=\"_ _7\"></span>,000) fr<span class=\"_ _2\"></span>om subsi<span class=\"_ _2\"></span>diaries in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>eporting p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod.<span class=\"_ _7\"></span> Former M<span class=\"_ _2\"></span>anaging Boa<span class=\"_ _7\"></span>rd me<span class=\"_ _2\"></span>mbers re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ei<span class=\"_ _7\"></span>ved EU<span class=\"_ _7\"></span>R 1,158,0<span class=\"_ _7\"></span>00 (EUR 1,075<span class=\"_ _7\"></span>,000<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> The Man<span class=\"_ _7\"></span>aging <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d was com<span class=\"_ _2\"></span>posed of <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ight pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>sons i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>first half of<span class=\"_ _7\"></span> 2023 <span class=\"_ _7\"></span>and six <span class=\"_ _7\"></span>perso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s in th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> second <span class=\"_ _2\"></span>half of 2<span class=\"_ _7\"></span>023.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-20": {
   "value": "20.<span class=\"ff4a\"> </span>CONTINGENT RE<span class=\"_ _7\"></span>CEIV<span class=\"_ _2\"></span>ABLES <span class=\"_ _7\"></span>AND LI<span class=\"_ _7\"></span>ABILITIES In their c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pacit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> as i<span class=\"_ _7\"></span>nsurance com<span class=\"_ _2\"></span>panies, t<span class=\"_ _7\"></span>he Gr<span class=\"_ _2\"></span>oup comp<span class=\"_ _7\"></span>anies a<span class=\"_ _2\"></span>re invol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ed in a <span class=\"_ _7\"></span>numb<span class=\"_ _7\"></span>er of <span class=\"_ _7\"></span>court pr<span class=\"_ _2\"></span>oceedings <span class=\"_ _7\"></span>as defe<span class=\"_ _2\"></span>nd-<span class=\"_ _3d5\"> </span>ants <span class=\"_ _0\"></span>or <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>ave <span class=\"_ _0\"></span>been <span class=\"_ _0\"></span>thr<span class=\"_ _2\"></span>eatened <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>litigation. <span class=\"_ _0\"></span>In <span class=\"_ _1\"></span>additio<span class=\"_ _7\"></span>n, <span class=\"_ _0\"></span>there <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>proceedi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gs, <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>which <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>not<span class=\"_ _6\"></span> involved<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>as <span class=\"_ _2\"></span>parties,<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>ut m<span class=\"_ _7\"></span>ay <span class=\"_ _7\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>affect<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>by t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>outcome <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>suc<span class=\"_ _7\"></span>h l<span class=\"_ _2\"></span>aw<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uits <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>gre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ments<span class=\"_ _2\"></span> wit<span class=\"_ _7\"></span>h <span class=\"_ _7\"></span>ot<span class=\"_ _7\"></span>her i<span class=\"_ _7\"></span>nsur<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>ncerning participatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> in claims<span class=\"_ _7\"></span>. In t<span class=\"_ _7\"></span>he opinio<span class=\"_ _7\"></span>n of the Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p, <span class=\"_ _7\"></span>adequat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> provisi<span class=\"_ _7\"></span>ons <span class=\"_ _7\"></span>propo<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>ion<span class=\"_ _7\"></span>ate to the amo<span class=\"_ _2\"></span>unt in dispute <span class=\"_ _7\"></span>have be<span class=\"_ _7\"></span>en establis<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ed fo<span class=\"_ _7\"></span>r all claims<span class=\"_ _7\"></span> in acco<span class=\"_ _2\"></span>rdance <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e law<span class=\"_ _2\"></span>. Compositio<span class=\"_ _6\"></span>n <span class=\"_ _2ee\"> </span><span class=\"fsf\">31/12/2023<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Con<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ing<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> r<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>bl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2cd\"> </span>7,445<span class=\"_ _3d5\"> </span>9,082<span class=\"_ _3d5\"> </span>The conti<span class=\"_ _7\"></span>ngent r<span class=\"_ _2\"></span>eceivables <span class=\"_ _2\"></span>repres<span class=\"_ _2\"></span>ents a bank <span class=\"_ _7\"></span>guara<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tee.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-21": {
   "value": "21.<span class=\"ff4a\"> </span>BUSINESS COMB<span class=\"_ _7\"></span>INA<span class=\"_ _2\"></span>TIONS<span class=\"_ _7\"></span> 21.1.<span class=\"ff4a\"> </span>Chang<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span> the scop<span class=\"_ _7\"></span>e of consolidation<span class=\"_ _2\"></span> Deconsoli<span class=\"_ _6\"></span>dations<span class=\"_ _6\"></span> <span class=\"_ _2fb\"> </span><span class=\"fsf\">Reason f<span class=\"_ _6\"></span>or </span>deconsolidat<span class=\"_ _6\"></span>ion<span class=\"_ _3d5\"> </span>Date<span class=\"_ _3d5\"> </span>Reporta<span class=\"_ _6\"></span>ble segment<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ki<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span> As<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>s E<span class=\"_ _1\"></span>OOD<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>So<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _321\"> </span>Merger<span class=\"_ _3d5\"> </span>19/05/2023<span class=\"_ _3d5\"> </span>Extended<span class=\"_ _6\"></span> CEE<span class=\"_ _3d5\"> </span>CENT<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>R <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>elb<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>rieb<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H,<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2c5\"> </span>Liquid<span class=\"_ _6\"></span>ation<span class=\"_ _3d5\"> </span>28/04/2023<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tria<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>Hu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g B<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>V.<span class=\"_ _6\"></span>, Th<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>Hag<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2c3\"> </span>M<span class=\"_ _6\"></span>erger<span class=\"_ _3d5\"> </span>31/01/2023<span class=\"_ _3d5\"> </span>Extended<span class=\"_ _6\"></span> CEE<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>Hu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ry <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>II<span class=\"_ _6\"></span> B.<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>., <span class=\"_ _6\"></span>Th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Hag<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>e <span class=\"_ _62\"> </span>Merger<span class=\"_ _3d5\"> </span>31/01/2023<span class=\"_ _3d5\"> </span>Extended<span class=\"_ _6\"></span> CEE<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vi<span class=\"_ _6\"></span>ces <span class=\"_ _6\"></span>U<span class=\"_ _1\"></span>krai<span class=\"_ _6\"></span>ne<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>LL<span class=\"_ _6\"></span>C,<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>yiv<span class=\"_ _6\"></span> Review of th<span class=\"_ _6\"></span>e scope of consolidation<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>Extended<span class=\"_ _6\"></span> CEE<span class=\"_ _3d5\"> </span>WWG<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ete<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>lig<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H,<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _365\"> </span>Sale<span class=\"_ _3d5\"> </span>03/03/2023<span class=\"_ _3d5\"> </span>Group Fu<span class=\"_ _6\"></span>nctions<span class=\"_ _3d5\"> </span>Expansion<span class=\"_ _6\"></span> of the<span class=\"_ _6\"></span> scope<span class=\"_ _6\"></span> of conso<span class=\"_ _6\"></span>lidation<span class=\"_ _6\"></span>* <span class=\"_ _30\"> </span><span class=\"fsf\">Acquisiti<span class=\"_ _6\"></span>on / for<span class=\"_ _6\"></span>mat<span class=\"_ _6\"></span>ion<span class=\"_ _3d5\"> </span></span>Intere<span class=\"_ _6\"></span>st<span class=\"_ _3d5\"> </span>First-<span class=\"_ _6\"></span>time<span class=\"_ _6\"></span> consolidati<span class=\"_ _6\"></span>on<span class=\"_ _3d5\"> </span>Method<span class=\"_ _3d5\"> </span>Date<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>Date<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>r\u00e1\u0161\u0165<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>er\u010d<span class=\"_ _6\"></span>n\u00ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e\u00e1<span class=\"_ _6\"></span>l a.<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>.,<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>rag<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1da\"> </span>2022<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>01/01/2023<span class=\"_ _3d5\"> </span>full consolidation<span class=\"_ _3d5\"> </span>KOPU<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> N<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>dba<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>nh<span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>ohn<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>chtu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _39\"> </span>2023<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>full consolidation<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>HU<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H,<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _366\"> </span>2023<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>01/11/2023<span class=\"_ _3d5\"> </span>full consolidation<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>IT<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Dig<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>olu<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _6\"></span> Vi<span class=\"_ _6\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _104\"> </span>2022<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>01/01/2023<span class=\"_ _3d5\"> </span>full consolidation<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>ZP<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s. <span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>.,<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>tis<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>av<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _a3\"> </span>2020<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>01/01/2023<span class=\"_ _3d5\"> </span>full consolidation<span class=\"_ _3d5\"> </span>Woh<span class=\"_ _6\"></span>nqu<span class=\"_ _1\"></span>arti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r 1<span class=\"_ _6\"></span>1b<span class=\"_ _6\"></span> Im<span class=\"_ _1\"></span>mob<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>2021<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>full consolidation<span class=\"_ _3d5\"> </span>Woh<span class=\"_ _6\"></span>nqu<span class=\"_ _1\"></span>arti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r 1<span class=\"_ _6\"></span>2b<span class=\"_ _6\"></span> Im<span class=\"_ _1\"></span>mob<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1b9\"> </span>2021<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>31/12/2023<span class=\"_ _3d5\"> </span>full consolidation<span class=\"_ _3d5\"> </span>*Insofar as <span class=\"_ _7\"></span>significant goodwill <span class=\"_ _7\"></span>occurred, this is recognised in Note 3.<span class=\"_ _7\"></span> Goodwill. Companie<span class=\"_ _6\"></span>s acquired<span class=\"_ _6\"></span>, but<span class=\"_ _6\"></span> not yet <span class=\"_ _6\"></span>consoli<span class=\"_ _6\"></span>dated<span class=\"_ _6\"></span> <span class=\"_ _237\"> </span><span class=\"fsf\">Interest a<span class=\"_ _6\"></span>cquired<span class=\"_ _3d5\"> </span></span>in %<span class=\"_ _3d5\"> </span>AEG<span class=\"_ _6\"></span>ON <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ER<span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>SP<span class=\"_ _6\"></span>\u00d3<span class=\"_ _6\"></span>\u0141KA <span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>OGRA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>CZO<span class=\"_ _6\"></span>N\u0104 <span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>IED<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>IAL<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>O\u015a<span class=\"_ _6\"></span>CI\u0104<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>Wa<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>aw<span class=\"_ _6\"></span> <span class=\"_ _367\"> </span>100.00<span class=\"_ _3d5\"> </span>AEG<span class=\"_ _6\"></span>ON <span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>OWA<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>ZY<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>O U<span class=\"_ _6\"></span>BE<span class=\"_ _6\"></span>ZP<span class=\"_ _6\"></span>IE<span class=\"_ _6\"></span>CZ<span class=\"_ _6\"></span>E\u0143 <span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>\u017bY<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>IE <span class=\"_ _6\"></span>SP<span class=\"_ _6\"></span>\u00d3<span class=\"_ _6\"></span>\u0141KA <span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>K<span class=\"_ _6\"></span>CY<span class=\"_ _6\"></span>JNA<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>Wa<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>aw<span class=\"_ _6\"></span> <span class=\"_ _8e\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>CARPA<span class=\"_ _1\"></span>TH<span class=\"_ _6\"></span>IA <span class=\"_ _6\"></span>PE<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I-<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>OCIET<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>TE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>DE A<span class=\"_ _1\"></span>DMI<span class=\"_ _6\"></span>NI<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>RAR<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>FON<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>URI<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>OR <span class=\"_ _6\"></span>DE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>PEN<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>I P<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA<span class=\"_ _6\"></span>TE S<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>Fl<span class=\"_ _6\"></span>ore<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span> <span class=\"_ _148\"> </span>100.00<span class=\"_ _3d5\"> </span>PRO<span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>IT<span class=\"_ _6\"></span>OWI <span class=\"_ _6\"></span>SP<span class=\"_ _1\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> AK<span class=\"_ _6\"></span>CY<span class=\"_ _6\"></span>JNA<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span> W<span class=\"_ _6\"></span>ars<span class=\"_ _6\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _b2\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>VIEN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>WS<span class=\"_ _6\"></span>ZE<span class=\"_ _6\"></span>CH<span class=\"_ _6\"></span>NE <span class=\"_ _6\"></span>T<span class=\"_ _1\"></span>OWAR<span class=\"_ _6\"></span>ZY<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>O E<span class=\"_ _6\"></span>MER<span class=\"_ _1\"></span>YTA<span class=\"_ _1\"></span>LNE<span class=\"_ _6\"></span> SP<span class=\"_ _6\"></span>\u00d3<span class=\"_ _6\"></span>\u0141KA<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>K<span class=\"_ _6\"></span>CY<span class=\"_ _6\"></span>JN<span class=\"_ _6\"></span>A <span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>ENNA<span class=\"_ _1\"></span> I<span class=\"_ _6\"></span>NSU<span class=\"_ _6\"></span>RA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> GR<span class=\"_ _6\"></span>OU<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>Wa<span class=\"_ _6\"></span>rsaw<span class=\"_ _1\"></span> <span class=\"_ _214\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>olan<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>/R<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng B<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span>V.,<span class=\"_ _6\"></span> Am<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>dam<span class=\"_ _1\"></span> <span class=\"_ _22f\"> </span>100.00<span class=\"_ _3d5\"> </span>For <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _1\"></span>listed <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>table, <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span>ficial <span class=\"_ _1\"></span>closings <span class=\"_ _0\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>alance <span class=\"_ _1\"></span>sheet <span class=\"_ _1\"></span>date; <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>owever<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ll <span class=\"_ _1\"></span>the regul<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tory <span class=\"_ _2\"></span>appro<span class=\"_ _2\"></span>vals <span class=\"_ _2\"></span>were <span class=\"_ _2\"></span>on <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>and <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>mergers <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>Poland<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>rtfolio <span class=\"_ _10\"></span>tra<span class=\"_ _6\"></span>nsfers <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>Rom<span class=\"_ _7\"></span>ania. <span class=\"_ _2\"></span>These <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _7\"></span>anies <span class=\"_ _10\"></span>were not consoli<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ated i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>solidat<span class=\"_ _7\"></span>ed fin<span class=\"_ _7\"></span>ancial sta<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>em<span class=\"_ _7\"></span>ents, mainl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> for m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teriali<span class=\"_ _7\"></span>ty reaso<span class=\"_ _2\"></span>ns. 21.2.<span class=\"ff4a\"> </span>Chang<span class=\"_ _7\"></span>e in assets and li<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>bilities du<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>t<span class=\"_ _7\"></span>o changes<span class=\"_ _7\"></span> in the scope of <span class=\"_ _7\"></span>consolidation<span class=\"_ _7\"></span> A <span class=\"_ _0\"></span>retros<span class=\"_ _2\"></span>pective <span class=\"_ _1\"></span>inclusion <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>ewly <span class=\"_ _1\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated <span class=\"_ _1\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>1 <span class=\"_ _0\"></span>Ja<span class=\"_ _7\"></span>nuary 2023 <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ould<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>res<span class=\"_ _7\"></span>ult <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>any <span class=\"_ _0\"></span>sig<span class=\"_ _7\"></span>nifica<span class=\"_ _7\"></span>nt change in<span class=\"_ _2\"></span> the bala<span class=\"_ _7\"></span>nce s<span class=\"_ _7\"></span>heet item<span class=\"_ _7\"></span>s. Th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>etrosp<span class=\"_ _2\"></span>ective in<span class=\"_ _7\"></span>clusi<span class=\"_ _7\"></span>on of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e newl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> co<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed comp<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>ies<span class=\"_ _7\"></span> as of 1<span class=\"_ _7\"></span> Jan<span class=\"_ _7\"></span>uary 20<span class=\"_ _2\"></span>23 would <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>duc<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>the G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it befor<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>taxes and n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-contro<span class=\"_ _2\"></span>lling interests by <span class=\"_ _6\"></span>0.03% (witho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>taking into <span class=\"_ _6\"></span>conside<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>any consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion ef<span class=\"_ _7\"></span>fe<span class=\"_ _7\"></span>cts). Due to th<span class=\"_ _7\"></span>e ch<span class=\"_ _7\"></span>anges in t<span class=\"_ _7\"></span>he scop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dation, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e numb<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> of em<span class=\"_ _2\"></span>ployees de<span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>eased b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> two pe<span class=\"_ _7\"></span>rso<span class=\"_ _7\"></span>ns.<span class=\"_ _3d5\"> </span>Balance s<span class=\"_ _6\"></span>heet <span class=\"_ _329\"> </span><span class=\"fsf\">Addit<span class=\"_ _6\"></span>ions<span class=\"_ _3d5\"> </span></span>Disposals<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Cash<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>equ<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _368\"> </span>9,118<span class=\"_ _3d5\"> </span>220<span class=\"_ _3d5\"> </span>Re<span class=\"_ _6\"></span>cei<span class=\"_ _6\"></span>vab<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _1c6\"> </span>962<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _27b\"> </span>140<span class=\"_ _3d5\"> </span>958<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ates<span class=\"_ _6\"></span> <span class=\"_ _258\"> </span>0<span class=\"_ _3d5\"> </span>99,836<span class=\"_ _3d5\"> </span>Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> an<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>equ<span class=\"_ _1\"></span>ipm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> <span class=\"_ _68\"> </span>41,474<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _289\"> </span>399<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>Liab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>oth<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>yabl<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _369\"> </span>779<span class=\"_ _3d5\"> </span>33<span class=\"_ _3d5\"> </span>Cu<span class=\"_ _6\"></span>rren<span class=\"_ _6\"></span>t t<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>x <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _36a\"> </span>30<span class=\"_ _3d5\"> </span>158<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>cia<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>ab<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _36b\"> </span>4,585<span class=\"_ _3d5\"> </span>21,760<span class=\"_ _3d5\"> </span>Def<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rred<span class=\"_ _6\"></span> t<span class=\"_ _6\"></span>ax<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>abi<span class=\"_ _6\"></span>lit<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> <span class=\"_ _297\"> </span>621<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>The <span class=\"_ _0\"></span>figur<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>show<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>table <span class=\"_ _1\"></span>above <span class=\"_ _0\"></span>ref<span class=\"_ _7\"></span>lect <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>act<span class=\"_ _7\"></span>ual <span class=\"_ _0\"></span>dates <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>first <span class=\"_ _0\"></span>consol<span class=\"_ _7\"></span>idation <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>deconsol<span class=\"_ _7\"></span>idation, <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>indicated <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> chapter <span class=\"_ _7\"></span>21.1. <span class=\"_ _7\"></span>Changes <span class=\"_ _7\"></span>in th<span class=\"_ _7\"></span>e scope of<span class=\"_ _7\"></span> co<span class=\"_ _7\"></span>nsolidatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> startin<span class=\"_ _7\"></span>g on pag<span class=\"_ _7\"></span>e 131.<span class=\"_ _2\"></span> Contribut<span class=\"_ _6\"></span>ion to res<span class=\"_ _6\"></span>ult befo<span class=\"_ _6\"></span>re taxe<span class=\"_ _6\"></span>s in repo<span class=\"_ _6\"></span>rting<span class=\"_ _6\"></span> period<span class=\"_ _6\"></span> <span class=\"_ _66\"> </span><span class=\"fsf\">Addit<span class=\"_ _6\"></span>ions<span class=\"_ _3d5\"> </span></span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Tot<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> ca<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>stm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _36c\"> </span>266<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>ves<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>sul<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _36d\"> </span>177<span class=\"_ _3d5\"> </span>In<span class=\"_ _6\"></span>come<span class=\"_ _6\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _6\"></span>ex<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>es <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span> i<span class=\"_ _6\"></span>nv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>tm<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span> p<span class=\"_ _1\"></span>rop<span class=\"_ _6\"></span>ert<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _206\"> </span>89<span class=\"_ _3d5\"> </span>Fin<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>esu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> <span class=\"_ _36e\"> </span>-751<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _6\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _355\"> </span>48<span class=\"_ _3d5\"> </span>Result befo<span class=\"_ _6\"></span>re t<span class=\"_ _6\"></span>axes <span class=\"_ _36f\"> </span>-437<span class=\"_ _3d5\"> </span>21.3.<span class=\"ff4a\"> </span>Chang<span class=\"_ _7\"></span>e in significant sh<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>res of other<span class=\"_ _7\"></span> sharehold<span class=\"_ _7\"></span>ers Change<span class=\"_ _6\"></span> in significa<span class=\"_ _6\"></span>nt mi<span class=\"_ _6\"></span>nority inte<span class=\"_ _6\"></span>rests<span class=\"_ _6\"></span> <span class=\"_ _19c\"> </span><span class=\"fsf\">Dat<span class=\"_ _6\"></span>e of<span class=\"_ _6\"></span> change<span class=\"_ _3d5\"> </span></span>Change of int<span class=\"_ _6\"></span>erest<span class=\"_ _3d5\"> </span>Change in non-<span class=\"_ _3d5\"> </span>contro<span class=\"_ _6\"></span>lling inter<span class=\"_ _6\"></span>ests<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Alf<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _6\"></span> In<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Gr<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> B<span class=\"_ _1\"></span>izt<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>\u00edt<span class=\"_ _6\"></span>\u00f3 <span class=\"_ _6\"></span>Zrt.<span class=\"_ _6\"></span>, B<span class=\"_ _1\"></span>uda<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span> <span class=\"_ _370\"> </span>21/11/2023<span class=\"_ _3d5\"> </span>35.00<span class=\"_ _3d5\"> </span>-56,515<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>lais<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span> I<span class=\"_ _6\"></span>mmo<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ic<span class=\"_ _6\"></span>klu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _16a\"> </span>07/12/2023<span class=\"_ _3d5\"> </span>42.47<span class=\"_ _3d5\"> </span>-13,618<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\"L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>On\"<span class=\"_ _6\"></span>, R<span class=\"_ _6\"></span>ig<span class=\"_ _1\"></span>a <span class=\"_ _2a6\"> </span>04/10/2023<span class=\"_ _3d5\"> </span>30.00<span class=\"_ _3d5\"> </span>-4,820<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>eOn<span class=\"_ _6\"></span> T<span class=\"_ _6\"></span>erb<span class=\"_ _1\"></span>atas<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _100\"> </span>04/10/2023<span class=\"_ _3d5\"> </span>30.00<span class=\"_ _3d5\"> </span>-1,266<span class=\"_ _3d5\"> </span>UAB<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>veOn<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>km<span class=\"_ _6\"></span>enu<span class=\"_ _1\"></span>, <span class=\"_ _6\"></span>Viln<span class=\"_ _6\"></span>iu<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _22c\"> </span>04/10/2023<span class=\"_ _3d5\"> </span>30.00<span class=\"_ _3d5\"> </span>-1,019<span class=\"_ _3d5\"> </span>UNI<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup B<span class=\"_ _1\"></span>iz<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>s\u00ed<span class=\"_ _6\"></span>t\u00f3<span class=\"_ _6\"></span> Zr<span class=\"_ _6\"></span>t.,<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ud<span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _199\"> </span>21/11/202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>34.53<span class=\"_ _3d5\"> </span>-21,048<span class=\"_ _3d5\"> </span>VIG B<span class=\"_ _1\"></span>ef<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ktet<span class=\"_ _6\"></span>\u00e9s<span class=\"_ _6\"></span>i A<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>ke<span class=\"_ _6\"></span>ze<span class=\"_ _6\"></span>l\u0151<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>ya<span class=\"_ _6\"></span>ror<span class=\"_ _6\"></span>sz<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>Z\u00e1rt<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>\u00f6<span class=\"_ _6\"></span>r\u0171<span class=\"_ _6\"></span>en M<span class=\"_ _6\"></span>\u0171<span class=\"_ _6\"></span>k\u00f6<span class=\"_ _6\"></span>d\u0151<span class=\"_ _6\"></span> R\u00e9<span class=\"_ _6\"></span>sz<span class=\"_ _1\"></span>v\u00e9n<span class=\"_ _6\"></span>yt\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g,<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>dap<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>21/11/202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span>35.00<span class=\"_ _3d5\"> </span>-7,586<span class=\"_ _3d5\"> </span>VIG M<span class=\"_ _1\"></span>ag<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>aro<span class=\"_ _6\"></span>rsz<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kte<span class=\"_ _6\"></span>t\u00e9<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span> Z<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>rtk<span class=\"_ _6\"></span>\u00f6r<span class=\"_ _6\"></span>\u0171en<span class=\"_ _6\"></span> M\u0171<span class=\"_ _1\"></span>k\u00f6d<span class=\"_ _6\"></span>\u0151 R<span class=\"_ _1\"></span>\u00e9sz<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>\u00e9nt<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g,<span class=\"_ _6\"></span> Bu<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _40\"> </span>2<span class=\"_ _6\"></span>1/11/2023<span class=\"_ _3d5\"> </span>35.00<span class=\"_ _3d5\"> </span>-1,610<span class=\"_ _3d5\"> </span>In Novemb<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r 2023, th<span class=\"_ _7\"></span>e shares i<span class=\"_ _7\"></span>n the Hungaria<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> comp<span class=\"_ _7\"></span>anies wer<span class=\"_ _2\"></span>e inc<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ased f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>55% to 90%. Cor<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>inus stil<span class=\"_ _7\"></span>l holds 1<span class=\"_ _7\"></span>0%. It has bee<span class=\"_ _7\"></span>n agre<span class=\"_ _2\"></span>ed not to di<span class=\"_ _7\"></span>sclose t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pu<span class=\"_ _7\"></span>rc<span class=\"_ _7\"></span>hase pri<span class=\"_ _7\"></span>ce.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-22": {
   "value": "22.<span class=\"ff4a\"> </span>AFFILIA<span class=\"_ _10\"></span>TED COMP<span class=\"_ _7\"></span>ANIES <span class=\"_ _2\"></span>AND P<span class=\"_ _10\"></span>ARTICIP<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TIONS Number of co<span class=\"_ _6\"></span>mpanie<span class=\"_ _6\"></span>s <span class=\"_ _1b0\"> </span><span class=\"fsf\">A<span class=\"_ _6\"></span>ustria<span class=\"_ _3d5\"> </span></span>Outside Aust<span class=\"_ _6\"></span>ria<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>Numb<span class=\"_ _6\"></span>er<span class=\"_ _3d5\"> </span>Co<span class=\"_ _6\"></span>nsoli<span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _2ea\"> </span>78<span class=\"_ _3d5\"> </span>91<span class=\"_ _3d5\"> </span>169<span class=\"_ _3d5\"> </span>Ful<span class=\"_ _6\"></span>ly <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>pan<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _234\"> </span>73<span class=\"_ _3d5\"> </span>88<span class=\"_ _3d5\"> </span>161<span class=\"_ _3d5\"> </span>At <span class=\"_ _6\"></span>equ<span class=\"_ _1\"></span>ity <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ons<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lid<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pan<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _88\"> </span>5<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>8<span class=\"_ _3d5\"> </span>Non-<span class=\"_ _6\"></span>co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _b6\"> </span>43<span class=\"_ _3d5\"> </span>96<span class=\"_ _3d5\"> </span>139<span class=\"_ _3d5\"> </span>Total <span class=\"_ _371\"> </span>121<span class=\"_ _3d5\"> </span>187<span class=\"_ _3d5\"> </span>308<span class=\"_ _3d5\"> </span>Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span>domicile<span class=\"_ _3d5\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>\"Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span> In<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>\",<span class=\"_ _6\"></span> AD<span class=\"_ _6\"></span>B<span class=\"_ _6\"></span> <span class=\"_ _372\"> </span>Lithuania <span class=\"_ _32\"> </span>Vilnius <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>63,180<span class=\"_ _3d5\"> </span>53,895<span class=\"_ _3d5\"> </span>\"Gr\u00fc<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>er B<span class=\"_ _1\"></span>aum<span class=\"_ _6\"></span>\" <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>rri<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s-<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> Verw<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>tun<span class=\"_ _1\"></span>gsg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>.m<span class=\"_ _6\"></span>.b<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>40,004<span class=\"_ _3d5\"> </span>40,043<span class=\"_ _3d5\"> </span>AB <span class=\"_ _6\"></span>Mo<span class=\"_ _6\"></span>d\u0159<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ce, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _159\"> </span>Czech R<span class=\"_ _6\"></span>epub<span class=\"_ _6\"></span>lic <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>9,099<span class=\"_ _3d5\"> </span>9,332<span class=\"_ _3d5\"> </span>Alf<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _6\"></span> In<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Gr<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> B<span class=\"_ _1\"></span>izt<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>\u00edt<span class=\"_ _6\"></span>\u00f3 <span class=\"_ _6\"></span>Zrt.<span class=\"_ _6\"></span> <span class=\"_ _375\"> </span>Hungary <span class=\"_ _18a\"> </span>Budapest <span class=\"_ _1d6\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>102,789<span class=\"_ _3d5\"> </span>100,137<span class=\"_ _3d5\"> </span>Alf<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>P\u00e9n<span class=\"_ _6\"></span>zt<span class=\"_ _6\"></span>\u00e1r<span class=\"_ _6\"></span>szo<span class=\"_ _6\"></span>lg<span class=\"_ _6\"></span>\u00e1l<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>\u00f3 <span class=\"_ _6\"></span>Zrt.<span class=\"_ _6\"></span> <span class=\"_ _353\"> </span>Hun<span class=\"_ _6\"></span>gary <span class=\"_ _376\"> </span>Bud<span class=\"_ _6\"></span>apest <span class=\"_ _1d6\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,266<span class=\"_ _3d5\"> </span>1,959<span class=\"_ _3d5\"> </span>And<span class=\"_ _6\"></span>\u011b<span class=\"_ _6\"></span>l In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>t P<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ah<span class=\"_ _6\"></span>a s<span class=\"_ _6\"></span>.r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _52\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>26,044<span class=\"_ _3d5\"> </span>25,465<span class=\"_ _3d5\"> </span>Anif<span class=\"_ _6\"></span>-R<span class=\"_ _1\"></span>esi<span class=\"_ _6\"></span>den<span class=\"_ _6\"></span>z G<span class=\"_ _1\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> <span class=\"_ _52\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _142\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>16,736<span class=\"_ _3d5\"> </span>16,617<span class=\"_ _3d5\"> </span>Asigu<span class=\"_ _1\"></span>rar<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>a R<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>\u00e2n<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>c\u0103 <span class=\"_ _6\"></span>- A<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>S.A<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span> Roman<span class=\"_ _6\"></span>ia <span class=\"_ _19e\"> </span>Bucharest 99.79<span class=\"_ _3d5\"> </span>99.79<span class=\"_ _3d5\"> </span>81,988<span class=\"_ _3d5\"> </span>79,442<span class=\"_ _3d5\"> </span>ATB<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>H G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _2f\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _142\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>179,157<span class=\"_ _3d5\"> </span>158,521<span class=\"_ _3d5\"> </span>ATR<span class=\"_ _6\"></span>IUM<span class=\"_ _6\"></span> T<span class=\"_ _1\"></span>OWE<span class=\"_ _6\"></span>R S<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>\u00d3\u0141<span class=\"_ _6\"></span>KA <span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>OGRA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>CZO<span class=\"_ _6\"></span>N\u0104<span class=\"_ _6\"></span> ODP<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>OS<span class=\"_ _6\"></span>CI\u0104<span class=\"_ _1\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>19,467<span class=\"_ _3d5\"> </span>17,867<span class=\"_ _3d5\"> </span>Atzl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rga<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>13-<span class=\"_ _6\"></span>15<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _155\"> </span>Aust<span class=\"_ _6\"></span>ria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>30<span class=\"_ _3d5\"> </span>39<span class=\"_ _3d5\"> </span>Atzl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rga<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>13-<span class=\"_ _6\"></span>15<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> &amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,471<span class=\"_ _3d5\"> </span>10,199<span class=\"_ _3d5\"> </span>AUT<span class=\"_ _6\"></span>OD<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OM <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>OSN<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>V\u00c1<span class=\"_ _6\"></span> u <span class=\"_ _6\"></span>\u010c<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>k\u00e9 <span class=\"_ _6\"></span>L\u00edp<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span> <span class=\"_ _378\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,570<span class=\"_ _3d5\"> </span>1,563<span class=\"_ _3d5\"> </span>BCR A<span class=\"_ _1\"></span>si<span class=\"_ _6\"></span>gur<span class=\"_ _6\"></span>\u0103<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Via\u0163<span class=\"_ _6\"></span>\u0103 <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>nna<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>nsu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce Gr<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>S.A<span class=\"_ _1\"></span>.<span class=\"_ _6\"></span> Roman<span class=\"_ _6\"></span>ia <span class=\"_ _19e\"> </span>Bucharest 93.98<span class=\"_ _3d5\"> </span>93.98<span class=\"_ _3d5\"> </span>47,097<span class=\"_ _3d5\"> </span>51,794<span class=\"_ _3d5\"> </span>Blizz<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>rd <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>Sp<span class=\"_ _6\"></span>. z<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _136\"> </span>Poland <span class=\"_ _150\"> </span>Warsaw <span class=\"_ _2e\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>5,571<span class=\"_ _3d5\"> </span>3,602<span class=\"_ _3d5\"> </span>Bro<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span>man<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>32<span class=\"_ _6\"></span> Im<span class=\"_ _6\"></span>mob<span class=\"_ _1\"></span>ili<span class=\"_ _6\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>6,032<span class=\"_ _3d5\"> </span>3,559<span class=\"_ _3d5\"> </span>BTA<span class=\"_ _6\"></span> Ba<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>c In<span class=\"_ _1\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y AA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> <span class=\"_ _78\"> </span>Latvia<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Riga <span class=\"_ _1b8\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>73,639<span class=\"_ _3d5\"> </span>53,934<span class=\"_ _3d5\"> </span>BULS<span class=\"_ _6\"></span>TR<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>D <span class=\"_ _6\"></span>LI<span class=\"_ _6\"></span>FE<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIE<span class=\"_ _6\"></span>NNA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>SUR<span class=\"_ _6\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> GROU<span class=\"_ _6\"></span>P <span class=\"_ _6\"></span>J<span class=\"_ _6\"></span>OIN<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span> ST<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CK<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>COM<span class=\"_ _6\"></span>PA<span class=\"_ _6\"></span>NY<span class=\"_ _6\"></span> Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _376\"> </span>Sofia<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>22,894<span class=\"_ _3d5\"> </span>12,018<span class=\"_ _3d5\"> </span>Busin<span class=\"_ _1\"></span>es<span class=\"_ _6\"></span>sp<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k B<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>nn<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>nt<span class=\"_ _6\"></span>wi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>klun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _17b\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>34,045<span class=\"_ _3d5\"> </span>33,456<span class=\"_ _3d5\"> </span>CAP<span class=\"_ _6\"></span>IT<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>L, <span class=\"_ _6\"></span>ak<span class=\"_ _6\"></span>cio<span class=\"_ _6\"></span>v\u00e1<span class=\"_ _6\"></span> sp<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>\u010dn<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>\u0165 <span class=\"_ _379\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava <span class=\"_ _65\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,187<span class=\"_ _3d5\"> </span>1,681<span class=\"_ _3d5\"> </span>Cen<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ral <span class=\"_ _6\"></span>Po<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce I<span class=\"_ _6\"></span>T-S<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>lut<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H in <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>qui<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>22,182<span class=\"_ _3d5\"> </span>21,634<span class=\"_ _3d5\"> </span>\u010ces<span class=\"_ _6\"></span>k\u00e1<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>odn<span class=\"_ _1\"></span>ika<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>k\u00e1 p<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ji\u0161<span class=\"_ _6\"></span>\u0165<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.,<span class=\"_ _6\"></span> Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>131,472<span class=\"_ _3d5\"> </span>108,073<span class=\"_ _3d5\"> </span>Ch<span class=\"_ _6\"></span>r\u00e1\u0161\u0165<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>er\u010d<span class=\"_ _6\"></span>n\u00ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e\u00e1<span class=\"_ _6\"></span>l a.<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>. <span class=\"_ _50\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>97.28<span class=\"_ _3d5\"> </span>2,781<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>a d<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>As<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>r\u0103<span class=\"_ _6\"></span>ri \"<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span>AR<span class=\"_ _6\"></span>IS<span class=\"_ _6\"></span> VI<span class=\"_ _6\"></span>EN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span> INSUR<span class=\"_ _1\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OUP\"<span class=\"_ _1\"></span> S<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ciet<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>ct<span class=\"_ _6\"></span>iun<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span> Moldova<span class=\"_ _6\"></span> <span class=\"_ _35f\"> </span>Chi\u0219in\u0103u<span class=\"_ _6\"></span> 99.99<span class=\"_ _3d5\"> </span>99.99<span class=\"_ _3d5\"> </span>8,323<span class=\"_ _3d5\"> </span>6,251<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>fe<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup <span class=\"_ _6\"></span>SE<span class=\"_ _6\"></span> <span class=\"_ _37a\"> </span>Estonia <span class=\"_ _37b\"> </span>Tallinn <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>83,678<span class=\"_ _3d5\"> </span>17,151<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>a T<span class=\"_ _6\"></span>ow<span class=\"_ _1\"></span>arz<span class=\"_ _6\"></span>yst<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze\u0144<span class=\"_ _6\"></span> N<span class=\"_ _6\"></span>a \u017by<span class=\"_ _6\"></span>cie <span class=\"_ _6\"></span>S.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Ins<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 99.97<span class=\"_ _3d5\"> </span>99.97<span class=\"_ _3d5\"> </span>64,152<span class=\"_ _3d5\"> </span>58,860<span class=\"_ _3d5\"> </span>Com<span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>a T<span class=\"_ _6\"></span>ow<span class=\"_ _1\"></span>arz<span class=\"_ _6\"></span>yst<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze\u0144<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.A.<span class=\"_ _6\"></span> Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 99.95<span class=\"_ _3d5\"> </span>99.95<span class=\"_ _3d5\"> </span>80,760<span class=\"_ _3d5\"> </span>82,233<span class=\"_ _3d5\"> </span>CP <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>olu<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _41\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>7,528<span class=\"_ _3d5\"> </span>13,514<span class=\"_ _3d5\"> </span>DBL<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Imm<span class=\"_ _6\"></span>ob<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _1\"></span> <span class=\"_ _1d5\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>3,996<span class=\"_ _3d5\"> </span>3,544<span class=\"_ _3d5\"> </span>DBR<span class=\"_ _6\"></span>-<span class=\"_ _6\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>ten<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _1\"></span> <span class=\"_ _6\"></span>Co K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _185\"> </span>Germany<span class=\"_ _6\"></span> <span class=\"_ _32\"> </span>Stuttg<span class=\"_ _6\"></span>art <span class=\"_ _26e\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,569<span class=\"_ _3d5\"> </span>9,477<span class=\"_ _3d5\"> </span>Deu<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>chm<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rpl<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>tz <span class=\"_ _6\"></span>2 <span class=\"_ _6\"></span>Ob<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span>ktv<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>tung<span class=\"_ _1\"></span> Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,311<span class=\"_ _3d5\"> </span>2,343<span class=\"_ _3d5\"> </span>Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span>domicile<span class=\"_ _3d5\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Don<span class=\"_ _6\"></span>au B<span class=\"_ _1\"></span>ro<span class=\"_ _6\"></span>ke<span class=\"_ _6\"></span>rlin<span class=\"_ _1\"></span>e V<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>eru<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>gs-<span class=\"_ _6\"></span>Se<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>e Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>107,300<span class=\"_ _3d5\"> </span>101,394<span class=\"_ _3d5\"> </span>DON<span class=\"_ _6\"></span>AU<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>eru<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> Gr<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>125,323<span class=\"_ _3d5\"> </span>111,462<span class=\"_ _3d5\"> </span>DV <span class=\"_ _6\"></span>Im<span class=\"_ _6\"></span>moh<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _2e\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>50,986<span class=\"_ _3d5\"> </span>44,200<span class=\"_ _3d5\"> </span>DVIB<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>pha<span class=\"_ _6\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _37c\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>18,713<span class=\"_ _3d5\"> </span>18,506<span class=\"_ _3d5\"> </span>DVIB<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _1a0\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>106,710<span class=\"_ _3d5\"> </span>101,186<span class=\"_ _3d5\"> </span>EL<span class=\"_ _6\"></span>VP <span class=\"_ _6\"></span>Be<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H <span class=\"_ _4a\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>63,218<span class=\"_ _3d5\"> </span>23,276<span class=\"_ _3d5\"> </span>EUR<span class=\"_ _6\"></span>OPE<span class=\"_ _6\"></span>UM<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Bus<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Cen<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>er s.<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>.o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,262<span class=\"_ _3d5\"> </span>10,301<span class=\"_ _3d5\"> </span>Flor<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>sd<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>f <span class=\"_ _6\"></span>am <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>tz <span class=\"_ _6\"></span>4 Imm<span class=\"_ _6\"></span>obi<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>erw<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rtu<span class=\"_ _6\"></span>ngs<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>15,533<span class=\"_ _3d5\"> </span>18,819<span class=\"_ _3d5\"> </span>Ges<span class=\"_ _6\"></span>und<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>tsp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>k Wi<span class=\"_ _6\"></span>en-<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>be<span class=\"_ _6\"></span>rl<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>a G<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>llsc<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>ft<span class=\"_ _6\"></span> m.b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>28,768<span class=\"_ _3d5\"> </span>29,199<span class=\"_ _3d5\"> </span>GL<span class=\"_ _6\"></span>OBA<span class=\"_ _6\"></span>L A<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>ISTA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _83\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>5,986<span class=\"_ _3d5\"> </span>6,754<span class=\"_ _3d5\"> </span>Han<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>a\u00df<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>3-5<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>mm<span class=\"_ _6\"></span>ob<span class=\"_ _6\"></span>ili<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>z G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _37d\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>30,768<span class=\"_ _3d5\"> </span>31,121<span class=\"_ _3d5\"> </span>HUN<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>M <span class=\"_ _6\"></span>Ko<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>l\u00e1to<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>l\u0151s<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>\u00e9g\u0171 <span class=\"_ _6\"></span>T\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> <span class=\"_ _112\"> </span>Hun<span class=\"_ _6\"></span>gary <span class=\"_ _376\"> </span>Budap<span class=\"_ _6\"></span>est <span class=\"_ _1d6\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>5,797<span class=\"_ _3d5\"> </span>4,416<span class=\"_ _3d5\"> </span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>nj<span class=\"_ _6\"></span>e d<span class=\"_ _6\"></span>.d.<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span> Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Bosnia-<span class=\"_ _3d5\"> </span>Herzegovina<span class=\"_ _6\"></span> Sarajevo<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,703<span class=\"_ _3d5\"> </span>9,735<span class=\"_ _3d5\"> </span>INSUR<span class=\"_ _1\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> ON<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>-S<span class=\"_ _6\"></span>HAR<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>HO<span class=\"_ _6\"></span>LDE<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>JOI<span class=\"_ _6\"></span>NT-<span class=\"_ _3d5\"> </span>ST<span class=\"_ _6\"></span>OCK<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>OMP<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>NY <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>UL<span class=\"_ _6\"></span>STR<span class=\"_ _6\"></span>AD<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIE<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>NA INSUR<span class=\"_ _1\"></span>AN<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OUP <span class=\"_ _6\"></span>E<span class=\"_ _6\"></span>AD<span class=\"_ _6\"></span> Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _376\"> </span>Sofia<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>92,416<span class=\"_ _3d5\"> </span>70,096<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rRi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k Leb<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>sve<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>che<span class=\"_ _6\"></span>run<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>-A<span class=\"_ _6\"></span>G <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>nna<span class=\"_ _6\"></span> Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Germany<span class=\"_ _6\"></span> <span class=\"_ _32\"> </span>Wiesbad<span class=\"_ _6\"></span>en 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>23,518<span class=\"_ _3d5\"> </span>23,518<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rRi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k T<span class=\"_ _6\"></span>ow<span class=\"_ _6\"></span>arz<span class=\"_ _6\"></span>ys<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ezp<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze\u0144<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>69,928<span class=\"_ _3d5\"> </span>43,675<span class=\"_ _3d5\"> </span>Int<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rRi<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>k Ve<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cher<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>-A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Germany<span class=\"_ _6\"></span> <span class=\"_ _32\"> </span>Wiesbad<span class=\"_ _6\"></span>en 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>64,320<span class=\"_ _3d5\"> </span>53,670<span class=\"_ _3d5\"> </span>INTER<span class=\"_ _1\"></span>SI<span class=\"_ _6\"></span>G <span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>ENNA<span class=\"_ _1\"></span> I<span class=\"_ _6\"></span>NSUR<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>NC<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> GR<span class=\"_ _6\"></span>OU<span class=\"_ _6\"></span>P <span class=\"_ _6\"></span>Sh<span class=\"_ _6\"></span>.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _29\"> </span>Alban<span class=\"_ _6\"></span>ia <span class=\"_ _15f\"> </span>Tirana <span class=\"_ _18e\"> </span>89.98<span class=\"_ _3d5\"> </span>89.98<span class=\"_ _3d5\"> </span>8,399<span class=\"_ _3d5\"> </span>7,295<span class=\"_ _3d5\"> </span>Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce C<span class=\"_ _6\"></span>om<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y GPI<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> Georgia<span class=\"_ _6\"></span> <span class=\"_ _195\"> </span>Tb<span class=\"_ _6\"></span>ilisi 90.00<span class=\"_ _3d5\"> </span>90.00<span class=\"_ _3d5\"> </span>15,150<span class=\"_ _3d5\"> </span>20,461<span class=\"_ _3d5\"> </span>Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y I<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> IRA<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span> Georgia<span class=\"_ _6\"></span> <span class=\"_ _195\"> </span>Tb<span class=\"_ _6\"></span>ilisi 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>4,334<span class=\"_ _3d5\"> </span>6,249<span class=\"_ _3d5\"> </span>Join<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k Ins<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>mpa<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>y W<span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>ER-<span class=\"_ _3d5\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> North Macedonia<span class=\"_ _6\"></span> <span class=\"_ _372\"> </span>Sk<span class=\"_ _7\"></span>opje<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>6,812<span class=\"_ _3d5\"> </span>7,097<span class=\"_ _3d5\"> </span>Ka<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>erst<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>\u00dfe<span class=\"_ _6\"></span> 11<span class=\"_ _6\"></span>3 <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _30\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>3,137<span class=\"_ _3d5\"> </span>2,979<span class=\"_ _3d5\"> </span>K\u00c1L<span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>N T<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>WER<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>ga<span class=\"_ _6\"></span>tl<span class=\"_ _6\"></span>anf<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>jl<span class=\"_ _6\"></span>esz<span class=\"_ _6\"></span>t\u00e9<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span> \u00e9<span class=\"_ _6\"></span>s Ber<span class=\"_ _6\"></span>uh\u00e1<span class=\"_ _6\"></span>z\u00e1<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>l\u00e1<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span> F<span class=\"_ _6\"></span>ele<span class=\"_ _6\"></span>l\u0151<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>\u00e9g\u0171<span class=\"_ _1\"></span> T\u00e1<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>s\u00e1g<span class=\"_ _6\"></span> Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,400<span class=\"_ _3d5\"> </span>2,231<span class=\"_ _3d5\"> </span>KAPI<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>OL<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Czech Republic<span class=\"_ _6\"></span> <span class=\"_ _374\"> </span>Brno <span class=\"_ _ee\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,573<span class=\"_ _3d5\"> </span>1,600<span class=\"_ _3d5\"> </span>KKB R<span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>al E<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span> <span class=\"_ _ee\"> </span>Latvia <span class=\"_ _15a\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>20,280<span class=\"_ _3d5\"> </span>20,766<span class=\"_ _3d5\"> </span>KOM<span class=\"_ _6\"></span>UN\u00c1<span class=\"_ _1\"></span>LNA<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>ois<span class=\"_ _6\"></span>\u0165<span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>\u0148a<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.s<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span> Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>57,800<span class=\"_ _3d5\"> </span>52,644<span class=\"_ _3d5\"> </span>KOO<span class=\"_ _6\"></span>PER<span class=\"_ _6\"></span>AT<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>\u0165ov\u0148<span class=\"_ _6\"></span>a,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava 98.47<span class=\"_ _3d5\"> </span>98.47<span class=\"_ _3d5\"> </span>407,689<span class=\"_ _3d5\"> </span>231,548<span class=\"_ _3d5\"> </span>Ko<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span>rat<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>va<span class=\"_ _6\"></span> po<span class=\"_ _6\"></span>ji<span class=\"_ _6\"></span>\u0161<span class=\"_ _6\"></span>\u0165ovn<span class=\"_ _6\"></span>a,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span>,<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e 97.28<span class=\"_ _3d5\"> </span>97.28<span class=\"_ _3d5\"> </span>679,414<span class=\"_ _3d5\"> </span>596,911<span class=\"_ _3d5\"> </span>KOO<span class=\"_ _6\"></span>PER<span class=\"_ _6\"></span>AT<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>VA,<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>s.s<span class=\"_ _6\"></span>.,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s.<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>14,628<span class=\"_ _3d5\"> </span>13,820<span class=\"_ _3d5\"> </span>KOPU<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span> N<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>dba<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>nh<span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>ohn<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>chtu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>11,807<span class=\"_ _3d5\"> </span>LVP <span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _2d6\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>642,210<span class=\"_ _3d5\"> </span>626,967<span class=\"_ _3d5\"> </span>MAP-<span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>V B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>teil<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ge<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mbH<span class=\"_ _6\"></span> <span class=\"_ _3b\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>368,527<span class=\"_ _3d5\"> </span>368,793<span class=\"_ _3d5\"> </span>MC <span class=\"_ _6\"></span>EIN<span class=\"_ _6\"></span>S <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>men<span class=\"_ _1\"></span>t <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _37e\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>30,758<span class=\"_ _3d5\"> </span>19,630<span class=\"_ _3d5\"> </span>MH <span class=\"_ _6\"></span>54<span class=\"_ _6\"></span> Im<span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ili<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>lag<span class=\"_ _1\"></span>e <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _8b\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>26,041<span class=\"_ _3d5\"> </span>25,819<span class=\"_ _3d5\"> </span>NNC<span class=\"_ _6\"></span> RE<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>L E<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>AT<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>\u00d3\u0141KA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Z OGRA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>IC<span class=\"_ _6\"></span>Z<span class=\"_ _6\"></span>ON\u0104<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ODP<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>WIE<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ZIA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>O\u015a<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>I\u0104<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>23,998<span class=\"_ _3d5\"> </span>20,099<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rdb<span class=\"_ _6\"></span>ahn<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>roj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt <span class=\"_ _6\"></span>EP<span class=\"_ _6\"></span>W8 <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _34e\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>23,164<span class=\"_ _3d5\"> </span>19,187<span class=\"_ _3d5\"> </span>No<span class=\"_ _2\"></span>rd<span class=\"_ _7\"></span>ba<span class=\"_ _2\"></span>hnho<span class=\"_ _2\"></span>f <span class=\"_ _2\"></span>Pro<span class=\"_ _2\"></span>je<span class=\"_ _2\"></span>kt<span class=\"_ _2\"></span> EP<span class=\"_ _2\"></span>W8 <span class=\"_ _2\"></span>Ko<span class=\"_ _7\"></span>mp<span class=\"_ _7\"></span>le<span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>nt<span class=\"_ _2\"></span>\u00e4r<span class=\"_ _7\"></span> G<span class=\"_ _2\"></span>mbH<span class=\"_ _2\"></span> <span class=\"_ _47\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>34<span class=\"_ _3d5\"> </span>34<span class=\"_ _3d5\"> </span>Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span>domicile<span class=\"_ _3d5\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rdb<span class=\"_ _6\"></span>ahn<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>roj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt <span class=\"_ _6\"></span>Ta<span class=\"_ _6\"></span>bo<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>a\u00df<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>123<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>27,708<span class=\"_ _3d5\"> </span>21,142<span class=\"_ _3d5\"> </span>No<span class=\"_ _6\"></span>rdb<span class=\"_ _6\"></span>ahn<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>roj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt <span class=\"_ _6\"></span>Ta<span class=\"_ _6\"></span>bo<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>tr<span class=\"_ _6\"></span>a\u00df<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>123<span class=\"_ _6\"></span> Kom<span class=\"_ _6\"></span>pl<span class=\"_ _6\"></span>em<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>\u00e4<span class=\"_ _6\"></span>r G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>35<span class=\"_ _3d5\"> </span>36<span class=\"_ _3d5\"> </span>Nu\u00dfd<span class=\"_ _1\"></span>orfe<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>St<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>a\u00dfe<span class=\"_ _6\"></span> 9<span class=\"_ _6\"></span>0-<span class=\"_ _6\"></span>92 <span class=\"_ _6\"></span>Pr<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span>kte<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cklu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>39,682<span class=\"_ _3d5\"> </span>38,364<span class=\"_ _3d5\"> </span>OMN<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span>SIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIE<span class=\"_ _6\"></span>NN<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span> IN<span class=\"_ _6\"></span>SU<span class=\"_ _6\"></span>RA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE<span class=\"_ _6\"></span> GR<span class=\"_ _6\"></span>OU<span class=\"_ _6\"></span>P<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.A.<span class=\"_ _6\"></span> <span class=\"_ _e8\"> </span>Romania <span class=\"_ _19e\"> </span>B<span class=\"_ _6\"></span>ucharest <span class=\"_ _26e\"> </span>99.54<span class=\"_ _3d5\"> </span>99.54<span class=\"_ _3d5\"> </span>154,385<span class=\"_ _3d5\"> </span>149,548<span class=\"_ _3d5\"> </span>O\u00dc <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>ive<span class=\"_ _6\"></span>On<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>ae<span class=\"_ _6\"></span>val<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span> <span class=\"_ _f2\"> </span>Estonia <span class=\"_ _1d5\"> </span>Tallinn<span class=\"_ _6\"></span> <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,280<span class=\"_ _3d5\"> </span>86<span class=\"_ _3d5\"> </span>Pa<span class=\"_ _6\"></span>lais<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>ans<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span> I<span class=\"_ _6\"></span>mmo<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ent<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ic<span class=\"_ _6\"></span>klu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>56.55<span class=\"_ _3d5\"> </span>35,663<span class=\"_ _3d5\"> </span>35,859<span class=\"_ _3d5\"> </span>Pas<span class=\"_ _6\"></span>sa<span class=\"_ _6\"></span>t R<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> Sp<span class=\"_ _6\"></span>. z<span class=\"_ _1\"></span> o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _142\"> </span>P<span class=\"_ _6\"></span>oland <span class=\"_ _150\"> </span>Warsaw <span class=\"_ _2e\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>27<span class=\"_ _3d5\"> </span>-1,361<span class=\"_ _3d5\"> </span>Pen<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>on A<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span>mp<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>ove<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>e A<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span> <span class=\"_ _37f\"> </span>Bulg<span class=\"_ _6\"></span>aria <span class=\"_ _376\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span>8<span class=\"_ _6\"></span>2.59<span class=\"_ _3d5\"> </span>82.59<span class=\"_ _3d5\"> </span>39,766<span class=\"_ _3d5\"> </span>32,890<span class=\"_ _3d5\"> </span>PERE<span class=\"_ _1\"></span>CA <span class=\"_ _6\"></span>11 <span class=\"_ _6\"></span>SP<span class=\"_ _6\"></span>\u00d3<span class=\"_ _6\"></span>\u0141KA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Z <span class=\"_ _6\"></span>OGRA<span class=\"_ _1\"></span>NI<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>ZON\u0104<span class=\"_ _6\"></span> ODP<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _6\"></span>LN<span class=\"_ _6\"></span>O\u015a<span class=\"_ _6\"></span>CI\u0104<span class=\"_ _1\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>32,375<span class=\"_ _3d5\"> </span>31,881<span class=\"_ _3d5\"> </span>PFG<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _265\"> </span>89.23<span class=\"_ _3d5\"> </span>89.23<span class=\"_ _3d5\"> </span>71,876<span class=\"_ _3d5\"> </span>77,992<span class=\"_ _3d5\"> </span>PFG<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ege<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tsb<span class=\"_ _6\"></span>ew<span class=\"_ _6\"></span>ir<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tung<span class=\"_ _1\"></span>s <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H &amp; C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 92.88<span class=\"_ _3d5\"> </span>92.88<span class=\"_ _3d5\"> </span>12,940<span class=\"_ _3d5\"> </span>12,663<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>rze<span class=\"_ _6\"></span>llan<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _6\"></span>e 4<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ege<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>erw<span class=\"_ _6\"></span>altu<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>g Gmb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Co <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>13,707<span class=\"_ _3d5\"> </span>13,576<span class=\"_ _3d5\"> </span>PRI<span class=\"_ _6\"></span>VAT<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>JOI<span class=\"_ _6\"></span>NT-<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CK <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span>PAN<span class=\"_ _6\"></span>Y<span class=\"_ _6\"></span> \"INS<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span>RAN<span class=\"_ _1\"></span>CE <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OMP<span class=\"_ _6\"></span>ANY<span class=\"_ _1\"></span> \"K<span class=\"_ _6\"></span>NIA<span class=\"_ _1\"></span>ZHA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>LIFE<span class=\"_ _6\"></span> VIEN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>NS<span class=\"_ _6\"></span>URA<span class=\"_ _1\"></span>NCE<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>OU<span class=\"_ _6\"></span>P\"<span class=\"_ _6\"></span> Ukraine<span class=\"_ _6\"></span> <span class=\"_ _15e\"> </span>Kyiv 99.81<span class=\"_ _3d5\"> </span>99.81<span class=\"_ _3d5\"> </span>6,515<span class=\"_ _3d5\"> </span>2,922<span class=\"_ _3d5\"> </span>Priv<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Jo<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span>-S<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>k C<span class=\"_ _6\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>\" <span class=\"_ _6\"></span>Insu<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> \"U<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>G \"<span class=\"_ _6\"></span> Ukraine<span class=\"_ _6\"></span> <span class=\"_ _15e\"> </span>Kyiv 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>14,158<span class=\"_ _3d5\"> </span>16,528<span class=\"_ _3d5\"> </span>PRI<span class=\"_ _6\"></span>VAT<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>JOI<span class=\"_ _6\"></span>NT-<span class=\"_ _6\"></span>ST<span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>CK <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span>PAN<span class=\"_ _6\"></span>Y<span class=\"_ _6\"></span> \"UK<span class=\"_ _6\"></span>RAI<span class=\"_ _6\"></span>NIA<span class=\"_ _1\"></span>N <span class=\"_ _6\"></span>INSU<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE <span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>OM<span class=\"_ _6\"></span>PANY<span class=\"_ _1\"></span> \"KNI<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>ZHA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIEN<span class=\"_ _1\"></span>NA <span class=\"_ _6\"></span>IN<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>URA<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>CE <span class=\"_ _6\"></span>GR<span class=\"_ _1\"></span>OUP\"<span class=\"_ _6\"></span> Ukraine<span class=\"_ _6\"></span> <span class=\"_ _15e\"> </span>Kyiv 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,922<span class=\"_ _3d5\"> </span>10,219<span class=\"_ _3d5\"> </span>PRO<span class=\"_ _6\"></span>GRE<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>S B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>igun<span class=\"_ _1\"></span>gsg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>.m<span class=\"_ _6\"></span>.b<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _380\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _265\"> </span>70.00<span class=\"_ _3d5\"> </span>70.00<span class=\"_ _3d5\"> </span>18,813<span class=\"_ _3d5\"> </span>17,769<span class=\"_ _3d5\"> </span>Proj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt<span class=\"_ _6\"></span>bau<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>esm<span class=\"_ _1\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _1b8\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>24,377<span class=\"_ _3d5\"> </span>14,106<span class=\"_ _3d5\"> </span>Proj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kt<span class=\"_ _6\"></span>bau<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _6b\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>25,181<span class=\"_ _3d5\"> </span>14,183<span class=\"_ _3d5\"> </span>Rath<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>\u00dfe<span class=\"_ _6\"></span> 8<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>gen<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>aft<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>tung<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,125<span class=\"_ _3d5\"> </span>1,087<span class=\"_ _3d5\"> </span>Ray<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>ig<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>ta <span class=\"_ _6\"></span>A.<span class=\"_ _6\"></span>\u015e.<span class=\"_ _6\"></span> <span class=\"_ _17d\"> </span>T<span class=\"_ _6\"></span>\u00fcrkiye <span class=\"_ _1d5\"> </span>Is<span class=\"_ _6\"></span>tanbul <span class=\"_ _59\"> </span>94<span class=\"_ _6\"></span>.96<span class=\"_ _3d5\"> </span>94.96<span class=\"_ _3d5\"> </span>59,722<span class=\"_ _3d5\"> </span>44,622<span class=\"_ _3d5\"> </span>R\u00f6\u00dfl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>e B<span class=\"_ _6\"></span>au<span class=\"_ _1\"></span>te<span class=\"_ _6\"></span>il D<span class=\"_ _1\"></span>rei <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1a2\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>11,885<span class=\"_ _3d5\"> </span>11,841<span class=\"_ _3d5\"> </span>R\u00f6\u00dfl<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rg<span class=\"_ _6\"></span>ass<span class=\"_ _6\"></span>e B<span class=\"_ _6\"></span>au<span class=\"_ _1\"></span>te<span class=\"_ _6\"></span>il <span class=\"_ _6\"></span>Zwe<span class=\"_ _6\"></span>i <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>30,413<span class=\"_ _3d5\"> </span>30,241<span class=\"_ _3d5\"> </span>S -<span class=\"_ _6\"></span> bud<span class=\"_ _1\"></span>ov<span class=\"_ _6\"></span>y, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _22\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Pragu<span class=\"_ _6\"></span>e <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>3,040<span class=\"_ _3d5\"> </span>3,189<span class=\"_ _3d5\"> </span>Sch<span class=\"_ _6\"></span>ul<span class=\"_ _6\"></span>rin<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>21<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>\u00fc<span class=\"_ _6\"></span>roh<span class=\"_ _6\"></span>au<span class=\"_ _6\"></span>s E<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>und<span class=\"_ _6\"></span> Verm<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>etun<span class=\"_ _1\"></span>gs <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span> K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>5,756<span class=\"_ _3d5\"> </span>5,737<span class=\"_ _3d5\"> </span>SECU<span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>IA<span class=\"_ _6\"></span> ma<span class=\"_ _6\"></span>j<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>kov<span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>vna<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>a p<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>v\u00e1 s.r<span class=\"_ _6\"></span>.o.<span class=\"_ _6\"></span> Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>7,444<span class=\"_ _3d5\"> </span>7,505<span class=\"_ _3d5\"> </span>Sen<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>enz<span class=\"_ _1\"></span> Fu<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rerp<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>rri<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s-<span class=\"_ _6\"></span> und<span class=\"_ _6\"></span> Ve<span class=\"_ _6\"></span>rw<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>tun<span class=\"_ _1\"></span>gs <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>-7,293<span class=\"_ _3d5\"> </span>-6,998<span class=\"_ _3d5\"> </span>Sen<span class=\"_ _6\"></span>io<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>enz<span class=\"_ _1\"></span> Ve<span class=\"_ _6\"></span>ld<span class=\"_ _6\"></span>id<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>k Er<span class=\"_ _6\"></span>rich<span class=\"_ _6\"></span>tun<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>s-<span class=\"_ _6\"></span> un<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Verw<span class=\"_ _1\"></span>altu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 66.70<span class=\"_ _3d5\"> </span>66.70<span class=\"_ _3d5\"> </span>8,343<span class=\"_ _3d5\"> </span>8,146<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\u201cA<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>au<span class=\"_ _6\"></span>kst<span class=\"_ _6\"></span>a 1<span class=\"_ _6\"></span>3<span class=\"_ _6\"></span>/15<span class=\"_ _6\"></span>\u201d<span class=\"_ _6\"></span> <span class=\"_ _283\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>933<span class=\"_ _3d5\"> </span>937<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\u201cA<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>til<span class=\"_ _6\"></span>\u0113r<span class=\"_ _6\"></span>ij<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> 3<span class=\"_ _6\"></span>5\u201d<span class=\"_ _6\"></span> <span class=\"_ _1b7\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,111<span class=\"_ _3d5\"> </span>1,146<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\u201c\u0122<span class=\"_ _1\"></span>ertr<span class=\"_ _6\"></span>\u016bd<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>121<span class=\"_ _6\"></span>\u201d<span class=\"_ _6\"></span> <span class=\"_ _381\"> </span>Latvia <span class=\"_ _1ba\"> </span>Rig<span class=\"_ _6\"></span>a <span class=\"_ _1b8\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>3,118<span class=\"_ _3d5\"> </span>3,414<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\"G<span class=\"_ _6\"></span>lob<span class=\"_ _1\"></span>al A<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span>st<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e B<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>c\"<span class=\"_ _6\"></span> <span class=\"_ _216\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>250<span class=\"_ _3d5\"> </span>287<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\"L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>On\"<span class=\"_ _6\"></span> <span class=\"_ _341\"> </span>Latvia <span class=\"_ _1ba\"> </span>Riga <span class=\"_ _1b8\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>70.00<span class=\"_ _3d5\"> </span>27,445<span class=\"_ _3d5\"> </span>26,699<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\"L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>On<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>rnu\"<span class=\"_ _6\"></span> <span class=\"_ _30a\"> </span>Latvia <span class=\"_ _15a\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,093<span class=\"_ _3d5\"> </span>1,696<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>iv<span class=\"_ _6\"></span>eOn<span class=\"_ _6\"></span> T<span class=\"_ _6\"></span>erb<span class=\"_ _1\"></span>atas<span class=\"_ _6\"></span> <span class=\"_ _18e\"> </span>Latvia<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Riga <span class=\"_ _1b8\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>5,017<span class=\"_ _3d5\"> </span>5,191<span class=\"_ _3d5\"> </span>SIA <span class=\"_ _6\"></span>\"U<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ban<span class=\"_ _6\"></span> Sp<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e\"<span class=\"_ _6\"></span> <span class=\"_ _1b7\"> </span>Latvia <span class=\"_ _1ba\"> </span>Rig<span class=\"_ _6\"></span>a <span class=\"_ _1b8\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>360<span class=\"_ _3d5\"> </span>481<span class=\"_ _3d5\"> </span>SIG<span class=\"_ _6\"></span>MA<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIEN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span> I<span class=\"_ _6\"></span>NS<span class=\"_ _6\"></span>URA<span class=\"_ _1\"></span>NC<span class=\"_ _6\"></span>E GR<span class=\"_ _1\"></span>OU<span class=\"_ _6\"></span>P <span class=\"_ _6\"></span>Sho<span class=\"_ _6\"></span>q<span class=\"_ _6\"></span>\u00ebri<span class=\"_ _6\"></span> Aks<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ona<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span> Alban<span class=\"_ _6\"></span>ia <span class=\"_ _15f\"> </span>Tirana 89.05<span class=\"_ _3d5\"> </span>89.05<span class=\"_ _3d5\"> </span>18,095<span class=\"_ _3d5\"> </span>17,077<span class=\"_ _3d5\"> </span>SK B<span class=\"_ _6\"></span>M<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>.r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _20b\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava <span class=\"_ _65\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>13,562<span class=\"_ _3d5\"> </span>13,345<span class=\"_ _3d5\"> </span>SMAR<span class=\"_ _6\"></span>DA<span class=\"_ _1\"></span>N 5<span class=\"_ _6\"></span> DE<span class=\"_ _6\"></span>VE<span class=\"_ _6\"></span>L<span class=\"_ _6\"></span>OP<span class=\"_ _6\"></span>ME<span class=\"_ _6\"></span>NT<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>.R<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>L.<span class=\"_ _6\"></span> <span class=\"_ _34\"> </span>Romania <span class=\"_ _19e\"> </span>B<span class=\"_ _6\"></span>ucharest <span class=\"_ _382\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,960<span class=\"_ _3d5\"> </span>5,022<span class=\"_ _3d5\"> </span>Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span>domicile<span class=\"_ _3d5\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Sto<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Com<span class=\"_ _6\"></span>pa<span class=\"_ _6\"></span>ny<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce a<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>d Rein<span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ce<span class=\"_ _6\"></span> MA<span class=\"_ _6\"></span>K<span class=\"_ _6\"></span>ED<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span>I<span class=\"_ _6\"></span>JA <span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>kop<span class=\"_ _6\"></span>je -<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> North Macedonia<span class=\"_ _6\"></span> <span class=\"_ _372\"> </span>Sk<span class=\"_ _7\"></span>opje<span class=\"_ _6\"></span> 94.50<span class=\"_ _3d5\"> </span>94.36<span class=\"_ _3d5\"> </span>25,410<span class=\"_ _3d5\"> </span>25,898<span class=\"_ _3d5\"> </span>SVZ <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _209\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>230,374<span class=\"_ _3d5\"> </span>203,598<span class=\"_ _3d5\"> </span>SVZD<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _37\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>63,227<span class=\"_ _3d5\"> </span>62,031<span class=\"_ _3d5\"> </span>SVZ<span class=\"_ _6\"></span>I G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _30b\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>221,098<span class=\"_ _3d5\"> </span>200,314<span class=\"_ _3d5\"> </span>T 12<span class=\"_ _6\"></span>5 <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _34b\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>9,256<span class=\"_ _3d5\"> </span>9,179<span class=\"_ _3d5\"> </span>TEC<span class=\"_ _6\"></span>HBA<span class=\"_ _6\"></span>S<span class=\"_ _6\"></span>E S<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>ce P<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>k Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>13,993<span class=\"_ _3d5\"> </span>13,649<span class=\"_ _3d5\"> </span>twin<span class=\"_ _6\"></span>fo<span class=\"_ _6\"></span>rm<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>cs <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _18e\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>3,797<span class=\"_ _3d5\"> </span>3,403<span class=\"_ _3d5\"> </span>UAB<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>veOn<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>km<span class=\"_ _6\"></span>enu<span class=\"_ _1\"></span> <span class=\"_ _383\"> </span>Lithuania <span class=\"_ _32\"> </span>Vilnius <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>6,446<span class=\"_ _3d5\"> </span>3,660<span class=\"_ _3d5\"> </span>UNI<span class=\"_ _6\"></span>ON<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup B<span class=\"_ _1\"></span>iz<span class=\"_ _6\"></span>to<span class=\"_ _6\"></span>s\u00ed<span class=\"_ _6\"></span>t\u00f3<span class=\"_ _6\"></span> Zr<span class=\"_ _6\"></span>t.<span class=\"_ _3d5\"> </span>Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest <span class=\"_ _323\"> </span>98<span class=\"_ _6\"></span>.64<span class=\"_ _3d5\"> </span>98.64<span class=\"_ _3d5\"> </span>28,738<span class=\"_ _3d5\"> </span>36,082<span class=\"_ _3d5\"> </span>Unte<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e D<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>au<span class=\"_ _6\"></span>l\u00e4n<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> 40<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o K<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _186\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>11,453<span class=\"_ _3d5\"> </span>11,383<span class=\"_ _3d5\"> </span>Vien<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Ga<span class=\"_ _6\"></span>tve<span class=\"_ _6\"></span> In<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>est<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>O\u00dc<span class=\"_ _6\"></span> <span class=\"_ _215\"> </span>Est<span class=\"_ _6\"></span>onia <span class=\"_ _1d5\"> </span>Tallinn<span class=\"_ _6\"></span> <span class=\"_ _59\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>131<span class=\"_ _3d5\"> </span>44<span class=\"_ _3d5\"> </span>Vien<span class=\"_ _6\"></span>ib<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Ga<span class=\"_ _6\"></span>tve<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rt<span class=\"_ _6\"></span>ie<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>SIA<span class=\"_ _6\"></span> <span class=\"_ _151\"> </span>Latvia <span class=\"_ _1ba\"> </span>R<span class=\"_ _6\"></span>iga <span class=\"_ _1b8\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>1,576<span class=\"_ _3d5\"> </span>1,624<span class=\"_ _3d5\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>Lif<span class=\"_ _6\"></span>e T<span class=\"_ _1\"></span>ow<span class=\"_ _6\"></span>arz<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>stw<span class=\"_ _6\"></span>o U<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>ez<span class=\"_ _6\"></span>pi<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>cze<span class=\"_ _6\"></span>\u0144 n<span class=\"_ _6\"></span>a \u017by<span class=\"_ _6\"></span>cie <span class=\"_ _6\"></span>S.A<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Vien<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Ins<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oup<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,608<span class=\"_ _3d5\"> </span>5,971<span class=\"_ _3d5\"> </span>V\u0130EN<span class=\"_ _6\"></span>NA<span class=\"_ _6\"></span>L\u0130<span class=\"_ _6\"></span>FE<span class=\"_ _6\"></span> E<span class=\"_ _6\"></span>ME<span class=\"_ _6\"></span>KL<span class=\"_ _6\"></span>\u0130<span class=\"_ _6\"></span>L\u0130<span class=\"_ _6\"></span>K <span class=\"_ _6\"></span>VE <span class=\"_ _6\"></span>HAY<span class=\"_ _6\"></span>A<span class=\"_ _6\"></span>T A<span class=\"_ _1\"></span>NON<span class=\"_ _6\"></span>\u0130<span class=\"_ _6\"></span>M \u015e\u0130RK<span class=\"_ _6\"></span>ET<span class=\"_ _6\"></span>\u0130<span class=\"_ _6\"></span> T\u00fcrkiye <span class=\"_ _37b\"> </span>Istanbu<span class=\"_ _6\"></span>l 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>46,117<span class=\"_ _3d5\"> </span>38,063<span class=\"_ _3d5\"> </span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>-Lif<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Le<span class=\"_ _6\"></span>ben<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>eru<span class=\"_ _6\"></span>ng A<span class=\"_ _1\"></span>G <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>ien<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span> Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Liechtenstein<span class=\"_ _6\"></span> <span class=\"_ _384\"> </span>Bend<span class=\"_ _6\"></span>ern 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>15,484<span class=\"_ _3d5\"> </span>9,313<span class=\"_ _3d5\"> </span>VIG-A<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>gu<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _18\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>309,593<span class=\"_ _3d5\"> </span>354,694<span class=\"_ _3d5\"> </span>VIG-<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>Z R<span class=\"_ _6\"></span>ea<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>Est<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _55\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>147,640<span class=\"_ _3d5\"> </span>147,548<span class=\"_ _3d5\"> </span>V.I.<span class=\"_ _6\"></span>G.<span class=\"_ _6\"></span> N<span class=\"_ _6\"></span>D,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _17a\"> </span>Cz<span class=\"_ _6\"></span>ech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>96,211<span class=\"_ _3d5\"> </span>99,386<span class=\"_ _3d5\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ka Sp<span class=\"_ _1\"></span>\u00f3<span class=\"_ _6\"></span>\u0142ka<span class=\"_ _6\"></span> z org<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>czon<span class=\"_ _6\"></span>\u0105 <span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>owi<span class=\"_ _6\"></span>edz<span class=\"_ _1\"></span>ialn<span class=\"_ _1\"></span>o\u015b<span class=\"_ _6\"></span>ci\u0105<span class=\"_ _6\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>13,935<span class=\"_ _3d5\"> </span>18,256<span class=\"_ _3d5\"> </span>VIG B<span class=\"_ _1\"></span>ef<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ktet<span class=\"_ _6\"></span>\u00e9s<span class=\"_ _6\"></span>i A<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>ke<span class=\"_ _6\"></span>ze<span class=\"_ _6\"></span>l\u0151<span class=\"_ _6\"></span> M<span class=\"_ _6\"></span>ag<span class=\"_ _6\"></span>ya<span class=\"_ _6\"></span>ror<span class=\"_ _6\"></span>sz<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>g Z\u00e1r<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>k\u00f6r\u0171<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>M\u0171<span class=\"_ _6\"></span>k\u00f6<span class=\"_ _6\"></span>d\u0151<span class=\"_ _6\"></span> R\u00e9<span class=\"_ _6\"></span>sz<span class=\"_ _6\"></span>v\u00e9n<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>t\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>13,940<span class=\"_ _3d5\"> </span>8,415<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>FU<span class=\"_ _6\"></span>ND<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>a.<span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span> <span class=\"_ _43\"> </span>Czech Rep<span class=\"_ _6\"></span>ublic<span class=\"_ _6\"></span> <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>273,607<span class=\"_ _3d5\"> </span>276,262<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _31\"> </span>Slovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>21,990<span class=\"_ _3d5\"> </span>21,905<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>HU<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _49\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>99,800<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>IT<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>- <span class=\"_ _6\"></span>Dig<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> S<span class=\"_ _6\"></span>olu<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _385\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>6,916<span class=\"_ _3d5\"> </span>VIG M<span class=\"_ _1\"></span>ag<span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>aro<span class=\"_ _6\"></span>rsz<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>ef<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>kte<span class=\"_ _6\"></span>t\u00e9<span class=\"_ _6\"></span>si<span class=\"_ _6\"></span> Z<span class=\"_ _6\"></span>\u00e1<span class=\"_ _6\"></span>rtk<span class=\"_ _6\"></span>\u00f6r<span class=\"_ _6\"></span>\u0171en<span class=\"_ _6\"></span> M\u0171k<span class=\"_ _6\"></span>\u00f6d<span class=\"_ _6\"></span>\u0151 R<span class=\"_ _6\"></span>\u00e9s<span class=\"_ _6\"></span>z<span class=\"_ _6\"></span>v\u00e9n<span class=\"_ _6\"></span>t\u00e1<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>as<span class=\"_ _6\"></span>\u00e1g<span class=\"_ _6\"></span> Hungary <span class=\"_ _376\"> </span>Bu<span class=\"_ _6\"></span>dapest 90.00<span class=\"_ _3d5\"> </span>55.00<span class=\"_ _3d5\"> </span>728,742<span class=\"_ _3d5\"> </span>197,606<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>Of<span class=\"_ _6\"></span>fi<span class=\"_ _6\"></span>ces<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>r.o.<span class=\"_ _6\"></span> <span class=\"_ _13c\"> </span>Slov<span class=\"_ _7\"></span>akia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava<span class=\"_ _6\"></span> <span class=\"_ _1bc\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,950<span class=\"_ _3d5\"> </span>15,945<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>P<span class=\"_ _6\"></span>rop<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> Bu<span class=\"_ _1\"></span>lga<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ia A<span class=\"_ _6\"></span>D <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> L<span class=\"_ _6\"></span>iqu<span class=\"_ _1\"></span>id<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _17b\"> </span>Bulgaria <span class=\"_ _18a\"> </span>Sofia<span class=\"_ _6\"></span> <span class=\"_ _3e\"> </span>99.9<span class=\"_ _6\"></span>7<span class=\"_ _3d5\"> </span>99.97<span class=\"_ _3d5\"> </span>948<span class=\"_ _3d5\"> </span>1,084<span class=\"_ _3d5\"> </span>VIG R<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>aj<span class=\"_ _6\"></span>i\u0161<span class=\"_ _6\"></span>\u0165o<span class=\"_ _6\"></span>vn<span class=\"_ _6\"></span>a,<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>.s<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _130\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _374\"> </span>Prague <span class=\"_ _1d\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>294,932<span class=\"_ _3d5\"> </span>140,255<span class=\"_ _3d5\"> </span>VIG R<span class=\"_ _6\"></span>EA<span class=\"_ _1\"></span>L <span class=\"_ _6\"></span>ESTA<span class=\"_ _1\"></span>TE <span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>OO<span class=\"_ _6\"></span> <span class=\"_ _386\"> </span>Serbia<span class=\"_ _6\"></span> <span class=\"_ _387\"> </span>Belgrade <span class=\"_ _30c\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,205<span class=\"_ _3d5\"> </span>10,672<span class=\"_ _3d5\"> </span>VIG T<span class=\"_ _1\"></span>\u00fcr<span class=\"_ _6\"></span>kiy<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g B<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>V.<span class=\"_ _6\"></span> <span class=\"_ _e1\"> </span>Netherland<span class=\"_ _6\"></span>s <span class=\"_ _388\"> </span>Ams<span class=\"_ _6\"></span>terdam <span class=\"_ _1ce\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>32,288<span class=\"_ _3d5\"> </span>32,288<span class=\"_ _3d5\"> </span>VIG <span class=\"_ _6\"></span>ZP<span class=\"_ _6\"></span>, <span class=\"_ _6\"></span>s. <span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span> <span class=\"_ _43\"> </span>S<span class=\"_ _6\"></span>lovakia<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>Bratislava <span class=\"_ _65\"> </span>100.00<span class=\"_ _3d5\"> </span>99.22<span class=\"_ _3d5\"> </span>21,228<span class=\"_ _3d5\"> </span>VIVE<span class=\"_ _6\"></span>CA<span class=\"_ _6\"></span> B<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>ilig<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>nge<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _3c\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>36,649<span class=\"_ _3d5\"> </span>31,175<span class=\"_ _3d5\"> </span>WGP<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>H<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>g G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _69\"> </span>Aust<span class=\"_ _6\"></span>ria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>106,537<span class=\"_ _3d5\"> </span>105,287<span class=\"_ _3d5\"> </span>WIBG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Ho<span class=\"_ _6\"></span>ldi<span class=\"_ _6\"></span>ng<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Gmb<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>&amp; <span class=\"_ _6\"></span>Co<span class=\"_ _6\"></span> KG<span class=\"_ _6\"></span> <span class=\"_ _151\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>80,193<span class=\"_ _3d5\"> </span>80,258<span class=\"_ _3d5\"> </span>WIBG<span class=\"_ _6\"></span> P<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>oj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ktent<span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ck<span class=\"_ _6\"></span>lung<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H &amp;<span class=\"_ _6\"></span> C<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>KG<span class=\"_ _6\"></span> <span class=\"_ _389\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>80,557<span class=\"_ _3d5\"> </span>80,191<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r <span class=\"_ _6\"></span>Osi<span class=\"_ _6\"></span>gu<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>je <span class=\"_ _6\"></span>Vi<span class=\"_ _6\"></span>enn<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Gr<span class=\"_ _6\"></span>oup<span class=\"_ _1\"></span> ad<span class=\"_ _6\"></span> Bosnia-<span class=\"_ _3d5\"> </span>Herzegovina<span class=\"_ _6\"></span> Banja Luka<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>9,055<span class=\"_ _3d5\"> </span>8,898<span class=\"_ _3d5\"> </span>Wi<span class=\"_ _6\"></span>ene<span class=\"_ _6\"></span>r o<span class=\"_ _6\"></span>sig<span class=\"_ _1\"></span>ur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span> Vi<span class=\"_ _6\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>Insu<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p dio<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>\u010dk<span class=\"_ _6\"></span>o d<span class=\"_ _6\"></span>ru<span class=\"_ _6\"></span>\u0161t<span class=\"_ _6\"></span>vo<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>os<span class=\"_ _6\"></span>igu<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>nj<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span> Croatia <span class=\"_ _373\"> </span>Zagreb 97.82<span class=\"_ _3d5\"> </span>97.82<span class=\"_ _3d5\"> </span>68,322<span class=\"_ _3d5\"> </span>39,009<span class=\"_ _3d5\"> </span>WIE<span class=\"_ _6\"></span>NER<span class=\"_ _6\"></span> R<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ak<span class=\"_ _6\"></span>cion<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ko<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>ru\u0161<span class=\"_ _6\"></span>tv<span class=\"_ _6\"></span>o z<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> reos<span class=\"_ _6\"></span>igu<span class=\"_ _1\"></span>ran<span class=\"_ _6\"></span>j<span class=\"_ _6\"></span>e Serbia<span class=\"_ _6\"></span> <span class=\"_ _387\"> </span>Belgrade 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>8,640<span class=\"_ _3d5\"> </span>7,305<span class=\"_ _3d5\"> </span>WIE<span class=\"_ _6\"></span>NER<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ST\u00c4<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>TIS<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>HE<span class=\"_ _6\"></span> O<span class=\"_ _6\"></span>SI<span class=\"_ _6\"></span>GUR<span class=\"_ _6\"></span>AN<span class=\"_ _6\"></span>JE<span class=\"_ _6\"></span> ak<span class=\"_ _6\"></span>cion<span class=\"_ _1\"></span>ars<span class=\"_ _6\"></span>ko<span class=\"_ _6\"></span> d<span class=\"_ _6\"></span>rus<span class=\"_ _6\"></span>tv<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>za<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>sig<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span> Serbia<span class=\"_ _6\"></span> <span class=\"_ _387\"> </span>Belgrade 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>43,591<span class=\"_ _3d5\"> </span>39,289<span class=\"_ _3d5\"> </span>WIE<span class=\"_ _6\"></span>NER<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ST\u00c4<span class=\"_ _6\"></span>D<span class=\"_ _6\"></span>TIS<span class=\"_ _6\"></span>C<span class=\"_ _6\"></span>HE<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>ERS<span class=\"_ _1\"></span>ICHER<span class=\"_ _6\"></span>U<span class=\"_ _6\"></span>N<span class=\"_ _6\"></span>G <span class=\"_ _6\"></span>AG Vienn<span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span>sur<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e G<span class=\"_ _6\"></span>rou<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span> Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 97.75<span class=\"_ _3d5\"> </span>97.75<span class=\"_ _3d5\"> </span>670,369<span class=\"_ _3d5\"> </span>633,264<span class=\"_ _3d5\"> </span>Fully consoli<span class=\"_ _6\"></span>date<span class=\"_ _6\"></span>d companie<span class=\"_ _6\"></span>s <span class=\"_ _30c\"> </span><span class=\"fsf\">Country of<span class=\"_ _6\"></span> </span>domicile<span class=\"_ _3d5\"> </span>Registere<span class=\"_ _6\"></span>d off<span class=\"_ _6\"></span>ice<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span>1<span class=\"_ _3d5\"> </span>Equity 2023<span class=\"_ _3d5\"> </span>2<span class=\"_ _3d5\"> </span>Equity 2022<span class=\"_ _3d5\"> </span>2  <span class=\"_ _111\"> </span>  <span class=\"_ _83\"> </span>  <span class=\"_ _1b9\"> </span>in <span class=\"_ _6\"></span>%<span class=\"_ _3d5\"> </span>in %<span class=\"_ _3d5\"> </span>in EU<span class=\"_ _6\"></span>R \u201800<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>in EU<span class=\"_ _6\"></span>R \u201800<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>WI<span class=\"_ _2\"></span>ENE<span class=\"_ _2\"></span>R TO<span class=\"_ _2\"></span>WA<span class=\"_ _7\"></span>RZ<span class=\"_ _2\"></span>YS<span class=\"_ _2\"></span>TWO<span class=\"_ _2\"></span> UB<span class=\"_ _2\"></span>EZP<span class=\"_ _2\"></span>IEC<span class=\"_ _2\"></span>ZE<span class=\"_ _2\"></span>\u0143 SP<span class=\"_ _2\"></span>\u00d3\u0141<span class=\"_ _2\"></span>KA <span class=\"_ _7\"></span>AK<span class=\"_ _2\"></span>CYJ<span class=\"_ _2\"></span>NA <span class=\"_ _2\"></span>VI<span class=\"_ _2\"></span>ENN<span class=\"_ _7\"></span>A <span class=\"_ _2\"></span>INS<span class=\"_ _2\"></span>UR<span class=\"_ _7\"></span>AN<span class=\"_ _7\"></span>CE<span class=\"_ _2\"></span> G<span class=\"_ _2\"></span>RO<span class=\"_ _7\"></span>UP<span class=\"_ _2\"></span> Poland <span class=\"_ _150\"> </span>Warsaw 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>77,282<span class=\"_ _3d5\"> </span>43,631<span class=\"_ _3d5\"> </span>WI<span class=\"_ _2\"></span>ENE<span class=\"_ _2\"></span>R V<span class=\"_ _2\"></span>EREI<span class=\"_ _10\"></span>N <span class=\"_ _7\"></span>BES<span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>ATT<span class=\"_ _10\"></span>UNGS<span class=\"_ _2\"></span>- <span class=\"_ _7\"></span>U<span class=\"_ _7\"></span>ND<span class=\"_ _10\"></span> V<span class=\"_ _7\"></span>ER<span class=\"_ _7\"></span>SI<span class=\"_ _2\"></span>CH<span class=\"_ _2\"></span>ERUN<span class=\"_ _7\"></span>GS<span class=\"_ _2\"></span>SE<span class=\"_ _2\"></span>RVI<span class=\"_ _2\"></span>CE<span class=\"_ _7\"></span>-<span class=\"_ _7\"></span>GE<span class=\"_ _7\"></span>SE<span class=\"_ _7\"></span>L<span class=\"_ _7\"></span>LS<span class=\"_ _2\"></span>CH<span class=\"_ _2\"></span>AFT<span class=\"_ _7\"></span> M.<span class=\"_ _2\"></span>B.H<span class=\"_ _2\"></span>. Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> 100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>2,594<span class=\"_ _3d5\"> </span>2,116<span class=\"_ _3d5\"> </span>WI<span class=\"_ _6\"></span>LA G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _35\"> </span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>37,473<span class=\"_ _3d5\"> </span>37,119<span class=\"_ _3d5\"> </span>WIN<span class=\"_ _6\"></span>O G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _e9\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>69,227<span class=\"_ _3d5\"> </span>64,713<span class=\"_ _3d5\"> </span>WN<span class=\"_ _6\"></span>H <span class=\"_ _6\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tsb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>z G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _15a\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>6,791<span class=\"_ _3d5\"> </span>6,187<span class=\"_ _3d5\"> </span>Woh<span class=\"_ _6\"></span>nqu<span class=\"_ _1\"></span>arti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r 1<span class=\"_ _6\"></span>1b<span class=\"_ _6\"></span> Im<span class=\"_ _1\"></span>mob<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _37d\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>8,773<span class=\"_ _3d5\"> </span>Woh<span class=\"_ _6\"></span>nqu<span class=\"_ _1\"></span>arti<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r 1<span class=\"_ _6\"></span>2b<span class=\"_ _6\"></span> Im<span class=\"_ _1\"></span>mob<span class=\"_ _6\"></span>il<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>enb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>mb<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _37d\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100<span class=\"_ _6\"></span>.00<span class=\"_ _3d5\"> </span>97.75<span class=\"_ _3d5\"> </span>13,641<span class=\"_ _3d5\"> </span>WSBV B<span class=\"_ _6\"></span>eteiligung<span class=\"_ _6\"></span>sverwaltung<span class=\"_ _6\"></span> Gmb<span class=\"_ _6\"></span>H &amp; Co KG<span class=\"_ _3d5\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>50,192<span class=\"_ _3d5\"> </span>25,371<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>V B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>Imm<span class=\"_ _6\"></span>oh<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>din<span class=\"_ _1\"></span>g G<span class=\"_ _6\"></span>mb<span class=\"_ _1\"></span>H <span class=\"_ _2d\"> </span>Austria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _383\"> </span>1<span class=\"_ _6\"></span>00.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>97,800<span class=\"_ _3d5\"> </span>93,136<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>VA <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>ftb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>56,160<span class=\"_ _3d5\"> </span>55,423<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>VB <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>eg<span class=\"_ _6\"></span>ens<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>ftb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _6\"></span> G<span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>bH<span class=\"_ _6\"></span> <span class=\"_ _1ba\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>41,738<span class=\"_ _3d5\"> </span>41,611<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>VC L<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ege<span class=\"_ _6\"></span>ns<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>tb<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>itz<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H <span class=\"_ _15a\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>21,352<span class=\"_ _3d5\"> </span>21,327<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Imm<span class=\"_ _6\"></span>oh<span class=\"_ _6\"></span>old<span class=\"_ _6\"></span>ing<span class=\"_ _1\"></span> Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H <span class=\"_ _1bc\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.0<span class=\"_ _6\"></span>0<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>623,271<span class=\"_ _3d5\"> </span>582,027<span class=\"_ _3d5\"> </span>WSV Triesterst<span class=\"_ _6\"></span>ra\u00dfe 91 B<span class=\"_ _6\"></span>esitz Gm<span class=\"_ _6\"></span>bH &amp; Co KG<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Austria <span class=\"_ _373\"> </span>Vienna<span class=\"_ _6\"></span> <span class=\"_ _377\"> </span>100.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>81,453<span class=\"_ _3d5\"> </span>80,979<span class=\"_ _3d5\"> </span>WS<span class=\"_ _6\"></span>V <span class=\"_ _6\"></span>Ver<span class=\"_ _6\"></span>m\u00f6g<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rwa<span class=\"_ _6\"></span>lt<span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _376\"> </span>A<span class=\"_ _6\"></span>ustria <span class=\"_ _373\"> </span>Vienn<span class=\"_ _6\"></span>a <span class=\"_ _377\"> </span>10<span class=\"_ _6\"></span>0.00<span class=\"_ _3d5\"> </span>100.00<span class=\"_ _3d5\"> </span>10,367<span class=\"_ _3d5\"> </span>10,695<span class=\"_ _3d5\"> </span>1 <span class=\"_ _3\"> </span>The sh<span class=\"_ _7\"></span>are in equi<span class=\"_ _7\"></span>ty eq<span class=\"_ _6\"></span>uals th<span class=\"_ _7\"></span>e share in voting rights before non-controlli<span class=\"_ _7\"></span>ng interests. 2 <span class=\"_ _3\"> </span>The capi<span class=\"_ _7\"></span>tal value sh<span class=\"_ _7\"></span>own corresponds to the latest local annual<span class=\"_ _7\"></span> financial statements available.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-481": {
   "value": "<div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs25f9\">At equity con<span class=\"_ _6\"></span>solidate<span class=\"_ _6\"></span>d com<span class=\"_ _6\"></span>panies<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span><span class=\"fsf\">C<span class=\"_ _7\"></span>ountry of<span class=\"_ _6\"></span> domicil<span class=\"_ _6\"></span>e <span class=\"_ _38a\"> </span>Registere<span class=\"_ _6\"></span>d </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs25fa\">off<span class=\"_ _6\"></span>ice </div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs25fb\">Intere<span class=\"_ _6\"></span>st 2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs25fc\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs25fd\">Intere<span class=\"_ _6\"></span>st 2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gs25fe\">1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs25ff\">Equity 2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fc3 sc0 ls5 ws2 gs2600\">2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs2601\">Equity 2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6b ff46 fs19 fcb sc0 ls5 ws2 gs2602\">2<span class=\"_ _3d5\"> </span></div><div class=\"c w2a h28 gs2603\"><div class=\"t m0 x0 h29 y1f5 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w2a h28 gs2604\"><div class=\"t m0 x0 h29 y1f5 ff48 fsf fca sc0 ls5 ws2\">in %<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs2605\"><div class=\"t m0 x0 h29 y1f5 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs2606\"><div class=\"t m0 x0 h29 y1f5 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"c w24 h28 gs2607\"><div class=\"t m0 x0 h29 y1f5 ff48 fsf fca sc0 ls5 ws2\">in </div></div><div class=\"c w2c h28 gs2608\"><div class=\"t m0 x0 h29 y1f5 ff48 fsf fca sc0 ls5 ws2\">EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2609\">Bet<span class=\"_ _6\"></span>ei<span class=\"_ _6\"></span>lig<span class=\"_ _6\"></span>ung<span class=\"_ _1\"></span>s-<span class=\"_ _6\"></span> und<span class=\"_ _1\"></span> Im<span class=\"_ _6\"></span>mo<span class=\"_ _6\"></span>bi<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>en <span class=\"_ _6\"></span>Gm<span class=\"_ _6\"></span>b<span class=\"_ _6\"></span>H<span class=\"_ _6\"></span> <span class=\"_ _34f\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Linz <span class=\"_ _38b\"> </span>25.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs260a\">25.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs260b\">21,515<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs260c\">20,405<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs260d\">Be<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>il<span class=\"_ _2\"></span>ig<span class=\"_ _7\"></span>un<span class=\"_ _7\"></span>gs<span class=\"_ _2\"></span>- u<span class=\"_ _2\"></span>nd<span class=\"_ _7\"></span> W<span class=\"_ _2\"></span>oh<span class=\"_ _7\"></span>nu<span class=\"_ _7\"></span>n<span class=\"_ _2\"></span>gsa<span class=\"_ _2\"></span>nla<span class=\"_ _2\"></span>ge<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>Gm<span class=\"_ _2\"></span>bH<span class=\"_ _2\"></span> <span class=\"_ _38c\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Linz <span class=\"_ _38b\"> </span>25.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs260e\">25.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs260f\">245,881<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2610\">237,778<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2611\">CR<span class=\"_ _6\"></span>OW<span class=\"_ _6\"></span>N-<span class=\"_ _6\"></span>WS<span class=\"_ _6\"></span>F s<span class=\"_ _6\"></span>po<span class=\"_ _6\"></span>l.<span class=\"_ _6\"></span> s.<span class=\"_ _6\"></span>r.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> <span class=\"_ _3f\"> </span>Czech Repu<span class=\"_ _6\"></span>blic <span class=\"_ _380\"> </span>Prague <span class=\"_ _6b\"> </span>30.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2612\">30.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2613\">3,553<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2614\">7,740<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2615\">ERST<span class=\"_ _6\"></span>E<span class=\"_ _6\"></span> d.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span>o.<span class=\"_ _6\"></span> -<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>a u<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>ra<span class=\"_ _6\"></span>vlj<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>je<span class=\"_ _6\"></span> o<span class=\"_ _6\"></span>bv<span class=\"_ _6\"></span>ezn<span class=\"_ _6\"></span>im<span class=\"_ _1\"></span> i </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2616\">dob<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span>vljn<span class=\"_ _6\"></span>im<span class=\"_ _1\"></span> mi<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ovin<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span>kim<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>ond<span class=\"_ _1\"></span>o<span class=\"_ _6\"></span>vim<span class=\"_ _6\"></span>a </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2617\">Croatia <span class=\"_ _37e\"> </span>Zagreb<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2618\">25.30<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2619\">25.30<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs261a\">17,757<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs261b\">16,131<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs261c\">Gew<span class=\"_ _6\"></span>ist<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>-W<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>beg<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>lls<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>af<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>m.<span class=\"_ _6\"></span>b.<span class=\"_ _6\"></span>H.<span class=\"_ _6\"></span> <span class=\"_ _38d\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna <span class=\"_ _67\"> </span>33.<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs261d\">33.00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs261e\">145,504<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs261f\">128,915<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2620\">\u00d6ste<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>ich<span class=\"_ _6\"></span>is<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>rke<span class=\"_ _6\"></span>hr<span class=\"_ _6\"></span>sb\u00fc<span class=\"_ _6\"></span>ro<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2621\">Ak<span class=\"_ _6\"></span>tien<span class=\"_ _6\"></span>g<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>ls<span class=\"_ _6\"></span>chaf<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2622\">Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2623\">36.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2624\">36.58<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2625\">22,998<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2626\">53,300<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2627\">Towarzystw<span class=\"_ _6\"></span>o Ub<span class=\"_ _6\"></span>ezpiecze\u0144 Wz<span class=\"_ _6\"></span>ajemnych </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2628\">\u201eTU<span class=\"_ _6\"></span>W\" </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2629\">Poland <span class=\"_ _2b\"> </span>Warsaw<span class=\"_ _6\"></span> </div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs262a\">52.16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs262b\">52.16<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs262c\">68,580<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs262d\">49,703<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs262e\">VB<span class=\"_ _6\"></span>V - <span class=\"_ _6\"></span>B<span class=\"_ _6\"></span>et<span class=\"_ _6\"></span>rieb<span class=\"_ _1\"></span>lic<span class=\"_ _6\"></span>he<span class=\"_ _6\"></span> A<span class=\"_ _6\"></span>lte<span class=\"_ _6\"></span>rs<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>ors<span class=\"_ _6\"></span>org<span class=\"_ _1\"></span>e A<span class=\"_ _6\"></span>G<span class=\"_ _6\"></span> <span class=\"_ _38e\"> </span>Aus<span class=\"_ _6\"></span>tria <span class=\"_ _83\"> </span>Vienna <span class=\"_ _67\"> </span>25.<span class=\"_ _6\"></span>32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs262f\">25.32<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2630\">318,191<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs2631\">311,808<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs2632\">1</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs2633\"> <span class=\"_ _3\"> </span>The sh<span class=\"_ _7\"></span>are in equi<span class=\"_ _7\"></span>ty eq<span class=\"_ _6\"></span>uals th<span class=\"_ _7\"></span>e share in voting rights before non-controlli<span class=\"_ _7\"></span>ng interests. </div><div class=\"t m0 h6c ff47 fs1a fc3 sc0 ls5 ws2 gs2634\">2</div><div class=\"t m0 h2b ff47 fs13 fc3 sc0 ls5 ws2 gs2635\"> <span class=\"_ _3\"> </span>The capi<span class=\"_ _7\"></span>tal value sh<span class=\"_ _7\"></span>own corresponds to the latest local annual<span class=\"_ _7\"></span> financial statements available. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-23": {
   "value": "23.<span class=\"ff4a\"> </span>AUDITING FEES <span class=\"_ _2\"></span>AN<span class=\"_ _7\"></span>D AU<span class=\"_ _2\"></span>D<span class=\"_ _6\"></span>ITING SE<span class=\"_ _7\"></span>RVICES<span class=\"_ _7\"></span> The <span class=\"_ _48\"> </span>a<span class=\"_ _7\"></span>uditor <span class=\"_ _3a0\"> </span>of <span class=\"_ _46\"> </span>t<span class=\"_ _6\"></span>hese <span class=\"_ _3a0\"> </span>consolida<span class=\"_ _7\"></span>ted <span class=\"_ _3a0\"> </span>financial<span class=\"_ _7\"></span> <span class=\"_ _3a0\"> </span>statements <span class=\"_ _46\"> </span>is <span class=\"_ _3a0\"> </span>KPMG <span class=\"_ _48\"> </span>Aus<span class=\"_ _7\"></span>tria <span class=\"_ _3a0\"> </span>GmbH <span class=\"_ _3a0\"> </span>Wirt<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>chaftsp<span class=\"_ _7\"></span>r\u00fcfungs- <span class=\"_ _46\"> </span>und Steuerbe<span class=\"_ _7\"></span>ratungsges<span class=\"_ _2\"></span>ellschaft <span class=\"_ _0\"></span>(KPMG <span class=\"_ _0\"></span>Austria <span class=\"_ _0\"></span>GmbH). <span class=\"_ _0\"></span>The <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>ollowing <span class=\"_ _0\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>enses <span class=\"_ _0\"></span>were <span class=\"_ _0\"></span>recognis<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for <span class=\"_ _4\"></span>se<span class=\"_ _7\"></span>rvices <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>rovided <span class=\"_ _1\"></span>b<span class=\"_ _6\"></span>y KPMG A<span class=\"_ _7\"></span>ustria <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>mbH a<span class=\"_ _7\"></span>nd t<span class=\"_ _7\"></span>he Aust<span class=\"_ _7\"></span>rian memb<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r com<span class=\"_ _7\"></span>panies <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>KPM<span class=\"_ _7\"></span>G Austria <span class=\"_ _7\"></span>wide) in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>year:<span class=\"_ _2\"></span> Compositio<span class=\"_ _6\"></span>n <span class=\"_ _2ac\"> </span><span class=\"fsf\">2023 <span class=\"_ _f0\"> </span><span class=\"fcb\">20<span class=\"_ _6\"></span>22</span></span>  <span class=\"_ _11a\"> </span><span class=\"fsf\">K<span class=\"_ _6\"></span>PMG A<span class=\"_ _6\"></span>ustria wide<span class=\"_ _3d5\"> </span></span>KPMG A<span class=\"_ _6\"></span>ustria G<span class=\"_ _6\"></span>mbH<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>Total<span class=\"_ _3d5\"> </span>in EUR<span class=\"_ _6\"></span> \u2018000<span class=\"_ _3d5\"> </span>Aud<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> of <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>so<span class=\"_ _6\"></span>li<span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>ted<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>ci<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>l s<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>me<span class=\"_ _6\"></span>nts<span class=\"_ _6\"></span> <span class=\"_ _e6\"> </span>0<span class=\"_ _3d5\"> </span>1,623<span class=\"_ _3d5\"> </span>1,623<span class=\"_ _3d5\"> </span>745<span class=\"_ _3d5\"> </span>Aud<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span> of <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ren<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> com<span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>y f<span class=\"_ _6\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>cial<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>ta<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>men<span class=\"_ _6\"></span>ts<span class=\"_ _6\"></span> <span class=\"_ _105\"> </span>0<span class=\"_ _3d5\"> </span>75<span class=\"_ _3d5\"> </span>75<span class=\"_ _3d5\"> </span>62<span class=\"_ _3d5\"> </span>Oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>aud<span class=\"_ _1\"></span>it<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>erv<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>ces<span class=\"_ _6\"></span> <span class=\"_ _106\"> </span>2<span class=\"_ _6\"></span>14<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>214<span class=\"_ _3d5\"> </span>991<span class=\"_ _3d5\"> </span>Ta<span class=\"_ _6\"></span>x ad<span class=\"_ _1\"></span>viso<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>y f<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _321\"> </span>14<span class=\"_ _3d5\"> </span>0<span class=\"_ _3d5\"> </span>14<span class=\"_ _3d5\"> </span>3<span class=\"_ _3d5\"> </span>Fees<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ud<span class=\"_ _6\"></span>it-<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> s<span class=\"_ _6\"></span>er<span class=\"_ _6\"></span>vic<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _121\"> </span>25<span class=\"_ _3d5\"> </span>154<span class=\"_ _3d5\"> </span>179<span class=\"_ _3d5\"> </span>176<span class=\"_ _3d5\"> </span>Total <span class=\"_ _d8\"> </span>253<span class=\"_ _3d5\"> </span>1,852<span class=\"_ _3d5\"> </span>2,105<span class=\"_ _3d5\"> </span>1,977",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-503": {
   "value": "24.3.<span class=\"ff54\"> </span>F<span class=\"_ _7\"></span>inancial instru<span class=\"_ _7\"></span>ments recognis<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d at fair value<span class=\"_ _7\"></span> (Level 3) The <span class=\"_ _4\"> </span>fair<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>value <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>fi<span class=\"_ _2\"></span>nancial <span class=\"_ _4\"> </span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _4\"> </span>not <span class=\"_ _4\"> </span>t<span class=\"_ _7\"></span>raded <span class=\"_ _4\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>an <span class=\"_ _4\"> </span>a<span class=\"_ _7\"></span>ctive <span class=\"_ _4\"> </span>mark<span class=\"_ _7\"></span>et <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>de<span class=\"_ _7\"></span>termin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>by <span class=\"_ _4\"> </span>a<span class=\"_ _7\"></span>pplyi<span class=\"_ _7\"></span>ng <span class=\"_ _4\"> </span>appro<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>ia<span class=\"_ _7\"></span>te <span class=\"_ _4\"> </span>valu<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>on techniqu<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>The<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>assump<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>used <span class=\"_ _10\"></span>here<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>on <span class=\"_ _10\"></span>market<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>da<span class=\"_ _6\"></span>ta <span class=\"_ _e\"></span>available <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>repor<span class=\"_ _7\"></span>ting<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>date, <span class=\"_ _10\"></span>if <span class=\"_ _2\"></span>available.<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>VIG<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Insura<span class=\"_ _7\"></span>nce Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p uses<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>esent val<span class=\"_ _7\"></span>ue met<span class=\"_ _7\"></span>hods w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ilst ta<span class=\"_ _7\"></span>king i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to <span class=\"_ _7\"></span>considerati<span class=\"_ _7\"></span>on suit<span class=\"_ _2\"></span>able inter<span class=\"_ _7\"></span>est r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te m<span class=\"_ _7\"></span>odels to<span class=\"_ _2\"></span> determin<span class=\"_ _7\"></span>e the f<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ir <span class=\"_ _7\"></span>value of <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>umero<span class=\"_ _2\"></span>us fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>not activ<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ly t<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>aded <span class=\"_ _2\"></span>on m<span class=\"_ _7\"></span>arke<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>Further <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nformati<span class=\"_ _7\"></span>on a<span class=\"_ _2\"></span>b<span class=\"_ _6\"></span>out <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>aluatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> pr<span class=\"_ _7\"></span>oc<span class=\"_ _7\"></span>ess <span class=\"_ _7\"></span>can be found i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Not<span class=\"_ _7\"></span>e 16. Calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>19. Th<span class=\"_ _7\"></span>e impairm<span class=\"_ _2\"></span>ent of fina<span class=\"_ _7\"></span>ncial assets i<span class=\"_ _7\"></span>s ex<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>lain<span class=\"_ _7\"></span>ed in 24<span class=\"_ _7\"></span>.2. Impairm<span class=\"_ _7\"></span>ent los<span class=\"_ _7\"></span>ses on fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssets.<span class=\"_ _3d5\"> </span><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2a9d\">25.9.<span class=\"ff4a\"> </span>Calculati<span class=\"_ _7\"></span>on o<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span> fair value<span class=\"_ _7\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs4b3\">Measurem<span class=\"_ _7\"></span>ent pro<span class=\"_ _2\"></span>ces<span class=\"_ _6\"></span>s of<span class=\"_ _7\"></span> finan<span class=\"_ _7\"></span>cial instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b4\">The <span class=\"_ _6\"></span>valuatio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>proc<span class=\"_ _7\"></span>ess <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ning <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>assets <span class=\"_ _6\"></span>aims <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>appl<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>publicl<span class=\"_ _2\"></span>y <span class=\"_ _1\"></span>availabl<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>price <span class=\"_ _6\"></span>quotatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b5\">active <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>arkets <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r v<span class=\"_ _7\"></span>aluations <span class=\"_ _10\"></span>determined <span class=\"_ _2\"></span>by <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n of<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>ecognis<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nomic <span class=\"_ _7\"></span>mod<span class=\"_ _7\"></span>els <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e bas<span class=\"_ _2\"></span>ed o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> obs<span class=\"_ _2\"></span>ervable <span class=\"_ _2\"></span>input<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e3\">factors. <span class=\"_ _4\"> </span>For<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ose <span class=\"_ _f\"> </span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _4\"> </span>assets <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>which <span class=\"_ _f\"> </span>publicl<span class=\"_ _2\"></span>y <span class=\"_ _f\"> </span>quoted <span class=\"_ _f\"> </span>pric<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>or <span class=\"_ _4\"> </span>observable <span class=\"_ _f\"> </span>m<span class=\"_ _7\"></span>arket <span class=\"_ _f\"> </span>d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ta <span class=\"_ _f\"> </span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>no<span class=\"_ _7\"></span>t <span class=\"_ _f\"> </span>avail<span class=\"_ _7\"></span>able, <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e4\">valuatio<span class=\"_ _7\"></span>ns ar<span class=\"_ _7\"></span>e mai<span class=\"_ _7\"></span>nly cond<span class=\"_ _7\"></span>ucted on t<span class=\"_ _7\"></span>he basis<span class=\"_ _7\"></span> of val<span class=\"_ _7\"></span>uation r<span class=\"_ _2\"></span>eports (e.g<span class=\"_ _7\"></span>. appr<span class=\"_ _7\"></span>aisals) pr<span class=\"_ _2\"></span>epare<span class=\"_ _2\"></span>d by<span class=\"_ _6\"></span> expe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ts. T<span class=\"_ _7\"></span>he orga<span class=\"_ _7\"></span>nisatio<span class=\"_ _7\"></span>nal </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a9f\">units <span class=\"_ _4\"></span>res<span class=\"_ _2\"></span>pon<span class=\"_ _6\"></span>sible<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>or <span class=\"_ _4\"></span>cond<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cting <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>valuatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>inde<span class=\"_ _7\"></span>penden<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>the <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>nits <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>hat <span class=\"_ _4\"> </span>ass<span class=\"_ _7\"></span>ume <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nvestmen<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>risks, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ere<span class=\"_ _2\"></span>by<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e5\">ensuring t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>equisi<span class=\"_ _7\"></span>te sepa<span class=\"_ _7\"></span>ration of<span class=\"_ _7\"></span> func<span class=\"_ _7\"></span>tions <span class=\"_ _7\"></span>and d<span class=\"_ _7\"></span>uties. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e7\">As a <span class=\"_ _6\"></span>general policy<span class=\"_ _e\"></span>, the <span class=\"_ _6\"></span>com<span class=\"_ _7\"></span>pany <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>eeks to <span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>asure th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>fair value of <span class=\"_ _6\"></span>secu<span class=\"_ _7\"></span>rities held within the VIG Insurance Gro<span class=\"_ _2\"></span>up a<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e8\">same <span class=\"_ _0\"></span>prices <span class=\"_ _0\"></span>at <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>espectiv<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>valuation <span class=\"_ _1\"></span>date. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>practice, <span class=\"_ _1\"></span>howe<span class=\"_ _7\"></span>ver<span class=\"_ _10\"></span>, <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>it<span class=\"_ _7\"></span>uat<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>arise <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _0\"></span>act<span class=\"_ _7\"></span>ually <span class=\"_ _0\"></span>achie<span class=\"_ _7\"></span>ving <span class=\"_ _0\"></span>this <span class=\"_ _0\"></span>g<span class=\"_ _7\"></span>oal </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e9\">would <span class=\"_ _1\"></span>entail <span class=\"_ _1\"></span>d<span class=\"_ _6\"></span>ispr<span class=\"_ _7\"></span>opo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tionat<span class=\"_ _7\"></span>ely <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>igh <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>osts.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>For <span class=\"_ _0\"></span>exampl<span class=\"_ _7\"></span>e, <span class=\"_ _0\"></span>lo<span class=\"_ _7\"></span>cal <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>egulations<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>some <span class=\"_ _1\"></span>countries <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>which <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _1\"></span>Insura<span class=\"_ _7\"></span>nce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aa0\">Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p o<span class=\"_ _2\"></span>perates <span class=\"_ _2\"></span>req<span class=\"_ _7\"></span>uire<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>that <span class=\"_ _2\"></span>resid<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>companies<span class=\"_ _2\"></span> us<span class=\"_ _7\"></span>e t<span class=\"_ _2\"></span>he p<span class=\"_ _7\"></span>rices <span class=\"_ _2\"></span>determi<span class=\"_ _7\"></span>ned <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>accord<span class=\"_ _7\"></span>ance <span class=\"_ _2\"></span>with l<span class=\"_ _7\"></span>ocal<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>gulati<span class=\"_ _7\"></span>ons <span class=\"_ _2\"></span>to m<span class=\"_ _2\"></span>easur<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ea\">the <span class=\"_ _2\"></span>value of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>certain <span class=\"_ _2\"></span>instrum<span class=\"_ _7\"></span>ents. <span class=\"_ _2\"></span>If <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>this <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e t<span class=\"_ _2\"></span>he sam<span class=\"_ _2\"></span>e s<span class=\"_ _7\"></span>ecu<span class=\"_ _7\"></span>rities <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>held <span class=\"_ _7\"></span>by <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>VIG <span class=\"_ _2\"></span>Insurance<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>Gr<span class=\"_ _7\"></span>oup, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29eb\">it can happ<span class=\"_ _2\"></span>en that these <span class=\"_ _2\"></span>companies <span class=\"_ _7\"></span>appl<span class=\"_ _7\"></span>y dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nt pric<span class=\"_ _7\"></span>e so<span class=\"_ _7\"></span>urces <span class=\"_ _7\"></span>to m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>e the fair v<span class=\"_ _7\"></span>alue. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aa1\">Special funds re<span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>anoth<span class=\"_ _7\"></span>er case in which<span class=\"_ _6\"></span> unifo<span class=\"_ _7\"></span>rm valuatio<span class=\"_ _7\"></span>n would only be possible at a<span class=\"_ _6\"></span> dispr<span class=\"_ _7\"></span>opo<span class=\"_ _7\"></span>rtionat<span class=\"_ _7\"></span>ely high cost. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ed\">The Aust<span class=\"_ _7\"></span>rian compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _7\"></span>hold speci<span class=\"_ _7\"></span>al funds, w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich must b<span class=\"_ _7\"></span>e incl<span class=\"_ _7\"></span>uded in the co<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed finan<span class=\"_ _7\"></span>cial stat<span class=\"_ _7\"></span>ements a<span class=\"_ _7\"></span>ccor<span class=\"_ _7\"></span>ding t<span class=\"_ _7\"></span>o </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ee\">IFRS <span class=\"_ _7\"></span>acco<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>les, <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>varying <span class=\"_ _2\"></span>exten<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>Howe<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>et <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>(NA<span class=\"_ _10\"></span>V)<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>pecial <span class=\"_ _2\"></span>fund <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>a g<span class=\"_ _7\"></span>ive<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> da<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ured </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ef\">at <span class=\"_ _6\"></span>the (us<span class=\"_ _7\"></span>ually closing) pric<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>of the pre<span class=\"_ _7\"></span>vio<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>day<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>In these c<span class=\"_ _7\"></span>ases, a security that is held both in a <span class=\"_ _6\"></span>speci<span class=\"_ _7\"></span>al fund and <span class=\"_ _6\"></span>dir<span class=\"_ _2\"></span>ectly </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29f0\">in the com<span class=\"_ _2\"></span>pany\u2019<span class=\"_ _e\"></span>s portfol<span class=\"_ _7\"></span>io i<span class=\"_ _7\"></span>s measur<span class=\"_ _7\"></span>ed at di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nt pric<span class=\"_ _7\"></span>es.<span class=\"_ _7\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs29f1\">Valuat<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>on pr<span class=\"_ _7\"></span>ocess for<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>inv<span class=\"_ _7\"></span>est<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty and<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>own<span class=\"_ _7\"></span>er-o<span class=\"_ _2\"></span>ccupied pr<span class=\"_ _7\"></span>operty </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aa2\">The <span class=\"_ _6\"></span>met<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ods mainly used to calculat<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>the fair value of real estate in t<span class=\"_ _6\"></span>he VIG Insura<span class=\"_ _7\"></span>nce Group ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> the capitalised ea<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aa3\">value <span class=\"_ _6\"></span>met<span class=\"_ _7\"></span>hod, <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>isco<span class=\"_ _2\"></span>unted <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>flow <span class=\"_ _6\"></span>method and <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>ass<span class=\"_ _7\"></span>et <span class=\"_ _1\"></span>value <span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>thod <span class=\"_ _6\"></span>(only <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>land <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ne <span class=\"_ _6\"></span>mainte<span class=\"_ _7\"></span>nance<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aa4\">expenses<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aa5\">The <span class=\"_ _6\"></span>capit<span class=\"_ _7\"></span>alised earnings value <span class=\"_ _6\"></span>method is mainly used in<span class=\"_ _6\"></span> the VIG<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>Insu<span class=\"_ _7\"></span>rance Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. In<span class=\"_ _6\"></span> rarer cases, a discounted cash <span class=\"_ _6\"></span>flo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aa6\">method i<span class=\"_ _7\"></span>s used i<span class=\"_ _7\"></span>f that <span class=\"_ _7\"></span>would yiel<span class=\"_ _7\"></span>d th<span class=\"_ _7\"></span>e highes<span class=\"_ _7\"></span>t-use <span class=\"_ _7\"></span>and bes<span class=\"_ _7\"></span>t-use <span class=\"_ _7\"></span>value for <span class=\"_ _2\"></span>the prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty in q<span class=\"_ _7\"></span>uestio<span class=\"_ _7\"></span>n. </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs29fd\">CAPIT<span class=\"_ _10\"></span>AL<span class=\"_ _6\"></span>IS<span class=\"_ _7\"></span>ED EARNIN<span class=\"_ _7\"></span>GS<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>VALU<span class=\"_ _7\"></span>E METHOD<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aa7\">Under this method, the va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>real estate is ca<span class=\"_ _6\"></span>lculat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d by <span class=\"_ _6\"></span>capitalis<span class=\"_ _7\"></span>ing the <span class=\"_ _6\"></span>expe<span class=\"_ _7\"></span>cted futur<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>act<span class=\"_ _7\"></span>ual <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>ss income at </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aa8\">an <span class=\"_ _6\"></span>approp<span class=\"_ _2\"></span>riate <span class=\"_ _6\"></span>inter<span class=\"_ _7\"></span>est <span class=\"_ _6\"></span>rate <span class=\"_ _6\"></span>over the <span class=\"_ _6\"></span>expect<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>useful <span class=\"_ _6\"></span>life. <span class=\"_ _6\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _6\"></span>net <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>ncome <span class=\"_ _6\"></span>is calculated by <span class=\"_ _6\"></span>deducti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>actual expenses </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a04\">for <span class=\"_ _6\"></span>operatio<span class=\"_ _7\"></span>n, <span class=\"_ _1\"></span>mainte<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ance <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>administ<span class=\"_ _7\"></span>ration <span class=\"_ _6\"></span>(ma<span class=\"_ _7\"></span>nageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ses). <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>default r<span class=\"_ _6\"></span>isk <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>any <span class=\"_ _6\"></span>liquidatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>pro<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eeds<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aa9\">costs <span class=\"_ _2\"></span>are<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>red<span class=\"_ _2\"></span> as<span class=\"_ _7\"></span> w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll. <span class=\"_ _2\"></span>The <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t <span class=\"_ _7\"></span>rate <span class=\"_ _2\"></span>applied <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>calculat<span class=\"_ _7\"></span>e t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>apital<span class=\"_ _7\"></span>ised <span class=\"_ _2\"></span>earnings <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>based <span class=\"_ _7\"></span>on <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _2\"></span>achie<span class=\"_ _7\"></span>vable </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aaa\">rate <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>ret<span class=\"_ _7\"></span>urn. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>minus<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>retu<span class=\"_ _7\"></span>rn <span class=\"_ _0\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>land <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>then <span class=\"_ _6\"></span>capitalised<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>over <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>remaini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sef<span class=\"_ _7\"></span>ul <span class=\"_ _1\"></span>life <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aab\">chosen <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nterest <span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>ate, <span class=\"_ _7\"></span>yieldi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pitalise<span class=\"_ _2\"></span>d earnings <span class=\"_ _2\"></span>value o<span class=\"_ _2\"></span>f <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>hysical <span class=\"_ _2\"></span>structure. <span class=\"_ _2\"></span>This <span class=\"_ _2\"></span>amount i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>then <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dded <span class=\"_ _10\"></span>to the <span class=\"_ _2\"></span>land </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aac\">value to <span class=\"_ _7\"></span>arrive at <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he tot<span class=\"_ _7\"></span>al capi<span class=\"_ _7\"></span>talised <span class=\"_ _7\"></span>earnings <span class=\"_ _7\"></span>value of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e p<span class=\"_ _7\"></span>rope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty<span class=\"_ _10\"></span>. </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2aad\">DISCOUN<span class=\"_ _7\"></span>TED CAS<span class=\"_ _2\"></span>H<span class=\"_ _6\"></span> FLOW<span class=\"_ _7\"></span> METHOD<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aae\">The <span class=\"_ _4\"></span>disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nted <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>ash <span class=\"_ _4\"></span>flow <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thod <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>valuatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>method <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>which<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"></span>fl<span class=\"_ _7\"></span>ows <span class=\"_ _4\"> </span>du<span class=\"_ _7\"></span>ring <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>for<span class=\"_ _7\"></span>ecas<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>phase <span class=\"_ _0\"></span>(Phase <span class=\"_ _4\"></span>I) <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aaf\">discou<span class=\"_ _7\"></span>nted <span class=\"_ _4\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>pr<span class=\"_ _7\"></span>esent <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>v<span class=\"_ _6\"></span>alua<span class=\"_ _7\"></span>tion <span class=\"_ _0\"></span>date. <span class=\"_ _4\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>discount <span class=\"_ _0\"></span>rate <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>pplie<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _0\"></span>purpose<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>eturn <span class=\"_ _4\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>a </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ab0\">compara<span class=\"_ _7\"></span>bly <span class=\"_ _2\"></span>risky i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestm<span class=\"_ _2\"></span>ent, pl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>pro<span class=\"_ _2\"></span>perty-sp<span class=\"_ _7\"></span>ecific <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>market-s<span class=\"_ _7\"></span>pecific <span class=\"_ _10\"></span>premi<span class=\"_ _7\"></span>ums. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>annual <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>ros<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>plus <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>acan<span class=\"_ _7\"></span>cy </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a11\">rents <span class=\"_ _10\"></span>(at <span class=\"_ _2\"></span>curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>market <span class=\"_ _e\"></span>rents) <span class=\"_ _10\"></span>and <span class=\"_ _7\"></span>mi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>us <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>manageme<span class=\"_ _7\"></span>nt <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>penses <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>cannot <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>charged <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _10\"></span>tenants <span class=\"_ _10\"></span>res<span class=\"_ _7\"></span>ults <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>an<span class=\"_ _7\"></span>nual </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ab1\">net <span class=\"_ _0\"></span>income. <span class=\"_ _1\"></span>Thanks <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>exact <span class=\"_ _1\"></span>natur<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>nalysis<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>over <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>individu<span class=\"_ _7\"></span>al <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span>ecast <span class=\"_ _1\"></span>years, <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>his <span class=\"_ _0\"></span>method <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>akes <span class=\"_ _1\"></span>it <span class=\"_ _4\"></span>po<span class=\"_ _7\"></span>ssibl<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>o </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a12\">allocate i<span class=\"_ _2\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ents or<span class=\"_ _7\"></span> vac<span class=\"_ _7\"></span>ancies to i<span class=\"_ _2\"></span>nd<span class=\"_ _6\"></span>ivid<span class=\"_ _7\"></span>ual y<span class=\"_ _7\"></span>ears a<span class=\"_ _7\"></span>nd the<span class=\"_ _2\"></span>refore <span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span>ke t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>em i<span class=\"_ _7\"></span>nto ac<span class=\"_ _7\"></span>count fro<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span> the o<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tset. I<span class=\"_ _7\"></span>n Phas<span class=\"_ _7\"></span>e II, th<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ab2\">hypotheti<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>al <span class=\"_ _1\"></span>sale <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>roce<span class=\"_ _7\"></span>eds <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>end <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>ecast <span class=\"_ _1\"></span>phase <span class=\"_ _6\"></span>(usually <span class=\"_ _1\"></span>10 <span class=\"_ _1\"></span>years) <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>calculat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>apitali<span class=\"_ _7\"></span>sing <span class=\"_ _1\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>cash </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ab3\">flows. <span class=\"_ _6\"></span>The <span class=\"_ _1\"></span>inter<span class=\"_ _7\"></span>est <span class=\"_ _1\"></span>rate <span class=\"_ _6\"></span>applied <span class=\"_ _1\"></span>for <span class=\"_ _6\"></span>this <span class=\"_ _1\"></span>calculatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>dete<span class=\"_ _7\"></span>rmi<span class=\"_ _7\"></span>ned <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>return <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>compa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>abl<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>risky <span class=\"_ _1\"></span>investm<span class=\"_ _7\"></span>ent, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ab4\">plus ma<span class=\"_ _7\"></span>rket-sp<span class=\"_ _7\"></span>ecific a<span class=\"_ _7\"></span>nd pr<span class=\"_ _7\"></span>opert<span class=\"_ _7\"></span>y-spe<span class=\"_ _7\"></span>cific pr<span class=\"_ _7\"></span>emi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ms, mi<span class=\"_ _7\"></span>nus<span class=\"_ _7\"></span> expecte<span class=\"_ _7\"></span>d prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty <span class=\"_ _7\"></span>appr<span class=\"_ _7\"></span>eciation.<span class=\"_ _3d5\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2ab6\">ASSET <span class=\"_ _10\"></span>VALU<span class=\"_ _7\"></span>E MET<span class=\"_ _7\"></span>HOD </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ab7\">The ass<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>value m<span class=\"_ _7\"></span>etho<span class=\"_ _7\"></span>d i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>a m<span class=\"_ _7\"></span>arket-o<span class=\"_ _7\"></span>riented <span class=\"_ _2\"></span>method t<span class=\"_ _2\"></span>hat co<span class=\"_ _2\"></span>mbine<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>la<span class=\"_ _7\"></span>nd <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue, <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>building <span class=\"_ _2\"></span>value, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue of <span class=\"_ _2\"></span>outdo<span class=\"_ _7\"></span>or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ab8\">facili<span class=\"_ _7\"></span>ties <span class=\"_ _7\"></span>and t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>value o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>availabl<span class=\"_ _7\"></span>e con<span class=\"_ _7\"></span>nectio<span class=\"_ _7\"></span>ns. <span class=\"_ _7\"></span>This <span class=\"_ _7\"></span>method<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>basically used <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>me<span class=\"_ _7\"></span>asure <span class=\"_ _2\"></span>the v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> u<span class=\"_ _7\"></span>ndevelo<span class=\"_ _7\"></span>ped <span class=\"_ _2\"></span>plot </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ab9\">of l<span class=\"_ _7\"></span>and.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2711\">The <span class=\"_ _0\"></span>la<span class=\"_ _7\"></span>nd <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>usu<span class=\"_ _7\"></span>ally <span class=\"_ _1\"></span>determin<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>way <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>resid<span class=\"_ _2\"></span>ual <span class=\"_ _0\"></span>value <span class=\"_ _1\"></span>met<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>od, <span class=\"_ _6\"></span>under <span class=\"_ _1\"></span>which <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>developm<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>disco<span class=\"_ _2\"></span>unt <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>no </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aba\">longer <span class=\"_ _4\"> </span>been <span class=\"_ _f\"> </span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>si<span class=\"_ _2\"></span>nce <span class=\"_ _f\"> </span>2018<span class=\"_ _7\"></span>, <span class=\"_ _f\"> </span>h<span class=\"_ _7\"></span>aving <span class=\"_ _4\"> </span>been <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>eplac<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>with <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>remi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _f\"> </span>or <span class=\"_ _4\"> </span>discou<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>ncreas<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>de<span class=\"_ _7\"></span>crease<span class=\"_ _2\"></span>d <span class=\"_ _f\"> </span>use, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2713\">respe<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>vely<span class=\"_ _10\"></span>. <span class=\"_ _1\"></span>W<span class=\"_ _7\"></span>hether <span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>incr<span class=\"_ _7\"></span>eased <span class=\"_ _6\"></span>or <span class=\"_ _1\"></span>decr<span class=\"_ _2\"></span>eased <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>termine<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>basis <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>simpli<span class=\"_ _7\"></span>fied <span class=\"_ _6\"></span>usab<span class=\"_ _6\"></span>le <span class=\"_ _6\"></span>spa<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2abb\">study <span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>stima<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>developm<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>possi<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ties <span class=\"_ _1\"></span>based <span class=\"_ _1\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>developm<span class=\"_ _7\"></span>ents <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>surro<span class=\"_ _7\"></span>undi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>are<span class=\"_ _7\"></span>a. <span class=\"_ _1\"></span>This <span class=\"_ _1\"></span>determi<span class=\"_ _7\"></span>nation<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2715\">made <span class=\"_ _6\"></span>under <span class=\"_ _6\"></span>both <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>capitalis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>earnings value <span class=\"_ _6\"></span>method <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>asset <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>met<span class=\"_ _7\"></span>hod. <span class=\"_ _1\"></span>D<span class=\"_ _7\"></span>ue <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>pplic<span class=\"_ _7\"></span>ability <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>tenancy<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2abc\">laws, <span class=\"_ _2\"></span>however<span class=\"_ _e\"></span>, a<span class=\"_ _7\"></span>ny <span class=\"_ _2\"></span>usable <span class=\"_ _7\"></span>space <span class=\"_ _2\"></span>potential <span class=\"_ _10\"></span>cann<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t b<span class=\"_ _2\"></span>e exploi<span class=\"_ _7\"></span>ted <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>herefo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the l<span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>valu<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>usually <span class=\"_ _2\"></span>applied <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nstead <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2abd\">actually a<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ailable <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>seful s<span class=\"_ _7\"></span>pace.<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2abe\">IMP<span class=\"_ _2\"></span>AIRMENTS O<span class=\"_ _7\"></span>F REAL ES<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>TE </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2abf\">Owner<span class=\"_ _10\"></span>-occupied <span class=\"_ _10\"></span>real <span class=\"_ _e\"></span>estate <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>inves<span class=\"_ _7\"></span>tme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ppraised<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>regula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>intervals <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>by <span class=\"_ _2\"></span>generall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>sworn <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>urt-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs271a\">certifi<span class=\"_ _7\"></span>ed buildi<span class=\"_ _7\"></span>ng and r<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>l es<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ate a<span class=\"_ _7\"></span>ppraisal <span class=\"_ _7\"></span>exper<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ac0\">An <span class=\"_ _0\"></span>impai<span class=\"_ _7\"></span>rment <span class=\"_ _0\"></span>must <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _0\"></span>if <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>air <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>less <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>han <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>carr<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _0\"></span>amou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>(acq<span class=\"_ _7\"></span>uisition <span class=\"_ _0\"></span>cos<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>less <span class=\"_ _0\"></span>acc<span class=\"_ _7\"></span>umulat<span class=\"_ _7\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs271c\">depr<span class=\"_ _7\"></span>eciatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>and <span class=\"_ _1\"></span>impai<span class=\"_ _7\"></span>rments<span class=\"_ _7\"></span>). <span class=\"_ _1\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>case, <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>book <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>written <span class=\"_ _0\"></span>do<span class=\"_ _7\"></span>wn <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>lower <span class=\"_ _1\"></span>fair <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>ference<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ac1\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>profit or<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>loss. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>same <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ethod as <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>determin<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fair </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ac2\">value <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>propert<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>exceeds <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>book <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>It <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>be <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ermi<span class=\"_ _7\"></span>ned <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>every <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>alance <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>heet <span class=\"_ _0\"></span>da<span class=\"_ _6\"></span>te <span class=\"_ _0\"></span>whe<span class=\"_ _7\"></span>ther <span class=\"_ _0\"></span>there <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>any </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ac3\">indicatio<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roperty <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>risen <span class=\"_ _2\"></span>above <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>value. <span class=\"_ _7\"></span>In <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>case, <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>carryi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>amount <span class=\"_ _2\"></span>after <span class=\"_ _2\"></span>revers<span class=\"_ _2\"></span>al<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2720\">of <span class=\"_ _f\"> </span>an <span class=\"_ _f\"> </span>earlie<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ment <span class=\"_ _f\"> </span>m<span class=\"_ _7\"></span>ay <span class=\"_ _f\"> </span>not <span class=\"_ _4\"> </span>e<span class=\"_ _6\"></span>xcee<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>book<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>less<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>accum<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ci<span class=\"_ _7\"></span>ation <span class=\"_ _f\"> </span>befor<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>ea<span class=\"_ _7\"></span>rlier </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ac4\">impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ac5\">Bo<span class=\"_ _2\"></span>th i<span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> an<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>sal<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ai<span class=\"_ _2\"></span>rm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> ar<span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ed i<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e st<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t. T<span class=\"_ _2\"></span>hey<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>e pr<span class=\"_ _2\"></span>ese<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>d i<span class=\"_ _2\"></span>n No<span class=\"_ _2\"></span>te 9<span class=\"_ _2\"></span>. Note<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ac6\">to<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e con<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ol<span class=\"_ _2\"></span>ida<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>me st<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>nt st<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>on<span class=\"_ _7\"></span> pag<span class=\"_ _2\"></span>e 1<span class=\"_ _2\"></span>09. The<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>fai<span class=\"_ _2\"></span>r valu<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the l<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span> hie<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>chy<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>acc<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>din<span class=\"_ _7\"></span>g to IFR<span class=\"_ _2\"></span>S <span class=\"_ _6\"></span>13 ar<span class=\"_ _2\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ac7\">pr<span class=\"_ _10\"></span>ese<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>n 1<span class=\"_ _2\"></span>6. <span class=\"_ _2\"></span>Cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>of f<span class=\"_ _2\"></span>air<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>va<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>sta<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>pag<span class=\"_ _2\"></span>e 1<span class=\"_ _2\"></span>19. </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2ac8\">Other not<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s on the<span class=\"_ _7\"></span> va<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>uation pro<span class=\"_ _2\"></span>cess </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ac9\">The <span class=\"_ _0\"></span>use <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>pricing <span class=\"_ _1\"></span>models <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>assum<span class=\"_ _7\"></span>ptio<span class=\"_ _7\"></span>ns <span class=\"_ _0\"></span>can <span class=\"_ _0\"></span>lead <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>res<span class=\"_ _7\"></span>ults <span class=\"_ _1\"></span>concerning <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>value. <span class=\"_ _0\"></span>Ch<span class=\"_ _7\"></span>anges <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2726\">estimat<span class=\"_ _7\"></span>es and <span class=\"_ _7\"></span>assum<span class=\"_ _7\"></span>ptions <span class=\"_ _7\"></span>applied i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lating t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e fai<span class=\"_ _7\"></span>r value of ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> those <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ases i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> whi<span class=\"_ _7\"></span>ch quo<span class=\"_ _7\"></span>ted mar<span class=\"_ _7\"></span>ket pric<span class=\"_ _7\"></span>es ar<span class=\"_ _2\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2727\">not <span class=\"_ _0\"></span>avail<span class=\"_ _7\"></span>able <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _0\"></span>make <span class=\"_ _1\"></span>it <span class=\"_ _0\"></span>necess<span class=\"_ _7\"></span>ary <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>adj<span class=\"_ _7\"></span>ust <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>book<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>rrespo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding <span class=\"_ _1\"></span>assets <span class=\"_ _0\"></span>upw<span class=\"_ _7\"></span>ards <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>dow<span class=\"_ _7\"></span>nwar<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>and<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2728\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ise a <span class=\"_ _7\"></span>corr<span class=\"_ _7\"></span>espondi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g ex<span class=\"_ _7\"></span>pense o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> incom<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>n the incom<span class=\"_ _2\"></span>e statement. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2aca\">Certain <span class=\"_ _4\"></span>investments <span class=\"_ _0\"></span>that <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>nor<span class=\"_ _6\"></span>mally <span class=\"_ _0\"></span>measured <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>air <span class=\"_ _0\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _0\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>recurr<span class=\"_ _6\"></span>ing <span class=\"_ _0\"></span>basis <span class=\"_ _0\"></span>are <span class=\"_ _0\"></span>measured <span class=\"_ _0\"></span>at <span class=\"_ _4\"></span>fai<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>a  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2acb\">one-time <span class=\"_ _4\"></span>basis <span class=\"_ _4\"></span>if <span class=\"_ _4\"></span>events <span class=\"_ _4\"></span>or <span class=\"_ _4\"></span>changes <span class=\"_ _4\"> </span>in <span class=\"_ _4\"></span>cir<span class=\"_ _7\"></span>cumstan<span class=\"_ _6\"></span>ces <span class=\"_ _4\"></span>give <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>eason <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ssume <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>book <span class=\"_ _4\"></span>value <span class=\"_ _4\"></span>may <span class=\"_ _4\"></span>no <span class=\"_ _4\"></span>longer <span class=\"_ _4\"> </span>be </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2acc\">recoverable.  </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2acd\">Valuat<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>on hi<span class=\"_ _7\"></span>erarchie<span class=\"_ _7\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ace\">The <span class=\"_ _1\"></span>VIG <span class=\"_ _6\"></span>Insuran<span class=\"_ _7\"></span>ce <span class=\"_ _1\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>assigns <span class=\"_ _6\"></span>all <span class=\"_ _6\"></span>financial <span class=\"_ _6\"></span>instruments t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>one <span class=\"_ _1\"></span>level <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>IFRS <span class=\"_ _1\"></span>13 <span class=\"_ _6\"></span>valuation h<span class=\"_ _6\"></span>ierar<span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>y<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>line <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2acf\">decentr<span class=\"_ _7\"></span>alised <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>rganisatio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>l <span class=\"_ _f\"> </span>str<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ctur<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>VIG <span class=\"_ _f\"> </span>Insu<span class=\"_ _7\"></span>ranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>Grou<span class=\"_ _2\"></span>p, <span class=\"_ _3\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>individ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al <span class=\"_ _f\"> </span>subsidi<span class=\"_ _7\"></span>aries <span class=\"_ _4\"> </span>are <span class=\"_ _f\"> </span>res<span class=\"_ _2\"></span>pon<span class=\"_ _6\"></span>sibl<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>t<span class=\"_ _6\"></span>his </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ad0\">categorisa<span class=\"_ _2\"></span>tion. <span class=\"_ _1\"></span>In p<span class=\"_ _6\"></span>artic<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lar<span class=\"_ _10\"></span>, t<span class=\"_ _6\"></span>his ap<span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>ach <span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>local <span class=\"_ _6\"></span>knowledg<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>conce<span class=\"_ _7\"></span>rning <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>qualit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>individ<span class=\"_ _7\"></span>ual <span class=\"_ _1\"></span>fair values<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2ad1\">any inpu<span class=\"_ _7\"></span>t param<span class=\"_ _7\"></span>eters <span class=\"_ _7\"></span>needed f<span class=\"_ _7\"></span>or mod<span class=\"_ _7\"></span>el-b<span class=\"_ _7\"></span>ased val<span class=\"_ _7\"></span>uation <span class=\"_ _7\"></span>are<span class=\"_ _7\"></span> taken i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to acco<span class=\"_ _7\"></span>unt. <span class=\"ff4a\"> <span class=\"_ _1dc\"> </span></span> </div>The fai<span class=\"_ _7\"></span>r values ar<span class=\"_ _2\"></span>e determi<span class=\"_ _7\"></span>ned o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the basi<span class=\"_ _7\"></span>s of <span class=\"_ _7\"></span>the foll<span class=\"_ _2\"></span>ow<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>hierar<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>hy acco<span class=\"_ _2\"></span>rding to <span class=\"_ _7\"></span>IFRS 13:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n of t<span class=\"_ _7\"></span>he fair val<span class=\"_ _7\"></span>ue of f<span class=\"_ _7\"></span>inancial i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts is<span class=\"_ _2\"></span> generally bas<span class=\"_ _7\"></span>ed on q<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>oted p<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ices fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ide<span class=\"_ _7\"></span>ntical assets o<span class=\"_ _2\"></span>r liabil<span class=\"_ _7\"></span>ities i<span class=\"_ _7\"></span>n act<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ve mark<span class=\"_ _7\"></span>ets (Lev<span class=\"_ _7\"></span>el 1).<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>If the fina<span class=\"_ _7\"></span>ncial i<span class=\"_ _7\"></span>nstrumen<span class=\"_ _7\"></span>t in qu<span class=\"_ _7\"></span>estion is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot li<span class=\"_ _7\"></span>sted or i<span class=\"_ _7\"></span>f quote<span class=\"_ _2\"></span>d pr<span class=\"_ _6\"></span>ices <span class=\"_ _7\"></span>in acti<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e mark<span class=\"_ _7\"></span>ets ar<span class=\"_ _7\"></span>e not <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>vail<span class=\"_ _7\"></span>able, th<span class=\"_ _7\"></span>e fair <span class=\"_ _7\"></span>value is determin<span class=\"_ _7\"></span>ed on t<span class=\"_ _7\"></span>he basis<span class=\"_ _7\"></span> of q<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>oted ma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ket pri<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>es for si<span class=\"_ _7\"></span>milar <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssets o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> prices q<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>oted i<span class=\"_ _7\"></span>n no<span class=\"_ _7\"></span>n-active m<span class=\"_ _2\"></span>arkets (<span class=\"_ _7\"></span>Level 2). Commo<span class=\"_ _7\"></span>n val<span class=\"_ _7\"></span>uation models<span class=\"_ _7\"></span> for <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h the i<span class=\"_ _7\"></span>nput fa<span class=\"_ _7\"></span>ctors ar<span class=\"_ _2\"></span>e based o<span class=\"_ _7\"></span>n obs<span class=\"_ _7\"></span>ervable m<span class=\"_ _7\"></span>arket da<span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span> ar<span class=\"_ _7\"></span>e us<span class=\"_ _2\"></span>ed<span class=\"_ _6\"></span> for <span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>evel 2. S<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ch models ar<span class=\"_ _2\"></span>e mainl<span class=\"_ _7\"></span>y used fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ill<span class=\"_ _7\"></span>iquid bonds<span class=\"_ _7\"></span> (pr<span class=\"_ _7\"></span>esent <span class=\"_ _7\"></span>value m<span class=\"_ _7\"></span>ethod) a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d st<span class=\"_ _7\"></span>ructur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d sec<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rities. <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The fair v<span class=\"_ _7\"></span>alues of<span class=\"_ _7\"></span> certai<span class=\"_ _7\"></span>n financi<span class=\"_ _7\"></span>al instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments, p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rtic<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>larly b<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ds fr<span class=\"_ _7\"></span>om co<span class=\"_ _2\"></span>untries witho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t a<span class=\"_ _7\"></span>n active m<span class=\"_ _7\"></span>arke<span class=\"_ _7\"></span>t and r<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>l estate, a<span class=\"_ _7\"></span>re d<span class=\"_ _7\"></span>etermi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed on t<span class=\"_ _7\"></span>he basis<span class=\"_ _7\"></span> of v<span class=\"_ _7\"></span>aluation mo<span class=\"_ _2\"></span>dels util<span class=\"_ _7\"></span>ising i<span class=\"_ _7\"></span>nput facto<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s t<span class=\"_ _7\"></span>hat<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e mainl<span class=\"_ _7\"></span>y not b<span class=\"_ _7\"></span>ased on obs<span class=\"_ _2\"></span>ervable market d<span class=\"_ _7\"></span>ata. Su<span class=\"_ _7\"></span>ch model<span class=\"_ _7\"></span>s ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>ainly us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _7\"></span>e the f<span class=\"_ _2\"></span>air values o<span class=\"_ _7\"></span>f trans<span class=\"_ _7\"></span>actions i<span class=\"_ _7\"></span>n no<span class=\"_ _7\"></span>n-acti<span class=\"_ _7\"></span>ve markets, <span class=\"_ _2\"></span>expert opinions, <span class=\"_ _2\"></span>and the str<span class=\"_ _7\"></span>uctur<span class=\"_ _7\"></span>e of cas<span class=\"_ _7\"></span>h flows <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>Le<span class=\"_ _7\"></span>vel 3). The follo<span class=\"_ _7\"></span>wing table sho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>s t<span class=\"_ _7\"></span>he methods <span class=\"_ _7\"></span>used and th<span class=\"_ _7\"></span>e most im<span class=\"_ _7\"></span>portant i<span class=\"_ _7\"></span>nput factors sep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rat<span class=\"_ _7\"></span>ely for Level <span class=\"_ _7\"></span>2 and Level 3. <span class=\"_ _7\"></span>The fair values <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>alcula<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed ca<span class=\"_ _7\"></span>n be <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed fo<span class=\"_ _7\"></span>r reg<span class=\"_ _7\"></span>ular as <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ell as <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>urri<span class=\"_ _7\"></span>ng measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts.<span class=\"_ _2\"></span> Pricing met<span class=\"_ _6\"></span>hod <span class=\"_ _30a\"> </span>Used for <span class=\"_ _17e\"> </span>F<span class=\"_ _6\"></span>air val<span class=\"_ _6\"></span>ue <span class=\"_ _380\"> </span>Input paramet<span class=\"_ _6\"></span>ers Lev<span class=\"_ _6\"></span>el <span class=\"_ _6\"></span>2<span class=\"_ _6\"></span> <span class=\"_ _1a0\"> </span>  <span class=\"_ _e0\"> </span>  <span class=\"_ _55\"> </span>Observable<span class=\"_ _6\"></span> Pres<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e m<span class=\"_ _1\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> Bond<span class=\"_ _6\"></span>s; borrower's n<span class=\"_ _6\"></span>ote loans; loans; s<span class=\"_ _6\"></span>ecuritised<span class=\"_ _6\"></span> liabilities and su<span class=\"_ _6\"></span>bordinated<span class=\"_ _6\"></span> liabilit<span class=\"_ _6\"></span>ies<span class=\"_ _6\"></span> Theoretical p<span class=\"_ _6\"></span>rice <span class=\"_ _374\"> </span>Iss<span class=\"_ _6\"></span>uer, sector an<span class=\"_ _6\"></span>d rating-d<span class=\"_ _6\"></span>epend<span class=\"_ _6\"></span>ent yield cur<span class=\"_ _6\"></span>ves Lib<span class=\"_ _6\"></span>or m<span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>rke<span class=\"_ _6\"></span>t m<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> p<span class=\"_ _6\"></span>re<span class=\"_ _6\"></span>se<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span>ue<span class=\"_ _6\"></span> met<span class=\"_ _6\"></span>hod<span class=\"_ _6\"></span> Bond<span class=\"_ _6\"></span>s and b<span class=\"_ _6\"></span>orrower's note loans <span class=\"_ _6\"></span>with oth<span class=\"_ _6\"></span>er embedd<span class=\"_ _6\"></span>ed derivates<span class=\"_ _6\"></span> Theoretical p<span class=\"_ _6\"></span>rice Money marke<span class=\"_ _6\"></span>t and sw<span class=\"_ _6\"></span>ap curves; imp<span class=\"_ _6\"></span>lied volatilit<span class=\"_ _6\"></span>y surface; cap &amp;<span class=\"_ _6\"></span> floor volatil<span class=\"_ _6\"></span>ities; issu<span class=\"_ _6\"></span>er, sector <span class=\"_ _6\"></span>and rating-dep<span class=\"_ _6\"></span>endent yield curv<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> Pres<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e m<span class=\"_ _1\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _55\"> </span>Currenc<span class=\"_ _6\"></span>y futures contr<span class=\"_ _6\"></span>acts <span class=\"_ _18e\"> </span>Theoretical price<span class=\"_ _6\"></span> Exchange rates; m<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>y market cur<span class=\"_ _6\"></span>ves for the currencies c<span class=\"_ _6\"></span>oncerned<span class=\"_ _6\"></span> Pres<span class=\"_ _6\"></span>en<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>valu<span class=\"_ _6\"></span>e m<span class=\"_ _1\"></span>eth<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span> <span class=\"_ _55\"> </span>Interest rate<span class=\"_ _6\"></span>/currency sw<span class=\"_ _6\"></span>aps<span class=\"_ _6\"></span> <span class=\"_ _383\"> </span>Theoretica<span class=\"_ _6\"></span>l price Exchange rates; m<span class=\"_ _6\"></span>one<span class=\"_ _6\"></span>y market an<span class=\"_ _6\"></span>d swap<span class=\"_ _6\"></span> curves for the currencies c<span class=\"_ _6\"></span>oncerned<span class=\"_ _6\"></span> Opt<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ici<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ac\"> </span>Stock options<span class=\"_ _6\"></span> <span class=\"_ _11f\"> </span>Theoretic<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>l price Share prices <span class=\"_ _6\"></span>on the valuation <span class=\"_ _6\"></span>date; <span class=\"_ _6\"></span>implied<span class=\"_ _6\"></span> volatilities; yield <span class=\"_ _6\"></span>curve Lev<span class=\"_ _6\"></span>el <span class=\"_ _6\"></span>3<span class=\"_ _6\"></span> <span class=\"_ _1a0\"> </span>  <span class=\"_ _e0\"> </span>  <span class=\"_ _55\"> </span>(Un-)observable <span class=\"_ _6\"></span>input fact<span class=\"_ _6\"></span>ors<span class=\"_ _6\"></span> Opt<span class=\"_ _6\"></span>ion<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>pr<span class=\"_ _6\"></span>ici<span class=\"_ _6\"></span>ng <span class=\"_ _6\"></span>m<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span>s<span class=\"_ _6\"></span> <span class=\"_ _ac\"> </span>Stock options<span class=\"_ _6\"></span> <span class=\"_ _11f\"> </span>Theoretic<span class=\"_ _7\"></span>a<span class=\"_ _6\"></span>l price Share prices <span class=\"_ _6\"></span>on the valuation <span class=\"_ _6\"></span>date; <span class=\"_ _6\"></span>volatilities; yi<span class=\"_ _6\"></span>eld curve Ma<span class=\"_ _6\"></span>rke<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>lu<span class=\"_ _6\"></span>e m<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>tho<span class=\"_ _6\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _382\"> </span>R<span class=\"_ _6\"></span>eal estate <span class=\"_ _99\"> </span>Appraisal value<span class=\"_ _6\"></span> Real estate-spec<span class=\"_ _6\"></span>ific in<span class=\"_ _6\"></span>come and expen<span class=\"_ _6\"></span>se parameters; <span class=\"_ _6\"></span>capitalisati<span class=\"_ _6\"></span>on rate; data <span class=\"_ _6\"></span>on comp<span class=\"_ _6\"></span>arable transactions<span class=\"_ _6\"></span> Dis<span class=\"_ _6\"></span>cou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>-m<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> <span class=\"_ _a8\"> </span>Real estate<span class=\"_ _6\"></span> <span class=\"_ _7e\"> </span>A<span class=\"_ _6\"></span>pp<span class=\"_ _6\"></span>raisal value Real estate-spec<span class=\"_ _6\"></span>ific in<span class=\"_ _6\"></span>come and expen<span class=\"_ _6\"></span>se parameters; disc<span class=\"_ _6\"></span>ount<span class=\"_ _6\"></span> rate; indexes<span class=\"_ _6\"></span> Mult<span class=\"_ _6\"></span>ip<span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>app<span class=\"_ _1\"></span>roa<span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span> <span class=\"_ _386\"> </span>Shares <span class=\"_ _2f9\"> </span>Th<span class=\"_ _6\"></span>eoretical price Company-sp<span class=\"_ _6\"></span>ecific earn<span class=\"_ _6\"></span>ings fig<span class=\"_ _6\"></span>ures; typical <span class=\"_ _6\"></span>indus<span class=\"_ _6\"></span>try multipliers Dis<span class=\"_ _6\"></span>cou<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>cas<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span> f<span class=\"_ _6\"></span>low<span class=\"_ _6\"></span>-m<span class=\"_ _6\"></span>od<span class=\"_ _6\"></span>el<span class=\"_ _6\"></span> <span class=\"_ _a8\"> </span>Shares <span class=\"_ _2f9\"> </span>T<span class=\"_ _6\"></span>heoretical price<span class=\"_ _6\"></span> <span class=\"_ _374\"> </span>Comp<span class=\"_ _6\"></span>any-specifi<span class=\"_ _6\"></span>c earning<span class=\"_ _6\"></span>s figu<span class=\"_ _6\"></span>res; discount rate<span class=\"_ _6\"></span> Sha<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>of c<span class=\"_ _6\"></span>ap<span class=\"_ _6\"></span>it<span class=\"_ _6\"></span>al<span class=\"_ _6\"></span> <span class=\"_ _188\"> </span>Shares <span class=\"_ _2f9\"> </span>Book rate<span class=\"_ _6\"></span> Company-sp<span class=\"_ _6\"></span>ecific equity a<span class=\"_ _6\"></span>ccording<span class=\"_ _6\"></span> to separat<span class=\"_ _6\"></span>e financial statements<span class=\"_ _6\"></span> At <span class=\"_ _6\"></span>amo<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ti<span class=\"_ _6\"></span>sed<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cos<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span> Fixed income <span class=\"_ _6\"></span>instrum<span class=\"_ _6\"></span>ents (illiquid b<span class=\"_ _6\"></span>onds,<span class=\"_ _6\"></span> policy loans, loans) with<span class=\"_ _6\"></span> no obs<span class=\"_ _6\"></span>ervable in<span class=\"_ _6\"></span>put d<span class=\"_ _6\"></span>ata for comparable ass<span class=\"_ _6\"></span>ets<span class=\"_ _6\"></span> Book rate <span class=\"_ _376\"> </span>Cost-p<span class=\"_ _6\"></span>rice; redemp<span class=\"_ _6\"></span>tion pri<span class=\"_ _6\"></span>ce; effective <span class=\"_ _6\"></span>yield",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-454": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs27a7\">25.1.<span class=\"ff4a\"> </span>Currenc<span class=\"_ _2\"></span>y <span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>anslation </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs27a8\">T<span class=\"_ _10\"></span>ransactions<span class=\"_ _7\"></span> in forei<span class=\"_ _7\"></span>gn curr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ncies<span class=\"_ _7\"></span>  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e7\">The <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ndividual financial<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>stateme<span class=\"_ _2\"></span>nts <span class=\"_ _6\"></span>for each subsidiar<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>are pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>par<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the curr<span class=\"_ _7\"></span>ency that <span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>evails in <span class=\"_ _6\"></span>the enviro<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ment of <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e8\">ordi<span class=\"_ _7\"></span>nary <span class=\"_ _6\"></span>course <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>busin<span class=\"_ _7\"></span>ess <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>compan<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>(function<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>curren<span class=\"_ _7\"></span>cy). <span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>ithin VIG <span class=\"_ _1\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p, the <span class=\"_ _1\"></span>functio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>curre<span class=\"_ _2\"></span>ncy<span class=\"_ _6\"></span> is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e9\">usually the <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ain <span class=\"_ _6\"></span>local curre<span class=\"_ _2\"></span>ncy<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>T<span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>ans<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ctio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>whic<span class=\"_ _7\"></span>h h<span class=\"_ _6\"></span>ave been conclud<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>in a <span class=\"_ _6\"></span>curr<span class=\"_ _2\"></span>ency <span class=\"_ _6\"></span>that is not <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>unctional curr<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>cy </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ea\">will be <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d using the mea<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>rate of exchange o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the day of <span class=\"_ _6\"></span>the resp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ve transactio<span class=\"_ _7\"></span>n. <span class=\"_ _6\"></span>Mo<span class=\"_ _7\"></span>netary assets a<span class=\"_ _7\"></span>nd <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27a9\">in <span class=\"_ _0\"></span>foreig<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>curr<span class=\"_ _2\"></span>ency <span class=\"_ _0\"></span>existing <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>balance <span class=\"_ _0\"></span>sh<span class=\"_ _7\"></span>eet <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>tr<span class=\"_ _6\"></span>anslat<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>euro<span class=\"_ _7\"></span>s <span class=\"_ _1\"></span>using <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>mean <span class=\"_ _1\"></span>rate <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>exc<span class=\"_ _7\"></span>hange <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ec\">repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting dat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. A<span class=\"_ _7\"></span>ny res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lting for<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> cu<span class=\"_ _7\"></span>rren<span class=\"_ _7\"></span>cy gains <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd lo<span class=\"_ _7\"></span>sses ar<span class=\"_ _2\"></span>e recognis<span class=\"_ _2\"></span>ed in the in<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ome st<span class=\"_ _7\"></span>ateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t.  </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs27aa\">Conversion<span class=\"_ _2\"></span> of individua<span class=\"_ _7\"></span>l financia<span class=\"_ _7\"></span>l statem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts d<span class=\"_ _7\"></span>enominat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d in for<span class=\"_ _2\"></span>ei<span class=\"_ _6\"></span>gn <span class=\"_ _7\"></span>currenc<span class=\"_ _7\"></span>ies  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27ab\">Assets, <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ities and <span class=\"_ _6\"></span>income<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>expe<span class=\"_ _7\"></span>nses <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>prese<span class=\"_ _7\"></span>nted<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>os, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>porti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>curr<span class=\"_ _7\"></span>ency <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _2\"></span>ng. <span class=\"_ _1\"></span>All assets and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27ac\">liabil<span class=\"_ _7\"></span>ities <span class=\"_ _1\"></span>reported <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>individ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al <span class=\"_ _0\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _0\"></span>stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>tr<span class=\"_ _6\"></span>anslat<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>eur<span class=\"_ _7\"></span>os <span class=\"_ _1\"></span>using <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>ean <span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>exch<span class=\"_ _7\"></span>ange <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27ad\">repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting <span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>te. <span class=\"_ _1\"></span>The <span class=\"_ _0\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>stat<span class=\"_ _7\"></span>ement <span class=\"_ _0\"></span>item<span class=\"_ _7\"></span>s <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nverted <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sing<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>average<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>ean <span class=\"_ _1\"></span>rate <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>exch<span class=\"_ _7\"></span>ange <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>end <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27ae\">month. In <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>consoli<span class=\"_ _7\"></span>dated cas<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>flow state<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent, the <span class=\"_ _6\"></span>mean rate of <span class=\"_ _6\"></span>exchange on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>porting date is u<span class=\"_ _6\"></span>sed <span class=\"_ _6\"></span>for changes<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27af\">balanc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet <span class=\"_ _4\"></span>it<span class=\"_ _2\"></span>ems, <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erage <span class=\"_ _0\"></span>mea<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _0\"></span>exch<span class=\"_ _7\"></span>ange<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>at<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>period <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>used <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>changes<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ncome </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27b0\">stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>ite<span class=\"_ _7\"></span>ms. <span class=\"_ _1\"></span>Curr<span class=\"_ _2\"></span>ency <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nslation <span class=\"_ _6\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nces, <span class=\"_ _1\"></span>includi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>hose <span class=\"_ _6\"></span>resulting <span class=\"_ _1\"></span>fro<span class=\"_ _2\"></span>m <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>equity <span class=\"_ _1\"></span>method <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>accounti<span class=\"_ _7\"></span>ng, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27b1\">are r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tly i<span class=\"_ _7\"></span>n equity<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27b3\">In accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h the <span class=\"_ _7\"></span>hyperi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>flation<span class=\"_ _7\"></span> acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting<span class=\"_ _7\"></span> rules, <span class=\"_ _2\"></span>the mea<span class=\"_ _7\"></span>n exc<span class=\"_ _7\"></span>hange r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> bal<span class=\"_ _7\"></span>ance s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>ed f<span class=\"_ _7\"></span>or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27b4\">all i<span class=\"_ _7\"></span>tems of the fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e T<span class=\"_ _5\"></span>u<span class=\"_ _6\"></span>rkish ins<span class=\"_ _2\"></span>urance <span class=\"_ _7\"></span>companies.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs27b5\">Currency<span class=\"_ _6\"></span> <span class=\"_ _f1\"> </span><span class=\"fsf\">  <span class=\"_ _1e5\"> </span>End-of-<span class=\"_ _6\"></span>period e<span class=\"_ _6\"></span>xchange rat<span class=\"_ _6\"></span>e <span class=\"_ _385\"> </span>A<span class=\"_ _6\"></span>verage e<span class=\"_ _6\"></span>xchange rate </span></div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs27b6\">  <span class=\"_ _202\"> </span><span class=\"fsf\">  <span class=\"_ _f2\"> </span>31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs27b7\">31/12/2022<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs27b8\">2023<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h22 ff46 fsf fcb sc0 ls5 ws2 gs27b9\">2022<span class=\"_ _3d5\"> </span></div><div class=\"c w3a h28 gs27ba\"><div class=\"t m0 x0 h29 y6b7 ff48 fsf fca sc0 ls5 ws2\">1 EU<span class=\"_ _6\"></span>R </div></div><div class=\"c w3b hc7 gs27bb\"><div class=\"t m0 x0 hba y10ca ff50 fsf fca sc0 ls5 ws2\">\u2259<span class=\"_ _3d5\"> </span></div></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27bc\">Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> <span class=\"_ _148\"> </span>A<span class=\"_ _6\"></span>LL <span class=\"_ _61\"> </span>1<span class=\"_ _6\"></span>03.8800<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27bd\">114.2300<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27be\">108.7483<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27bf\">118.9211<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27c0\">Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rtib<span class=\"_ _1\"></span>le m<span class=\"_ _1\"></span>ark<span class=\"_ _6\"></span> <span class=\"_ _3a1\"> </span>BAM <span class=\"_ _135\"> </span>1.955<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27c1\">1.9558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27c2\">1.9558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27c3\">1.9558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27c4\">Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span>BGN <span class=\"_ _72\"> </span>1<span class=\"_ _6\"></span>.9558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27c5\">1.9558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27c6\">1.9558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27c7\">1.9558<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27c8\">Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span> <span class=\"_ _21c\"> </span>GEL <span class=\"_ _ac\"> </span>2.9960<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27c9\">2.8844<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27ca\">2.8432<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27cb\">3.0686<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27cc\">Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>kun<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _3a2\"> </span>HRK/EU<span class=\"_ _6\"></span>R <span class=\"_ _23\"> </span>1.0000<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27cd\">7.5365<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27ce\">1.0000<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27cf\">7.5349<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27d0\">Ma<span class=\"_ _6\"></span>cedo<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>den<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>MKD <span class=\"_ _7d\"> </span>61.4950<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27d1\">61.4932<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27d2\">61.5572<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27d3\">61.6219<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27d4\">Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>MDL <span class=\"_ _7d\"> </span>19.<span class=\"_ _6\"></span>3574<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27d5\">20.3792<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27d6\">19.6431<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27d7\">19.8982<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27d8\">New <span class=\"_ _6\"></span>Tu<span class=\"_ _1\"></span>rki<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _146\"> </span>TRY <span class=\"_ _14f\"> </span>32.653<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27d9\">19.9649<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27da\">25.7597<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27db\">17.4088<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27dc\">Po<span class=\"_ _6\"></span>lish<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _366\"> </span>PLN <span class=\"_ _5e\"> </span>4.3395<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27dd\">4.6808<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27de\">4.5420<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27df\">4.6861<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27e0\">Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>eu<span class=\"_ _6\"></span> <span class=\"_ _a2\"> </span>RON <span class=\"_ _72\"> </span>4.9756<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27e1\">4.9495<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27e2\">4.9467<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27e3\">4.9313<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27e4\">Swis<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _91\"> </span>CHF<span class=\"_ _6\"></span> <span class=\"_ _5e\"> </span>0.9260<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27e5\">0.9847<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27e6\">0.9718<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27e7\">1.0047<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27e8\">Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> di<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _396\"> </span>RSD <span class=\"_ _1b\"> </span>117.1<span class=\"_ _6\"></span>737<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27e9\">117.3224<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27ea\">117.2530<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27eb\">117.4641<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27ec\">Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>una<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>CZK <span class=\"_ _14f\"> </span>24.7240<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27ed\">24.1160<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27ee\">24.0043<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27ef\">24.5659<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27f0\">Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e h<span class=\"_ _1\"></span>ry<span class=\"_ _6\"></span>vni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _b3\"> </span>UAH <span class=\"_ _3f\"> </span>42,2079<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27f1\">38.9510<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27f2\">39.5619<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27f3\">33.9954<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27f4\">Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span> <span class=\"_ _3a3\"> </span>HUF <span class=\"_ _3a\"> </span>382.80<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27f5\">400.8700<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27f6\">381.8527<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27f7\">391.2865<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27f8\">US D<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>USD<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>1.1050<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27f9\">1.0666<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs27fa\">1.0813<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fcb sc0 ls5 ws2 gs27fb\">1.0531<span class=\"_ _3d5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-482": {
   "value": "25.1.<span class=\"ff4a\"> </span>Currenc<span class=\"_ _2\"></span>y <span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>anslation T<span class=\"_ _10\"></span>ransactions<span class=\"_ _7\"></span> in forei<span class=\"_ _7\"></span>gn curr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ncies<span class=\"_ _7\"></span>  The <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ndividual financial<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>stateme<span class=\"_ _2\"></span>nts <span class=\"_ _6\"></span>for each subsidiar<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>are pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>par<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the curr<span class=\"_ _7\"></span>ency that <span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>evails in <span class=\"_ _6\"></span>the enviro<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ment of <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> ordi<span class=\"_ _7\"></span>nary <span class=\"_ _6\"></span>course <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>busin<span class=\"_ _7\"></span>ess <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>compan<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>(function<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>curren<span class=\"_ _7\"></span>cy). <span class=\"_ _6\"></span>W<span class=\"_ _6\"></span>ithin VIG <span class=\"_ _1\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p, the <span class=\"_ _1\"></span>functio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>curre<span class=\"_ _2\"></span>ncy<span class=\"_ _6\"></span> is usually the <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ain <span class=\"_ _6\"></span>local curre<span class=\"_ _2\"></span>ncy<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>T<span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>ans<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ctio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>whic<span class=\"_ _7\"></span>h h<span class=\"_ _6\"></span>ave been conclud<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>in a <span class=\"_ _6\"></span>curr<span class=\"_ _2\"></span>ency <span class=\"_ _6\"></span>that is not <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>unctional curr<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>cy will be <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d using the mea<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>rate of exchange o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the day of <span class=\"_ _6\"></span>the resp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ve transactio<span class=\"_ _7\"></span>n. <span class=\"_ _6\"></span>Mo<span class=\"_ _7\"></span>netary assets a<span class=\"_ _7\"></span>nd <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties in <span class=\"_ _0\"></span>foreig<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>curr<span class=\"_ _2\"></span>ency <span class=\"_ _0\"></span>existing <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>balance <span class=\"_ _0\"></span>sh<span class=\"_ _7\"></span>eet <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>tr<span class=\"_ _6\"></span>anslat<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>euro<span class=\"_ _7\"></span>s <span class=\"_ _1\"></span>using <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>mean <span class=\"_ _1\"></span>rate <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>exc<span class=\"_ _7\"></span>hange <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>the repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting dat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. A<span class=\"_ _7\"></span>ny res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lting for<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> cu<span class=\"_ _7\"></span>rren<span class=\"_ _7\"></span>cy gains <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd lo<span class=\"_ _7\"></span>sses ar<span class=\"_ _2\"></span>e recognis<span class=\"_ _2\"></span>ed in the in<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ome st<span class=\"_ _7\"></span>ateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t.  Conversion<span class=\"_ _2\"></span> of individua<span class=\"_ _7\"></span>l financia<span class=\"_ _7\"></span>l statem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts d<span class=\"_ _7\"></span>enominat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d in for<span class=\"_ _2\"></span>ei<span class=\"_ _6\"></span>gn <span class=\"_ _7\"></span>currenc<span class=\"_ _7\"></span>ies  Assets, <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ities and <span class=\"_ _6\"></span>income<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>expe<span class=\"_ _7\"></span>nses <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>prese<span class=\"_ _7\"></span>nted<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>os, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>porti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>curr<span class=\"_ _7\"></span>ency <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _2\"></span>ng. <span class=\"_ _1\"></span>All assets and liabil<span class=\"_ _7\"></span>ities <span class=\"_ _1\"></span>reported <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>individ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al <span class=\"_ _0\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _0\"></span>stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>tr<span class=\"_ _6\"></span>anslat<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>eur<span class=\"_ _7\"></span>os <span class=\"_ _1\"></span>using <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>ean <span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>exch<span class=\"_ _7\"></span>ange <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>the repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting <span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>te. <span class=\"_ _1\"></span>The <span class=\"_ _0\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>stat<span class=\"_ _7\"></span>ement <span class=\"_ _0\"></span>item<span class=\"_ _7\"></span>s <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nverted <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sing<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>average<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>ean <span class=\"_ _1\"></span>rate <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>exch<span class=\"_ _7\"></span>ange <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>end <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he month. In <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>consoli<span class=\"_ _7\"></span>dated cas<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>flow state<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent, the <span class=\"_ _6\"></span>mean rate of <span class=\"_ _6\"></span>exchange on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>porting date is u<span class=\"_ _6\"></span>sed <span class=\"_ _6\"></span>for changes<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> balanc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet <span class=\"_ _4\"></span>it<span class=\"_ _2\"></span>ems, <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erage <span class=\"_ _0\"></span>mea<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _0\"></span>exch<span class=\"_ _7\"></span>ange<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>at<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>period <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>used <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>changes<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ncome stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>ite<span class=\"_ _7\"></span>ms. <span class=\"_ _1\"></span>Curr<span class=\"_ _2\"></span>ency <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nslation <span class=\"_ _6\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nces, <span class=\"_ _1\"></span>includi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>hose <span class=\"_ _6\"></span>resulting <span class=\"_ _1\"></span>fro<span class=\"_ _2\"></span>m <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>equity <span class=\"_ _1\"></span>method <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>accounti<span class=\"_ _7\"></span>ng, are r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tly i<span class=\"_ _7\"></span>n equity<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span>In accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h the <span class=\"_ _7\"></span>hyperi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>flation<span class=\"_ _7\"></span> acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting<span class=\"_ _7\"></span> rules, <span class=\"_ _2\"></span>the mea<span class=\"_ _7\"></span>n exc<span class=\"_ _7\"></span>hange r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> bal<span class=\"_ _7\"></span>ance s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>ed f<span class=\"_ _7\"></span>or all i<span class=\"_ _7\"></span>tems of the fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e T<span class=\"_ _5\"></span>u<span class=\"_ _6\"></span>rkish ins<span class=\"_ _2\"></span>urance <span class=\"_ _7\"></span>companies.<span class=\"_ _2\"></span> Currency<span class=\"_ _6\"></span> <span class=\"_ _f1\"> </span><span class=\"fsf\">  <span class=\"_ _1e5\"> </span>End-of-<span class=\"_ _6\"></span>period e<span class=\"_ _6\"></span>xchange rat<span class=\"_ _6\"></span>e <span class=\"_ _385\"> </span>A<span class=\"_ _6\"></span>verage e<span class=\"_ _6\"></span>xchange rate </span>  <span class=\"_ _202\"> </span><span class=\"fsf\">  <span class=\"_ _f2\"> </span>31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022<span class=\"_ _3d5\"> </span>1 EU<span class=\"_ _6\"></span>R \u2259<span class=\"_ _3d5\"> </span>Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> <span class=\"_ _148\"> </span>A<span class=\"_ _6\"></span>LL <span class=\"_ _61\"> </span>1<span class=\"_ _6\"></span>03.8800<span class=\"_ _3d5\"> </span>114.2300<span class=\"_ _3d5\"> </span>108.7483<span class=\"_ _3d5\"> </span>118.9211<span class=\"_ _3d5\"> </span>Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rtib<span class=\"_ _1\"></span>le m<span class=\"_ _1\"></span>ark<span class=\"_ _6\"></span> <span class=\"_ _3a1\"> </span>BAM <span class=\"_ _135\"> </span>1.955<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span>BGN <span class=\"_ _72\"> </span>1<span class=\"_ _6\"></span>.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span> <span class=\"_ _21c\"> </span>GEL <span class=\"_ _ac\"> </span>2.9960<span class=\"_ _3d5\"> </span>2.8844<span class=\"_ _3d5\"> </span>2.8432<span class=\"_ _3d5\"> </span>3.0686<span class=\"_ _3d5\"> </span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>kun<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _3a2\"> </span>HRK/EU<span class=\"_ _6\"></span>R <span class=\"_ _23\"> </span>1.0000<span class=\"_ _3d5\"> </span>7.5365<span class=\"_ _3d5\"> </span>1.0000<span class=\"_ _3d5\"> </span>7.5349<span class=\"_ _3d5\"> </span>Ma<span class=\"_ _6\"></span>cedo<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>den<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>MKD <span class=\"_ _7d\"> </span>61.4950<span class=\"_ _3d5\"> </span>61.4932<span class=\"_ _3d5\"> </span>61.5572<span class=\"_ _3d5\"> </span>61.6219<span class=\"_ _3d5\"> </span>Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>MDL <span class=\"_ _7d\"> </span>19.<span class=\"_ _6\"></span>3574<span class=\"_ _3d5\"> </span>20.3792<span class=\"_ _3d5\"> </span>19.6431<span class=\"_ _3d5\"> </span>19.8982<span class=\"_ _3d5\"> </span>New <span class=\"_ _6\"></span>Tu<span class=\"_ _1\"></span>rki<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _146\"> </span>TRY <span class=\"_ _14f\"> </span>32.653<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>19.9649<span class=\"_ _3d5\"> </span>25.7597<span class=\"_ _3d5\"> </span>17.4088<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lish<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _366\"> </span>PLN <span class=\"_ _5e\"> </span>4.3395<span class=\"_ _3d5\"> </span>4.6808<span class=\"_ _3d5\"> </span>4.5420<span class=\"_ _3d5\"> </span>4.6861<span class=\"_ _3d5\"> </span>Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>eu<span class=\"_ _6\"></span> <span class=\"_ _a2\"> </span>RON <span class=\"_ _72\"> </span>4.9756<span class=\"_ _3d5\"> </span>4.9495<span class=\"_ _3d5\"> </span>4.9467<span class=\"_ _3d5\"> </span>4.9313<span class=\"_ _3d5\"> </span>Swis<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _91\"> </span>CHF<span class=\"_ _6\"></span> <span class=\"_ _5e\"> </span>0.9260<span class=\"_ _3d5\"> </span>0.9847<span class=\"_ _3d5\"> </span>0.9718<span class=\"_ _3d5\"> </span>1.0047<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> di<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _396\"> </span>RSD <span class=\"_ _1b\"> </span>117.1<span class=\"_ _6\"></span>737<span class=\"_ _3d5\"> </span>117.3224<span class=\"_ _3d5\"> </span>117.2530<span class=\"_ _3d5\"> </span>117.4641<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>una<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>CZK <span class=\"_ _14f\"> </span>24.7240<span class=\"_ _3d5\"> </span>24.1160<span class=\"_ _3d5\"> </span>24.0043<span class=\"_ _3d5\"> </span>24.5659<span class=\"_ _3d5\"> </span>Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e h<span class=\"_ _1\"></span>ry<span class=\"_ _6\"></span>vni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _b3\"> </span>UAH <span class=\"_ _3f\"> </span>42,2079<span class=\"_ _3d5\"> </span>38.9510<span class=\"_ _3d5\"> </span>39.5619<span class=\"_ _3d5\"> </span>33.9954<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span> <span class=\"_ _3a3\"> </span>HUF <span class=\"_ _3a\"> </span>382.80<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>400.8700<span class=\"_ _3d5\"> </span>381.8527<span class=\"_ _3d5\"> </span>391.2865<span class=\"_ _3d5\"> </span>US D<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>USD<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>1.1050<span class=\"_ _3d5\"> </span>1.0666<span class=\"_ _3d5\"> </span>1.0813<span class=\"_ _3d5\"> </span>1.0531<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-505": {
   "value": "In accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h the <span class=\"_ _7\"></span>hyperi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>flation<span class=\"_ _7\"></span> acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nting<span class=\"_ _7\"></span> rules, <span class=\"_ _2\"></span>the mea<span class=\"_ _7\"></span>n exc<span class=\"_ _7\"></span>hange r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> bal<span class=\"_ _7\"></span>ance s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>as <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>ed f<span class=\"_ _7\"></span>or all i<span class=\"_ _7\"></span>tems of the fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e T<span class=\"_ _5\"></span>u<span class=\"_ _6\"></span>rkish ins<span class=\"_ _2\"></span>urance <span class=\"_ _7\"></span>companies.<span class=\"_ _2\"></span> Currency<span class=\"_ _6\"></span> <span class=\"_ _f1\"> </span><span class=\"fsf\">  <span class=\"_ _1e5\"> </span>End-of-<span class=\"_ _6\"></span>period e<span class=\"_ _6\"></span>xchange rat<span class=\"_ _6\"></span>e <span class=\"_ _385\"> </span>A<span class=\"_ _6\"></span>verage e<span class=\"_ _6\"></span>xchange rate </span>  <span class=\"_ _202\"> </span><span class=\"fsf\">  <span class=\"_ _f2\"> </span>31/12/202<span class=\"_ _6\"></span>3<span class=\"_ _3d5\"> </span></span>31/12/2022<span class=\"_ _3d5\"> </span>2023<span class=\"_ _3d5\"> </span>2022<span class=\"_ _3d5\"> </span>1 EU<span class=\"_ _6\"></span>R \u2259<span class=\"_ _3d5\"> </span>Alba<span class=\"_ _6\"></span>ni<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>k<span class=\"_ _6\"></span> <span class=\"_ _148\"> </span>A<span class=\"_ _6\"></span>LL <span class=\"_ _61\"> </span>1<span class=\"_ _6\"></span>03.8800<span class=\"_ _3d5\"> </span>114.2300<span class=\"_ _3d5\"> </span>108.7483<span class=\"_ _3d5\"> </span>118.9211<span class=\"_ _3d5\"> </span>Bosn<span class=\"_ _6\"></span>ia<span class=\"_ _6\"></span>n <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>ve<span class=\"_ _6\"></span>rtib<span class=\"_ _1\"></span>le m<span class=\"_ _1\"></span>ark<span class=\"_ _6\"></span> <span class=\"_ _3a1\"> </span>BAM <span class=\"_ _135\"> </span>1.955<span class=\"_ _6\"></span>8<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>Bulg<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span> <span class=\"_ _1a3\"> </span>BGN <span class=\"_ _72\"> </span>1<span class=\"_ _6\"></span>.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>1.9558<span class=\"_ _3d5\"> </span>Ge<span class=\"_ _6\"></span>org<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lar<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span> <span class=\"_ _21c\"> </span>GEL <span class=\"_ _ac\"> </span>2.9960<span class=\"_ _3d5\"> </span>2.8844<span class=\"_ _3d5\"> </span>2.8432<span class=\"_ _3d5\"> </span>3.0686<span class=\"_ _3d5\"> </span>Cro<span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>kun<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _3a2\"> </span>HRK/EU<span class=\"_ _6\"></span>R <span class=\"_ _23\"> </span>1.0000<span class=\"_ _3d5\"> </span>7.5365<span class=\"_ _3d5\"> </span>1.0000<span class=\"_ _3d5\"> </span>7.5349<span class=\"_ _3d5\"> </span>Ma<span class=\"_ _6\"></span>cedo<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ian<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>den<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _169\"> </span>MKD <span class=\"_ _7d\"> </span>61.4950<span class=\"_ _3d5\"> </span>61.4932<span class=\"_ _3d5\"> </span>61.5572<span class=\"_ _3d5\"> </span>61.6219<span class=\"_ _3d5\"> </span>Mol<span class=\"_ _6\"></span>do<span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>le<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>MDL <span class=\"_ _7d\"> </span>19.<span class=\"_ _6\"></span>3574<span class=\"_ _3d5\"> </span>20.3792<span class=\"_ _3d5\"> </span>19.6431<span class=\"_ _3d5\"> </span>19.8982<span class=\"_ _3d5\"> </span>New <span class=\"_ _6\"></span>Tu<span class=\"_ _1\"></span>rki<span class=\"_ _6\"></span>sh <span class=\"_ _6\"></span>Li<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _146\"> </span>TRY <span class=\"_ _14f\"> </span>32.653<span class=\"_ _6\"></span>1<span class=\"_ _3d5\"> </span>19.9649<span class=\"_ _3d5\"> </span>25.7597<span class=\"_ _3d5\"> </span>17.4088<span class=\"_ _3d5\"> </span>Po<span class=\"_ _6\"></span>lish<span class=\"_ _6\"></span> z<span class=\"_ _6\"></span>lo<span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>y <span class=\"_ _366\"> </span>PLN <span class=\"_ _5e\"> </span>4.3395<span class=\"_ _3d5\"> </span>4.6808<span class=\"_ _3d5\"> </span>4.5420<span class=\"_ _3d5\"> </span>4.6861<span class=\"_ _3d5\"> </span>Rom<span class=\"_ _6\"></span>ani<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> l<span class=\"_ _6\"></span>eu<span class=\"_ _6\"></span> <span class=\"_ _a2\"> </span>RON <span class=\"_ _72\"> </span>4.9756<span class=\"_ _3d5\"> </span>4.9495<span class=\"_ _3d5\"> </span>4.9467<span class=\"_ _3d5\"> </span>4.9313<span class=\"_ _3d5\"> </span>Swis<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>fr<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span> <span class=\"_ _91\"> </span>CHF<span class=\"_ _6\"></span> <span class=\"_ _5e\"> </span>0.9260<span class=\"_ _3d5\"> </span>0.9847<span class=\"_ _3d5\"> </span>0.9718<span class=\"_ _3d5\"> </span>1.0047<span class=\"_ _3d5\"> </span>Se<span class=\"_ _6\"></span>rbi<span class=\"_ _6\"></span>an<span class=\"_ _6\"></span> di<span class=\"_ _6\"></span>na<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _396\"> </span>RSD <span class=\"_ _1b\"> </span>117.1<span class=\"_ _6\"></span>737<span class=\"_ _3d5\"> </span>117.3224<span class=\"_ _3d5\"> </span>117.2530<span class=\"_ _3d5\"> </span>117.4641<span class=\"_ _3d5\"> </span>Cze<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>k<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>una<span class=\"_ _6\"></span> <span class=\"_ _140\"> </span>CZK <span class=\"_ _14f\"> </span>24.7240<span class=\"_ _3d5\"> </span>24.1160<span class=\"_ _3d5\"> </span>24.0043<span class=\"_ _3d5\"> </span>24.5659<span class=\"_ _3d5\"> </span>Uk<span class=\"_ _6\"></span>rain<span class=\"_ _6\"></span>e h<span class=\"_ _1\"></span>ry<span class=\"_ _6\"></span>vni<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _b3\"> </span>UAH <span class=\"_ _3f\"> </span>42,2079<span class=\"_ _3d5\"> </span>38.9510<span class=\"_ _3d5\"> </span>39.5619<span class=\"_ _3d5\"> </span>33.9954<span class=\"_ _3d5\"> </span>Hung<span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ri<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>f<span class=\"_ _6\"></span>or<span class=\"_ _6\"></span>int<span class=\"_ _6\"></span> <span class=\"_ _3a3\"> </span>HUF <span class=\"_ _3a\"> </span>382.80<span class=\"_ _6\"></span>00<span class=\"_ _3d5\"> </span>400.8700<span class=\"_ _3d5\"> </span>381.8527<span class=\"_ _3d5\"> </span>391.2865<span class=\"_ _3d5\"> </span>US D<span class=\"_ _6\"></span>ol<span class=\"_ _6\"></span>l<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span> <span class=\"_ _102\"> </span>USD<span class=\"_ _6\"></span> <span class=\"_ _4a\"> </span>1.1050<span class=\"_ _3d5\"> </span>1.0666<span class=\"_ _3d5\"> </span>1.0813<span class=\"_ _3d5\"> </span>1.0531<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-504": {
   "value": "25.2.<span class=\"ff4a\"> </span>Busin<span class=\"_ _7\"></span>ess combinations<span class=\"_ _7\"></span> Establishing<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> scop<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> conso<span class=\"_ _7\"></span>lidation The mat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rialit<span class=\"_ _7\"></span>y or im<span class=\"_ _7\"></span>materiali<span class=\"_ _7\"></span>ty of<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ubsidia<span class=\"_ _7\"></span>ries, asso<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>iated <span class=\"_ _2\"></span>compa<span class=\"_ _7\"></span>nies and<span class=\"_ _7\"></span> joi<span class=\"_ _7\"></span>nt arra<span class=\"_ _7\"></span>ngeme<span class=\"_ _7\"></span>nts fo<span class=\"_ _7\"></span>r the co<span class=\"_ _2\"></span>nsolidated f<span class=\"_ _7\"></span>ina<span class=\"_ _2\"></span>ncial<span class=\"_ _6\"></span> stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts is <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>hecked<span class=\"_ _2\"></span> u<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>a variet<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> of t<span class=\"_ _7\"></span>hr<span class=\"_ _7\"></span>eshol<span class=\"_ _7\"></span>ds d<span class=\"_ _7\"></span>efined <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t th<span class=\"_ _7\"></span>e VIG<span class=\"_ _7\"></span> Holdi<span class=\"_ _7\"></span>ng l<span class=\"_ _7\"></span>evel. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese als<span class=\"_ _7\"></span>o i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clude<span class=\"_ _7\"></span> quali<span class=\"_ _7\"></span>tative ass<span class=\"_ _7\"></span>ess<span class=\"_ _7\"></span>-<span class=\"_ _3d5\"> </span>ment crit<span class=\"_ _7\"></span>eria. Fo<span class=\"_ _7\"></span>r this pu<span class=\"_ _7\"></span>rpos<span class=\"_ _7\"></span>e, the abso<span class=\"_ _7\"></span>lute r<span class=\"_ _7\"></span>esult b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e ta<span class=\"_ _2\"></span>xes or the total ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _7\"></span>heck<span class=\"_ _7\"></span>ed, for <span class=\"_ _7\"></span>exampl<span class=\"_ _7\"></span>e. If a com<span class=\"_ _2\"></span>pany does <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>fulfi<span class=\"_ _7\"></span>l <span class=\"_ _0\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>size <span class=\"_ _0\"></span>criteria, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>seco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>step <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>performe<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>heck <span class=\"_ _1\"></span>whether <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>compa<span class=\"_ _7\"></span>nies <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>are <span class=\"_ _1\"></span>not <span class=\"_ _0\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uded <span class=\"_ _1\"></span>are material w<span class=\"_ _2\"></span>hen<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>taken as a <span class=\"_ _2\"></span>whole. If t<span class=\"_ _7\"></span>his is no<span class=\"_ _2\"></span>t the case, <span class=\"_ _7\"></span>these <span class=\"_ _7\"></span>companies <span class=\"_ _2\"></span>will not be i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ed in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e scope of<span class=\"_ _7\"></span> consol<span class=\"_ _7\"></span>ida<span class=\"_ _7\"></span>tion. Compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _4\"> </span>have <span class=\"_ _f\"> </span>no <span class=\"_ _4\"> </span>mat<span class=\"_ _7\"></span>erial <span class=\"_ _4\"> </span>effect <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _e\"></span>s <span class=\"_ _4\"> </span>net <span class=\"_ _f\"> </span>ass<span class=\"_ _7\"></span>ets, <span class=\"_ _f\"> </span>fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial <span class=\"_ _f\"> </span>posi<span class=\"_ _7\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>nd <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ults <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>op<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>w<span class=\"_ _2\"></span>hen consid<span class=\"_ _7\"></span>ered i<span class=\"_ _7\"></span>ndividu<span class=\"_ _7\"></span>ally and i<span class=\"_ _2\"></span>n the aggr<span class=\"_ _7\"></span>egat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ar<span class=\"_ _7\"></span>e ess<span class=\"_ _7\"></span>entially <span class=\"_ _2\"></span>measure<span class=\"_ _7\"></span>d at fai<span class=\"_ _7\"></span>r value.<span class=\"_ _2\"></span> Fully co<span class=\"_ _7\"></span>ntroll<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>nvestmen<span class=\"_ _7\"></span>t funds <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>\u201cspecial f<span class=\"_ _2\"></span>unds\u201d) w<span class=\"_ _7\"></span>ere f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lly <span class=\"_ _7\"></span>consolida<span class=\"_ _7\"></span>ted i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance with t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>ements of I<span class=\"_ _2\"></span>FRS 10. These <span class=\"_ _6\"></span>consolida<span class=\"_ _7\"></span>ted <span class=\"_ _1\"></span>special<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>funds <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>indep<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>units u<span class=\"_ _6\"></span>nder <span class=\"_ _1\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y <span class=\"_ _1\"></span>law <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>ther<span class=\"_ _7\"></span>efor<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>conside<span class=\"_ _7\"></span>red <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>be structur<span class=\"_ _2\"></span>ed compa<span class=\"_ _7\"></span>nies as <span class=\"_ _7\"></span>defi<span class=\"_ _7\"></span>ned in<span class=\"_ _7\"></span> IFRS<span class=\"_ _7\"></span> 12. T<span class=\"_ _7\"></span>his <span class=\"_ _7\"></span>concerns i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt fu<span class=\"_ _7\"></span>nds w<span class=\"_ _7\"></span>hich <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>not desig<span class=\"_ _2\"></span>ned for <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>ublic <span class=\"_ _7\"></span>capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l markets. <span class=\"_ _6\"></span>Due <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lack <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ing <span class=\"_ _6\"></span>influence, <span class=\"_ _6\"></span>public <span class=\"_ _6\"></span>investm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>funds, <span class=\"_ _6\"></span>despite h<span class=\"_ _6\"></span>olding <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>majorit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>oting r<span class=\"_ _6\"></span>ights<span class=\"_ _7\"></span>, are not <span class=\"_ _6\"></span>co<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed. <span class=\"_ _6\"></span>Comp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny law and <span class=\"_ _6\"></span>reg<span class=\"_ _7\"></span>ulator<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>requir<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>ents can <span class=\"_ _6\"></span>res<span class=\"_ _7\"></span>trict the <span class=\"_ _6\"></span>ability of su<span class=\"_ _6\"></span>bsidi<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ies to <span class=\"_ _6\"></span>transfe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> financial means (i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the form o<span class=\"_ _7\"></span>f di<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>idends<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> to the <span class=\"_ _7\"></span>par<span class=\"_ _7\"></span>ent com<span class=\"_ _2\"></span>pany<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-455": {
   "value": "<div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs27fd\">Establishing<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> scop<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> conso<span class=\"_ _7\"></span>lidation </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27fe\">The mat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rialit<span class=\"_ _7\"></span>y or im<span class=\"_ _7\"></span>materiali<span class=\"_ _7\"></span>ty of<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ubsidia<span class=\"_ _7\"></span>ries, asso<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>iated <span class=\"_ _2\"></span>compa<span class=\"_ _7\"></span>nies and<span class=\"_ _7\"></span> joi<span class=\"_ _7\"></span>nt arra<span class=\"_ _7\"></span>ngeme<span class=\"_ _7\"></span>nts fo<span class=\"_ _7\"></span>r the co<span class=\"_ _2\"></span>nsolidated f<span class=\"_ _7\"></span>ina<span class=\"_ _2\"></span>ncial<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs27ff\">stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts is <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>hecked<span class=\"_ _2\"></span> u<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>a variet<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> of t<span class=\"_ _7\"></span>hr<span class=\"_ _7\"></span>eshol<span class=\"_ _7\"></span>ds d<span class=\"_ _7\"></span>efined <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t th<span class=\"_ _7\"></span>e VIG<span class=\"_ _7\"></span> Holdi<span class=\"_ _7\"></span>ng l<span class=\"_ _7\"></span>evel. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese als<span class=\"_ _7\"></span>o i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clude<span class=\"_ _7\"></span> quali<span class=\"_ _7\"></span>tative ass<span class=\"_ _7\"></span>ess<span class=\"_ _7\"></span>-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2800\">ment crit<span class=\"_ _7\"></span>eria. Fo<span class=\"_ _7\"></span>r this pu<span class=\"_ _7\"></span>rpos<span class=\"_ _7\"></span>e, the abso<span class=\"_ _7\"></span>lute r<span class=\"_ _7\"></span>esult b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e ta<span class=\"_ _2\"></span>xes or the total ass<span class=\"_ _2\"></span>ets are c<span class=\"_ _7\"></span>heck<span class=\"_ _7\"></span>ed, for <span class=\"_ _7\"></span>exampl<span class=\"_ _7\"></span>e. If a com<span class=\"_ _2\"></span>pany </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2801\">does <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>fulfi<span class=\"_ _7\"></span>l <span class=\"_ _0\"></span>any<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>size <span class=\"_ _0\"></span>criteria, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>seco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>step <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>performe<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>heck <span class=\"_ _1\"></span>whether <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>compa<span class=\"_ _7\"></span>nies <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>are <span class=\"_ _1\"></span>not <span class=\"_ _0\"></span>in<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uded <span class=\"_ _1\"></span>are </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2802\">material w<span class=\"_ _2\"></span>hen<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>taken as a <span class=\"_ _2\"></span>whole. If t<span class=\"_ _7\"></span>his is no<span class=\"_ _2\"></span>t the case, <span class=\"_ _7\"></span>these <span class=\"_ _7\"></span>companies <span class=\"_ _2\"></span>will not be i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ed in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e scope of<span class=\"_ _7\"></span> consol<span class=\"_ _7\"></span>ida<span class=\"_ _7\"></span>tion. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2803\">Compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _4\"> </span>have <span class=\"_ _f\"> </span>no <span class=\"_ _4\"> </span>mat<span class=\"_ _7\"></span>erial <span class=\"_ _4\"> </span>effect <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _e\"></span>s <span class=\"_ _4\"> </span>net <span class=\"_ _f\"> </span>ass<span class=\"_ _7\"></span>ets, <span class=\"_ _f\"> </span>fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial <span class=\"_ _f\"> </span>posi<span class=\"_ _7\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>nd <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ults <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>op<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>w<span class=\"_ _2\"></span>hen </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2804\">consid<span class=\"_ _7\"></span>ered i<span class=\"_ _7\"></span>ndividu<span class=\"_ _7\"></span>ally and i<span class=\"_ _2\"></span>n the aggr<span class=\"_ _7\"></span>egat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ar<span class=\"_ _7\"></span>e ess<span class=\"_ _7\"></span>entially <span class=\"_ _2\"></span>measure<span class=\"_ _7\"></span>d at fai<span class=\"_ _7\"></span>r value.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2805\">Fully co<span class=\"_ _7\"></span>ntroll<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>nvestmen<span class=\"_ _7\"></span>t funds <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>\u201cspecial f<span class=\"_ _2\"></span>unds\u201d) w<span class=\"_ _7\"></span>ere f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lly <span class=\"_ _7\"></span>consolida<span class=\"_ _7\"></span>ted i<span class=\"_ _7\"></span>n accor<span class=\"_ _2\"></span>dance with t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>ements of I<span class=\"_ _2\"></span>FRS 10. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2806\">These <span class=\"_ _6\"></span>consolida<span class=\"_ _7\"></span>ted <span class=\"_ _1\"></span>special<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>funds <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>indep<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>units u<span class=\"_ _6\"></span>nder <span class=\"_ _1\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y <span class=\"_ _1\"></span>law <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>ther<span class=\"_ _7\"></span>efor<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>conside<span class=\"_ _7\"></span>red <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>be </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2807\">structur<span class=\"_ _2\"></span>ed compa<span class=\"_ _7\"></span>nies as <span class=\"_ _7\"></span>defi<span class=\"_ _7\"></span>ned in<span class=\"_ _7\"></span> IFRS<span class=\"_ _7\"></span> 12. T<span class=\"_ _7\"></span>his <span class=\"_ _7\"></span>concerns i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt fu<span class=\"_ _7\"></span>nds w<span class=\"_ _7\"></span>hich <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>not desig<span class=\"_ _2\"></span>ned for <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>ublic <span class=\"_ _7\"></span>capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2808\">markets. <span class=\"_ _6\"></span>Due <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>lack <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ing <span class=\"_ _6\"></span>influence, <span class=\"_ _6\"></span>public <span class=\"_ _6\"></span>investm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>funds, <span class=\"_ _6\"></span>despite h<span class=\"_ _6\"></span>olding <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>majorit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>oting r<span class=\"_ _6\"></span>ights<span class=\"_ _7\"></span>, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2809\">are not <span class=\"_ _6\"></span>co<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed. <span class=\"_ _6\"></span>Comp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny law and <span class=\"_ _6\"></span>reg<span class=\"_ _7\"></span>ulator<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>requir<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>ents can <span class=\"_ _6\"></span>res<span class=\"_ _7\"></span>trict the <span class=\"_ _6\"></span>ability of su<span class=\"_ _6\"></span>bsidi<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ies to <span class=\"_ _6\"></span>transfe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> financial </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs280a\">means (i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the form o<span class=\"_ _7\"></span>f di<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>idends<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> to the <span class=\"_ _7\"></span>par<span class=\"_ _7\"></span>ent com<span class=\"_ _2\"></span>pany<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-484": {
   "value": "Account<span class=\"_ _7\"></span>ing for b<span class=\"_ _7\"></span>usiness<span class=\"_ _7\"></span> combina<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions<span class=\"_ _2\"></span> Business <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>ombin<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>using <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>purc<span class=\"_ _7\"></span>hase <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>ethod. <span class=\"_ _10\"></span>Goodwil<span class=\"_ _7\"></span>l <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>recognis<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _2\"></span>consid<span class=\"_ _7\"></span>erati<span class=\"_ _7\"></span>on transferr<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>n a business<span class=\"_ _7\"></span> combi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n and all no<span class=\"_ _7\"></span>n-c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntro<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>ng i<span class=\"_ _7\"></span>nte<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sts in t<span class=\"_ _7\"></span>he acquir<span class=\"_ _7\"></span>ed com<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>y less the ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tifiable ass<span class=\"_ _2\"></span>ets acquire<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>liabil<span class=\"_ _7\"></span>ities <span class=\"_ _1\"></span>assumed. <span class=\"_ _1\"></span>In <span class=\"_ _0\"></span>an<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>busi<span class=\"_ _7\"></span>ness <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>ombi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _2\"></span>ion, <span class=\"_ _0\"></span>prese<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>non-control<span class=\"_ _7\"></span>ling<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sts <span class=\"_ _1\"></span>that <span class=\"_ _0\"></span>entitle<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>hold<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a propor<span class=\"_ _2\"></span>tionate shar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e entity\u2019<span class=\"_ _5\"></span>s net <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>ets in the eve<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of <span class=\"_ _7\"></span>a <span class=\"_ _6\"></span>liquid<span class=\"_ _7\"></span>ation ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>be meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d either at fair valu<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r as <span class=\"_ _6\"></span>par<span class=\"_ _7\"></span>t of the <span class=\"_ _1\"></span>ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tifiable ne<span class=\"_ _6\"></span>t a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts. <span class=\"_ _6\"></span>Unless <span class=\"_ _6\"></span>another IFRS <span class=\"_ _1\"></span>pr<span class=\"_ _7\"></span>ovid<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ement <span class=\"_ _1\"></span>met<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>od, a<span class=\"_ _6\"></span>ll oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>compon<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-<span class=\"_ _3d5\"> </span>contro<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>ng inter<span class=\"_ _2\"></span>ests are<span class=\"_ _2\"></span> measur<span class=\"_ _7\"></span>ed at <span class=\"_ _2\"></span>the corr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>spo<span class=\"_ _7\"></span>nding s<span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tifiable <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>et ass<span class=\"_ _2\"></span>ets. If t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e consid<span class=\"_ _2\"></span>eration is<span class=\"_ _7\"></span> less t<span class=\"_ _2\"></span>han the assets a<span class=\"_ _7\"></span>nd <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties of the acquir<span class=\"_ _7\"></span>ed s<span class=\"_ _7\"></span>ubsidiary<span class=\"_ _7\"></span> measur<span class=\"_ _7\"></span>ed at fair value, the dif<span class=\"_ _2\"></span>ference is chec<span class=\"_ _7\"></span>ked agai<span class=\"_ _7\"></span>n and <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised directl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e in<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ome <span class=\"_ _7\"></span>statem<span class=\"_ _2\"></span>ent. As<span class=\"_ _7\"></span> a <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ule, t<span class=\"_ _2\"></span>he fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ues c<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span>culated <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>ac<span class=\"_ _6\"></span>cor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>IFRS <span class=\"_ _7\"></span>13 <span class=\"_ _2\"></span>of all<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>(incl. <span class=\"_ _2\"></span>goodwill and ot<span class=\"_ _7\"></span>her intangibl<span class=\"_ _2\"></span>e assets) <span class=\"_ _7\"></span>and li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>allocated to <span class=\"_ _2\"></span>the countr<span class=\"_ _7\"></span>y to w<span class=\"_ _7\"></span>hich t<span class=\"_ _7\"></span>he pur<span class=\"_ _7\"></span>chased <span class=\"_ _7\"></span>comp<span class=\"_ _7\"></span>any is assi<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>ned. Deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d tax assets acquir<span class=\"_ _2\"></span>ed during a <span class=\"_ _6\"></span>busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess combin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>and aris<span class=\"_ _7\"></span>ing under IAS 12.66 <span class=\"_ _7\"></span>et <span class=\"_ _6\"></span>seqq. o<span class=\"_ _7\"></span>n the acquisitio<span class=\"_ _7\"></span>n date are t<span class=\"_ _7\"></span>ested fo<span class=\"_ _7\"></span>r imp<span class=\"_ _7\"></span>airment i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _7\"></span>h IAS 1<span class=\"_ _7\"></span>2.37.<span class=\"_ _2\"></span> The G<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p <span class=\"_ _7\"></span>considers <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>goodwill <span class=\"_ _2\"></span>to ref<span class=\"_ _7\"></span>lect t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the abili<span class=\"_ _7\"></span>ty to <span class=\"_ _2\"></span>make <span class=\"_ _7\"></span>use of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce-spe<span class=\"_ _7\"></span>cific <span class=\"_ _2\"></span>expertis<span class=\"_ _7\"></span>e<span class=\"_ _6\"></span> of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>mploy<span class=\"_ _7\"></span>ees o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>acq<span class=\"_ _7\"></span>uired <span class=\"_ _2\"></span>companies. <span class=\"_ _2\"></span>Wh<span class=\"_ _7\"></span>en <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>ark<span class=\"_ _7\"></span>et <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>enter<span class=\"_ _7\"></span>ed, i<span class=\"_ _7\"></span>t <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>epr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sents <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>ability <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>produ<span class=\"_ _7\"></span>cts in a<span class=\"_ _6\"></span> countr<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>take ad<span class=\"_ _7\"></span>vantage of the opport<span class=\"_ _7\"></span>unities that exi<span class=\"_ _7\"></span>st t<span class=\"_ _6\"></span>here. In<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>untries wher<span class=\"_ _7\"></span>e the Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>is alr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ady rep<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d by one o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> more <span class=\"_ _2\"></span>compani<span class=\"_ _7\"></span>es, t<span class=\"_ _7\"></span>he goodwil<span class=\"_ _7\"></span>l also<span class=\"_ _7\"></span> repr<span class=\"_ _2\"></span>esents th<span class=\"_ _7\"></span>e po<span class=\"_ _7\"></span>ssibil<span class=\"_ _7\"></span>ity of m<span class=\"_ _7\"></span>aking use of <span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>tential sy<span class=\"_ _7\"></span>nergies.<span class=\"_ _2\"></span> When <span class=\"_ _6\"></span>real <span class=\"_ _6\"></span>estate h<span class=\"_ _6\"></span>olding <span class=\"_ _6\"></span>comp<span class=\"_ _7\"></span>anies <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>acquir<span class=\"_ _2\"></span>ed, <span class=\"_ _1\"></span>they <span class=\"_ _6\"></span>are<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ch<span class=\"_ _6\"></span>ecked to <span class=\"_ _1\"></span>see <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>they <span class=\"_ _6\"></span>inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ude <span class=\"_ _6\"></span>bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _6\"></span>operatio<span class=\"_ _7\"></span>ns. <span class=\"_ _6\"></span>If they <span class=\"_ _4\"> </span>do <span class=\"_ _4\"></span>not, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>pur<span class=\"_ _7\"></span>chas<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>method <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>not <span class=\"_ _4\"> </span>used. <span class=\"_ _4\"></span>In <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _4\"> </span>cases, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>acquis<span class=\"_ _7\"></span>ition <span class=\"_ _4\"> </span>cos<span class=\"_ _7\"></span>ts, <span class=\"_ _4\"> </span>including <span class=\"_ _4\"></span>tr<span class=\"_ _7\"></span>ansactio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>costs, <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> distributed<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>cquir<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>asse<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>med <span class=\"_ _0\"></span>li<span class=\"_ _7\"></span>abilit<span class=\"_ _2\"></span>ies <span class=\"_ _0\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>No <span class=\"_ _1\"></span>deferr<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>ax<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>are<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> such cases <span class=\"_ _2\"></span>(initial r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nition exemp<span class=\"_ _2\"></span>tion). Good<span class=\"_ _7\"></span>will ca<span class=\"_ _2\"></span>nnot arise in this<span class=\"_ _7\"></span> cont<span class=\"_ _7\"></span>ext. All <span class=\"_ _4\"></span>compan<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>ns <span class=\"_ _4\"> </span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>carried <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>ut <span class=\"_ _f\"> </span>usi<span class=\"_ _2\"></span>ng <span class=\"_ _f\"> </span>c<span class=\"_ _2\"></span>ash<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>cash <span class=\"_ _4\"></span>equiv<span class=\"_ _7\"></span>alents. <span class=\"_ _4\"></span>A <span class=\"_ _4\"></span>lis<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>fully <span class=\"_ _4\"> </span>an<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>t <span class=\"_ _4\"></span>eq<span class=\"_ _7\"></span>uity <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d companies <span class=\"_ _2\"></span>can be fo<span class=\"_ _7\"></span>und star<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>n page 133<span class=\"_ _7\"></span> in No<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>e 22. A<span class=\"_ _2\"></span>ffi<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>iated compa<span class=\"_ _7\"></span>nies and",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-457": {
   "value": "Account<span class=\"_ _7\"></span>ing for b<span class=\"_ _7\"></span>usiness<span class=\"_ _7\"></span> combina<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions<span class=\"_ _2\"></span> Business <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>ombin<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>using <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>purc<span class=\"_ _7\"></span>hase <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>ethod. <span class=\"_ _10\"></span>Goodwil<span class=\"_ _7\"></span>l <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>recognis<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _2\"></span>consid<span class=\"_ _7\"></span>erati<span class=\"_ _7\"></span>on transferr<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>n a business<span class=\"_ _7\"></span> combi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n and all no<span class=\"_ _7\"></span>n-c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntro<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>ng i<span class=\"_ _7\"></span>nte<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sts in t<span class=\"_ _7\"></span>he acquir<span class=\"_ _7\"></span>ed com<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>y less the ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tifiable ass<span class=\"_ _2\"></span>ets acquire<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>liabil<span class=\"_ _7\"></span>ities <span class=\"_ _1\"></span>assumed. <span class=\"_ _1\"></span>In <span class=\"_ _0\"></span>an<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>busi<span class=\"_ _7\"></span>ness <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>ombi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>at<span class=\"_ _2\"></span>ion, <span class=\"_ _0\"></span>prese<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>non-control<span class=\"_ _7\"></span>ling<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sts <span class=\"_ _1\"></span>that <span class=\"_ _0\"></span>entitle<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>hold<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a propor<span class=\"_ _2\"></span>tionate shar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e entity\u2019<span class=\"_ _5\"></span>s net <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>ets in the eve<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of <span class=\"_ _7\"></span>a <span class=\"_ _6\"></span>liquid<span class=\"_ _7\"></span>ation ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>be meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d either at fair valu<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r as <span class=\"_ _6\"></span>par<span class=\"_ _7\"></span>t of the <span class=\"_ _1\"></span>ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tifiable ne<span class=\"_ _6\"></span>t a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts. <span class=\"_ _6\"></span>Unless <span class=\"_ _6\"></span>another IFRS <span class=\"_ _1\"></span>pr<span class=\"_ _7\"></span>ovid<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ement <span class=\"_ _1\"></span>met<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>od, a<span class=\"_ _6\"></span>ll oth<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>compon<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-<span class=\"_ _3d5\"> </span>contro<span class=\"_ _7\"></span>lli<span class=\"_ _7\"></span>ng inter<span class=\"_ _2\"></span>ests are<span class=\"_ _2\"></span> measur<span class=\"_ _7\"></span>ed at <span class=\"_ _2\"></span>the corr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>spo<span class=\"_ _7\"></span>nding s<span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tifiable <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>et ass<span class=\"_ _2\"></span>ets. If t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e consid<span class=\"_ _2\"></span>eration is<span class=\"_ _7\"></span> less t<span class=\"_ _2\"></span>han the assets a<span class=\"_ _7\"></span>nd <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties of the acquir<span class=\"_ _7\"></span>ed s<span class=\"_ _7\"></span>ubsidiary<span class=\"_ _7\"></span> measur<span class=\"_ _7\"></span>ed at fair value, the dif<span class=\"_ _2\"></span>ference is chec<span class=\"_ _7\"></span>ked agai<span class=\"_ _7\"></span>n and <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised directl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e in<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ome <span class=\"_ _7\"></span>statem<span class=\"_ _2\"></span>ent. As<span class=\"_ _7\"></span> a <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ule, t<span class=\"_ _2\"></span>he fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ues c<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span>culated <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>ac<span class=\"_ _6\"></span>cor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>IFRS <span class=\"_ _7\"></span>13 <span class=\"_ _2\"></span>of all<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>(incl. <span class=\"_ _2\"></span>goodwill and ot<span class=\"_ _7\"></span>her intangibl<span class=\"_ _2\"></span>e assets) <span class=\"_ _7\"></span>and li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>allocated to <span class=\"_ _2\"></span>the countr<span class=\"_ _7\"></span>y to w<span class=\"_ _7\"></span>hich t<span class=\"_ _7\"></span>he pur<span class=\"_ _7\"></span>chased <span class=\"_ _7\"></span>comp<span class=\"_ _7\"></span>any is assi<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>ned. Deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d tax assets acquir<span class=\"_ _2\"></span>ed during a <span class=\"_ _6\"></span>busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess combin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>and aris<span class=\"_ _7\"></span>ing under IAS 12.66 <span class=\"_ _7\"></span>et <span class=\"_ _6\"></span>seqq. o<span class=\"_ _7\"></span>n the acquisitio<span class=\"_ _7\"></span>n date are t<span class=\"_ _7\"></span>ested fo<span class=\"_ _7\"></span>r imp<span class=\"_ _7\"></span>airment i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _7\"></span>h IAS 1<span class=\"_ _7\"></span>2.37.<span class=\"_ _2\"></span> The G<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p <span class=\"_ _7\"></span>considers <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>goodwill <span class=\"_ _2\"></span>to ref<span class=\"_ _7\"></span>lect t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the abili<span class=\"_ _7\"></span>ty to <span class=\"_ _2\"></span>make <span class=\"_ _7\"></span>use of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce-spe<span class=\"_ _7\"></span>cific <span class=\"_ _2\"></span>expertis<span class=\"_ _7\"></span>e<span class=\"_ _6\"></span> of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>mploy<span class=\"_ _7\"></span>ees o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>acq<span class=\"_ _7\"></span>uired <span class=\"_ _2\"></span>companies. <span class=\"_ _2\"></span>Wh<span class=\"_ _7\"></span>en <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>ark<span class=\"_ _7\"></span>et <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>enter<span class=\"_ _7\"></span>ed, i<span class=\"_ _7\"></span>t <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>epr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sents <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>ability <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>produ<span class=\"_ _7\"></span>cts in a<span class=\"_ _6\"></span> countr<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>take ad<span class=\"_ _7\"></span>vantage of the opport<span class=\"_ _7\"></span>unities that exi<span class=\"_ _7\"></span>st t<span class=\"_ _6\"></span>here. In<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>untries wher<span class=\"_ _7\"></span>e the Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>is alr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ady rep<span class=\"_ _2\"></span>resente<span class=\"_ _2\"></span>d by one o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> more <span class=\"_ _2\"></span>compani<span class=\"_ _7\"></span>es, t<span class=\"_ _7\"></span>he goodwil<span class=\"_ _7\"></span>l also<span class=\"_ _7\"></span> repr<span class=\"_ _2\"></span>esents th<span class=\"_ _7\"></span>e po<span class=\"_ _7\"></span>ssibil<span class=\"_ _7\"></span>ity of m<span class=\"_ _7\"></span>aking use of <span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>tential sy<span class=\"_ _7\"></span>nergies.<span class=\"_ _2\"></span> When <span class=\"_ _6\"></span>real <span class=\"_ _6\"></span>estate h<span class=\"_ _6\"></span>olding <span class=\"_ _6\"></span>comp<span class=\"_ _7\"></span>anies <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>acquir<span class=\"_ _2\"></span>ed, <span class=\"_ _1\"></span>they <span class=\"_ _6\"></span>are<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ch<span class=\"_ _6\"></span>ecked to <span class=\"_ _1\"></span>see <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>they <span class=\"_ _6\"></span>inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ude <span class=\"_ _6\"></span>bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _6\"></span>operatio<span class=\"_ _7\"></span>ns. <span class=\"_ _6\"></span>If they <span class=\"_ _4\"> </span>do <span class=\"_ _4\"></span>not, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>pur<span class=\"_ _7\"></span>chas<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>method <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>not <span class=\"_ _4\"> </span>used. <span class=\"_ _4\"></span>In <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _4\"> </span>cases, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>acquis<span class=\"_ _7\"></span>ition <span class=\"_ _4\"> </span>cos<span class=\"_ _7\"></span>ts, <span class=\"_ _4\"> </span>including <span class=\"_ _4\"></span>tr<span class=\"_ _7\"></span>ansactio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>costs, <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> distributed<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>cquir<span class=\"_ _2\"></span>ed <span class=\"_ _0\"></span>asse<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>med <span class=\"_ _0\"></span>li<span class=\"_ _7\"></span>abilit<span class=\"_ _2\"></span>ies <span class=\"_ _0\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>No <span class=\"_ _1\"></span>deferr<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>ax<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>are<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> such cases <span class=\"_ _2\"></span>(initial r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nition exemp<span class=\"_ _2\"></span>tion). Good<span class=\"_ _7\"></span>will ca<span class=\"_ _2\"></span>nnot arise in this<span class=\"_ _7\"></span> cont<span class=\"_ _7\"></span>ext. All <span class=\"_ _4\"></span>compan<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>ns <span class=\"_ _4\"> </span>w<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>carried <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>ut <span class=\"_ _f\"> </span>usi<span class=\"_ _2\"></span>ng <span class=\"_ _f\"> </span>c<span class=\"_ _2\"></span>ash<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>cash <span class=\"_ _4\"></span>equiv<span class=\"_ _7\"></span>alents. <span class=\"_ _4\"></span>A <span class=\"_ _4\"></span>lis<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>fully <span class=\"_ _4\"> </span>an<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>t <span class=\"_ _4\"></span>eq<span class=\"_ _7\"></span>uity <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d companies <span class=\"_ _2\"></span>can be fo<span class=\"_ _7\"></span>und star<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>n page 133<span class=\"_ _7\"></span> in No<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>e 22. A<span class=\"_ _2\"></span>ffi<span class=\"_ _2\"></span>l<span class=\"_ _6\"></span>iated compa<span class=\"_ _7\"></span>nies and",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-483": {
   "value": " <span class=\"_ _7\"></span>participa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions.<span class=\"_ _2\"></span> 25.3.<span class=\"ff4a\"> </span>(Re-) insuranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> contract<span class=\"_ _7\"></span>s Classificat<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>on Insurance <span class=\"_ _6\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>defined <span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>under <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>one<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>party <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>insur<span class=\"_ _2\"></span>er) <span class=\"_ _0\"></span>acc<span class=\"_ _7\"></span>epts <span class=\"_ _0\"></span>sig<span class=\"_ _2\"></span>nificant <span class=\"_ _1\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _1\"></span>risk <span class=\"_ _1\"></span>fro<span class=\"_ _7\"></span>m another <span class=\"_ _1\"></span>party <span class=\"_ _0\"></span>(the <span class=\"_ _0\"></span>poli<span class=\"_ _7\"></span>cyholde<span class=\"_ _7\"></span>r), <span class=\"_ _0\"></span>by <span class=\"_ _0\"></span>agr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ei<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>provid<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>mpensatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>if <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>specifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>unc<span class=\"_ _6\"></span>ert<span class=\"_ _7\"></span>ain <span class=\"_ _0\"></span>futu<span class=\"_ _7\"></span>re event <span class=\"_ _0\"></span>(the <span class=\"_ _1\"></span>insured <span class=\"_ _1\"></span>event) <span class=\"_ _1\"></span>ne<span class=\"_ _6\"></span>gati<span class=\"_ _7\"></span>vely <span class=\"_ _0\"></span>aff<span class=\"_ _7\"></span>ects <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>policyhol<span class=\"_ _7\"></span>der<span class=\"_ _e\"></span>. <span class=\"_ _0\"></span>F<span class=\"_ _6\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _0\"></span>risk <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>risk <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>possible <span class=\"_ _0\"></span>f<span class=\"_ _7\"></span>uture <span class=\"_ _1\"></span>change <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>e<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span>g. specific <span class=\"_ _10\"></span>interes<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>tes, <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>prices, <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>ri<span class=\"_ _7\"></span>ce <span class=\"_ _7\"></span>indi<span class=\"_ _7\"></span>ces, <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>rat<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>indices, <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>redit <span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>atings <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit <span class=\"_ _2\"></span>indi<span class=\"_ _7\"></span>ces. <span class=\"_ _2\"></span>It <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ust <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>noted that i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _7\"></span>ase o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>a no<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _7\"></span>variabl<span class=\"_ _7\"></span>e, th<span class=\"_ _7\"></span>e v<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>riable <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>not <span class=\"_ _2\"></span>spec<span class=\"_ _6\"></span>ifi<span class=\"_ _7\"></span>c to <span class=\"_ _2\"></span>one<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>cou<span class=\"_ _7\"></span>nterpar<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>any c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ses, <span class=\"_ _2\"></span>particul<span class=\"_ _7\"></span>arly in <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> lif<span class=\"_ _7\"></span>e insurance ar<span class=\"_ _2\"></span>ea, insu<span class=\"_ _7\"></span>rance poli<span class=\"_ _7\"></span>cies as <span class=\"_ _7\"></span>defin<span class=\"_ _7\"></span>ed in IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _7\"></span>also tra<span class=\"_ _7\"></span>nsfer fi<span class=\"_ _7\"></span>nancial ris<span class=\"_ _7\"></span>k. <span class=\"_ _7\"></span> Some <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>have <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>legal <span class=\"_ _1\"></span>form <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _1\"></span>cont<span class=\"_ _7\"></span>racts<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>but <span class=\"_ _0\"></span>do <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>transfer <span class=\"_ _0\"></span>sig<span class=\"_ _7\"></span>nific<span class=\"_ _7\"></span>ant <span class=\"_ _0\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _1\"></span>risk. <span class=\"_ _0\"></span>S<span class=\"_ _7\"></span>uch <span class=\"_ _0\"></span>fina<span class=\"_ _7\"></span>ncial insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>policies <span class=\"_ _6\"></span>exist <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>mino<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>tent <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>perso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _1\"></span>are<span class=\"_ _7\"></span>a. <span class=\"_ _1\"></span>These <span class=\"_ _1\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>financ<span class=\"_ _2\"></span>ial<span class=\"_ _6\"></span> liabil<span class=\"_ _7\"></span>ities <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>fin<span class=\"_ _7\"></span>ed as <span class=\"_ _10\"></span>\u201cinvestme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts\u201d. <span class=\"_ _2\"></span>Investm<span class=\"_ _7\"></span>ent co<span class=\"_ _2\"></span>ntracts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e g<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>erally <span class=\"_ _7\"></span>out <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e I<span class=\"_ _2\"></span>FRS 17 <span class=\"_ _7\"></span>scop<span class=\"_ _7\"></span>e. H<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>wever<span class=\"_ _e\"></span>, if i<span class=\"_ _7\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ave di<span class=\"_ _7\"></span>scre<span class=\"_ _7\"></span>tionar<span class=\"_ _7\"></span>y particip<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n featur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, t<span class=\"_ _7\"></span>hese co<span class=\"_ _7\"></span>ntracts ar<span class=\"_ _2\"></span>e nevert<span class=\"_ _7\"></span>heless <span class=\"_ _7\"></span>within I<span class=\"_ _7\"></span>FRS 17-s<span class=\"_ _2\"></span>cope.<span class=\"_ _3d5\"> </span>The <span class=\"_ _6\"></span>maj<span class=\"_ _7\"></span>ority <span class=\"_ _6\"></span>of the VIG<span class=\"_ _6\"></span> life insura<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> contracts ar<span class=\"_ _7\"></span>e eligibl<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>to be<span class=\"_ _6\"></span> measur<span class=\"_ _7\"></span>ed using <span class=\"_ _6\"></span>the VF<span class=\"_ _2\"></span>A. These <span class=\"_ _6\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts for wh<span class=\"_ _6\"></span>ic<span class=\"_ _7\"></span>h, at incep<span class=\"_ _7\"></span>tion: \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> co<span class=\"_ _2\"></span>ntractual te<span class=\"_ _7\"></span>rms sp<span class=\"_ _7\"></span>ecify th<span class=\"_ _7\"></span>at the po<span class=\"_ _7\"></span>licyhol<span class=\"_ _7\"></span>der p<span class=\"_ _7\"></span>articipat<span class=\"_ _7\"></span>es in a s<span class=\"_ _7\"></span>hare of<span class=\"_ _7\"></span> a <span class=\"_ _7\"></span>clearly id<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntifi<span class=\"_ _7\"></span>ed pool o<span class=\"_ _7\"></span>f und<span class=\"_ _7\"></span>erlying items<span class=\"_ _7\"></span>;  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is expec<span class=\"_ _7\"></span>ted to pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> to <span class=\"_ _7\"></span>the policy<span class=\"_ _7\"></span>hold<span class=\"_ _7\"></span>er an amo<span class=\"_ _2\"></span>unt equal to <span class=\"_ _2\"></span>a substa<span class=\"_ _7\"></span>ntial shar<span class=\"_ _2\"></span>e of the fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> valu<span class=\"_ _7\"></span>e re<span class=\"_ _7\"></span>turns on t<span class=\"_ _7\"></span>he underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g items; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is expec<span class=\"_ _7\"></span>ted that a s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bs<span class=\"_ _7\"></span>tantial p<span class=\"_ _2\"></span>roportio<span class=\"_ _7\"></span>n of an<span class=\"_ _7\"></span>y chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in the <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unts to b<span class=\"_ _7\"></span>e paid <span class=\"_ _7\"></span>to the <span class=\"_ _7\"></span>policy<span class=\"_ _7\"></span>holder will<span class=\"_ _7\"></span> var<span class=\"_ _7\"></span>y with th<span class=\"_ _7\"></span>e change in f<span class=\"_ _2\"></span>air value of <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>underlyi<span class=\"_ _7\"></span>ng items.<span class=\"_ _2\"></span> This <span class=\"_ _6\"></span>primarily<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>conce<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>VIG\u2019<span class=\"_ _5\"></span>s <span class=\"_ _6\"></span>Austrian and <span class=\"_ _6\"></span>Germa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>polici<span class=\"_ _7\"></span>es in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>life <span class=\"_ _6\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _6\"></span>bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>sheet unit. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>life bu<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ness of virtually <span class=\"_ _10\"></span>all <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>countries <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>participatio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>sole <span class=\"_ _2\"></span>disc<span class=\"_ _7\"></span>retio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>company <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ncerned. <span class=\"_ _2\"></span>Thes<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>prod<span class=\"_ _7\"></span>ucts are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed with GMM<span class=\"_ _7\"></span>. In <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>prima<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y <span class=\"_ _4\"></span>P&amp;C <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>P<span class=\"_ _10\"></span>AA<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>appl<span class=\"_ _7\"></span>ied <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>me<span class=\"_ _7\"></span>as<span class=\"_ _7\"></span>ure <span class=\"_ _4\"></span>sho<span class=\"_ _7\"></span>rt <span class=\"_ _4\"></span>duratio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>and <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _7\"></span>refe<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>ed meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach. T<span class=\"_ _7\"></span>his is al<span class=\"_ _7\"></span>so the cas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> for long<span class=\"_ _2\"></span>-duratio<span class=\"_ _7\"></span>n P&amp;C ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce cont<span class=\"_ _7\"></span>racts if<span class=\"_ _7\"></span> the meas<span class=\"_ _7\"></span>urem<span class=\"_ _7\"></span>ent u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der P<span class=\"_ _10\"></span>AA <span class=\"_ _7\"></span>is not s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bs<span class=\"_ _7\"></span>tantially<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>dif<span class=\"_ _2\"></span>ferent <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ement <span class=\"_ _10\"></span>under <span class=\"_ _2\"></span>GMM. <span class=\"_ _2\"></span>Long-du<span class=\"_ _7\"></span>ration <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>prim<span class=\"_ _7\"></span>ary <span class=\"_ _2\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>without direct <span class=\"_ _0\"></span>participation <span class=\"_ _4\"></span>fe<span class=\"_ _7\"></span>atures <span class=\"_ _0\"></span>are <span class=\"_ _4\"> </span>generall<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>measur<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>GMM. <span class=\"_ _4\"></span>Neit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er <span class=\"_ _4\"> </span>held <span class=\"_ _4\"></span>nor <span class=\"_ _4\"></span>issu<span class=\"_ _7\"></span>ed <span class=\"_ _4\"> </span>rei<span class=\"_ _7\"></span>nsurance <span class=\"_ _4\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _4\"></span>ca<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>be classif<span class=\"_ _7\"></span>ied <span class=\"_ _4\"> </span>as <span class=\"_ _4\"> </span>dir<span class=\"_ _7\"></span>ect <span class=\"_ _4\"></span>prof<span class=\"_ _7\"></span>it <span class=\"_ _4\"></span>parti<span class=\"_ _7\"></span>cipati<span class=\"_ _7\"></span>on <span class=\"_ _4\"></span>contr<span class=\"_ _7\"></span>acts, <span class=\"_ _4\"></span>whic<span class=\"_ _7\"></span>h <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>why <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>ese <span class=\"_ _4\"></span>can<span class=\"_ _7\"></span>not <span class=\"_ _4\"></span>be <span class=\"_ _4\"></span>assesse<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>using <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>VF<span class=\"_ _2\"></span>A. <span class=\"_ _4\"></span>R<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>nce contracts <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her<span class=\"_ _2\"></span>efore ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>d eithe<span class=\"_ _7\"></span>r with th<span class=\"_ _7\"></span>e P<span class=\"_ _10\"></span>AA or th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> GMM<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> Account<span class=\"_ _7\"></span>ing trea<span class=\"_ _7\"></span>tment<span class=\"_ _7\"></span> SEP<span class=\"_ _2\"></span>ARA<span class=\"_ _2\"></span>TING COMPO<span class=\"_ _7\"></span>NENTS<span class=\"_ _2\"></span> Befor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>IG accounts for <span class=\"_ _6\"></span>an insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>or reinsura<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract based on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>guida<span class=\"_ _7\"></span>nce in <span class=\"_ _6\"></span>IFRS 17, it <span class=\"_ _6\"></span>analys<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>wheth<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>the contract<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tains<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>compo<span class=\"_ _7\"></span>nents <span class=\"_ _4\"> </span>that <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>hould <span class=\"_ _f\"> </span>b<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>sepa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ated.<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>Mea<span class=\"_ _7\"></span>ning, <span class=\"_ _4\"> </span>thos<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>com<span class=\"_ _2\"></span>ponents <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>ust <span class=\"_ _f\"> </span>b<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>ac<span class=\"_ _7\"></span>counted <span class=\"_ _4\"> </span>for <span class=\"_ _4\"></span>under<span class=\"_ _7\"></span> another <span class=\"_ _3\"> </span>IFRS <span class=\"_ _3\"> </span>rather <span class=\"_ _3\"> </span>than <span class=\"_ _d\"> </span>IF<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>S 17 <span class=\"_ _3\"> </span>(disti<span class=\"_ _7\"></span>nct <span class=\"_ _d\"> </span>non-i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _3\"> </span>compone<span class=\"_ _7\"></span>nts).  Af<span class=\"_ _2\"></span>ter  s<span class=\"_ _7\"></span>eparating <span class=\"_ _f\"> </span>any <span class=\"_ _3\"> </span>distinct <span class=\"_ _3\"> </span>n<span class=\"_ _6\"></span>on-i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents, I<span class=\"_ _7\"></span>FRS 17 i<span class=\"_ _7\"></span>s applied <span class=\"_ _2\"></span>to all rem<span class=\"_ _2\"></span>ain<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent<span class=\"_ _2\"></span>s of the insu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntract. <span class=\"_ _2\"></span> Investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>compone<span class=\"_ _7\"></span>nts <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>define<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>as <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>amo<span class=\"_ _7\"></span>unts <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>an <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>es <span class=\"_ _10\"></span>an <span class=\"_ _2\"></span>insur<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>rep<span class=\"_ _7\"></span>ay <span class=\"_ _2\"></span>to <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>oli<span class=\"_ _7\"></span>cyhold<span class=\"_ _7\"></span>er in a<span class=\"_ _6\"></span>ll circ<span class=\"_ _7\"></span>umstan<span class=\"_ _7\"></span>ces, rega<span class=\"_ _7\"></span>rdless<span class=\"_ _7\"></span> of <span class=\"_ _6\"></span>whet<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er an <span class=\"_ _6\"></span>insur<span class=\"_ _2\"></span>ed event has <span class=\"_ _6\"></span>occ<span class=\"_ _7\"></span>urred or not. Investm<span class=\"_ _7\"></span>ent c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>ponents (e.g. surr<span class=\"_ _7\"></span>end<span class=\"_ _7\"></span>er options in life insu<span class=\"_ _7\"></span>rance contr<span class=\"_ _7\"></span>acts) whic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e hig<span class=\"_ _7\"></span>hly <span class=\"_ _6\"></span>interr<span class=\"_ _2\"></span>elated with the ins<span class=\"_ _7\"></span>urance cont<span class=\"_ _7\"></span>ract, of which they<span class=\"_ _7\"></span> form a part, ar<span class=\"_ _7\"></span>e consid<span class=\"_ _7\"></span>ered <span class=\"_ _3\"> </span>non-distin<span class=\"_ _7\"></span>ct  a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  ar<span class=\"_ _2\"></span>e  not  s<span class=\"_ _2\"></span>eparatel<span class=\"_ _7\"></span>y  ac<span class=\"_ _7\"></span>counte<span class=\"_ _7\"></span>d  for<span class=\"_ _e\"></span>.  Ho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ever<span class=\"_ _e\"></span>,  r<span class=\"_ _2\"></span>eceipts <span class=\"_ _3\"> </span>a<span class=\"_ _6\"></span>nd  p<span class=\"_ _2\"></span>ayments  of<span class=\"_ _2\"></span>  the  i<span class=\"_ _2\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents <span class=\"_ _0\"></span>are <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>xcluded<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>from<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>service <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en<span class=\"_ _7\"></span>ue <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>servide <span class=\"_ _0\"></span>expens<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s. <span class=\"_ _0\"></span>Some <span class=\"_ _0\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts req<span class=\"_ _7\"></span>uire to r<span class=\"_ _7\"></span>epay an amou<span class=\"_ _7\"></span>nt but not in all c<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>ms<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ances <span class=\"_ _7\"></span>and not as a res<span class=\"_ _7\"></span>ult of an in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed event. These amo<span class=\"_ _7\"></span>unts re<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>res<span class=\"_ _2\"></span>ent premium<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>refunds <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>red<span class=\"_ _2\"></span>uce <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>urance <span class=\"_ _0\"></span>servi<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>enue <span class=\"_ _0\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>insurance <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ervice <span class=\"_ _1\"></span>expenses. <span class=\"_ _1\"></span>The <span class=\"_ _0\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>pres<span class=\"_ _2\"></span>ents <span class=\"_ _0\"></span>premi<span class=\"_ _7\"></span>um refu<span class=\"_ _7\"></span>nds as de<span class=\"_ _2\"></span>ductions wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>in the pr<span class=\"_ _2\"></span>emiums <span class=\"_ _2\"></span>received.<span class=\"_ _2\"></span> S<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>rei<span class=\"_ _2\"></span>ns<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>ntr<span class=\"_ _7\"></span>ac<span class=\"_ _2\"></span>ts<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>d c<span class=\"_ _2\"></span>ont<span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span>n c<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>mm<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>rang<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> A<span class=\"_ _2\"></span>cc<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ding<span class=\"_ _2\"></span> to<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>hei<span class=\"_ _2\"></span>r n<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>e,<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>om<span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>si<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>ma<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>be:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>deducted fr<span class=\"_ _7\"></span>om <span class=\"_ _2\"></span>premi<span class=\"_ _7\"></span>ums re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eived, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>included wi<span class=\"_ _7\"></span>thin <span class=\"_ _7\"></span>claims o<span class=\"_ _7\"></span>r  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>treated <span class=\"_ _7\"></span>as an i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t compo<span class=\"_ _2\"></span>nent. <div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs282f\">LEVEL OF<span class=\"_ _2\"></span> AG<span class=\"_ _7\"></span>GREGA<span class=\"_ _2\"></span>TION </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2830\">After <span class=\"_ _3\"> </span>identifyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _3\"> </span>which <span class=\"_ _3\"> </span>insu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ance <span class=\"_ _f\"> </span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _3\"> </span>are <span class=\"_ _f\"> </span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>hin <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>scope <span class=\"_ _3\"> </span>of <span class=\"_ _3\"> </span>IFRS 17, <span class=\"_ _f\"> </span>taking <span class=\"_ _3\"> </span>into<span class=\"_ _7\"></span> <span class=\"_ _d\"> </span>acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>ef<span class=\"_ _7\"></span>fects <span class=\"_ _d\"> </span>of<span class=\"_ _2\"></span>  t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2831\">combin<span class=\"_ _7\"></span>ation <span class=\"_ _4\"> </span>of <span class=\"_ _f\"> </span>ins<span class=\"_ _2\"></span>urance <span class=\"_ _4\"> </span>contracts,<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>sep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>dis<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>nct <span class=\"_ _4\"> </span>non-insu<span class=\"_ _7\"></span>rance <span class=\"_ _4\"> </span>compo<span class=\"_ _7\"></span>nents, <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>separatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ltip<span class=\"_ _2\"></span>le<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2832\">insuranc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>contracts <span class=\"_ _10\"></span>contained <span class=\"_ _2\"></span>withi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>single <span class=\"_ _10\"></span>legal <span class=\"_ _2\"></span>policy <span class=\"_ _2\"></span>documen<span class=\"_ _7\"></span>t, <span class=\"_ _2\"></span>IFRS 17 <span class=\"_ _2\"></span>necess<span class=\"_ _7\"></span>itates <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>efine <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>level <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>aggrega<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2833\">for appl<span class=\"_ _7\"></span>ying its r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2834\">The <span class=\"_ _6\"></span>lev<span class=\"_ _7\"></span>el of a<span class=\"_ _6\"></span>ggr<span class=\"_ _7\"></span>egatio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>is de<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed firstly by dividing<span class=\"_ _7\"></span> the bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> writte<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>into portfol<span class=\"_ _7\"></span>ios. Portfoli<span class=\"_ _7\"></span>os comprise gro<span class=\"_ _7\"></span>ups of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2835\">contracts<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>with<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>similar <span class=\"_ _6\"></span>risks <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>hich<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>ma<span class=\"_ _7\"></span>naged <span class=\"_ _6\"></span>together<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>Based <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>thei<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>expecte<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>profitabili<span class=\"_ _7\"></span>ty <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>ince<span class=\"_ _7\"></span>ption, <span class=\"_ _6\"></span>portfoli<span class=\"_ _7\"></span>os <span class=\"_ _1\"></span>are </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2836\">afterwar<span class=\"_ _7\"></span>ds spli<span class=\"_ _7\"></span>t into <span class=\"_ _7\"></span>thre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> cat<span class=\"_ _7\"></span>egories: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2837\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>onerous <span class=\"_ _2\"></span>contracts, <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2838\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>contracts <span class=\"_ _7\"></span>with no sig<span class=\"_ _2\"></span>nificant risk of<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>ecomi<span class=\"_ _7\"></span>ng onero<span class=\"_ _2\"></span>us; and  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2839\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ainder<span class=\"_ _e\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs283a\">For <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>MM <span class=\"_ _2\"></span>and P<span class=\"_ _10\"></span>AA, <span class=\"_ _2\"></span>IFRS 17 <span class=\"_ _2\"></span>also <span class=\"_ _7\"></span>notes <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>no g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p f<span class=\"_ _7\"></span>or l<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>el <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>aggregatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rposes <span class=\"_ _2\"></span>may <span class=\"_ _7\"></span>cont<span class=\"_ _7\"></span>ain co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _2\"></span>issued <span class=\"_ _2\"></span>mor<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs283b\">than one <span class=\"_ _7\"></span>year apart. Fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> its V<span class=\"_ _7\"></span>F<span class=\"_ _2\"></span>A bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess, VIG <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pplies t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e opti<span class=\"_ _7\"></span>onal exempti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n from f<span class=\"_ _7\"></span>orming gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ups based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> und<span class=\"_ _7\"></span>erwriting </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs283c\">year <span class=\"_ _1\"></span>(annual <span class=\"_ _6\"></span>cohorts) <span class=\"_ _6\"></span>that <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>applicabl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>Euro<span class=\"_ _2\"></span>pean <span class=\"_ _1\"></span>Uni<span class=\"_ _7\"></span>on. <span class=\"_ _1\"></span>This <span class=\"_ _1\"></span>option <span class=\"_ _6\"></span>provides a<span class=\"_ _6\"></span>n <span class=\"_ _1\"></span>exemptio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>matio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs283d\">annual <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>horts <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>or <span class=\"_ _4\"> </span>intergener<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>nally <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tual<span class=\"_ _7\"></span>ised <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _f\"> </span>flo<span class=\"_ _7\"></span>w <span class=\"_ _f\"> </span>m<span class=\"_ _7\"></span>atched <span class=\"_ _4\"> </span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts. <span class=\"_ _4\"> </span>This <span class=\"_ _4\"> </span>is <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>allow <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>an </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs283e\">appro<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>iate cost-be<span class=\"_ _7\"></span>nefit ratio <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>time the <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>ctual service margin is recognised. T<span class=\"_ _7\"></span>his e<span class=\"_ _6\"></span>xemp<span class=\"_ _7\"></span>tion pr<span class=\"_ _6\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rily c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ncerns </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs283f\">long-term l<span class=\"_ _7\"></span>ife ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>with pro<span class=\"_ _7\"></span>fit p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rticipatio<span class=\"_ _2\"></span>n and lo<span class=\"_ _7\"></span>ng-term <span class=\"_ _7\"></span>health i<span class=\"_ _7\"></span>nsurance.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2840\">Once <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>f <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _0\"></span>de<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>mined, <span class=\"_ _0\"></span>th<span class=\"_ _6\"></span>ey <span class=\"_ _4\"></span>becom<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>unit <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>acco<span class=\"_ _2\"></span>unt <span class=\"_ _f\"> </span>to <span class=\"_ _0\"></span>which <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>solidat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2841\">insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>com<span class=\"_ _7\"></span>panies apply <span class=\"_ _6\"></span>requir<span class=\"_ _2\"></span>ements <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>IFRS 17<span class=\"_ _7\"></span>. <span class=\"_ _6\"></span>This means <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>IFRS 17 <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>etrics <span class=\"_ _6\"></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>fulfi<span class=\"_ _7\"></span>lment <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>flows, the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2842\">Contra<span class=\"_ _7\"></span>ctual <span class=\"_ _7\"></span>Servic<span class=\"_ _7\"></span>e M<span class=\"_ _7\"></span>argin <span class=\"_ _7\"></span>(\u201cCSM<span class=\"_ _7\"></span>\u201d) a<span class=\"_ _7\"></span>nd lo<span class=\"_ _7\"></span>ss <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hould b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>available <span class=\"_ _2\"></span>at this <span class=\"_ _2\"></span>granula<span class=\"_ _7\"></span>rity<span class=\"_ _10\"></span>. <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>has <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>efin<span class=\"_ _7\"></span>ed por<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>os </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2843\">of insurance <span class=\"_ _6\"></span>and reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _6\"></span>issued based on the <span class=\"_ _6\"></span>Solvenc<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>II <span class=\"_ _6\"></span>struct<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re for <span class=\"_ _6\"></span>life, health and <span class=\"_ _6\"></span>P&amp;C insuranc<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>due<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2844\">to the fac<span class=\"_ _7\"></span>t tha<span class=\"_ _7\"></span>t the pr<span class=\"_ _2\"></span>oducts are s<span class=\"_ _2\"></span>ubject to<span class=\"_ _7\"></span> simi<span class=\"_ _7\"></span>lar risks a<span class=\"_ _7\"></span>nd man<span class=\"_ _7\"></span>aged toget<span class=\"_ _2\"></span>her<span class=\"_ _10\"></span>.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2845\">In determi<span class=\"_ _2\"></span>ning gr<span class=\"_ _7\"></span>oups o<span class=\"_ _7\"></span>f co<span class=\"_ _7\"></span>ntracts, <span class=\"_ _2\"></span>VIG has d<span class=\"_ _7\"></span>ecided <span class=\"_ _2\"></span>to gro<span class=\"_ _2\"></span>up togeth<span class=\"_ _7\"></span>er t<span class=\"_ _7\"></span>hose con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>that wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld fall<span class=\"_ _7\"></span> into<span class=\"_ _7\"></span> dif<span class=\"_ _2\"></span>ferent g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2846\">only <span class=\"_ _4\"></span>beca<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se <span class=\"_ _4\"></span>law<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>specificall<span class=\"_ _2\"></span>y <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>rains <span class=\"_ _4\"></span>its <span class=\"_ _0\"></span>practical <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>bili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>set <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"></span>price <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>lev<span class=\"_ _7\"></span>el <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>benef<span class=\"_ _7\"></span>its <span class=\"_ _4\"></span>for </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2847\">policy<span class=\"_ _7\"></span>holders wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> dif<span class=\"_ _2\"></span>ferent <span class=\"_ _7\"></span>characte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>istics. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2848\">The <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _6\"></span>of c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _6\"></span>for which <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach <span class=\"_ _6\"></span>has <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>adopted <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>transition <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nclude <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _6\"></span>iss<span class=\"_ _7\"></span>ued <span class=\"_ _6\"></span>mor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2849\">than one <span class=\"_ _7\"></span>yea<span class=\"_ _7\"></span>r apart. Pl<span class=\"_ _7\"></span>ease r<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>er to the t<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ansitio<span class=\"_ _7\"></span>n app<span class=\"_ _7\"></span>roac<span class=\"_ _7\"></span>h applied b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>VIG in ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pter T<span class=\"_ _e\"></span>ra<span class=\"_ _7\"></span>nsition st<span class=\"_ _7\"></span>arting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 49<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs284a\">In <span class=\"_ _6\"></span>most cases, the <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>ofitabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>of grou<span class=\"_ _7\"></span>ps of c<span class=\"_ _6\"></span>ontracts ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>essed by <span class=\"_ _6\"></span>act<span class=\"_ _7\"></span>uarial ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>flow models and <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it<span class=\"_ _7\"></span>ability metri<span class=\"_ _7\"></span>cs </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs284b\">that ta<span class=\"_ _2\"></span>ke<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nto co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>ration <span class=\"_ _7\"></span>existi<span class=\"_ _2\"></span>ng a<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>new <span class=\"_ _7\"></span>busin<span class=\"_ _7\"></span>ess. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or i<span class=\"_ _2\"></span>nsurance <span class=\"_ _2\"></span>contracts <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed a<span class=\"_ _7\"></span>pplyi<span class=\"_ _7\"></span>ng P<span class=\"_ _e\"></span>AA, i<span class=\"_ _7\"></span>t i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssum<span class=\"_ _7\"></span>ed t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs284c\">no <span class=\"_ _f\"> </span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>he <span class=\"_ _f\"> </span>po<span class=\"_ _7\"></span>rtfolio <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>initi<span class=\"_ _2\"></span>al <span class=\"_ _f\"> </span>re<span class=\"_ _2\"></span>cognition <span class=\"_ _4\"></span>un<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss <span class=\"_ _4\"> </span>facts <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>irc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ms<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ances <span class=\"_ _4\"> </span>indicat<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>ot<span class=\"_ _7\"></span>herwis<span class=\"_ _7\"></span>e. <span class=\"_ _4\"> </span>For </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs284d\">contracts <span class=\"_ _10\"></span>that <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>onero<span class=\"_ _2\"></span>us, <span class=\"_ _2\"></span>it <span class=\"_ _7\"></span>has <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>be <span class=\"_ _2\"></span>assessed, <span class=\"_ _10\"></span>at <span class=\"_ _2\"></span>initial<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>signifi<span class=\"_ _7\"></span>cant <span class=\"_ _2\"></span>possibil<span class=\"_ _7\"></span>ity <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>becomi<span class=\"_ _7\"></span>ng </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs284e\">onero<span class=\"_ _7\"></span>us <span class=\"_ _2\"></span>subse<span class=\"_ _7\"></span>quently <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>ass<span class=\"_ _7\"></span>essing <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>likeli<span class=\"_ _7\"></span>hood <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>changes<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pplica<span class=\"_ _7\"></span>ble <span class=\"_ _2\"></span>facts <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>irc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mst<span class=\"_ _7\"></span>ances.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Please <span class=\"_ _2\"></span>refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>chapter </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs284f\">Onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s co<span class=\"_ _7\"></span>ntracts st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n pa<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 152 fo<span class=\"_ _7\"></span>r furth<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r info<span class=\"_ _7\"></span>rmation on o<span class=\"_ _2\"></span>nero<span class=\"_ _7\"></span>us cont<span class=\"_ _7\"></span>racts.<span class=\"_ _7\"></span> </div>Portfoli<span class=\"_ _7\"></span>os of<span class=\"_ _7\"></span> reinsura<span class=\"_ _7\"></span>nce co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld ar<span class=\"_ _7\"></span>e divid<span class=\"_ _7\"></span>ed applyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> the same p<span class=\"_ _7\"></span>rinciples <span class=\"_ _7\"></span>set o<span class=\"_ _7\"></span>ut above, ex<span class=\"_ _2\"></span>ce<span class=\"_ _6\"></span>pt t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at the r<span class=\"_ _7\"></span>efer<span class=\"_ _2\"></span>ences to <span class=\"_ _0\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>refer <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>which <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span>re <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>net <span class=\"_ _0\"></span>gain <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>initial <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nition. <span class=\"_ _0\"></span>It <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>possibl<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>grou<span class=\"_ _7\"></span>p <span class=\"_ _1\"></span>of<span class=\"_ _6\"></span> reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts held com<span class=\"_ _2\"></span>prises <span class=\"_ _7\"></span>a single <span class=\"_ _7\"></span>contract. <span class=\"_ _2\"></span> For the <span class=\"_ _6\"></span>consol<span class=\"_ _7\"></span>idated i<span class=\"_ _7\"></span>nsurance compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies, the dir<span class=\"_ _7\"></span>ect insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce and <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ptional rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce were gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ped i<span class=\"_ _7\"></span>nto <span class=\"_ _6\"></span>the foll<span class=\"_ _7\"></span>owing IFRS 17 po<span class=\"_ _7\"></span>rtfol<span class=\"_ _7\"></span>ios <span class=\"_ _7\"></span>for P&amp;C, <span class=\"_ _7\"></span>life and <span class=\"_ _7\"></span>healt<span class=\"_ _7\"></span>h insurance. <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Life insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce:  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>With profi<span class=\"_ _7\"></span>t par<span class=\"_ _7\"></span>ticipa<span class=\"_ _7\"></span>tion  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Unit- a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>ndex-link<span class=\"_ _7\"></span>ed  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Ot<span class=\"_ _7\"></span>her  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Issue<span class=\"_ _7\"></span>d and <span class=\"_ _7\"></span>held T<span class=\"_ _e\"></span>reat<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Facult<span class=\"_ _7\"></span>ative is<span class=\"_ _7\"></span>sued r<span class=\"_ _2\"></span>einsura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Facult<span class=\"_ _7\"></span>ative <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld r<span class=\"_ _7\"></span>eins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Health ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e:  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Long<span class=\"_ _7\"></span>-term <span class=\"_ _7\"></span>healt<span class=\"_ _7\"></span>h insurance <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>simi<span class=\"_ _7\"></span>lar to lif<span class=\"_ _7\"></span>e)  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Issue<span class=\"_ _7\"></span>d and <span class=\"_ _7\"></span>held T<span class=\"_ _e\"></span>reat<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty and c<span class=\"_ _7\"></span>asualt<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Medi<span class=\"_ _7\"></span>cal expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>se i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Incom<span class=\"_ _7\"></span>e pro<span class=\"_ _2\"></span>tection i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>W<span class=\"_ _2\"></span>orkers\u2018 comp<span class=\"_ _7\"></span>ensatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ins<span class=\"_ _7\"></span>urance  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Mo<span class=\"_ _7\"></span>tor vehicle l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ty insu<span class=\"_ _7\"></span>rance <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Ot<span class=\"_ _7\"></span>her moto<span class=\"_ _7\"></span>r insur<span class=\"_ _7\"></span>ance  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Marin<span class=\"_ _7\"></span>e, aviatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> and <span class=\"_ _7\"></span>trans<span class=\"_ _7\"></span>port ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Fir<span class=\"_ _7\"></span>e and o<span class=\"_ _7\"></span>the<span class=\"_ _7\"></span>r damage <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o pro<span class=\"_ _7\"></span>per<span class=\"_ _7\"></span>ty ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Gene<span class=\"_ _7\"></span>ral liabil<span class=\"_ _7\"></span>ity i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>and sur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>tys<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ip ins<span class=\"_ _7\"></span>urance  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Leg<span class=\"_ _7\"></span>al exp<span class=\"_ _7\"></span>enses ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>As<span class=\"_ _7\"></span>sistance <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Mi<span class=\"_ _7\"></span>scellaneous f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nancial loss<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Issue<span class=\"_ _7\"></span>d and <span class=\"_ _7\"></span>held T<span class=\"_ _e\"></span>reat<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Facult<span class=\"_ _7\"></span>ative is<span class=\"_ _7\"></span>sued r<span class=\"_ _2\"></span>einsura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span> \u2013 <span class=\"_ _1\"></span><span class=\"ff47\">Facultative <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance<span class=\"_ _2\"></span><span class=\"ff4a\"> </span></span>ONEROUS <span class=\"_ _7\"></span>CONTRA<span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>TS<span class=\"ff4a\"> </span>Some <span class=\"_ _f\"> </span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _3\"> </span>iss<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ed <span class=\"_ _f\"> </span>befor<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _f\"> </span>period<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>starts <span class=\"_ _3\"> </span>and<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>the <span class=\"_ _f\"> </span>initial<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>mium <span class=\"_ _f\"> </span>becom<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>due. <span class=\"_ _f\"> </span>Therefor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _f\"> </span>the consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>anies <span class=\"_ _0\"></span>determi<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>begi<span class=\"_ _7\"></span>nning <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>over<span class=\"_ _7\"></span>age <span class=\"_ _1\"></span>p<span class=\"_ _6\"></span>erio<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>or <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>time<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>rst payme<span class=\"_ _7\"></span>nt fr<span class=\"_ _2\"></span>om the <span class=\"_ _2\"></span>policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>n the <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>due, d<span class=\"_ _7\"></span>ependi<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>on which <span class=\"_ _7\"></span>occ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rs e<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rlier<span class=\"_ _e\"></span>, wh<span class=\"_ _7\"></span>ether <span class=\"_ _2\"></span>issued co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>constit<span class=\"_ _7\"></span>ute a g<span class=\"_ _7\"></span>roup <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>o i<span class=\"_ _7\"></span>dentify <span class=\"_ _7\"></span>whe<span class=\"_ _7\"></span>ther <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>grou<span class=\"_ _7\"></span>p <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontracts <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>onero<span class=\"_ _7\"></span>us, f<span class=\"_ _7\"></span>acts <span class=\"_ _2\"></span>and cir<span class=\"_ _2\"></span>cumsta<span class=\"_ _7\"></span>nces <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> consi<span class=\"_ _7\"></span>der<span class=\"_ _2\"></span>ed based on: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>pricing i<span class=\"_ _7\"></span>nformation, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>results of <span class=\"_ _7\"></span>simi<span class=\"_ _7\"></span>lar con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>the gro<span class=\"_ _2\"></span>up has r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>enviro<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ment<span class=\"_ _7\"></span>al facto<span class=\"_ _7\"></span>rs, like c<span class=\"_ _7\"></span>hang<span class=\"_ _7\"></span>es in ma<span class=\"_ _7\"></span>rket or <span class=\"_ _7\"></span>reg<span class=\"_ _7\"></span>ulatio<span class=\"_ _7\"></span>ns.  Further d<span class=\"_ _7\"></span>etail<span class=\"_ _7\"></span>s are dis<span class=\"_ _7\"></span>cuss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d in <span class=\"_ _7\"></span>chapter <span class=\"_ _7\"></span>Pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> starti<span class=\"_ _2\"></span>ng on page 160<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> <div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs286d\">RECOGNI<span class=\"_ _7\"></span>TION<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs286e\">Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps of i<span class=\"_ _7\"></span>nsura<span class=\"_ _7\"></span>nce co<span class=\"_ _7\"></span>ntracts is<span class=\"_ _7\"></span>sued ha<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e to be r<span class=\"_ _2\"></span>ecognis<span class=\"_ _7\"></span>ed fr<span class=\"_ _2\"></span>om the earliest o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he fol<span class=\"_ _7\"></span>lowing: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs286f\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The begin<span class=\"_ _7\"></span>ning of<span class=\"_ _7\"></span> the co<span class=\"_ _7\"></span>verage p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod of <span class=\"_ _7\"></span>the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p of con<span class=\"_ _7\"></span>tra<span class=\"_ _7\"></span>cts; <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2870\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The date w<span class=\"_ _7\"></span>hen th<span class=\"_ _7\"></span>e initial p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>yme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t from<span class=\"_ _7\"></span> a po<span class=\"_ _7\"></span>licyhol<span class=\"_ _7\"></span>der in <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>group of<span class=\"_ _7\"></span> cont<span class=\"_ _7\"></span>racts is <span class=\"_ _7\"></span>due, o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> when <span class=\"_ _7\"></span>the fi<span class=\"_ _7\"></span>rst pa<span class=\"_ _7\"></span>yment is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2871\">rec<span class=\"_ _7\"></span>eived if<span class=\"_ _7\"></span> there is<span class=\"_ _7\"></span> no d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e dat<span class=\"_ _7\"></span>e; or <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2872\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>For a gro<span class=\"_ _2\"></span>up of onero<span class=\"_ _2\"></span>us contra<span class=\"_ _7\"></span>cts, <span class=\"_ _7\"></span>as soon <span class=\"_ _7\"></span>as facts <span class=\"_ _7\"></span>and cir<span class=\"_ _2\"></span>cumstan<span class=\"_ _7\"></span>ces i<span class=\"_ _7\"></span>ndicate th<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p is o<span class=\"_ _7\"></span>nero<span class=\"_ _2\"></span>us.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2873\">Propo<span class=\"_ _7\"></span>rtio<span class=\"_ _7\"></span>nal <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>non-pro<span class=\"_ _2\"></span>portional <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps <span class=\"_ _2\"></span>of r<span class=\"_ _2\"></span>einsurance<span class=\"_ _2\"></span> co<span class=\"_ _7\"></span>ntracts <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>eld <span class=\"_ _2\"></span>have <span class=\"_ _2\"></span>to b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>the l<span class=\"_ _7\"></span>atest<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>the fo<span class=\"_ _7\"></span>llo<span class=\"_ _7\"></span>win<span class=\"_ _7\"></span>g:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2874\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The begin<span class=\"_ _7\"></span>ning of<span class=\"_ _7\"></span> the co<span class=\"_ _7\"></span>verage p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod of <span class=\"_ _7\"></span>the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>insu<span class=\"_ _2\"></span>rance contr<span class=\"_ _7\"></span>acts h<span class=\"_ _7\"></span>eld or<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2875\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The date t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e consoli<span class=\"_ _7\"></span>dated i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance com<span class=\"_ _7\"></span>panies <span class=\"_ _2\"></span>recognise <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>nerous g<span class=\"_ _2\"></span>roup o<span class=\"_ _7\"></span>f und<span class=\"_ _7\"></span>erlying ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts if<span class=\"_ _7\"></span> the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2876\">consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>nies en<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>nto the r<span class=\"_ _7\"></span>elated r<span class=\"_ _2\"></span>einsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>act hel<span class=\"_ _7\"></span>d in th<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of r<span class=\"_ _7\"></span>ei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2877\">contracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld at o<span class=\"_ _2\"></span>r be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e that da<span class=\"_ _7\"></span>te. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2878\">Additionally<span class=\"_ _e\"></span>, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>re<span class=\"_ _2\"></span>cognition <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>propo<span class=\"_ _2\"></span>rtional <span class=\"_ _4\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>f <span class=\"_ _4\"></span>rei<span class=\"_ _2\"></span>nsurance <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _4\"></span>held <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>d<span class=\"_ _2\"></span>elayed <span class=\"_ _4\"></span>until <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>date <span class=\"_ _4\"></span>w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>en <span class=\"_ _4\"> </span>any </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2879\">underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>insurance <span class=\"_ _6\"></span>contract <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>itiall<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised, <span class=\"_ _1\"></span>if <span class=\"_ _1\"></span>that <span class=\"_ _6\"></span>date <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>later <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>han <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>beginni<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>coverage <span class=\"_ _6\"></span>period <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs287a\">gro<span class=\"_ _7\"></span>up of r<span class=\"_ _2\"></span>ein<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> held.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs287b\">New <span class=\"_ _0\"></span>contra<span class=\"_ _6\"></span>cts <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>added <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>group <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>reporting <span class=\"_ _0\"></span>period <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>contract <span class=\"_ _0\"></span>meets <span class=\"_ _0\"></span>one <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>criter<span class=\"_ _6\"></span>ia <span class=\"_ _0\"></span>set <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>ut </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs287c\">above. </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs287d\">CONTRAC<span class=\"_ _7\"></span>T BOUND<span class=\"_ _7\"></span>ARY<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs287e\">The measur<span class=\"_ _2\"></span>ement of a gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance co<span class=\"_ _7\"></span>ntracts incl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>des all futur<span class=\"_ _7\"></span>e cash flows within<span class=\"_ _7\"></span> the bounda<span class=\"_ _7\"></span>ry of <span class=\"_ _6\"></span>eac<span class=\"_ _7\"></span>h contract <span class=\"_ _7\"></span>in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs287f\">the gro<span class=\"_ _2\"></span>up. Cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>lows <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>within <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>boun<span class=\"_ _7\"></span>dary o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>an ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract <span class=\"_ _2\"></span>if <span class=\"_ _7\"></span>they<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ise <span class=\"_ _7\"></span>fro<span class=\"_ _7\"></span>m <span class=\"_ _7\"></span>substa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tive <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ights <span class=\"_ _2\"></span>and o<span class=\"_ _7\"></span>bligatio<span class=\"_ _7\"></span>ns </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2880\">that <span class=\"_ _4\"></span>exis<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>d<span class=\"_ _7\"></span>uring <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>eporting <span class=\"_ _0\"></span>period <span class=\"_ _0\"></span>in <span class=\"_ _4\"> </span>which <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>pol<span class=\"_ _7\"></span>icyh<span class=\"_ _7\"></span>older <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>an <span class=\"_ _0\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>com<span class=\"_ _2\"></span>pelled <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>pay <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>p<span class=\"_ _7\"></span>remiu<span class=\"_ _7\"></span>ms, <span class=\"_ _0\"></span>or <span class=\"_ _4\"></span>in <span class=\"_ _0\"></span>which <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2881\">substanti<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>oblig<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>exists <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>policyholde<span class=\"_ _7\"></span>r <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>ervices. <span class=\"_ _10\"></span>A <span class=\"_ _2\"></span>subst<span class=\"_ _7\"></span>antive <span class=\"_ _10\"></span>obliga<span class=\"_ _7\"></span>tion <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>provi<span class=\"_ _2\"></span>de </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2882\">insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices en<span class=\"_ _7\"></span>ds wh<span class=\"_ _7\"></span>en:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2883\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ctical po<span class=\"_ _7\"></span>ssibi<span class=\"_ _7\"></span>lity exists <span class=\"_ _2\"></span>to re<span class=\"_ _7\"></span>assess t<span class=\"_ _7\"></span>he risks o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he pa<span class=\"_ _7\"></span>rticular pol<span class=\"_ _7\"></span>icyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> and, <span class=\"_ _7\"></span>as a r<span class=\"_ _2\"></span>esult, a p<span class=\"_ _7\"></span>rice or le<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>el of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2884\">benefits c<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> be se<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> tha<span class=\"_ _7\"></span>t fully r<span class=\"_ _2\"></span>eflects thos<span class=\"_ _7\"></span>e risks; o<span class=\"_ _2\"></span>r both of t<span class=\"_ _7\"></span>he follo<span class=\"_ _7\"></span>wing crit<span class=\"_ _7\"></span>eria ar<span class=\"_ _2\"></span>e satisfied: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2885\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>the pr<span class=\"_ _7\"></span>actical abil<span class=\"_ _7\"></span>ity exi<span class=\"_ _2\"></span>sts to reass<span class=\"_ _7\"></span>ess t<span class=\"_ _7\"></span>he r<span class=\"_ _6\"></span>isks o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he portfoli<span class=\"_ _7\"></span>o of<span class=\"_ _7\"></span> insurance con<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>racts t<span class=\"_ _7\"></span>hat cont<span class=\"_ _7\"></span>ain the con<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ract <span class=\"_ _7\"></span>and, as<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2886\">a res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt, a pric<span class=\"_ _2\"></span>e or<span class=\"_ _6\"></span> le<span class=\"_ _7\"></span>vel o<span class=\"_ _7\"></span>f benefits<span class=\"_ _7\"></span> can <span class=\"_ _7\"></span>be set t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at fully r<span class=\"_ _2\"></span>eflects th<span class=\"_ _7\"></span>e risk of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at por<span class=\"_ _7\"></span>tfoli<span class=\"_ _7\"></span>o; as well as<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2887\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>the <span class=\"_ _1\"></span>prici<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>of t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>pr<span class=\"_ _7\"></span>emi<span class=\"_ _7\"></span>ums <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>date <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>risks <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>assessed <span class=\"_ _6\"></span>does <span class=\"_ _6\"></span>not <span class=\"_ _0\"></span>take<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>into <span class=\"_ _1\"></span>acco<span class=\"_ _7\"></span>unt <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>risks <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>hat<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2888\">relat<span class=\"_ _7\"></span>e to p<span class=\"_ _7\"></span>eriods <span class=\"_ _7\"></span>after t<span class=\"_ _7\"></span>he reass<span class=\"_ _2\"></span>essment d<span class=\"_ _7\"></span>ate. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2889\">A <span class=\"_ _f\"> </span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _f\"> </span>or <span class=\"_ _3\"> </span>ass<span class=\"_ _7\"></span>et <span class=\"_ _f\"> </span>relating <span class=\"_ _4\"> </span>to <span class=\"_ _f\"> </span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ected <span class=\"_ _f\"> </span>pr<span class=\"_ _7\"></span>emi<span class=\"_ _7\"></span>ums <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>claims<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>outside <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>bou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dary <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _f\"> </span>co<span class=\"_ _7\"></span>ntract <span class=\"_ _f\"> </span>ar<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>not<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs288a\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>as thes<span class=\"_ _7\"></span>e amo<span class=\"_ _7\"></span>unts r<span class=\"_ _2\"></span>elate<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>to futu<span class=\"_ _7\"></span>re ins<span class=\"_ _2\"></span>urance cont<span class=\"_ _7\"></span>racts. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs288b\">For <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _6\"></span>with <span class=\"_ _6\"></span>ren<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>wal <span class=\"_ _6\"></span>periods<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>it <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>assess<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>whether<span class=\"_ _7\"></span> premiums<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>rela<span class=\"_ _7\"></span>ted <span class=\"_ _6\"></span>cash flows <span class=\"_ _6\"></span>that ar<span class=\"_ _6\"></span>ise <span class=\"_ _6\"></span>fro<span class=\"_ _2\"></span>m <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>newed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs288c\">contract <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>wit<span class=\"_ _7\"></span>hin <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>ct <span class=\"_ _4\"></span>bo<span class=\"_ _7\"></span>undary<span class=\"_ _e\"></span>. <span class=\"_ _4\"></span>The <span class=\"_ _0\"></span>pr<span class=\"_ _6\"></span>ici<span class=\"_ _7\"></span>ng <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>enewals <span class=\"_ _0\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hich <span class=\"_ _4\"></span>IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>applied, <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>establis<span class=\"_ _7\"></span>hed <span class=\"_ _4\"></span>by<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs288d\">consid<span class=\"_ _7\"></span>ering all the r<span class=\"_ _6\"></span>isks cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d for the policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> that would be consid<span class=\"_ _2\"></span>ered whe<span class=\"_ _7\"></span>n underwriting eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ivale<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t contracts<span class=\"_ _7\"></span> on </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs288e\">the re<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ew<span class=\"_ _7\"></span>al dates f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e rem<span class=\"_ _7\"></span>aini<span class=\"_ _7\"></span>ng servi<span class=\"_ _7\"></span>ce. The <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntract bo<span class=\"_ _7\"></span>undary <span class=\"_ _7\"></span>of ea<span class=\"_ _7\"></span>ch gro<span class=\"_ _7\"></span>up of<span class=\"_ _7\"></span> cont<span class=\"_ _7\"></span>racts is <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>assess<span class=\"_ _7\"></span>ed at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e end <span class=\"_ _2\"></span>of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs288f\">each r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting pe<span class=\"_ _7\"></span>riod.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div>INITIAL ME<span class=\"_ _7\"></span>ASURE<span class=\"_ _7\"></span>MENT<span class=\"_ _7\"></span> Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>not m<span class=\"_ _7\"></span>easured<span class=\"_ _7\"></span> under P<span class=\"_ _10\"></span>AA The GMM m<span class=\"_ _7\"></span>eas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>res <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> gro<span class=\"_ _2\"></span>up of ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>as th<span class=\"_ _7\"></span>e total <span class=\"_ _7\"></span>of:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>ulfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows a<span class=\"_ _7\"></span>nd  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> C<span class=\"_ _7\"></span>SM, r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>ese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ting th<span class=\"_ _7\"></span>e unea<span class=\"_ _7\"></span>rned prof<span class=\"_ _7\"></span>it t<span class=\"_ _7\"></span>he consolid<span class=\"_ _2\"></span>ated i<span class=\"_ _7\"></span>nsurance com<span class=\"_ _2\"></span>panies <span class=\"_ _7\"></span>will r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cognis<span class=\"_ _7\"></span>e as th<span class=\"_ _7\"></span>ey pr<span class=\"_ _7\"></span>ovide insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>in the gro<span class=\"_ _2\"></span>up.<span class=\"_ _7\"></span> The fulf<span class=\"_ _7\"></span>ilment cas<span class=\"_ _2\"></span>h flows co<span class=\"_ _7\"></span>nsist of:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>unbiased a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d pr<span class=\"_ _7\"></span>oba<span class=\"_ _7\"></span>bility-<span class=\"_ _7\"></span>weighted esti<span class=\"_ _7\"></span>ma<span class=\"_ _7\"></span>tes of fu<span class=\"_ _7\"></span>ture <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h fl<span class=\"_ _7\"></span>ows,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>a disco<span class=\"_ _7\"></span>unt to pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sent <span class=\"_ _7\"></span>value <span class=\"_ _7\"></span>to refl<span class=\"_ _7\"></span>ect t<span class=\"_ _7\"></span>he time <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of<span class=\"_ _7\"></span> mone<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> and fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial risks, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus a risk <span class=\"_ _7\"></span>adjustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t fo<span class=\"_ _7\"></span>r non-f<span class=\"_ _7\"></span>inanci<span class=\"_ _7\"></span>al risks. <span class=\"_ _2\"></span> The objectiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in estim<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ting futu<span class=\"_ _7\"></span>re c<span class=\"_ _7\"></span>ash flows is<span class=\"_ _7\"></span> to determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e the expec<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e or the pr<span class=\"_ _7\"></span>ob<span class=\"_ _7\"></span>ability-weig<span class=\"_ _2\"></span>hted mean <span class=\"_ _7\"></span>value o<span class=\"_ _7\"></span>f the full range o<span class=\"_ _7\"></span>f poss<span class=\"_ _7\"></span>ible outcom<span class=\"_ _7\"></span>es, consid<span class=\"_ _7\"></span>ering all<span class=\"_ _7\"></span> reaso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>able an<span class=\"_ _7\"></span>d support<span class=\"_ _7\"></span>able inform<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n available at the r<span class=\"_ _2\"></span>eporting d<span class=\"_ _7\"></span>ate without <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ndue <span class=\"_ _1\"></span>cost <span class=\"_ _0\"></span>or <span class=\"_ _1\"></span>eff<span class=\"_ _7\"></span>ort. <span class=\"_ _1\"></span>Future <span class=\"_ _1\"></span>cash <span class=\"_ _0\"></span>flows<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>onsid<span class=\"_ _7\"></span>ering <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>range<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>sce<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>arios <span class=\"_ _1\"></span>which <span class=\"_ _1\"></span>have <span class=\"_ _1\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nomical<span class=\"_ _7\"></span> substance <span class=\"_ _0\"></span>and <span class=\"_ _4\"> </span>give <span class=\"_ _4\"> </span>a <span class=\"_ _f\"> </span>g<span class=\"_ _7\"></span>ood<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _7\"></span>pres<span class=\"_ _7\"></span>entatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>possible <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>utcomes. <span class=\"_ _4\"> </span>The <span class=\"_ _4\"></span>cas<span class=\"_ _7\"></span>h <span class=\"_ _4\"> </span>flows <span class=\"_ _4\"> </span>from<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>each <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>cenario <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>babilit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>-<span class=\"_ _3d5\"> </span>weighte<span class=\"_ _7\"></span>d and disco<span class=\"_ _2\"></span>unted usi<span class=\"_ _7\"></span>ng curr<span class=\"_ _2\"></span>ent ass<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>ns.  When <span class=\"_ _7\"></span>estimati<span class=\"_ _7\"></span>ng futur<span class=\"_ _2\"></span>e cash fl<span class=\"_ _7\"></span>ows, all cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows <span class=\"_ _2\"></span>with<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n the cont<span class=\"_ _7\"></span>ract <span class=\"_ _7\"></span>boundar<span class=\"_ _7\"></span>y are <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d for ex<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mple:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>premiums <span class=\"_ _2\"></span>and any a<span class=\"_ _7\"></span>ddition<span class=\"_ _7\"></span>al rel<span class=\"_ _7\"></span>ated <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>claims and b<span class=\"_ _2\"></span>enefits, incl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ding r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rted cl<span class=\"_ _7\"></span>aims not <span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>et paid, i<span class=\"_ _2\"></span>ncurred <span class=\"_ _7\"></span>claims<span class=\"_ _7\"></span> not y<span class=\"_ _7\"></span>et r<span class=\"_ _7\"></span>eported <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>claims including: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>paym<span class=\"_ _7\"></span>ents to pol<span class=\"_ _7\"></span>icy<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>olde<span class=\"_ _7\"></span>rs that v<span class=\"_ _7\"></span>ary depe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding on <span class=\"_ _2\"></span>returns of unde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>lyi<span class=\"_ _7\"></span>ng items a<span class=\"_ _7\"></span>nd  \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>all<span class=\"_ _7\"></span>ocation of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n costs at<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ribut<span class=\"_ _7\"></span>able to <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>ortfolio<span class=\"_ _7\"></span> to which <span class=\"_ _7\"></span>the cont<span class=\"_ _7\"></span>ract b<span class=\"_ _7\"></span>elongs.<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>claims han<span class=\"_ _7\"></span>dling costs<span class=\"_ _7\"></span>,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>policy adm<span class=\"_ _7\"></span>inistratio<span class=\"_ _2\"></span>n and maint<span class=\"_ _7\"></span>enanc<span class=\"_ _7\"></span>e costs, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uding r<span class=\"_ _7\"></span>ecurring <span class=\"_ _7\"></span>commi<span class=\"_ _7\"></span>ssions t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at ar<span class=\"_ _2\"></span>e e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>pecte<span class=\"_ _7\"></span>d to b<span class=\"_ _7\"></span>e paid to intermedi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ries, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>allocation of f<span class=\"_ _7\"></span>ixed <span class=\"_ _7\"></span>and vari<span class=\"_ _2\"></span>ab<span class=\"_ _6\"></span>le o<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erhea<span class=\"_ _7\"></span>ds dir<span class=\"_ _7\"></span>ectly <span class=\"_ _7\"></span>attrib<span class=\"_ _7\"></span>utable to fulf<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ing insura<span class=\"_ _7\"></span>nce cont<span class=\"_ _7\"></span>racts, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>transactio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-based <span class=\"_ _7\"></span>taxes.<span class=\"_ _2\"></span> The meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> of f<span class=\"_ _7\"></span>ulfilm<span class=\"_ _7\"></span>ent cas<span class=\"_ _2\"></span>h flows i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cludes<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quis<span class=\"_ _7\"></span>ition <span class=\"_ _7\"></span>costs t<span class=\"_ _7\"></span>hat <span class=\"_ _7\"></span>are<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised as <span class=\"_ _7\"></span>an <span class=\"_ _7\"></span>expens<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>ver the coverage <span class=\"_ _e\"></span>period <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _10\"></span>contrac<span class=\"_ _7\"></span>ts. <span class=\"_ _2\"></span>At <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>same <span class=\"_ _10\"></span>time <span class=\"_ _2\"></span>an<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>equal <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>recor<span class=\"_ _2\"></span>ded <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>re<span class=\"_ _7\"></span>venue <span class=\"_ _10\"></span>repr<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>enting a portio<span class=\"_ _7\"></span>n of pr<span class=\"_ _2\"></span>emium that r<span class=\"_ _2\"></span>elates to r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>cove<span class=\"_ _7\"></span>ring insu<span class=\"_ _7\"></span>rance a<span class=\"_ _7\"></span>cquisi<span class=\"_ _7\"></span>tion <span class=\"_ _7\"></span>costs. <span class=\"_ _7\"></span> <div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs28af\">Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>red u<span class=\"_ _7\"></span>nder P<span class=\"_ _7\"></span>AA </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28b0\">VIG applies <span class=\"_ _2\"></span>the pr<span class=\"_ _7\"></span>emium <span class=\"_ _7\"></span>allocatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> appr<span class=\"_ _7\"></span>oa<span class=\"_ _7\"></span>ch (P<span class=\"_ _10\"></span>AA) at l<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>st to<span class=\"_ _7\"></span> all short<span class=\"_ _7\"></span>-term P&amp;C<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts th<span class=\"_ _7\"></span>at it issu<span class=\"_ _7\"></span>es, as: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28b1\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> co<span class=\"_ _2\"></span>verage perio<span class=\"_ _7\"></span>d of ea<span class=\"_ _7\"></span>ch co<span class=\"_ _7\"></span>ntract in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up is one <span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ear o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> less, i<span class=\"_ _7\"></span>ncludi<span class=\"_ _7\"></span>ng insur<span class=\"_ _7\"></span>ance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vices a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ising fr<span class=\"_ _2\"></span>om </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28b2\">all pr<span class=\"_ _7\"></span>emiums <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>hin the co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract bo<span class=\"_ _2\"></span>undary (r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fer to c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>apte<span class=\"_ _7\"></span>r Cont<span class=\"_ _7\"></span>ract bo<span class=\"_ _7\"></span>undar<span class=\"_ _7\"></span>y starti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _2\"></span>e 153), or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28b3\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>for contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s longe<span class=\"_ _7\"></span>r than o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e ye<span class=\"_ _7\"></span>ar<span class=\"_ _10\"></span>, VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> has model<span class=\"_ _7\"></span>led <span class=\"_ _7\"></span>possib<span class=\"_ _2\"></span>le future s<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>enario<span class=\"_ _7\"></span>s and <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssum<span class=\"_ _7\"></span>es that <span class=\"_ _7\"></span>the me<span class=\"_ _7\"></span>asurem<span class=\"_ _2\"></span>ent of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28b4\">the liabi<span class=\"_ _7\"></span>lity for r<span class=\"_ _2\"></span>emaining co<span class=\"_ _2\"></span>ver<span class=\"_ _6\"></span>ag<span class=\"_ _7\"></span>e for th<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>up<span class=\"_ _6\"></span> co<span class=\"_ _7\"></span>ntaini<span class=\"_ _7\"></span>ng those <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts und<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r the P<span class=\"_ _e\"></span>AA does <span class=\"_ _7\"></span>not dif<span class=\"_ _2\"></span>fer materi<span class=\"_ _7\"></span>ally </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28b5\">fro<span class=\"_ _7\"></span>m the meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement <span class=\"_ _7\"></span>that <span class=\"_ _7\"></span>would r<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>ult from<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>applic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n of the <span class=\"_ _7\"></span>GMM. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> assess<span class=\"_ _7\"></span>ing ma<span class=\"_ _7\"></span>teriali<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>, VIG <span class=\"_ _7\"></span>has also<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28b6\">consid<span class=\"_ _7\"></span>ered q<span class=\"_ _2\"></span>ua<span class=\"_ _6\"></span>litati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e facto<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s suc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> as th<span class=\"_ _7\"></span>e nature o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the risk <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd types <span class=\"_ _7\"></span>of its <span class=\"_ _7\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce por<span class=\"_ _7\"></span>tfoli<span class=\"_ _7\"></span>os.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28b7\">The <span class=\"_ _0\"></span>P<span class=\"_ _10\"></span>AA <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>applied <span class=\"_ _1\"></span>if, <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>initial <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>nition <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>signif<span class=\"_ _7\"></span>icant <span class=\"_ _1\"></span>variabil<span class=\"_ _7\"></span>ity <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>fulfil<span class=\"_ _7\"></span>ment <span class=\"_ _1\"></span>cash </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28b8\">flows <span class=\"_ _1\"></span>is <span class=\"_ _0\"></span>expected <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>hat <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>ould <span class=\"_ _1\"></span>affect<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>emai<span class=\"_ _7\"></span>ning <span class=\"_ _0\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _0\"></span>(LRC<span class=\"_ _7\"></span>) <span class=\"_ _0\"></span>during <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>peri<span class=\"_ _7\"></span>od </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28b9\">before <span class=\"_ _2\"></span>a claim is i<span class=\"_ _7\"></span>ncurre<span class=\"_ _2\"></span>d. V<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ability in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he fulfi<span class=\"_ _7\"></span>lment c<span class=\"_ _2\"></span>ash<span class=\"_ _6\"></span> flo<span class=\"_ _2\"></span>ws incre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ses <span class=\"_ _7\"></span>with, fo<span class=\"_ _7\"></span>r exampl<span class=\"_ _7\"></span>e:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ba\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ext<span class=\"_ _2\"></span>ent of futur<span class=\"_ _2\"></span>e cash flows <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o a<span class=\"_ _7\"></span>ny<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>derivati<span class=\"_ _7\"></span>ves em<span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>dded i<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he contracts <span class=\"_ _2\"></span>and  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28bb\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> l<span class=\"_ _7\"></span>ength of t<span class=\"_ _2\"></span>he coverag<span class=\"_ _7\"></span>e period o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of <span class=\"_ _7\"></span>contr<span class=\"_ _7\"></span>acts.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28bc\">For a gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of co<span class=\"_ _7\"></span>ntracts t<span class=\"_ _7\"></span>hat is not o<span class=\"_ _2\"></span>nero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s at i<span class=\"_ _7\"></span>nitial re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ogni<span class=\"_ _7\"></span>tion, t<span class=\"_ _7\"></span>he liability fo<span class=\"_ _2\"></span>r remai<span class=\"_ _7\"></span>ning co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e is meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed as: <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28bd\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>emiums, i<span class=\"_ _7\"></span>f a<span class=\"_ _7\"></span>ny<span class=\"_ _10\"></span>, r<span class=\"_ _7\"></span>eceived at i<span class=\"_ _2\"></span>nitial re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28be\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus any ins<span class=\"_ _2\"></span>urance acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on cash flo<span class=\"_ _2\"></span>ws at that d<span class=\"_ _7\"></span>ate,<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28bf\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus or mi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>us a<span class=\"_ _7\"></span>ny amoun<span class=\"_ _7\"></span>t aris<span class=\"_ _7\"></span>ing fro<span class=\"_ _7\"></span>m t<span class=\"_ _7\"></span>he der<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nition at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at da<span class=\"_ _7\"></span>te of As a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ass<span class=\"_ _7\"></span>et r<span class=\"_ _7\"></span>ecognised i<span class=\"_ _2\"></span>nsurance <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cquisi<span class=\"_ _7\"></span>tion </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28c0\">costs<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28c1\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>any other ass<span class=\"_ _2\"></span>ets or li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>pre<span class=\"_ _7\"></span>viously r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised f<span class=\"_ _7\"></span>or cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows prio<span class=\"_ _7\"></span>r to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _7\"></span>n of t<span class=\"_ _7\"></span>he gr<span class=\"_ _7\"></span>oup of<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28c2\">contracts. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28c3\">Wher<span class=\"_ _7\"></span>e  facts <span class=\"_ _d\"> </span>and  cir<span class=\"_ _7\"></span>cumst<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nces  in<span class=\"_ _7\"></span>dicate  t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at  con<span class=\"_ _7\"></span>tracts <span class=\"_ _d\"> </span>are  o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ero<span class=\"_ _7\"></span>us  at  initi<span class=\"_ _7\"></span>al  r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _7\"></span>n,  additi<span class=\"_ _7\"></span>onal  an<span class=\"_ _7\"></span>alysis  h<span class=\"_ _7\"></span>elps </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28c4\">determini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>if <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>et <span class=\"_ _0\"></span>out<span class=\"_ _6\"></span>flo<span class=\"_ _2\"></span>w <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>expected <span class=\"_ _0\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>contract. <span class=\"_ _1\"></span>Su<span class=\"_ _6\"></span>ch <span class=\"_ _0\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>separately <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>uped <span class=\"_ _0\"></span>from <span class=\"_ _1\"></span>other </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28c5\">contracts <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>loss <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pr<span class=\"_ _7\"></span>ofit <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>outflow<span class=\"_ _2\"></span>, <span class=\"_ _6\"></span>resulting<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>book <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28c6\">gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>being equal to th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fulfilm<span class=\"_ _7\"></span>ent ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>flows. A loss component <span class=\"_ _6\"></span>is esta<span class=\"_ _6\"></span>blis<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>d for <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>for remaining cov<span class=\"_ _7\"></span>erage for </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28c7\">such <span class=\"_ _1\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>group <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>picti<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>losses <span class=\"_ _6\"></span>recognise<span class=\"_ _2\"></span>d. <span class=\"_ _0\"></span>For <span class=\"_ _1\"></span>additional <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>isclo<span class=\"_ _7\"></span>sur<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>component, <span class=\"_ _1\"></span>please <span class=\"_ _1\"></span>refe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28c8\">chapter P<span class=\"_ _2\"></span>resentatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on <span class=\"_ _7\"></span>page 16<span class=\"_ _7\"></span>0 a<span class=\"_ _7\"></span>nd for one<span class=\"_ _7\"></span>rous <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontracts to <span class=\"_ _2\"></span>chapte<span class=\"_ _7\"></span>r Oner<span class=\"_ _7\"></span>ous co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 152.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28c9\">For <span class=\"_ _2\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _10\"></span>measur<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>using <span class=\"_ _e\"></span>the <span class=\"_ _2\"></span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _10\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>acco<span class=\"_ _7\"></span>unting <span class=\"_ _10\"></span>polic<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>does <span class=\"_ _10\"></span>not, <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>gener<span class=\"_ _7\"></span>al, <span class=\"_ _10\"></span>permit <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>liability <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>remaini<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>coverag<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ca\">(LRC) to be m<span class=\"_ _2\"></span>easur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d usi<span class=\"_ _7\"></span>ng dis<span class=\"_ _7\"></span>counted <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash fl<span class=\"_ _7\"></span>ows, <span class=\"_ _7\"></span>unless t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of <span class=\"_ _2\"></span>contracts is o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div>Reinsuran<span class=\"_ _7\"></span>ce co<span class=\"_ _7\"></span>ntracts h<span class=\"_ _7\"></span>eld Reinsura<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>contr<span class=\"_ _7\"></span>acts <span class=\"_ _0\"></span>held <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>measu<span class=\"_ _7\"></span>red <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>same <span class=\"_ _1\"></span>ba<span class=\"_ _6\"></span>sis <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>nsurance <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>ts issued. Ho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ev<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>, the<span class=\"_ _7\"></span>y are <span class=\"_ _2\"></span>adapted to <span class=\"_ _2\"></span>reflect t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e feat<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es of <span class=\"_ _2\"></span>reinsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld th<span class=\"_ _7\"></span>at dif<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> fro<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> issued, for <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xam<span class=\"_ _7\"></span>ple t<span class=\"_ _7\"></span>he gener<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n of expens<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s or r<span class=\"_ _2\"></span>eduction<span class=\"_ _7\"></span> in exp<span class=\"_ _7\"></span>enses r<span class=\"_ _7\"></span>ather t<span class=\"_ _7\"></span>han income. <span class=\"_ _2\"></span> A <span class=\"_ _6\"></span>loss <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>recog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>initial recog<span class=\"_ _7\"></span>nitio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of an <span class=\"_ _6\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>of underlying <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>when <span class=\"_ _6\"></span>furthe<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>nerous<span class=\"_ _2\"></span> underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g insurance co<span class=\"_ _7\"></span>ntracts are added to a <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. Furthermor<span class=\"_ _2\"></span>e, <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>loss<span class=\"_ _7\"></span>-r<span class=\"_ _7\"></span>ecover<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>nent <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>et <span class=\"_ _6\"></span>for remai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span> coverage i<span class=\"_ _7\"></span>s est<span class=\"_ _7\"></span>ablish<span class=\"_ _7\"></span>ed for a g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of r<span class=\"_ _7\"></span>ei<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontracts<span class=\"_ _2\"></span> h<span class=\"_ _6\"></span>eld d<span class=\"_ _7\"></span>epicting t<span class=\"_ _2\"></span>he recov<span class=\"_ _7\"></span>ery of l<span class=\"_ _7\"></span>osses. <span class=\"_ _2\"></span> The loss-r<span class=\"_ _7\"></span>ecove<span class=\"_ _6\"></span>ry component is calculated by<span class=\"_ _6\"></span> multiplying th<span class=\"_ _6\"></span>e loss r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cognised on<span class=\"_ _6\"></span> the u<span class=\"_ _6\"></span>nderlying insurance<span class=\"_ _6\"></span> contracts and the percentage <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>claims on <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>un<span class=\"_ _6\"></span>derlying <span class=\"_ _7\"></span>insurance co<span class=\"_ _7\"></span>ntr<span class=\"_ _6\"></span>acts, <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e consoli<span class=\"_ _7\"></span>dated insuranc<span class=\"_ _6\"></span>e com<span class=\"_ _7\"></span>panies <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xpect to <span class=\"_ _2\"></span>recover fro<span class=\"_ _7\"></span>m the gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of r<span class=\"_ _7\"></span>einsuran<span class=\"_ _7\"></span>ce contra<span class=\"_ _7\"></span>cts held. Whe<span class=\"_ _7\"></span>re onl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> some contr<span class=\"_ _7\"></span>acts in the o<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us underl<span class=\"_ _7\"></span>ying gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> covere<span class=\"_ _2\"></span>d by the <span class=\"_ _4\"> </span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>rei<span class=\"_ _2\"></span>nsurance <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>held, <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>syst<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ma<span class=\"_ _7\"></span>tic <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ational <span class=\"_ _0\"></span>method <span class=\"_ _4\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>used <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>determi<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>po<span class=\"_ _7\"></span>rtion <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>losses recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>nderlying<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>insurance<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>vered<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce contracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld. T<span class=\"_ _7\"></span>he lo<span class=\"_ _7\"></span>ss-re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>overy co<span class=\"_ _2\"></span>mponent a<span class=\"_ _7\"></span>djusts <span class=\"_ _7\"></span>the ca<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>rying <span class=\"_ _7\"></span>amount of t<span class=\"_ _2\"></span>he asset fo<span class=\"_ _7\"></span>r r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>ning cov<span class=\"_ _7\"></span>erage. <span class=\"_ _7\"></span> Wher<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>ent<span class=\"_ _7\"></span>ers <span class=\"_ _0\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>held <span class=\"_ _0\"></span>which <span class=\"_ _1\"></span>provid<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>coverag<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>rela<span class=\"_ _7\"></span>ting <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>eve<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>occu<span class=\"_ _7\"></span>rred <span class=\"_ _1\"></span>before <span class=\"_ _1\"></span>the purch<span class=\"_ _7\"></span>ase of t<span class=\"_ _2\"></span>he rei<span class=\"_ _7\"></span>nsurance, s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ch cos<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce is re<span class=\"_ _2\"></span>cognised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> prof<span class=\"_ _7\"></span>it or loss<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n initial r<span class=\"_ _2\"></span>ecognition.<span class=\"_ _2\"></span> SUBSEQUEN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> MEA<span class=\"_ _7\"></span>SUREM<span class=\"_ _7\"></span>ENT<span class=\"_ _7\"></span> Accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>IAS 34<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>ge<span class=\"_ _7\"></span>neral <span class=\"_ _1\"></span>frequ<span class=\"_ _7\"></span>ency <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>repo<span class=\"_ _7\"></span>rting <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ust <span class=\"_ _1\"></span>not <span class=\"_ _0\"></span>af<span class=\"_ _7\"></span>fect <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>annual <span class=\"_ _1\"></span>results. <span class=\"_ _1\"></span>IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>quir<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>chang<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> estimat<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>rel<span class=\"_ _7\"></span>ate <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>changes<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>futur<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>tual <span class=\"_ _1\"></span>ser<span class=\"_ _7\"></span>vice <span class=\"_ _1\"></span>margin <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>immedi<span class=\"_ _7\"></span>ately <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>ecognis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the income <span class=\"_ _2\"></span>stat<span class=\"_ _7\"></span>ement. <span class=\"_ _2\"></span>T<span class=\"_ _e\"></span>o <span class=\"_ _10\"></span>av<span class=\"_ _6\"></span>oid <span class=\"_ _10\"></span>af<span class=\"_ _7\"></span>fecting <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>nual <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt, <span class=\"_ _2\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rem<span class=\"_ _2\"></span>ents <span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>ur<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _2\"></span>must <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cumulativ<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>basis fro<span class=\"_ _7\"></span>m <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>begi<span class=\"_ _7\"></span>nning <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>financial <span class=\"_ _1\"></span>year <span class=\"_ _0\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>eporting<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>(yea<span class=\"_ _2\"></span>r-to<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>date <span class=\"_ _1\"></span>accounti<span class=\"_ _7\"></span>ng). <span class=\"_ _0\"></span>Und<span class=\"_ _7\"></span>er <span class=\"_ _0\"></span>year<span class=\"_ _2\"></span>-to-d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te <span class=\"_ _0\"></span>a<span class=\"_ _7\"></span>ccountin<span class=\"_ _7\"></span>g, changes <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>esti<span class=\"_ _7\"></span>mates <span class=\"_ _4\"></span>reco<span class=\"_ _2\"></span>rded <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>pe<span class=\"_ _7\"></span>riods <span class=\"_ _4\"> </span>during <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>y<span class=\"_ _7\"></span>ear<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>are <span class=\"_ _4\"></span>not <span class=\"_ _4\"> </span>taken <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nto <span class=\"_ _4\"> </span>accou<span class=\"_ _7\"></span>nt, <span class=\"_ _f\"> </span>w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ile <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>re <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cluded <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>the calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>date-<span class=\"_ _7\"></span>to-dat<span class=\"_ _7\"></span>e ac<span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>unting. <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>Ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>Gro<span class=\"_ _7\"></span>up d<span class=\"_ _7\"></span>ecided <span class=\"_ _2\"></span>to mak<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>use <span class=\"_ _2\"></span>of the <span class=\"_ _2\"></span>year<span class=\"_ _2\"></span>-to-date <span class=\"_ _2\"></span>accou<span class=\"_ _7\"></span>nting <span class=\"_ _2\"></span>option accor<span class=\"_ _7\"></span>ding <span class=\"_ _7\"></span>to IFRS 17.<span class=\"_ _2\"></span>B137. Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>not m<span class=\"_ _7\"></span>easured<span class=\"_ _7\"></span> under P<span class=\"_ _10\"></span>AA The CSM a<span class=\"_ _7\"></span>t the end of <span class=\"_ _7\"></span>the re<span class=\"_ _7\"></span>porti<span class=\"_ _7\"></span>ng period r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>ents t<span class=\"_ _7\"></span>he prof<span class=\"_ _7\"></span>it in the gr<span class=\"_ _2\"></span>oup of insu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts that <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as not y<span class=\"_ _7\"></span>et be<span class=\"_ _7\"></span>en recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> profi<span class=\"_ _7\"></span>t and lo<span class=\"_ _7\"></span>ss, b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>caus<span class=\"_ _7\"></span>e it r<span class=\"_ _2\"></span>elate<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>to futur<span class=\"_ _2\"></span>e services <span class=\"_ _2\"></span>to be pro<span class=\"_ _7\"></span>vided. <span class=\"_ _2\"></span> For a gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>surance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts, th<span class=\"_ _7\"></span>e car<span class=\"_ _7\"></span>ry<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng amo<span class=\"_ _7\"></span>unt of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM<span class=\"_ _7\"></span> of th<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p at <span class=\"_ _2\"></span>the end of t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>porting p<span class=\"_ _7\"></span>eriod eq<span class=\"_ _2\"></span>uals the carryi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g amo<span class=\"_ _2\"></span>unt at the begi<span class=\"_ _7\"></span>nning of t<span class=\"_ _2\"></span>he re<span class=\"_ _7\"></span>porting p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _7\"></span> adjusted b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of <span class=\"_ _7\"></span>any ne<span class=\"_ _7\"></span>w contra<span class=\"_ _7\"></span>cts add<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to t<span class=\"_ _7\"></span>he gr<span class=\"_ _7\"></span>oup, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>interest <span class=\"_ _2\"></span>accreted o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>book <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM <span class=\"_ _2\"></span>during the r<span class=\"_ _2\"></span>eporting p<span class=\"_ _7\"></span>eriod, m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at the disco<span class=\"_ _2\"></span>unt rates a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> initial recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span> <div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ec\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>anges i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> fulfi<span class=\"_ _7\"></span>lment cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows r<span class=\"_ _2\"></span>elati<span class=\"_ _7\"></span>ng to f<span class=\"_ _7\"></span>uture s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e, exce<span class=\"_ _7\"></span>pt to t<span class=\"_ _7\"></span>he exte<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t that: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ed\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>suc<span class=\"_ _7\"></span>h incr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ases i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the f<span class=\"_ _7\"></span>ulfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows ex<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eed t<span class=\"_ _7\"></span>he carr<span class=\"_ _7\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM,<span class=\"_ _7\"></span> gi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ing ris<span class=\"_ _7\"></span>e to <span class=\"_ _7\"></span>a loss; o<span class=\"_ _7\"></span>r </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ee\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>decr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ases in the <span class=\"_ _6\"></span>fulf<span class=\"_ _7\"></span>ilment cash flows are allocated to the <span class=\"_ _6\"></span>loss compon<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>of t<span class=\"_ _6\"></span>he liabili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>mai<span class=\"_ _7\"></span>ning <span class=\"_ _6\"></span>cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rage<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ef\">(see c<span class=\"_ _7\"></span>hapter Loss <span class=\"_ _2\"></span>compone<span class=\"_ _7\"></span>nt starting o<span class=\"_ _2\"></span>n page 161<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>,<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28f0\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of <span class=\"_ _7\"></span>any cu<span class=\"_ _7\"></span>rren<span class=\"_ _7\"></span>cy exc<span class=\"_ _7\"></span>hange di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nces on <span class=\"_ _7\"></span>the CSM<span class=\"_ _2\"></span>, an<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28f1\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unt re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed as i<span class=\"_ _7\"></span>nsurance s<span class=\"_ _2\"></span>ervice re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en<span class=\"_ _7\"></span>ue beca<span class=\"_ _7\"></span>use of<span class=\"_ _7\"></span> the tra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sfer of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce cont<span class=\"_ _7\"></span>ract s<span class=\"_ _7\"></span>ervices i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28f2\">period, <span class=\"_ _7\"></span>determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed by <span class=\"_ _7\"></span>the alloc<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion of t<span class=\"_ _2\"></span>he CSM r<span class=\"_ _2\"></span>emaining a<span class=\"_ _7\"></span>t the end of <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e repo<span class=\"_ _7\"></span>rting pe<span class=\"_ _7\"></span>riod (<span class=\"_ _7\"></span>befor<span class=\"_ _2\"></span>e any<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>alloca<span class=\"_ _7\"></span>tion) ov<span class=\"_ _7\"></span>er </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28f3\">the curr<span class=\"_ _2\"></span>ent and r<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>aining co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e period (s<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span> ch<span class=\"_ _7\"></span>apter <span class=\"_ _7\"></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e re<span class=\"_ _7\"></span>venue s<span class=\"_ _7\"></span>tarting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 16<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>). </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28f4\">The <span class=\"_ _1\"></span>subseq<span class=\"_ _7\"></span>uent <span class=\"_ _1\"></span>me<span class=\"_ _7\"></span>asurem<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mes <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>CSM <span class=\"_ _6\"></span>calcu<span class=\"_ _7\"></span>lation <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sing<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>VF<span class=\"_ _2\"></span>A <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>following<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>modif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28f5\">GMM: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28f6\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Changes to <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>cial ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lting fr<span class=\"_ _7\"></span>om <span class=\"_ _2\"></span>the unde<span class=\"_ _7\"></span>rlying r<span class=\"_ _7\"></span>efer<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ce val<span class=\"_ _7\"></span>ues would l<span class=\"_ _2\"></span>ead to a<span class=\"_ _7\"></span>n adjustm<span class=\"_ _7\"></span>ent of th<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28f7\">CSM i<span class=\"_ _7\"></span>nstead of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>ncome sta<span class=\"_ _7\"></span>temen<span class=\"_ _7\"></span>t (or optio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>lly t<span class=\"_ _7\"></span>he sta<span class=\"_ _7\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t of comp<span class=\"_ _2\"></span>rehensiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> incom<span class=\"_ _7\"></span>e). T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is i<span class=\"_ _7\"></span>ncludes:<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28f8\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>es in fair val<span class=\"_ _7\"></span>ue of th<span class=\"_ _7\"></span>e underl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>assets; <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28f9\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>estima<span class=\"_ _7\"></span>tes <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cash <span class=\"_ _1\"></span>fl<span class=\"_ _2\"></span>ow<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>chang<span class=\"_ _2\"></span>es <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>risks <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>insurance <span class=\"_ _6\"></span>contracts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28fa\">with dir<span class=\"_ _2\"></span>ect particip<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n featur<span class=\"_ _7\"></span>es, as <span class=\"_ _7\"></span>these <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>associa<span class=\"_ _7\"></span>ted wi<span class=\"_ _2\"></span>th<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>uture s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvices;<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28fb\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>There i<span class=\"_ _7\"></span>s no expl<span class=\"_ _7\"></span>icit CSM<span class=\"_ _7\"></span> incr<span class=\"_ _2\"></span>ease in in<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>est. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28fc\">The cha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ges in f<span class=\"_ _7\"></span>ulfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows r<span class=\"_ _2\"></span>elating to f<span class=\"_ _7\"></span>utur<span class=\"_ _7\"></span>e ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ice th<span class=\"_ _7\"></span>at adjus<span class=\"_ _7\"></span>t the CSM <span class=\"_ _2\"></span>compris<span class=\"_ _7\"></span>e:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28fd\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>experie<span class=\"_ _7\"></span>nce adj<span class=\"_ _7\"></span>ustments <span class=\"_ _7\"></span>that arise f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ference b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>twe<span class=\"_ _7\"></span>en the pr<span class=\"_ _2\"></span>emium r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ceipts <span class=\"_ _7\"></span>(a<span class=\"_ _7\"></span>nd any r<span class=\"_ _2\"></span>elated cash fl<span class=\"_ _7\"></span>ows s<span class=\"_ _2\"></span>uch<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28fe\">as ins<span class=\"_ _7\"></span>urance acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n costs a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>nsurance p<span class=\"_ _2\"></span>remi<span class=\"_ _7\"></span>um taxes<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> and t<span class=\"_ _7\"></span>he estima<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>at the begi<span class=\"_ _7\"></span>nni<span class=\"_ _7\"></span>ng of the p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>iod, of<span class=\"_ _7\"></span> the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ff\">amounts <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xpect<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. Dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>rela<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d to<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>miums r<span class=\"_ _2\"></span>eceived (or <span class=\"_ _2\"></span>due)<span class=\"_ _6\"></span> r<span class=\"_ _2\"></span>elated to <span class=\"_ _7\"></span>curr<span class=\"_ _7\"></span>ent or <span class=\"_ _7\"></span>past ser<span class=\"_ _7\"></span>vices ar<span class=\"_ _2\"></span>e recog<span class=\"_ _2\"></span>nised </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2900\">immedi<span class=\"_ _7\"></span>ately in p<span class=\"_ _7\"></span>rof<span class=\"_ _7\"></span>it or los<span class=\"_ _7\"></span>s whil<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ferences r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>ated to pr<span class=\"_ _2\"></span>emi<span class=\"_ _7\"></span>ums re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eived <span class=\"_ _7\"></span>(or du<span class=\"_ _7\"></span>e) for f<span class=\"_ _7\"></span>utur<span class=\"_ _7\"></span>e servic<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e adj<span class=\"_ _7\"></span>usted </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2901\">against t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM;<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2902\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>changes in <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>es of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pr<span class=\"_ _7\"></span>esen<span class=\"_ _7\"></span>t valu<span class=\"_ _7\"></span>e of fut<span class=\"_ _7\"></span>ure cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flo<span class=\"_ _2\"></span>ws in the li<span class=\"_ _7\"></span>ability fo<span class=\"_ _7\"></span>r r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>ning cov<span class=\"_ _7\"></span>erage, ex<span class=\"_ _7\"></span>cept t<span class=\"_ _7\"></span>hose </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2903\">relati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g to t<span class=\"_ _7\"></span>he time v<span class=\"_ _7\"></span>alue of<span class=\"_ _7\"></span> mon<span class=\"_ _7\"></span>ey and c<span class=\"_ _7\"></span>hanges <span class=\"_ _7\"></span>in fin<span class=\"_ _7\"></span>ancial <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk (r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nt of prof<span class=\"_ _7\"></span>it o<span class=\"_ _7\"></span>r loss <span class=\"_ _7\"></span>and ot<span class=\"_ _7\"></span>her </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2904\">compre<span class=\"_ _2\"></span>hen<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>ncome r<span class=\"_ _7\"></span>ather t<span class=\"_ _7\"></span>han adjusti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g t<span class=\"_ _7\"></span>he CSM); <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2905\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>dif<span class=\"_ _7\"></span>feren<span class=\"_ _7\"></span>ces bet<span class=\"_ _7\"></span>ween a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y investm<span class=\"_ _2\"></span>ent compo<span class=\"_ _7\"></span>nent exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cted <span class=\"_ _7\"></span>to<span class=\"_ _7\"></span> become pa<span class=\"_ _2\"></span>yable in the p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>iod <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd t<span class=\"_ _7\"></span>he actu<span class=\"_ _7\"></span>al investm<span class=\"_ _2\"></span>ent </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2906\">compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent that b<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>omes <span class=\"_ _2\"></span>payable in t<span class=\"_ _7\"></span>he pe<span class=\"_ _7\"></span>riod. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese dif<span class=\"_ _2\"></span>ferences <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ete<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>mined b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> comp<span class=\"_ _7\"></span>aring t<span class=\"_ _7\"></span>he actu<span class=\"_ _7\"></span>al in<span class=\"_ _7\"></span>vestment </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2907\">compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent that b<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>omes <span class=\"_ _2\"></span>payable in t<span class=\"_ _7\"></span>he pe<span class=\"_ _7\"></span>riod <span class=\"_ _7\"></span>with the p<span class=\"_ _2\"></span>ayment i<span class=\"_ _7\"></span>n the period <span class=\"_ _2\"></span>that was <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed at t<span class=\"_ _7\"></span>he start of<span class=\"_ _7\"></span> the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2908\">period pl<span class=\"_ _7\"></span>us an<span class=\"_ _7\"></span>y insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce fi<span class=\"_ _7\"></span>nance incom<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>r expe<span class=\"_ _7\"></span>nses r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>lated to t<span class=\"_ _2\"></span>hat expected <span class=\"_ _2\"></span>payment bef<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> it be<span class=\"_ _7\"></span>comes p<span class=\"_ _7\"></span>ayabl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2909\">The same <span class=\"_ _2\"></span>applies to <span class=\"_ _7\"></span>a policyhol<span class=\"_ _7\"></span>der loa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>at becomes <span class=\"_ _2\"></span>repa<span class=\"_ _7\"></span>yable, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs290a\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>changes in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he risk <span class=\"_ _2\"></span>adju<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>tment for <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-fin<span class=\"_ _2\"></span>ancial risk <span class=\"_ _7\"></span>that r<span class=\"_ _7\"></span>ela<span class=\"_ _7\"></span>te to f<span class=\"_ _7\"></span>uture s<span class=\"_ _7\"></span>ervices. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs290b\">Except <span class=\"_ _7\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>changes<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>djus<span class=\"_ _7\"></span>tment,<span class=\"_ _7\"></span> adj<span class=\"_ _2\"></span>ustments <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>CSM<span class=\"_ _2\"></span> no<span class=\"_ _7\"></span>ted <span class=\"_ _2\"></span>above <span class=\"_ _2\"></span>are<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>eas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d a<span class=\"_ _2\"></span>t <span class=\"_ _7\"></span>discou<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>rat<span class=\"_ _7\"></span>es t<span class=\"_ _2\"></span>hat <span class=\"_ _2\"></span>reflect </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs290c\">the <span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>aracteristics<span class=\"_ _2\"></span> of<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flows <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>the g<span class=\"_ _2\"></span>roup <span class=\"_ _2\"></span>of i<span class=\"_ _2\"></span>nsuranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ntracts <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>initial <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _2\"></span>n (s<span class=\"_ _7\"></span>ee <span class=\"_ _2\"></span>Note <span class=\"_ _2\"></span>24.1. <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>Re-<span class=\"_ _7\"></span>) i<span class=\"_ _2\"></span>nsurance </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs290d\">contracts s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bch<span class=\"_ _7\"></span>apter Disco<span class=\"_ _2\"></span>unt rates st<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 142). <span class=\"_ _2\"></span><span class=\"ff4a\"> <span class=\"_ _42\"> </span><span class=\"ff47\"> </span></span></div>Wher<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>durin<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>coverag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>period, <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>up <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>contracts <span class=\"_ _1\"></span>becom<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>nero<span class=\"_ _7\"></span>us, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>prof<span class=\"_ _7\"></span>it <span class=\"_ _6\"></span>and loss<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>net <span class=\"_ _6\"></span>outflow<span class=\"_ _2\"></span>,<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>resulting<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>boo<span class=\"_ _7\"></span>k v<span class=\"_ _6\"></span>alue <span class=\"_ _6\"></span>of the <span class=\"_ _1\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _6\"></span>being equal to <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>fulfi<span class=\"_ _7\"></span>lment <span class=\"_ _6\"></span>cash<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>flows.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>A loss<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>establishe<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>remaini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _10\"></span>coverag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>such <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>nerous <span class=\"_ _e\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _10\"></span>depicti<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _10\"></span>losses <span class=\"_ _e\"></span>recog<span class=\"_ _7\"></span>nised. For additio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>l discl<span class=\"_ _7\"></span>os<span class=\"_ _7\"></span>ures o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the loss<span class=\"_ _7\"></span> com<span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>nent, pl<span class=\"_ _7\"></span>ease r<span class=\"_ _7\"></span>efer to <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>ge 161.<span class=\"_ _2\"></span> The ca<span class=\"_ _7\"></span>rrying amo<span class=\"_ _2\"></span>unt of a gro<span class=\"_ _2\"></span>up of ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>is meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d at the e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d of <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ach r<span class=\"_ _2\"></span>ep<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rting pe<span class=\"_ _7\"></span>riod as t<span class=\"_ _7\"></span>he sum of<span class=\"_ _7\"></span>: <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> lia<span class=\"_ _2\"></span>bility for r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>maini<span class=\"_ _7\"></span>ng cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rage com<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>ising f<span class=\"_ _2\"></span>ulfilment <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>lated to <span class=\"_ _7\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>ervice al<span class=\"_ _7\"></span>located to <span class=\"_ _2\"></span>the gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p at that date <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd t<span class=\"_ _7\"></span>he CSM of <span class=\"_ _2\"></span>the gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at date; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>bili<span class=\"_ _7\"></span>ty<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>fo<span class=\"_ _7\"></span>r i<span class=\"_ _2\"></span>ncu<span class=\"_ _2\"></span>rr<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ai<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>si<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> fu<span class=\"_ _7\"></span>lfi<span class=\"_ _2\"></span>lm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>ca<span class=\"_ _7\"></span>sh<span class=\"_ _2\"></span> flo<span class=\"_ _7\"></span>ws<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d to<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>st<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>vi<span class=\"_ _2\"></span>ce<span class=\"_ _7\"></span> al<span class=\"_ _2\"></span>lo<span class=\"_ _7\"></span>ca<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> to<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> da<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span>. Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>red u<span class=\"_ _7\"></span>nder P<span class=\"_ _7\"></span>AA At <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>end <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ach <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>epo<span class=\"_ _7\"></span>rting p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod, <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e ca<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ryi<span class=\"_ _7\"></span>ng amo<span class=\"_ _2\"></span>unt of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>liabil<span class=\"_ _7\"></span>ity f<span class=\"_ _7\"></span>or r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>mai<span class=\"_ _7\"></span>ning co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>carrying <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>mount <span class=\"_ _2\"></span>at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e beginning of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e period: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>miums r<span class=\"_ _2\"></span>eceiv<span class=\"_ _7\"></span>ed in the pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod, <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus i<span class=\"_ _7\"></span>nsurance a<span class=\"_ _7\"></span>cquisi<span class=\"_ _7\"></span>tion cos<span class=\"_ _7\"></span>ts (see c<span class=\"_ _2\"></span>hapter Ins<span class=\"_ _7\"></span>urance ac<span class=\"_ _7\"></span>quisitio<span class=\"_ _7\"></span>n costs s<span class=\"_ _7\"></span>tarti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 159),<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus an<span class=\"_ _7\"></span>y amou<span class=\"_ _7\"></span>nts rel<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ting to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>amortis<span class=\"_ _7\"></span>ation of t<span class=\"_ _7\"></span>he ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>n cas<span class=\"_ _7\"></span>h flows r<span class=\"_ _7\"></span>ecognis<span class=\"_ _2\"></span>ed as a<span class=\"_ _7\"></span>n expens<span class=\"_ _7\"></span>e in th<span class=\"_ _7\"></span>e repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting period f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r the gro<span class=\"_ _2\"></span>up<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus an<span class=\"_ _7\"></span>y adjustme<span class=\"_ _7\"></span>nt to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cing compo<span class=\"_ _2\"></span>nent, w<span class=\"_ _7\"></span>here <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>icable, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus th<span class=\"_ _7\"></span>e amou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t r<span class=\"_ _7\"></span>ecognised <span class=\"_ _2\"></span>as insura<span class=\"_ _7\"></span>nce servic<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> re<span class=\"_ _2\"></span>venue for the se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vices pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vided in <span class=\"_ _2\"></span>the period, a<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus any in<span class=\"_ _2\"></span>vestment com<span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>nent paid o<span class=\"_ _2\"></span>r transferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>liabil<span class=\"_ _7\"></span>ity for incu<span class=\"_ _7\"></span>rred cl<span class=\"_ _7\"></span>aims. <span class=\"_ _2\"></span> The liabili<span class=\"_ _7\"></span>ty fo<span class=\"_ _7\"></span>r inc<span class=\"_ _7\"></span>urred <span class=\"_ _7\"></span>claims <span class=\"_ _7\"></span>is estim<span class=\"_ _7\"></span>ated <span class=\"_ _7\"></span>as t<span class=\"_ _7\"></span>he fulfi<span class=\"_ _7\"></span>lment cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows r<span class=\"_ _2\"></span>elated to i<span class=\"_ _2\"></span>ncurred<span class=\"_ _7\"></span> claims.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he fulfi<span class=\"_ _7\"></span>lment cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows<span class=\"_ _2\"></span> incorpor<span class=\"_ _7\"></span>ate, <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>unbiased <span class=\"_ _6\"></span>way<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>all <span class=\"_ _6\"></span>reason<span class=\"_ _7\"></span>able <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>suppo<span class=\"_ _7\"></span>rtable <span class=\"_ _6\"></span>info<span class=\"_ _7\"></span>rmation <span class=\"_ _6\"></span>available without <span class=\"_ _6\"></span>undue <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>or <span class=\"_ _1\"></span>effo<span class=\"_ _7\"></span>rt <span class=\"_ _1\"></span>abo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t the amo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>, timi<span class=\"_ _7\"></span>ng a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d u<span class=\"_ _7\"></span>ncertainty of<span class=\"_ _7\"></span> f<span class=\"_ _7\"></span>uture<span class=\"_ _7\"></span> cash fl<span class=\"_ _7\"></span>ows,<span class=\"_ _7\"></span> it re<span class=\"_ _2\"></span>flects curr<span class=\"_ _7\"></span>ent esti<span class=\"_ _7\"></span>mates,<span class=\"_ _7\"></span> an<span class=\"_ _7\"></span>d includ<span class=\"_ _7\"></span>e an <span class=\"_ _7\"></span>explici<span class=\"_ _7\"></span>t adjustm<span class=\"_ _2\"></span>ent fo<span class=\"_ _7\"></span>r non-finan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial risk <span class=\"_ _2\"></span>(the risk <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>djus<span class=\"_ _7\"></span>tment<span class=\"_ _7\"></span>). VIG <span class=\"_ _7\"></span>always<span class=\"_ _7\"></span> disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nts<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>LIC eve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> wh<span class=\"_ _7\"></span>en the <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to <span class=\"_ _2\"></span>be paid <span class=\"_ _2\"></span>or<span class=\"_ _6\"></span> rec<span class=\"_ _7\"></span>eived in o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e year o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> less f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e date t<span class=\"_ _7\"></span>he claims <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e inc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rred. <span class=\"_ _2\"></span> Wher<span class=\"_ _7\"></span>e, d<span class=\"_ _2\"></span>uring <span class=\"_ _2\"></span>the co<span class=\"_ _7\"></span>verage <span class=\"_ _2\"></span>period, <span class=\"_ _2\"></span>facts <span class=\"_ _2\"></span>and ci<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>cumstances<span class=\"_ _2\"></span> indicate <span class=\"_ _10\"></span>that <span class=\"_ _7\"></span>a g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>contra<span class=\"_ _7\"></span>cts i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nerous, <span class=\"_ _10\"></span>a lo<span class=\"_ _2\"></span>ss<span class=\"_ _6\"></span> in prof<span class=\"_ _7\"></span>it <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>s is <span class=\"_ _2\"></span>recog<span class=\"_ _7\"></span>nised f<span class=\"_ _7\"></span>or t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e n<span class=\"_ _7\"></span>et outflo<span class=\"_ _2\"></span>w<span class=\"_ _7\"></span>, r<span class=\"_ _2\"></span>esu<span class=\"_ _6\"></span>lti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e book<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>value of <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he li<span class=\"_ _7\"></span>ability<span class=\"_ _7\"></span> for <span class=\"_ _7\"></span>the gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up b<span class=\"_ _7\"></span>eing <span class=\"_ _7\"></span>equal <span class=\"_ _7\"></span>to t<span class=\"_ _7\"></span>he fulfil<span class=\"_ _7\"></span>ment <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"> </span>flows. <span class=\"_ _4\"> </span>A <span class=\"_ _4\"> </span>loss <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>mpo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>establis<span class=\"_ _7\"></span>hed <span class=\"_ _4\"> </span>for <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>liabi<span class=\"_ _7\"></span>lity <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>rem<span class=\"_ _7\"></span>aining <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>verage <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _4\"> </span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _4\"> </span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p depicti<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>recog<span class=\"_ _7\"></span>nised. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>add<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>disclos<span class=\"_ _7\"></span>ures <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>loss <span class=\"_ _10\"></span>component, <span class=\"_ _10\"></span>plea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>refer <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>page 15<span class=\"_ _7\"></span>2 <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>page 16<span class=\"_ _2\"></span>1.<span class=\"_ _6\"></span> For additio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>l info<span class=\"_ _2\"></span>rmat<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> on ac<span class=\"_ _7\"></span>quisition <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>osts, pl<span class=\"_ _2\"></span>ease refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> to<span class=\"_ _7\"></span> chapter I<span class=\"_ _7\"></span>nsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on costs st<span class=\"_ _7\"></span>arting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 15<span class=\"_ _7\"></span>9.<span class=\"_ _7\"></span> Reinsuran<span class=\"_ _7\"></span>ce co<span class=\"_ _7\"></span>ntracts h<span class=\"_ _7\"></span>eld The <span class=\"_ _6\"></span>subs<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>ment of reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance contr<span class=\"_ _7\"></span>acts held follows the<span class=\"_ _6\"></span> same pri<span class=\"_ _7\"></span>nciples as those for <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> issued <span class=\"_ _7\"></span>and has be<span class=\"_ _2\"></span>en adapted <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o ref<span class=\"_ _7\"></span>lect t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e specif<span class=\"_ _7\"></span>ic fe<span class=\"_ _7\"></span>atures<span class=\"_ _2\"></span> of reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contracts <span class=\"_ _7\"></span>held. <span class=\"_ _2\"></span> W<span class=\"_ _7\"></span>her<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>-r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>com<span class=\"_ _7\"></span>po<span class=\"_ _2\"></span>nent<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>be<span class=\"_ _2\"></span>en <span class=\"_ _0\"></span>es<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>blish<span class=\"_ _2\"></span>ed, <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>so<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>date<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>sub<span class=\"_ _2\"></span>seq<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>ntl<span class=\"_ _2\"></span>y <span class=\"_ _1\"></span>red<span class=\"_ _2\"></span>uce <span class=\"_ _1\"></span>the<span class=\"_ _7\"></span> loss<span class=\"_ _2\"></span>-r<span class=\"_ _2\"></span>eco<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ry <span class=\"_ _6\"></span>com<span class=\"_ _2\"></span>pone<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>to zero<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>lin<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>ns <span class=\"_ _1\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us <span class=\"_ _1\"></span>g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>up <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>und<span class=\"_ _2\"></span>erl<span class=\"_ _7\"></span>yin<span class=\"_ _7\"></span>g <span class=\"_ _1\"></span>in<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>ac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>or<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>r <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fl<span class=\"_ _2\"></span>ect <span class=\"_ _2\"></span>that<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e l<span class=\"_ _7\"></span>os<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>-r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>mp<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hall<span class=\"_ _2\"></span> no<span class=\"_ _2\"></span>t ex<span class=\"_ _2\"></span>ce<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>rtio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>oo<span class=\"_ _7\"></span>k <span class=\"_ _2\"></span>val<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> the<span class=\"_ _2\"></span> loss<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>mpo<span class=\"_ _2\"></span>nen<span class=\"_ _7\"></span>t o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e o<span class=\"_ _2\"></span>ner<span class=\"_ _10\"></span>ous gro<span class=\"_ _2\"></span>up <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> un<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ying<span class=\"_ _2\"></span> in<span class=\"_ _7\"></span>su<span class=\"_ _2\"></span>rance<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>con<span class=\"_ _2\"></span>tra<span class=\"_ _7\"></span>cts <span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e e<span class=\"_ _2\"></span>ntit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> e<span class=\"_ _2\"></span>xpe<span class=\"_ _7\"></span>ct<span class=\"_ _7\"></span>s t<span class=\"_ _7\"></span>o <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>r fr<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span> the<span class=\"_ _7\"></span> g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>up o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>eins<span class=\"_ _2\"></span>ura<span class=\"_ _2\"></span>nce <span class=\"_ _7\"></span>con<span class=\"_ _7\"></span>tr<span class=\"_ _2\"></span>acts <span class=\"_ _2\"></span>held<span class=\"_ _2\"></span>.<span class=\"_ _3d5\"> </span> <div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2933\">MODIFICA<span class=\"_ _10\"></span>TION<span class=\"_ _7\"></span> AND<span class=\"_ _2\"></span> DERECO<span class=\"_ _7\"></span>GNITION </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2934\">Insurance<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>dere<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>igh<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>obligatio<span class=\"_ _7\"></span>ns <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elating <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>contract <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>tinguish<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>i.e., <span class=\"_ _6\"></span>dis-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2935\">charged, <span class=\"_ _10\"></span>cancelled <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xpir<span class=\"_ _7\"></span>ed) <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntract <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>modif<span class=\"_ _7\"></span>ied <span class=\"_ _2\"></span>such <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>modifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lts <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>ange <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>urem<span class=\"_ _7\"></span>ent </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2936\">model, <span class=\"_ _2\"></span>or <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>cable <span class=\"_ _2\"></span>standar<span class=\"_ _2\"></span>d fo<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>measuring<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>a <span class=\"_ _2\"></span>compon<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>cont<span class=\"_ _7\"></span>ract. <span class=\"_ _7\"></span>In <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _2\"></span>cases,<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nitial <span class=\"_ _2\"></span>contract<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>g-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2937\">nised an<span class=\"_ _7\"></span>d the modi<span class=\"_ _7\"></span>fied <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> is r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised as a <span class=\"_ _2\"></span>new contract.<span class=\"_ _3d5\"> </span><span class=\"_ _2\"></span> </div>Presentatio<span class=\"_ _2\"></span>n Under <span class=\"_ _6\"></span>IFRS 17 <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>ida<span class=\"_ _7\"></span>ted <span class=\"_ _1\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _6\"></span>compani<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>separatel<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>res<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>lan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>shee<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>carryi<span class=\"_ _7\"></span>ng amount <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>portfolio<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _10\"></span>contracts <span class=\"_ _10\"></span>issued <span class=\"_ _10\"></span>that <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>sets, <span class=\"_ _2\"></span>po<span class=\"_ _7\"></span>rtfolios<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insurance <span class=\"_ _10\"></span>contracts <span class=\"_ _10\"></span>iss<span class=\"_ _7\"></span>ued <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>liabilities,<span class=\"_ _7\"></span> portfolio<span class=\"_ _7\"></span>s of <span class=\"_ _7\"></span>reins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>ts held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at ar<span class=\"_ _2\"></span>e a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts and <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>ortfoli<span class=\"_ _7\"></span>os of<span class=\"_ _7\"></span> reins<span class=\"_ _7\"></span>urance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at ar<span class=\"_ _2\"></span>e liabili<span class=\"_ _7\"></span>ties.  Assets <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>cquisi<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>comm<span class=\"_ _2\"></span>encement<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>rrespo<span class=\"_ _2\"></span>nding <span class=\"_ _7\"></span>ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trac<span class=\"_ _2\"></span>ts are i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clude<span class=\"_ _7\"></span>d in the <span class=\"_ _7\"></span>carryi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g amo<span class=\"_ _7\"></span>unt of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>elated po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>os of<span class=\"_ _7\"></span> insuranc<span class=\"_ _7\"></span>e contrac<span class=\"_ _7\"></span>ts issu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. <span class=\"_ _7\"></span> The amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>income <span class=\"_ _2\"></span>statem<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>in t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>oth<span class=\"_ _6\"></span>er <span class=\"_ _7\"></span>comp<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>hensive <span class=\"_ _2\"></span>income <span class=\"_ _2\"></span>(OCI) <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e di<span class=\"_ _7\"></span>saggr<span class=\"_ _2\"></span>egated i<span class=\"_ _7\"></span>nto <span class=\"_ _2\"></span>the insuranc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvice <span class=\"_ _0\"></span>res<span class=\"_ _7\"></span>ult, <span class=\"_ _0\"></span>compris<span class=\"_ _7\"></span>ing <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>ervice <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>evenue <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>ex<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>enses, <span class=\"_ _1\"></span>and <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _0\"></span>fina<span class=\"_ _7\"></span>nce result. <span class=\"_ _2\"></span> The change in risk adjustm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt for non-fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial risks is disag<span class=\"_ _7\"></span>gregat<span class=\"_ _7\"></span>ed betw<span class=\"_ _7\"></span>een the insura<span class=\"_ _7\"></span>nce service res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt and insurance<span class=\"_ _2\"></span> finance <span class=\"_ _7\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt. The <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>enue <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>enses <span class=\"_ _0\"></span>fro<span class=\"_ _7\"></span>m <span class=\"_ _1\"></span>reins<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>he<span class=\"_ _6\"></span>ld <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>presented<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>inc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>me <span class=\"_ _0\"></span>stat<span class=\"_ _7\"></span>ement <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>position <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> service <span class=\"_ _1\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt <span class=\"_ _1\"></span>\u2013 <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>nsurance <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>eld. <span class=\"_ _1\"></span>The<span class=\"_ _7\"></span>refor<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>servic<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>result <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>separatel<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted <span class=\"_ _1\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ses <span class=\"_ _6\"></span>or income fro<span class=\"_ _7\"></span>m i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tracts iss<span class=\"_ _2\"></span>ue<span class=\"_ _6\"></span>d.<span class=\"_ _7\"></span> INSURAN<span class=\"_ _7\"></span>CE SER<span class=\"_ _7\"></span>VICE R<span class=\"_ _7\"></span>EVENUE The <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance service r<span class=\"_ _7\"></span>evenue depicts th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of services arisi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>fro<span class=\"_ _7\"></span>m a <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of insu<span class=\"_ _7\"></span>rance contracts at an a<span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>unt that refl<span class=\"_ _7\"></span>ects t<span class=\"_ _2\"></span>he conside<span class=\"_ _7\"></span>ration to <span class=\"_ _2\"></span>which<span class=\"_ _6\"></span> it is<span class=\"_ _7\"></span> expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to b<span class=\"_ _2\"></span>e entitled i<span class=\"_ _7\"></span>n exc<span class=\"_ _7\"></span>hange f<span class=\"_ _7\"></span>or those s<span class=\"_ _2\"></span>ervices. <span class=\"_ _2\"></span> For <span class=\"_ _0\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _6\"></span>not <span class=\"_ _0\"></span>measur<span class=\"_ _2\"></span>ed <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _1\"></span>insurance <span class=\"_ _6\"></span>service <span class=\"_ _1\"></span>revenue <span class=\"_ _1\"></span>fro<span class=\"_ _7\"></span>m <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>insurance <span class=\"_ _1\"></span>contracts <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>therefor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> rele<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ant <span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rtion for <span class=\"_ _6\"></span>the period of the total con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> for <span class=\"_ _6\"></span>the contracts. Whic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>eans, the amount <span class=\"_ _6\"></span>of pr<span class=\"_ _7\"></span>emi<span class=\"_ _7\"></span>ums paid <span class=\"_ _6\"></span>to the <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _2\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>companies<span class=\"_ _2\"></span> adj<span class=\"_ _7\"></span>usted <span class=\"_ _2\"></span>for <span class=\"_ _7\"></span>fina<span class=\"_ _7\"></span>ncing<span class=\"_ _7\"></span> ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>the <span class=\"_ _2\"></span>time <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>money) <span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>excl<span class=\"_ _7\"></span>uding <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ny i<span class=\"_ _2\"></span>nvestm<span class=\"_ _7\"></span>ent compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>otal <span class=\"_ _6\"></span>conside<span class=\"_ _7\"></span>ration <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>contracts <span class=\"_ _6\"></span>covers <span class=\"_ _1\"></span>amo<span class=\"_ _7\"></span>unts <span class=\"_ _6\"></span>relate<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>serv<span class=\"_ _6\"></span>ices and <span class=\"_ _6\"></span>is comprise<span class=\"_ _7\"></span>d of:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>insurance se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vice ex<span class=\"_ _2\"></span>penses, excl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ding <span class=\"_ _7\"></span>any amo<span class=\"_ _7\"></span>unts <span class=\"_ _7\"></span>rela<span class=\"_ _7\"></span>ting <span class=\"_ _7\"></span>to the risk <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>djus<span class=\"_ _7\"></span>tment for <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-fin<span class=\"_ _7\"></span>ancial ris<span class=\"_ _7\"></span>ks <span class=\"_ _7\"></span>and an<span class=\"_ _7\"></span>y amounts <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llocat<span class=\"_ _7\"></span>ed to <span class=\"_ _7\"></span>the loss<span class=\"_ _7\"></span> compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of t<span class=\"_ _7\"></span>he li<span class=\"_ _7\"></span>ability for r<span class=\"_ _2\"></span>emaining co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e;  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>other amo<span class=\"_ _7\"></span>unts like i<span class=\"_ _2\"></span>nc<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> tax th<span class=\"_ _7\"></span>at ar<span class=\"_ _7\"></span>e specif<span class=\"_ _7\"></span>icall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> charge<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>bl<span class=\"_ _7\"></span>e to the <span class=\"_ _7\"></span>policy<span class=\"_ _7\"></span>holder; <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ris<span class=\"_ _7\"></span>k adj<span class=\"_ _7\"></span>ustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t for no<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-finan<span class=\"_ _7\"></span>cial risks, ex<span class=\"_ _2\"></span>cluding a<span class=\"_ _7\"></span>ny am<span class=\"_ _7\"></span>ounts alloca<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e loss <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pone<span class=\"_ _7\"></span>nt of t<span class=\"_ _7\"></span>he liability for remai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>coverage; <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> C<span class=\"_ _7\"></span>SM r<span class=\"_ _7\"></span>elease <span class=\"_ _2\"></span>and \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>amounts r<span class=\"_ _2\"></span>elated to i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce acquis<span class=\"_ _7\"></span>ition <span class=\"_ _7\"></span>costs. <span class=\"_ _2\"></span> For  si<span class=\"_ _7\"></span>gnifica<span class=\"_ _7\"></span>nt  dis<span class=\"_ _7\"></span>cre<span class=\"_ _7\"></span>tionar<span class=\"_ _7\"></span>y  man<span class=\"_ _7\"></span>ageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t  j<span class=\"_ _7\"></span>udgeme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts  ap<span class=\"_ _2\"></span>plied  to <span class=\"_ _3\"> </span>t<span class=\"_ _6\"></span>he <span class=\"_ _3\"> </span>amortisation<span class=\"_ _7\"></span>  of <span class=\"_ _d\"> </span>CSM, <span class=\"_ _3\"> </span>please  r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>fer  to <span class=\"_ _3\"> </span>chapt<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> \u201cAmortisa<span class=\"_ _7\"></span>tion of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Co<span class=\"_ _7\"></span>ntract<span class=\"_ _7\"></span>ual Ser<span class=\"_ _7\"></span>vice Margi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>\u201d star<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>n page 143<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> Under <span class=\"_ _4\"> </span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>insurance <span class=\"_ _4\"></span>servic<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>reven<span class=\"_ _7\"></span>ue <span class=\"_ _4\"> </span>for <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>period <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"> </span>the<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>amount <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>expected <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>emium <span class=\"_ _4\"> </span>receip<span class=\"_ _7\"></span>ts <span class=\"_ _4\"> </span>excluding <span class=\"_ _4\"></span>any investme<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>compo<span class=\"_ _7\"></span>nent <span class=\"_ _6\"></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>allocated<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>period. <span class=\"_ _1\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>expected<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>prem<span class=\"_ _7\"></span>ium <span class=\"_ _6\"></span>receip<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>allocat<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ach<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>period <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract s<span class=\"_ _7\"></span>ervices <span class=\"_ _7\"></span>mai<span class=\"_ _7\"></span>nly on a<span class=\"_ _7\"></span> basis of<span class=\"_ _7\"></span> a l<span class=\"_ _7\"></span>inear <span class=\"_ _7\"></span>rele<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>se patt<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>n on lo<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>al entit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> level. <span class=\"_ _2\"></span>But, if t<span class=\"_ _7\"></span>he expe<span class=\"_ _7\"></span>cted p<span class=\"_ _7\"></span>atte<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>n <span class=\"_ _7\"></span>of releas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of risk during the cov<span class=\"_ _7\"></span>erage perio<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span>s sig<span class=\"_ _7\"></span>nificantly from<span class=\"_ _7\"></span> the passag<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>of tim<span class=\"_ _7\"></span>e, then the allocatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> is <span class=\"_ _6\"></span>made<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>on the basis of<span class=\"_ _7\"></span> the exp<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>timing of<span class=\"_ _7\"></span> incu<span class=\"_ _7\"></span>rre<span class=\"_ _7\"></span>d insur<span class=\"_ _7\"></span>ance ser<span class=\"_ _7\"></span>vice e<span class=\"_ _7\"></span>xpenses. <span class=\"_ _2\"></span> If facts a<span class=\"_ _7\"></span>nd cir<span class=\"_ _7\"></span>cumst<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nces <span class=\"_ _7\"></span>cha<span class=\"_ _7\"></span>nge, the t<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>o met<span class=\"_ _7\"></span>hods m<span class=\"_ _7\"></span>entio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed abo<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e wil<span class=\"_ _7\"></span>l be alt<span class=\"_ _7\"></span>ernated.<span class=\"_ _3d5\"> </span>LOSS COMPO<span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>ENT Contra<span class=\"_ _7\"></span>cts <span class=\"_ _1\"></span>that <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>initial <span class=\"_ _6\"></span>recognitio<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>gro<span class=\"_ _7\"></span>upe<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>separatel<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>fr<span class=\"_ _7\"></span>om <span class=\"_ _6\"></span>contracts<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ame <span class=\"_ _6\"></span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>o <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>not onero<span class=\"_ _7\"></span>us <span class=\"_ _0\"></span>at <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nitial <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition. <span class=\"_ _0\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>were <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>initial<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>recog<span class=\"_ _7\"></span>nitio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>ma<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uently <span class=\"_ _0\"></span>become<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>on<span class=\"_ _7\"></span>ero<span class=\"_ _2\"></span>us <span class=\"_ _4\"></span>if assumpti<span class=\"_ _7\"></span>ons cha<span class=\"_ _7\"></span>nge <span class=\"_ _6\"></span>and experie<span class=\"_ _7\"></span>nce adjustm<span class=\"_ _7\"></span>ents are perfo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>med. For any <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span>ero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>loss com<span class=\"_ _7\"></span>pone<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ty for remai<span class=\"_ _2\"></span>ning cover<span class=\"_ _7\"></span>age is es<span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span>blis<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ed depic<span class=\"_ _2\"></span>tin<span class=\"_ _6\"></span>g t<span class=\"_ _7\"></span>he futur<span class=\"_ _2\"></span>e lo<span class=\"_ _7\"></span>sses r<span class=\"_ _7\"></span>ecognise<span class=\"_ _2\"></span>d.  A loss compon<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt repr<span class=\"_ _2\"></span>esents<span class=\"_ _7\"></span> a <span class=\"_ _6\"></span>notio<span class=\"_ _7\"></span>nal recor<span class=\"_ _2\"></span>d of <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> losses<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>ttrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>table to each<span class=\"_ _7\"></span> gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s insuranc<span class=\"_ _7\"></span>e contrac<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or contracts<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>profi<span class=\"_ _7\"></span>table <span class=\"_ _4\"></span>at <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ceptio<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>that <span class=\"_ _4\"></span>have <span class=\"_ _4\"> </span>becom<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us. <span class=\"_ _f\"> </span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>loss <span class=\"_ _f\"> </span>com<span class=\"_ _2\"></span>pone<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>is <span class=\"_ _4\"></span>rele<span class=\"_ _2\"></span>ased <span class=\"_ _f\"> </span>bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>on <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>systema<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ic allocation of the <span class=\"_ _6\"></span>subse<span class=\"_ _7\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>changes relati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g to <span class=\"_ _6\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> service in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fulf<span class=\"_ _7\"></span>ilm<span class=\"_ _7\"></span>ent<span class=\"_ _6\"></span> cash <span class=\"_ _6\"></span>flows to <span class=\"_ _6\"></span>the loss compone<span class=\"_ _7\"></span>nt and <span class=\"_ _6\"></span>the liabil<span class=\"_ _7\"></span>ity <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>remai<span class=\"_ _7\"></span>ning <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>cluding <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>compo<span class=\"_ _7\"></span>nent. <span class=\"_ _10\"></span>The<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>loss <span class=\"_ _10\"></span>component <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>lso <span class=\"_ _10\"></span>updated <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>subseque<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s relati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>fut<span class=\"_ _7\"></span>ure <span class=\"_ _4\"> </span>service<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lfil<span class=\"_ _7\"></span>ment <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>ash <span class=\"_ _4\"> </span>flows <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>r<span class=\"_ _6\"></span>isk <span class=\"_ _4\"> </span>adjustm<span class=\"_ _7\"></span>ent <span class=\"_ _f\"> </span>fo<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>on-fi<span class=\"_ _2\"></span>nancial <span class=\"_ _4\"> </span>r<span class=\"_ _6\"></span>isks. <span class=\"_ _4\"> </span>The systematic <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>llocatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>subs<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>ch<span class=\"_ _7\"></span>anges <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>los<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>compo<span class=\"_ _7\"></span>nent <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>esu<span class=\"_ _6\"></span>lts <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>total<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _2\"></span>unts <span class=\"_ _4\"></span>alloca<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>oss compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _6\"></span>being <span class=\"_ _6\"></span>equ<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>zero <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>the end <span class=\"_ _1\"></span>of the <span class=\"_ _6\"></span>coverage<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>period <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _6\"></span>since <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>loss <span class=\"_ _6\"></span>compone<span class=\"_ _7\"></span>nt will have be<span class=\"_ _7\"></span>en r<span class=\"_ _7\"></span>ealise<span class=\"_ _7\"></span>d in the fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>m of <span class=\"_ _7\"></span>incurr<span class=\"_ _7\"></span>ed clai<span class=\"_ _7\"></span>ms. <span class=\"_ _2\"></span> For <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>under <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _0\"></span>no <span class=\"_ _1\"></span>contracts <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>assumed <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>oner<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>itial <span class=\"_ _6\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition <span class=\"_ _1\"></span>unless<span class=\"_ _7\"></span> facts and circumsta<span class=\"_ _2\"></span>nces <span class=\"_ _6\"></span>indicat<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>othe<span class=\"_ _7\"></span>rwise. Where this is not the <span class=\"_ _6\"></span>case, and <span class=\"_ _6\"></span>if at <span class=\"_ _6\"></span>any time <span class=\"_ _6\"></span>duri<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the <span class=\"_ _6\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _6\"></span>period the facts <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>circumst<span class=\"_ _2\"></span>ances <span class=\"_ _2\"></span>mention<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Not<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>25.3. <span class=\"_ _2\"></span>indi<span class=\"_ _7\"></span>cate <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>oup <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>ous, <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>compo<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>nt has to be<span class=\"_ _2\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>ablish<span class=\"_ _7\"></span>ed as t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e exc<span class=\"_ _7\"></span>ess of<span class=\"_ _7\"></span> the f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows t<span class=\"_ _7\"></span>hat rel<span class=\"_ _2\"></span>ate<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>to the<span class=\"_ _7\"></span> rem<span class=\"_ _2\"></span>ain<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng cove<span class=\"_ _7\"></span>rage of <span class=\"_ _7\"></span>the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p o<span class=\"_ _7\"></span>ver the<span class=\"_ _7\"></span> book <span class=\"_ _0\"></span>valu<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>liability <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>rem<span class=\"_ _7\"></span>aining <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>gr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>p <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>determin<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ch<span class=\"_ _7\"></span>apter <span class=\"_ _1\"></span>I<span class=\"_ _6\"></span>niti<span class=\"_ _7\"></span>al <span class=\"_ _0\"></span>measur<span class=\"_ _2\"></span>ement <span class=\"_ _0\"></span>sta<span class=\"_ _7\"></span>rting <span class=\"_ _1\"></span>on page 154. A<span class=\"_ _2\"></span>ccordi<span class=\"_ _7\"></span>ngly<span class=\"_ _e\"></span>, by th<span class=\"_ _7\"></span>e end of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e cov<span class=\"_ _7\"></span>erage <span class=\"_ _7\"></span>period o<span class=\"_ _7\"></span>f the gr<span class=\"_ _7\"></span>oup o<span class=\"_ _7\"></span>f co<span class=\"_ _7\"></span>ntracts t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e loss com<span class=\"_ _2\"></span>pone<span class=\"_ _7\"></span>nt w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> be ze<span class=\"_ _7\"></span>ro.<span class=\"_ _2\"></span> LOSS-RE<span class=\"_ _7\"></span>COVER<span class=\"_ _2\"></span>Y<span class=\"_ _6\"></span> COMPO<span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>ENTS As <span class=\"_ _3\"> </span>described  i<span class=\"_ _7\"></span>n <span class=\"_ _3\"> </span>chapte<span class=\"_ _7\"></span>rs  \u201cI<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itial <span class=\"_ _3\"> </span>measur<span class=\"_ _2\"></span>ement-Rei<span class=\"_ _7\"></span>nsurance <span class=\"_ _3\"> </span>contracts <span class=\"_ _3\"> </span>held\u201d <span class=\"_ _3\"> </span>starting <span class=\"_ _3\"> </span>on <span class=\"_ _3\"> </span>page 156 <span class=\"_ _3\"> </span>and <span class=\"_ _3\"> </span>\u201c<span class=\"_ _6\"></span>S<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uent meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t-Rei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce contra<span class=\"_ _7\"></span>cts held\u201d st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page<span class=\"_ _2\"></span> 158, when a l<span class=\"_ _7\"></span>oss on initial<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of an o<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p o<span class=\"_ _7\"></span>f underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _2\"></span>is r<span class=\"_ _2\"></span>ecognis<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>or <span class=\"_ _7\"></span>when<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>furt<span class=\"_ _7\"></span>her <span class=\"_ _2\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>underlyi<span class=\"_ _7\"></span>ng i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>added <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p, a <span class=\"_ _2\"></span>loss-re<span class=\"_ _2\"></span>covery <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _10\"></span>(LoReCo<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>rem<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>establis<span class=\"_ _7\"></span>hed <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>gro<span class=\"_ _2\"></span>up <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts held depic<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>over<span class=\"_ _7\"></span>y of los<span class=\"_ _7\"></span>ses. <span class=\"_ _7\"></span> Wher<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent has <span class=\"_ _1\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>set <span class=\"_ _6\"></span>up <span class=\"_ _1\"></span>subs<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>initial <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>underl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntrac<span class=\"_ _7\"></span>ts, the <span class=\"_ _1\"></span>portion <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>income <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _1\"></span>has <span class=\"_ _0\"></span>been <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _1\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>related <span class=\"_ _1\"></span>rei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>held <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>disclosed <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>loss-r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>very compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent.  Wher<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>loss<span class=\"_ _7\"></span>-r<span class=\"_ _7\"></span>ecov<span class=\"_ _7\"></span>ery <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent has <span class=\"_ _6\"></span>been <span class=\"_ _6\"></span>set up <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>initial recognitio<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>or <span class=\"_ _6\"></span>subs<span class=\"_ _7\"></span>eque<span class=\"_ _7\"></span>ntly<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>the loss-re<span class=\"_ _7\"></span>covery compo<span class=\"_ _7\"></span>nent is adjusted to <span class=\"_ _2\"></span>reflect c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>es in th<span class=\"_ _7\"></span>e loss<span class=\"_ _7\"></span> compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of a<span class=\"_ _7\"></span>n one<span class=\"_ _7\"></span>rous gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of <span class=\"_ _7\"></span>underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span>.  The <span class=\"_ _6\"></span>boo<span class=\"_ _7\"></span>k value<span class=\"_ _6\"></span> of <span class=\"_ _6\"></span>the loss-<span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>very compon<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt must n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>excee<span class=\"_ _7\"></span>d the <span class=\"_ _6\"></span>portion of <span class=\"_ _6\"></span>the book value of the <span class=\"_ _6\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of the <span class=\"_ _1\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>underlyi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>that <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>compani<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>expe<span class=\"_ _7\"></span>ct <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er <span class=\"_ _1\"></span>fr<span class=\"_ _7\"></span>om the <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>contr<span class=\"_ _7\"></span>acts <span class=\"_ _0\"></span>held. <span class=\"_ _1\"></span>On <span class=\"_ _0\"></span>this <span class=\"_ _0\"></span>basis, <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>loss-reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery <span class=\"_ _0\"></span>compo<span class=\"_ _2\"></span>nent <span class=\"_ _0\"></span>recog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>at <span class=\"_ _0\"></span>initial <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>ecogniti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>is red<span class=\"_ _7\"></span>uced <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>zero <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>line <span class=\"_ _f\"> </span>wit<span class=\"_ _7\"></span>h <span class=\"_ _f\"> </span>re<span class=\"_ _7\"></span>ductio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>one<span class=\"_ _7\"></span>rous <span class=\"_ _4\"> </span>gro<span class=\"_ _7\"></span>up <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>rlying <span class=\"_ _4\"> </span>in<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _4\"> </span>and <span class=\"_ _f\"> </span>is <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>wh<span class=\"_ _6\"></span>en <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>ss compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of t<span class=\"_ _7\"></span>he oner<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>s g<span class=\"_ _2\"></span>roup of<span class=\"_ _7\"></span> underl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>is nil.<span class=\"_ _3d5\"> </span>INSURAN<span class=\"_ _7\"></span>CE FINAN<span class=\"_ _7\"></span>CE RES<span class=\"_ _7\"></span>UL<span class=\"_ _e\"></span>T The i<span class=\"_ _2\"></span>nsurance <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>ce r<span class=\"_ _2\"></span>esult <span class=\"_ _2\"></span>comprises <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>hange <span class=\"_ _2\"></span>in t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>carrying <span class=\"_ _2\"></span>amount <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the g<span class=\"_ _2\"></span>roup <span class=\"_ _2\"></span>of i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>arising <span class=\"_ _7\"></span>fr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of t<span class=\"_ _7\"></span>he time <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ney and <span class=\"_ _7\"></span>changes i<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he time v<span class=\"_ _7\"></span>alue of mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ey <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of fin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ncial risk <span class=\"_ _2\"></span>and chang<span class=\"_ _2\"></span>es in financial<span class=\"_ _7\"></span> risk, b<span class=\"_ _7\"></span>ut \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>excluding a<span class=\"_ _7\"></span>ny s<span class=\"_ _7\"></span>uch chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s for gr<span class=\"_ _2\"></span>oups of i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> dir<span class=\"_ _2\"></span>ect particip<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion f<span class=\"_ _7\"></span>eatur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s t<span class=\"_ _7\"></span>hat would a<span class=\"_ _2\"></span>djust the CSM bu<span class=\"_ _7\"></span>t do <span class=\"_ _7\"></span>not do so b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>caus<span class=\"_ _7\"></span>e the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps of <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us. Thes<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ar<span class=\"_ _7\"></span>e inclu<span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>n insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce servic<span class=\"_ _2\"></span>e expenses.<span class=\"_ _2\"></span> VIG applies <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e option to <span class=\"_ _6\"></span>disaggr<span class=\"_ _2\"></span>egate the <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce financ<span class=\"_ _7\"></span>e result on <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce contracts issu<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>for its <span class=\"_ _6\"></span>lif<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>business a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d its <span class=\"_ _4\"></span>health <span class=\"_ _4\"> </span>simil<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>-to-l<span class=\"_ _7\"></span>ife <span class=\"_ _4\"></span>busi<span class=\"_ _7\"></span>ness <span class=\"_ _4\"> </span>betwe<span class=\"_ _7\"></span>en <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>rofit <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>an<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>OCI. <span class=\"_ _4\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>OCI <span class=\"_ _4\"> </span>option <span class=\"_ _4\"> </span>allows <span class=\"_ _4\"></span>inco<span class=\"_ _2\"></span>nsistent <span class=\"_ _4\"> </span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents (acco<span class=\"_ _7\"></span>unting <span class=\"_ _2\"></span>misma<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ch) <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>assets <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>liabiliti<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span>fset <span class=\"_ _2\"></span>thr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>gh <span class=\"_ _10\"></span>equity<span class=\"_ _10\"></span>, <span class=\"_ _10\"></span>rather <span class=\"_ _10\"></span>than <span class=\"_ _2\"></span>thro<span class=\"_ _7\"></span>ugh <span class=\"_ _2\"></span>prof<span class=\"_ _7\"></span>it <span class=\"_ _2\"></span>or <span class=\"_ _10\"></span>loss. <span class=\"_ _2\"></span>Such <span class=\"_ _10\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ces can, <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>or <span class=\"_ _f\"> </span>ex<span class=\"_ _7\"></span>ample, <span class=\"_ _4\"> </span>occur <span class=\"_ _f\"> </span>fo<span class=\"_ _7\"></span>r <span class=\"_ _f\"> </span>lif<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _f\"> </span>pol<span class=\"_ _7\"></span>icies <span class=\"_ _4\"></span>eligi<span class=\"_ _7\"></span>ble <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>or <span class=\"_ _f\"> </span>pro<span class=\"_ _7\"></span>fit-particip<span class=\"_ _2\"></span>ation. <span class=\"_ _f\"> </span>If<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>business <span class=\"_ _f\"> </span>mo<span class=\"_ _7\"></span>del<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>es <span class=\"_ _f\"> </span>such<span class=\"_ _7\"></span> meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t, <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>OCI <span class=\"_ _0\"></span>option <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>mi<span class=\"_ _7\"></span>nimise <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>counti<span class=\"_ _7\"></span>ng <span class=\"_ _4\"></span>mis<span class=\"_ _7\"></span>matc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>. <span class=\"_ _0\"></span>For<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rticipa<span class=\"_ _2\"></span>tions <span class=\"_ _4\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ing <span class=\"_ _0\"></span>held <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or strategic <span class=\"_ _10\"></span>purpos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>OCI <span class=\"_ _2\"></span>op<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>predo<span class=\"_ _7\"></span>minantl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>rde<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>mi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>imi<span class=\"_ _7\"></span>se <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>accou<span class=\"_ _7\"></span>nting <span class=\"_ _2\"></span>mism<span class=\"_ _7\"></span>atches <span class=\"_ _10\"></span>menti<span class=\"_ _7\"></span>oned <span class=\"_ _2\"></span>abov<span class=\"_ _7\"></span>e. VIG\u2019<span class=\"_ _e\"></span>s fina<span class=\"_ _7\"></span>ncial asse<span class=\"_ _2\"></span>ts backing <span class=\"_ _7\"></span>the ins<span class=\"_ _7\"></span>urance i<span class=\"_ _7\"></span>ssued po<span class=\"_ _2\"></span>rtfolios ar<span class=\"_ _7\"></span>e pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>domi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>antl<span class=\"_ _7\"></span>y measu<span class=\"_ _7\"></span>red <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t amo<span class=\"_ _7\"></span>rtised cos<span class=\"_ _7\"></span>t or <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtOC<span class=\"_ _7\"></span>I. <span class=\"_ _7\"></span> The <span class=\"_ _1\"></span>total <span class=\"_ _1\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>fina<span class=\"_ _7\"></span>nce <span class=\"_ _1\"></span>rev<span class=\"_ _7\"></span>enues <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>exp<span class=\"_ _7\"></span>enses <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>syst<span class=\"_ _2\"></span>ematically <span class=\"_ _6\"></span>allocated <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rof<span class=\"_ _7\"></span>it <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>over <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>duration <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the gro<span class=\"_ _7\"></span>up of co<span class=\"_ _7\"></span>ntracts b<span class=\"_ _7\"></span>y using <span class=\"_ _2\"></span>discount ra<span class=\"_ _7\"></span>tes det<span class=\"_ _7\"></span>ermi<span class=\"_ _7\"></span>ned on gr<span class=\"_ _2\"></span>oup of ins<span class=\"_ _7\"></span>urance l<span class=\"_ _7\"></span>evel.<span class=\"_ _2\"></span> NET RE<span class=\"_ _7\"></span>VE<span class=\"_ _6\"></span>N<span class=\"_ _7\"></span>UES O<span class=\"_ _7\"></span>R EXPENSE<span class=\"_ _2\"></span>S <span class=\"_ _6\"></span>FROM<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>REINSU<span class=\"_ _7\"></span>RANCE<span class=\"_ _7\"></span> CONTRA<span class=\"_ _7\"></span>CTS H<span class=\"_ _7\"></span>ELD IFRS 17 <span class=\"_ _6\"></span>requir<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _6\"></span>contract <span class=\"_ _1\"></span>held <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>accounted <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>separa<span class=\"_ _7\"></span>tely <span class=\"_ _0\"></span>fr<span class=\"_ _7\"></span>om <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>underlying <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _1\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _6\"></span>to which i<span class=\"_ _7\"></span>t r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>lates.<span class=\"_ _7\"></span> Additio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ally<span class=\"_ _e\"></span>, amo<span class=\"_ _7\"></span>unts a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ising f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> tr<span class=\"_ _7\"></span>ansac<span class=\"_ _7\"></span>tions <span class=\"_ _7\"></span>with rei<span class=\"_ _2\"></span>nsure<span class=\"_ _7\"></span>rs s<span class=\"_ _7\"></span>hall be r<span class=\"_ _2\"></span>eported<span class=\"_ _7\"></span> accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>whether t<span class=\"_ _7\"></span>hey relat<span class=\"_ _7\"></span>e to:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unts re<span class=\"_ _7\"></span>cover<span class=\"_ _2\"></span>ed from t<span class=\"_ _2\"></span>he rei<span class=\"_ _7\"></span>nsure<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> or \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>amounts <span class=\"_ _7\"></span>allocat<span class=\"_ _7\"></span>ed to pr<span class=\"_ _7\"></span>emi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ms paid. <span class=\"_ _2\"></span> Separate p<span class=\"_ _2\"></span>resentatio<span class=\"_ _2\"></span>n is req<span class=\"_ _7\"></span>uire<span class=\"_ _7\"></span>d for:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>reins<span class=\"_ _7\"></span>urance cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows t<span class=\"_ _2\"></span>hat are <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>onting<span class=\"_ _2\"></span>ent on claims<span class=\"_ _7\"></span> on th<span class=\"_ _7\"></span>e unde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>lyi<span class=\"_ _7\"></span>ng contrac<span class=\"_ _7\"></span>ts, whic<span class=\"_ _7\"></span>h ar<span class=\"_ _7\"></span>e tr<span class=\"_ _7\"></span>eated <span class=\"_ _7\"></span>as par<span class=\"_ _7\"></span>t of the claims th<span class=\"_ _7\"></span>at ar<span class=\"_ _7\"></span>e expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to b<span class=\"_ _2\"></span>e reim<span class=\"_ _7\"></span>bursed u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der <span class=\"_ _7\"></span>the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tract h<span class=\"_ _7\"></span>eld;<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>reins<span class=\"_ _7\"></span>urance cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows t<span class=\"_ _2\"></span>hat are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot con<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span>ent on clai<span class=\"_ _7\"></span>ms of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g cont<span class=\"_ _7\"></span>racts (e.g<span class=\"_ _7\"></span>. some <span class=\"_ _2\"></span>types of c<span class=\"_ _7\"></span>eding commis<span class=\"_ _7\"></span>sions) a<span class=\"_ _7\"></span>re t<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ated as a <span class=\"_ _7\"></span>red<span class=\"_ _2\"></span>uction in t<span class=\"_ _7\"></span>he premi<span class=\"_ _2\"></span>ums to <span class=\"_ _7\"></span>be paid to <span class=\"_ _7\"></span>the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urer<span class=\"_ _e\"></span>. Amou<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>relating <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>losses <span class=\"_ _1\"></span>relating <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>onero<span class=\"_ _2\"></span>us <span class=\"_ _4\"></span>di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ct <span class=\"_ _0\"></span>contr<span class=\"_ _7\"></span>acts <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>included <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>amo<span class=\"_ _7\"></span>unts reco<span class=\"_ _7\"></span>verabl<span class=\"_ _7\"></span>e from<span class=\"_ _7\"></span> the r<span class=\"_ _2\"></span>einsur<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-456": {
   "value": " <span class=\"_ _7\"></span>participa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions.<span class=\"_ _2\"></span> 25.3.<span class=\"ff4a\"> </span>(Re-) insuranc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> contract<span class=\"_ _7\"></span>s Classificat<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>on Insurance <span class=\"_ _6\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>defined <span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>under <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>one<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>party <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>insur<span class=\"_ _2\"></span>er) <span class=\"_ _0\"></span>acc<span class=\"_ _7\"></span>epts <span class=\"_ _0\"></span>sig<span class=\"_ _2\"></span>nificant <span class=\"_ _1\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _1\"></span>risk <span class=\"_ _1\"></span>fro<span class=\"_ _7\"></span>m another <span class=\"_ _1\"></span>party <span class=\"_ _0\"></span>(the <span class=\"_ _0\"></span>poli<span class=\"_ _7\"></span>cyholde<span class=\"_ _7\"></span>r), <span class=\"_ _0\"></span>by <span class=\"_ _0\"></span>agr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ei<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>provid<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>mpensatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>if <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>specifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>unc<span class=\"_ _6\"></span>ert<span class=\"_ _7\"></span>ain <span class=\"_ _0\"></span>futu<span class=\"_ _7\"></span>re event <span class=\"_ _0\"></span>(the <span class=\"_ _1\"></span>insured <span class=\"_ _1\"></span>event) <span class=\"_ _1\"></span>ne<span class=\"_ _6\"></span>gati<span class=\"_ _7\"></span>vely <span class=\"_ _0\"></span>aff<span class=\"_ _7\"></span>ects <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>policyhol<span class=\"_ _7\"></span>der<span class=\"_ _e\"></span>. <span class=\"_ _0\"></span>F<span class=\"_ _6\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _0\"></span>risk <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>risk <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>possible <span class=\"_ _0\"></span>f<span class=\"_ _7\"></span>uture <span class=\"_ _1\"></span>change <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>e<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span>g. specific <span class=\"_ _10\"></span>interes<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>tes, <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>prices, <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>ri<span class=\"_ _7\"></span>ce <span class=\"_ _7\"></span>indi<span class=\"_ _7\"></span>ces, <span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>rat<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>indices, <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>redit <span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>atings <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit <span class=\"_ _2\"></span>indi<span class=\"_ _7\"></span>ces. <span class=\"_ _2\"></span>It <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ust <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>noted that i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _7\"></span>ase o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>a no<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _7\"></span>variabl<span class=\"_ _7\"></span>e, th<span class=\"_ _7\"></span>e v<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>riable <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>not <span class=\"_ _2\"></span>spec<span class=\"_ _6\"></span>ifi<span class=\"_ _7\"></span>c to <span class=\"_ _2\"></span>one<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>cou<span class=\"_ _7\"></span>nterpar<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>any c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ses, <span class=\"_ _2\"></span>particul<span class=\"_ _7\"></span>arly in <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> lif<span class=\"_ _7\"></span>e insurance ar<span class=\"_ _2\"></span>ea, insu<span class=\"_ _7\"></span>rance poli<span class=\"_ _7\"></span>cies as <span class=\"_ _7\"></span>defin<span class=\"_ _7\"></span>ed in IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _7\"></span>also tra<span class=\"_ _7\"></span>nsfer fi<span class=\"_ _7\"></span>nancial ris<span class=\"_ _7\"></span>k. <span class=\"_ _7\"></span> Some <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>have <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>legal <span class=\"_ _1\"></span>form <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _1\"></span>cont<span class=\"_ _7\"></span>racts<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>but <span class=\"_ _0\"></span>do <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>transfer <span class=\"_ _0\"></span>sig<span class=\"_ _7\"></span>nific<span class=\"_ _7\"></span>ant <span class=\"_ _0\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _1\"></span>risk. <span class=\"_ _0\"></span>S<span class=\"_ _7\"></span>uch <span class=\"_ _0\"></span>fina<span class=\"_ _7\"></span>ncial insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>policies <span class=\"_ _6\"></span>exist <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>mino<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>tent <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>perso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _1\"></span>are<span class=\"_ _7\"></span>a. <span class=\"_ _1\"></span>These <span class=\"_ _1\"></span>contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>cl<span class=\"_ _7\"></span>assifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>financ<span class=\"_ _2\"></span>ial<span class=\"_ _6\"></span> liabil<span class=\"_ _7\"></span>ities <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>fin<span class=\"_ _7\"></span>ed as <span class=\"_ _10\"></span>\u201cinvestme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts\u201d. <span class=\"_ _2\"></span>Investm<span class=\"_ _7\"></span>ent co<span class=\"_ _2\"></span>ntracts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e g<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>erally <span class=\"_ _7\"></span>out <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e I<span class=\"_ _2\"></span>FRS 17 <span class=\"_ _7\"></span>scop<span class=\"_ _7\"></span>e. H<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>wever<span class=\"_ _e\"></span>, if i<span class=\"_ _7\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ave di<span class=\"_ _7\"></span>scre<span class=\"_ _7\"></span>tionar<span class=\"_ _7\"></span>y particip<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n featur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, t<span class=\"_ _7\"></span>hese co<span class=\"_ _7\"></span>ntracts ar<span class=\"_ _2\"></span>e nevert<span class=\"_ _7\"></span>heless <span class=\"_ _7\"></span>within I<span class=\"_ _7\"></span>FRS 17-s<span class=\"_ _2\"></span>cope.<span class=\"_ _3d5\"> </span><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs280c\">The <span class=\"_ _6\"></span>maj<span class=\"_ _7\"></span>ority <span class=\"_ _6\"></span>of the VIG<span class=\"_ _6\"></span> life insura<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> contracts ar<span class=\"_ _7\"></span>e eligibl<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>to be<span class=\"_ _6\"></span> measur<span class=\"_ _7\"></span>ed using <span class=\"_ _6\"></span>the VF<span class=\"_ _2\"></span>A. These <span class=\"_ _6\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts for wh<span class=\"_ _6\"></span>ic<span class=\"_ _7\"></span>h, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs280d\">at incep<span class=\"_ _7\"></span>tion: </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs280e\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> co<span class=\"_ _2\"></span>ntractual te<span class=\"_ _7\"></span>rms sp<span class=\"_ _7\"></span>ecify th<span class=\"_ _7\"></span>at the po<span class=\"_ _7\"></span>licyhol<span class=\"_ _7\"></span>der p<span class=\"_ _7\"></span>articipat<span class=\"_ _7\"></span>es in a s<span class=\"_ _7\"></span>hare of<span class=\"_ _7\"></span> a <span class=\"_ _7\"></span>clearly id<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntifi<span class=\"_ _7\"></span>ed pool o<span class=\"_ _7\"></span>f und<span class=\"_ _7\"></span>erlying items<span class=\"_ _7\"></span>;  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs280f\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is expec<span class=\"_ _7\"></span>ted to pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> to <span class=\"_ _7\"></span>the policy<span class=\"_ _7\"></span>hold<span class=\"_ _7\"></span>er an amo<span class=\"_ _2\"></span>unt equal to <span class=\"_ _2\"></span>a substa<span class=\"_ _7\"></span>ntial shar<span class=\"_ _2\"></span>e of the fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> valu<span class=\"_ _7\"></span>e re<span class=\"_ _7\"></span>turns on t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2810\">underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g items; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2811\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is expec<span class=\"_ _7\"></span>ted that a s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bs<span class=\"_ _7\"></span>tantial p<span class=\"_ _2\"></span>roportio<span class=\"_ _7\"></span>n of an<span class=\"_ _7\"></span>y chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in the <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unts to b<span class=\"_ _7\"></span>e paid <span class=\"_ _7\"></span>to the <span class=\"_ _7\"></span>policy<span class=\"_ _7\"></span>holder will<span class=\"_ _7\"></span> var<span class=\"_ _7\"></span>y with th<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2812\">change in f<span class=\"_ _2\"></span>air value of <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>underlyi<span class=\"_ _7\"></span>ng items.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2813\">This <span class=\"_ _6\"></span>primarily<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>conce<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>ns <span class=\"_ _6\"></span>VIG\u2019<span class=\"_ _5\"></span>s <span class=\"_ _6\"></span>Austrian and <span class=\"_ _6\"></span>Germa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>polici<span class=\"_ _7\"></span>es in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>life <span class=\"_ _6\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _6\"></span>bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>sheet unit. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>life bu<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ness of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2814\">virtually <span class=\"_ _10\"></span>all <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>countries <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>participatio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>sole <span class=\"_ _2\"></span>disc<span class=\"_ _7\"></span>retio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>company <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ncerned. <span class=\"_ _2\"></span>Thes<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>prod<span class=\"_ _7\"></span>ucts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2815\">are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed with GMM<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2816\">In <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>prima<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y <span class=\"_ _4\"></span>P&amp;C <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>P<span class=\"_ _10\"></span>AA<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>appl<span class=\"_ _7\"></span>ied <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>me<span class=\"_ _7\"></span>as<span class=\"_ _7\"></span>ure <span class=\"_ _4\"></span>sho<span class=\"_ _7\"></span>rt <span class=\"_ _4\"></span>duratio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>and <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _7\"></span>refe<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2817\">meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach. T<span class=\"_ _7\"></span>his is al<span class=\"_ _7\"></span>so the cas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> for long<span class=\"_ _2\"></span>-duratio<span class=\"_ _7\"></span>n P&amp;C ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce cont<span class=\"_ _7\"></span>racts if<span class=\"_ _7\"></span> the meas<span class=\"_ _7\"></span>urem<span class=\"_ _7\"></span>ent u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der P<span class=\"_ _10\"></span>AA <span class=\"_ _7\"></span>is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2818\">not s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bs<span class=\"_ _7\"></span>tantially<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>dif<span class=\"_ _2\"></span>ferent <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ement <span class=\"_ _10\"></span>under <span class=\"_ _2\"></span>GMM. <span class=\"_ _2\"></span>Long-du<span class=\"_ _7\"></span>ration <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>prim<span class=\"_ _7\"></span>ary <span class=\"_ _2\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>without </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2819\">direct <span class=\"_ _0\"></span>participation <span class=\"_ _4\"></span>fe<span class=\"_ _7\"></span>atures <span class=\"_ _0\"></span>are <span class=\"_ _4\"> </span>generall<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>measur<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>GMM. <span class=\"_ _4\"></span>Neit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er <span class=\"_ _4\"> </span>held <span class=\"_ _4\"></span>nor <span class=\"_ _4\"></span>issu<span class=\"_ _7\"></span>ed <span class=\"_ _4\"> </span>rei<span class=\"_ _7\"></span>nsurance <span class=\"_ _4\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _4\"></span>ca<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>be </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs281a\">classif<span class=\"_ _7\"></span>ied <span class=\"_ _4\"> </span>as <span class=\"_ _4\"> </span>dir<span class=\"_ _7\"></span>ect <span class=\"_ _4\"></span>prof<span class=\"_ _7\"></span>it <span class=\"_ _4\"></span>parti<span class=\"_ _7\"></span>cipati<span class=\"_ _7\"></span>on <span class=\"_ _4\"></span>contr<span class=\"_ _7\"></span>acts, <span class=\"_ _4\"></span>whic<span class=\"_ _7\"></span>h <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>why <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>ese <span class=\"_ _4\"></span>can<span class=\"_ _7\"></span>not <span class=\"_ _4\"></span>be <span class=\"_ _4\"></span>assesse<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>using <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>VF<span class=\"_ _2\"></span>A. <span class=\"_ _4\"></span>R<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>nce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs281b\">contracts <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her<span class=\"_ _2\"></span>efore ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>d eithe<span class=\"_ _7\"></span>r with th<span class=\"_ _7\"></span>e P<span class=\"_ _10\"></span>AA or th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> GMM<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs281c\">Account<span class=\"_ _7\"></span>ing trea<span class=\"_ _7\"></span>tment<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs281d\">SEP<span class=\"_ _2\"></span>ARA<span class=\"_ _2\"></span>TING COMPO<span class=\"_ _7\"></span>NENTS<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs281e\">Befor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> V<span class=\"_ _6\"></span>IG accounts for <span class=\"_ _6\"></span>an insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>or reinsura<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract based on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>guida<span class=\"_ _7\"></span>nce in <span class=\"_ _6\"></span>IFRS 17, it <span class=\"_ _6\"></span>analys<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>wheth<span class=\"_ _7\"></span>er <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs281f\">contract<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tains<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>compo<span class=\"_ _7\"></span>nents <span class=\"_ _4\"> </span>that <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>hould <span class=\"_ _f\"> </span>b<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>sepa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ated.<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>Mea<span class=\"_ _7\"></span>ning, <span class=\"_ _4\"> </span>thos<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>com<span class=\"_ _2\"></span>ponents <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>ust <span class=\"_ _f\"> </span>b<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>ac<span class=\"_ _7\"></span>counted <span class=\"_ _4\"> </span>for <span class=\"_ _4\"></span>under<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2820\">another <span class=\"_ _3\"> </span>IFRS <span class=\"_ _3\"> </span>rather <span class=\"_ _3\"> </span>than <span class=\"_ _d\"> </span>IF<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>S 17 <span class=\"_ _3\"> </span>(disti<span class=\"_ _7\"></span>nct <span class=\"_ _d\"> </span>non-i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _3\"> </span>compone<span class=\"_ _7\"></span>nts).  Af<span class=\"_ _2\"></span>ter  s<span class=\"_ _7\"></span>eparating <span class=\"_ _f\"> </span>any <span class=\"_ _3\"> </span>distinct <span class=\"_ _3\"> </span>n<span class=\"_ _6\"></span>on-i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2821\">compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents, I<span class=\"_ _7\"></span>FRS 17 i<span class=\"_ _7\"></span>s applied <span class=\"_ _2\"></span>to all rem<span class=\"_ _2\"></span>ain<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent<span class=\"_ _2\"></span>s of the insu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntract. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2822\">Investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>compone<span class=\"_ _7\"></span>nts <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>define<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>as <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>amo<span class=\"_ _7\"></span>unts <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>an <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>es <span class=\"_ _10\"></span>an <span class=\"_ _2\"></span>insur<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>rep<span class=\"_ _7\"></span>ay <span class=\"_ _2\"></span>to <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>oli<span class=\"_ _7\"></span>cyhold<span class=\"_ _7\"></span>er </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2823\">in a<span class=\"_ _6\"></span>ll circ<span class=\"_ _7\"></span>umstan<span class=\"_ _7\"></span>ces, rega<span class=\"_ _7\"></span>rdless<span class=\"_ _7\"></span> of <span class=\"_ _6\"></span>whet<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er an <span class=\"_ _6\"></span>insur<span class=\"_ _2\"></span>ed event has <span class=\"_ _6\"></span>occ<span class=\"_ _7\"></span>urred or not. Investm<span class=\"_ _7\"></span>ent c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>ponents (e.g. surr<span class=\"_ _7\"></span>end<span class=\"_ _7\"></span>er </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2824\">options in life insu<span class=\"_ _7\"></span>rance contr<span class=\"_ _7\"></span>acts) whic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e hig<span class=\"_ _7\"></span>hly <span class=\"_ _6\"></span>interr<span class=\"_ _2\"></span>elated with the ins<span class=\"_ _7\"></span>urance cont<span class=\"_ _7\"></span>ract, of which they<span class=\"_ _7\"></span> form a part, ar<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2825\">consid<span class=\"_ _7\"></span>ered <span class=\"_ _3\"> </span>non-distin<span class=\"_ _7\"></span>ct  a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  ar<span class=\"_ _2\"></span>e  not  s<span class=\"_ _2\"></span>eparatel<span class=\"_ _7\"></span>y  ac<span class=\"_ _7\"></span>counte<span class=\"_ _7\"></span>d  for<span class=\"_ _e\"></span>.  Ho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ever<span class=\"_ _e\"></span>,  r<span class=\"_ _2\"></span>eceipts <span class=\"_ _3\"> </span>a<span class=\"_ _6\"></span>nd  p<span class=\"_ _2\"></span>ayments  of<span class=\"_ _2\"></span>  the  i<span class=\"_ _2\"></span>nve<span class=\"_ _6\"></span>stm<span class=\"_ _7\"></span>ent </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2826\">compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents <span class=\"_ _0\"></span>are <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>xcluded<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>from<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>service <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en<span class=\"_ _7\"></span>ue <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>servide <span class=\"_ _0\"></span>expens<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s. <span class=\"_ _0\"></span>Some <span class=\"_ _0\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2827\">req<span class=\"_ _7\"></span>uire to r<span class=\"_ _7\"></span>epay an amou<span class=\"_ _7\"></span>nt but not in all c<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>ms<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ances <span class=\"_ _7\"></span>and not as a res<span class=\"_ _7\"></span>ult of an in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed event. These amo<span class=\"_ _7\"></span>unts re<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>res<span class=\"_ _2\"></span>ent </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2828\">premium<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>refunds <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>red<span class=\"_ _2\"></span>uce <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>urance <span class=\"_ _0\"></span>servi<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>enue <span class=\"_ _0\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>insurance <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ervice <span class=\"_ _1\"></span>expenses. <span class=\"_ _1\"></span>The <span class=\"_ _0\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>pres<span class=\"_ _2\"></span>ents <span class=\"_ _0\"></span>premi<span class=\"_ _7\"></span>um </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2829\">refu<span class=\"_ _7\"></span>nds as de<span class=\"_ _2\"></span>ductions wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>in the pr<span class=\"_ _2\"></span>emiums <span class=\"_ _2\"></span>received.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs282a\">S<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>rei<span class=\"_ _2\"></span>ns<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>ntr<span class=\"_ _7\"></span>ac<span class=\"_ _2\"></span>ts<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>d c<span class=\"_ _2\"></span>ont<span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span>n c<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>tain<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>mm<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>sio<span class=\"_ _2\"></span>n ar<span class=\"_ _2\"></span>rang<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> A<span class=\"_ _2\"></span>cc<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ding<span class=\"_ _2\"></span> to<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>hei<span class=\"_ _2\"></span>r n<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ur<span class=\"_ _7\"></span>e,<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>om<span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>si<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>ma<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>be:<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs282b\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>deducted fr<span class=\"_ _7\"></span>om <span class=\"_ _2\"></span>premi<span class=\"_ _7\"></span>ums re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eived, <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs282c\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>included wi<span class=\"_ _7\"></span>thin <span class=\"_ _7\"></span>claims o<span class=\"_ _7\"></span>r  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs282d\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>treated <span class=\"_ _7\"></span>as an i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t compo<span class=\"_ _2\"></span>nent. </div>LEVEL OF<span class=\"_ _2\"></span> AG<span class=\"_ _7\"></span>GREGA<span class=\"_ _2\"></span>TION After <span class=\"_ _3\"> </span>identifyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _3\"> </span>which <span class=\"_ _3\"> </span>insu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ance <span class=\"_ _f\"> </span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _3\"> </span>are <span class=\"_ _f\"> </span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>hin <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>scope <span class=\"_ _3\"> </span>of <span class=\"_ _3\"> </span>IFRS 17, <span class=\"_ _f\"> </span>taking <span class=\"_ _3\"> </span>into<span class=\"_ _7\"></span> <span class=\"_ _d\"> </span>acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>ef<span class=\"_ _7\"></span>fects <span class=\"_ _d\"> </span>of<span class=\"_ _2\"></span>  t<span class=\"_ _7\"></span>he combin<span class=\"_ _7\"></span>ation <span class=\"_ _4\"> </span>of <span class=\"_ _f\"> </span>ins<span class=\"_ _2\"></span>urance <span class=\"_ _4\"> </span>contracts,<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>sep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>dis<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>nct <span class=\"_ _4\"> </span>non-insu<span class=\"_ _7\"></span>rance <span class=\"_ _4\"> </span>compo<span class=\"_ _7\"></span>nents, <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>separatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ltip<span class=\"_ _2\"></span>le<span class=\"_ _6\"></span> insuranc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>contracts <span class=\"_ _10\"></span>contained <span class=\"_ _2\"></span>withi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>single <span class=\"_ _10\"></span>legal <span class=\"_ _2\"></span>policy <span class=\"_ _2\"></span>documen<span class=\"_ _7\"></span>t, <span class=\"_ _2\"></span>IFRS 17 <span class=\"_ _2\"></span>necess<span class=\"_ _7\"></span>itates <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>efine <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>level <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>aggrega<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion for appl<span class=\"_ _7\"></span>ying its r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents.  The <span class=\"_ _6\"></span>lev<span class=\"_ _7\"></span>el of a<span class=\"_ _6\"></span>ggr<span class=\"_ _7\"></span>egatio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>is de<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed firstly by dividing<span class=\"_ _7\"></span> the bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> writte<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>into portfol<span class=\"_ _7\"></span>ios. Portfoli<span class=\"_ _7\"></span>os comprise gro<span class=\"_ _7\"></span>ups of contracts<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>with<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>similar <span class=\"_ _6\"></span>risks <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>hich<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>ma<span class=\"_ _7\"></span>naged <span class=\"_ _6\"></span>together<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>Based <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>thei<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>expecte<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>profitabili<span class=\"_ _7\"></span>ty <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>ince<span class=\"_ _7\"></span>ption, <span class=\"_ _6\"></span>portfoli<span class=\"_ _7\"></span>os <span class=\"_ _1\"></span>are afterwar<span class=\"_ _7\"></span>ds spli<span class=\"_ _7\"></span>t into <span class=\"_ _7\"></span>thre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> cat<span class=\"_ _7\"></span>egories: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>onerous <span class=\"_ _2\"></span>contracts, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>contracts <span class=\"_ _7\"></span>with no sig<span class=\"_ _2\"></span>nificant risk of<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>ecomi<span class=\"_ _7\"></span>ng onero<span class=\"_ _2\"></span>us; and  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ainder<span class=\"_ _e\"></span>. For <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>MM <span class=\"_ _2\"></span>and P<span class=\"_ _10\"></span>AA, <span class=\"_ _2\"></span>IFRS 17 <span class=\"_ _2\"></span>also <span class=\"_ _7\"></span>notes <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>no g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p f<span class=\"_ _7\"></span>or l<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>el <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>aggregatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rposes <span class=\"_ _2\"></span>may <span class=\"_ _7\"></span>cont<span class=\"_ _7\"></span>ain co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _2\"></span>issued <span class=\"_ _2\"></span>mor<span class=\"_ _7\"></span>e than one <span class=\"_ _7\"></span>year apart. Fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> its V<span class=\"_ _7\"></span>F<span class=\"_ _2\"></span>A bu<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess, VIG <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pplies t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e opti<span class=\"_ _7\"></span>onal exempti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n from f<span class=\"_ _7\"></span>orming gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ups based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> und<span class=\"_ _7\"></span>erwriting year <span class=\"_ _1\"></span>(annual <span class=\"_ _6\"></span>cohorts) <span class=\"_ _6\"></span>that <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>applicabl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>Euro<span class=\"_ _2\"></span>pean <span class=\"_ _1\"></span>Uni<span class=\"_ _7\"></span>on. <span class=\"_ _1\"></span>This <span class=\"_ _1\"></span>option <span class=\"_ _6\"></span>provides a<span class=\"_ _6\"></span>n <span class=\"_ _1\"></span>exemptio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>matio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>of annual <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>horts <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>or <span class=\"_ _4\"> </span>intergener<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>nally <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tual<span class=\"_ _7\"></span>ised <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _f\"> </span>flo<span class=\"_ _7\"></span>w <span class=\"_ _f\"> </span>m<span class=\"_ _7\"></span>atched <span class=\"_ _4\"> </span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts. <span class=\"_ _4\"> </span>This <span class=\"_ _4\"> </span>is <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>allow <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>an appro<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>iate cost-be<span class=\"_ _7\"></span>nefit ratio <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>time the <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>ctual service margin is recognised. T<span class=\"_ _7\"></span>his e<span class=\"_ _6\"></span>xemp<span class=\"_ _7\"></span>tion pr<span class=\"_ _6\"></span>im<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rily c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ncerns long-term l<span class=\"_ _7\"></span>ife ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>with pro<span class=\"_ _7\"></span>fit p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rticipatio<span class=\"_ _2\"></span>n and lo<span class=\"_ _7\"></span>ng-term <span class=\"_ _7\"></span>health i<span class=\"_ _7\"></span>nsurance.<span class=\"_ _2\"></span> Once <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>f <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _0\"></span>de<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>mined, <span class=\"_ _0\"></span>th<span class=\"_ _6\"></span>ey <span class=\"_ _4\"></span>becom<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>unit <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>acco<span class=\"_ _2\"></span>unt <span class=\"_ _f\"> </span>to <span class=\"_ _0\"></span>which <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>solidat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>com<span class=\"_ _7\"></span>panies apply <span class=\"_ _6\"></span>requir<span class=\"_ _2\"></span>ements <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>IFRS 17<span class=\"_ _7\"></span>. <span class=\"_ _6\"></span>This means <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>IFRS 17 <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>etrics <span class=\"_ _6\"></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>fulfi<span class=\"_ _7\"></span>lment <span class=\"_ _6\"></span>cash <span class=\"_ _6\"></span>flows, the Contra<span class=\"_ _7\"></span>ctual <span class=\"_ _7\"></span>Servic<span class=\"_ _7\"></span>e M<span class=\"_ _7\"></span>argin <span class=\"_ _7\"></span>(\u201cCSM<span class=\"_ _7\"></span>\u201d) a<span class=\"_ _7\"></span>nd lo<span class=\"_ _7\"></span>ss <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hould b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>available <span class=\"_ _2\"></span>at this <span class=\"_ _2\"></span>granula<span class=\"_ _7\"></span>rity<span class=\"_ _10\"></span>. <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>has <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>efin<span class=\"_ _7\"></span>ed por<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>os of insurance <span class=\"_ _6\"></span>and reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _6\"></span>issued based on the <span class=\"_ _6\"></span>Solvenc<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>II <span class=\"_ _6\"></span>struct<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re for <span class=\"_ _6\"></span>life, health and <span class=\"_ _6\"></span>P&amp;C insuranc<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>due<span class=\"_ _7\"></span> to the fac<span class=\"_ _7\"></span>t tha<span class=\"_ _7\"></span>t the pr<span class=\"_ _2\"></span>oducts are s<span class=\"_ _2\"></span>ubject to<span class=\"_ _7\"></span> simi<span class=\"_ _7\"></span>lar risks a<span class=\"_ _7\"></span>nd man<span class=\"_ _7\"></span>aged toget<span class=\"_ _2\"></span>her<span class=\"_ _10\"></span>.  In determi<span class=\"_ _2\"></span>ning gr<span class=\"_ _7\"></span>oups o<span class=\"_ _7\"></span>f co<span class=\"_ _7\"></span>ntracts, <span class=\"_ _2\"></span>VIG has d<span class=\"_ _7\"></span>ecided <span class=\"_ _2\"></span>to gro<span class=\"_ _2\"></span>up togeth<span class=\"_ _7\"></span>er t<span class=\"_ _7\"></span>hose con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>that wo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld fall<span class=\"_ _7\"></span> into<span class=\"_ _7\"></span> dif<span class=\"_ _2\"></span>ferent g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps only <span class=\"_ _4\"></span>beca<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se <span class=\"_ _4\"></span>law<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>specificall<span class=\"_ _2\"></span>y <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>rains <span class=\"_ _4\"></span>its <span class=\"_ _0\"></span>practical <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>bili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>set <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"></span>price <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>lev<span class=\"_ _7\"></span>el <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>benef<span class=\"_ _7\"></span>its <span class=\"_ _4\"></span>for policy<span class=\"_ _7\"></span>holders wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> dif<span class=\"_ _2\"></span>ferent <span class=\"_ _7\"></span>characte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>istics. <span class=\"_ _2\"></span> The <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _6\"></span>of c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _6\"></span>for which <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fair <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach <span class=\"_ _6\"></span>has <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>adopted <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>transition <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nclude <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _6\"></span>iss<span class=\"_ _7\"></span>ued <span class=\"_ _6\"></span>mor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> than one <span class=\"_ _7\"></span>yea<span class=\"_ _7\"></span>r apart. Pl<span class=\"_ _7\"></span>ease r<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>er to the t<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ansitio<span class=\"_ _7\"></span>n app<span class=\"_ _7\"></span>roac<span class=\"_ _7\"></span>h applied b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>VIG in ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pter T<span class=\"_ _e\"></span>ra<span class=\"_ _7\"></span>nsition st<span class=\"_ _7\"></span>arting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 49<span class=\"_ _7\"></span>. In <span class=\"_ _6\"></span>most cases, the <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>ofitabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>of grou<span class=\"_ _7\"></span>ps of c<span class=\"_ _6\"></span>ontracts ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>essed by <span class=\"_ _6\"></span>act<span class=\"_ _7\"></span>uarial ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>flow models and <span class=\"_ _6\"></span>prof<span class=\"_ _7\"></span>it<span class=\"_ _7\"></span>ability metri<span class=\"_ _7\"></span>cs that ta<span class=\"_ _2\"></span>ke<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nto co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>ration <span class=\"_ _7\"></span>existi<span class=\"_ _2\"></span>ng a<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>new <span class=\"_ _7\"></span>busin<span class=\"_ _7\"></span>ess. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or i<span class=\"_ _2\"></span>nsurance <span class=\"_ _2\"></span>contracts <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed a<span class=\"_ _7\"></span>pplyi<span class=\"_ _7\"></span>ng P<span class=\"_ _e\"></span>AA, i<span class=\"_ _7\"></span>t i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssum<span class=\"_ _7\"></span>ed t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at no <span class=\"_ _f\"> </span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>he <span class=\"_ _f\"> </span>po<span class=\"_ _7\"></span>rtfolio <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>initi<span class=\"_ _2\"></span>al <span class=\"_ _f\"> </span>re<span class=\"_ _2\"></span>cognition <span class=\"_ _4\"></span>un<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss <span class=\"_ _4\"> </span>facts <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>irc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ms<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ances <span class=\"_ _4\"> </span>indicat<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>ot<span class=\"_ _7\"></span>herwis<span class=\"_ _7\"></span>e. <span class=\"_ _4\"> </span>For contracts <span class=\"_ _10\"></span>that <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>onero<span class=\"_ _2\"></span>us, <span class=\"_ _2\"></span>it <span class=\"_ _7\"></span>has <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>be <span class=\"_ _2\"></span>assessed, <span class=\"_ _10\"></span>at <span class=\"_ _2\"></span>initial<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>recognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>signifi<span class=\"_ _7\"></span>cant <span class=\"_ _2\"></span>possibil<span class=\"_ _7\"></span>ity <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>becomi<span class=\"_ _7\"></span>ng onero<span class=\"_ _7\"></span>us <span class=\"_ _2\"></span>subse<span class=\"_ _7\"></span>quently <span class=\"_ _2\"></span>by <span class=\"_ _2\"></span>ass<span class=\"_ _7\"></span>essing <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>likeli<span class=\"_ _7\"></span>hood <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>changes<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pplica<span class=\"_ _7\"></span>ble <span class=\"_ _2\"></span>facts <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>irc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mst<span class=\"_ _7\"></span>ances.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Please <span class=\"_ _2\"></span>refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>chapter Onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s co<span class=\"_ _7\"></span>ntracts st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n pa<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e 152 fo<span class=\"_ _7\"></span>r furth<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r info<span class=\"_ _7\"></span>rmation on o<span class=\"_ _2\"></span>nero<span class=\"_ _7\"></span>us cont<span class=\"_ _7\"></span>racts.<span class=\"_ _7\"></span> <div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2235\">Portfoli<span class=\"_ _7\"></span>os of<span class=\"_ _7\"></span> reinsura<span class=\"_ _7\"></span>nce co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld ar<span class=\"_ _7\"></span>e divid<span class=\"_ _7\"></span>ed applyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> the same p<span class=\"_ _7\"></span>rinciples <span class=\"_ _7\"></span>set o<span class=\"_ _7\"></span>ut above, ex<span class=\"_ _2\"></span>ce<span class=\"_ _6\"></span>pt t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at the r<span class=\"_ _7\"></span>efer<span class=\"_ _2\"></span>ences </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2236\">to <span class=\"_ _0\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>refer <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>which <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span>re <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>net <span class=\"_ _0\"></span>gain <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>initial <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nition. <span class=\"_ _0\"></span>It <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>possibl<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>grou<span class=\"_ _7\"></span>p <span class=\"_ _1\"></span>of<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2237\">reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>racts held com<span class=\"_ _2\"></span>prises <span class=\"_ _7\"></span>a single <span class=\"_ _7\"></span>contract. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2238\">For the <span class=\"_ _6\"></span>consol<span class=\"_ _7\"></span>idated i<span class=\"_ _7\"></span>nsurance compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies, the dir<span class=\"_ _7\"></span>ect insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce and <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ptional rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce were gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ped i<span class=\"_ _7\"></span>nto <span class=\"_ _6\"></span>the foll<span class=\"_ _7\"></span>owing </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2239\">IFRS 17 po<span class=\"_ _7\"></span>rtfol<span class=\"_ _7\"></span>ios <span class=\"_ _7\"></span>for P&amp;C, <span class=\"_ _7\"></span>life and <span class=\"_ _7\"></span>healt<span class=\"_ _7\"></span>h insurance. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2851\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Life insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2852\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>With profi<span class=\"_ _7\"></span>t par<span class=\"_ _7\"></span>ticipa<span class=\"_ _7\"></span>tion  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2853\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Unit- a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>ndex-link<span class=\"_ _7\"></span>ed  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2854\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Ot<span class=\"_ _7\"></span>her  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2855\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Issue<span class=\"_ _7\"></span>d and <span class=\"_ _7\"></span>held T<span class=\"_ _e\"></span>reat<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2856\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Facult<span class=\"_ _7\"></span>ative is<span class=\"_ _7\"></span>sued r<span class=\"_ _2\"></span>einsura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2857\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Facult<span class=\"_ _7\"></span>ative <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld r<span class=\"_ _7\"></span>eins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2240\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Health ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2858\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Long<span class=\"_ _7\"></span>-term <span class=\"_ _7\"></span>healt<span class=\"_ _7\"></span>h insurance <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>simi<span class=\"_ _7\"></span>lar to lif<span class=\"_ _7\"></span>e)  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2859\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Issue<span class=\"_ _7\"></span>d and <span class=\"_ _7\"></span>held T<span class=\"_ _e\"></span>reat<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs285a\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty and c<span class=\"_ _7\"></span>asualt<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs285b\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Medi<span class=\"_ _7\"></span>cal expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>se i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs285c\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Incom<span class=\"_ _7\"></span>e pro<span class=\"_ _2\"></span>tection i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs285d\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>W<span class=\"_ _2\"></span>orkers\u2018 comp<span class=\"_ _7\"></span>ensatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ins<span class=\"_ _7\"></span>urance  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs285e\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Mo<span class=\"_ _7\"></span>tor vehicle l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ty insu<span class=\"_ _7\"></span>rance <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs285f\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Ot<span class=\"_ _7\"></span>her moto<span class=\"_ _7\"></span>r insur<span class=\"_ _7\"></span>ance  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2860\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Marin<span class=\"_ _7\"></span>e, aviatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> and <span class=\"_ _7\"></span>trans<span class=\"_ _7\"></span>port ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2861\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Fir<span class=\"_ _7\"></span>e and o<span class=\"_ _7\"></span>the<span class=\"_ _7\"></span>r damage <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o pro<span class=\"_ _7\"></span>per<span class=\"_ _7\"></span>ty ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2862\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Gene<span class=\"_ _7\"></span>ral liabil<span class=\"_ _7\"></span>ity i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2863\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>and sur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>tys<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ip ins<span class=\"_ _7\"></span>urance  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2864\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Leg<span class=\"_ _7\"></span>al exp<span class=\"_ _7\"></span>enses ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2865\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>As<span class=\"_ _7\"></span>sistance <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2866\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Mi<span class=\"_ _7\"></span>scellaneous f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nancial loss<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2867\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Issue<span class=\"_ _7\"></span>d and <span class=\"_ _7\"></span>held T<span class=\"_ _e\"></span>reat<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>einsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2868\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Facult<span class=\"_ _7\"></span>ative is<span class=\"_ _7\"></span>sued r<span class=\"_ _2\"></span>einsura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff4a fse fc3 sc0 ls5 ws2 gs2869\">\u2013 <span class=\"_ _1\"></span><span class=\"ff47\">Facultative <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance<span class=\"_ _2\"></span><span class=\"ff4a\"> </span></span></div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2250\">ONEROUS <span class=\"_ _7\"></span>CONTRA<span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>TS<span class=\"ff4a\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs286a\">Some <span class=\"_ _f\"> </span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _3\"> </span>iss<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ed <span class=\"_ _f\"> </span>befor<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _f\"> </span>period<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>starts <span class=\"_ _3\"> </span>and<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>the <span class=\"_ _f\"> </span>initial<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>mium <span class=\"_ _f\"> </span>becom<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>due. <span class=\"_ _f\"> </span>Therefor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _f\"> </span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2251\">consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>anies <span class=\"_ _0\"></span>determi<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>begi<span class=\"_ _7\"></span>nning <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>over<span class=\"_ _7\"></span>age <span class=\"_ _1\"></span>p<span class=\"_ _6\"></span>erio<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>or <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>time<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>rst </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2252\">payme<span class=\"_ _7\"></span>nt fr<span class=\"_ _2\"></span>om the <span class=\"_ _2\"></span>policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>n the <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>due, d<span class=\"_ _7\"></span>ependi<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>on which <span class=\"_ _7\"></span>occ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rs e<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rlier<span class=\"_ _e\"></span>, wh<span class=\"_ _7\"></span>ether <span class=\"_ _2\"></span>issued co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>constit<span class=\"_ _7\"></span>ute </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2253\">a g<span class=\"_ _7\"></span>roup <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>T<span class=\"_ _e\"></span>o i<span class=\"_ _7\"></span>dentify <span class=\"_ _7\"></span>whe<span class=\"_ _7\"></span>ther <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>grou<span class=\"_ _7\"></span>p <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontracts <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>onero<span class=\"_ _7\"></span>us, f<span class=\"_ _7\"></span>acts <span class=\"_ _2\"></span>and cir<span class=\"_ _2\"></span>cumsta<span class=\"_ _7\"></span>nces <span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> consi<span class=\"_ _7\"></span>der<span class=\"_ _2\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2254\">based on: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2256\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>pricing i<span class=\"_ _7\"></span>nformation, <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2257\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>results of <span class=\"_ _7\"></span>simi<span class=\"_ _7\"></span>lar con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>the gro<span class=\"_ _2\"></span>up has r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs286b\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>enviro<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ment<span class=\"_ _7\"></span>al facto<span class=\"_ _7\"></span>rs, like c<span class=\"_ _7\"></span>hang<span class=\"_ _7\"></span>es in ma<span class=\"_ _7\"></span>rket or <span class=\"_ _7\"></span>reg<span class=\"_ _7\"></span>ulatio<span class=\"_ _7\"></span>ns.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2259\">Further d<span class=\"_ _7\"></span>etail<span class=\"_ _7\"></span>s are dis<span class=\"_ _7\"></span>cuss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d in <span class=\"_ _7\"></span>chapter <span class=\"_ _7\"></span>Pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ntatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> starti<span class=\"_ _2\"></span>ng on page 160<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> </div>RECOGNI<span class=\"_ _7\"></span>TION<span class=\"_ _7\"></span> Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps of i<span class=\"_ _7\"></span>nsura<span class=\"_ _7\"></span>nce co<span class=\"_ _7\"></span>ntracts is<span class=\"_ _7\"></span>sued ha<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e to be r<span class=\"_ _2\"></span>ecognis<span class=\"_ _7\"></span>ed fr<span class=\"_ _2\"></span>om the earliest o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he fol<span class=\"_ _7\"></span>lowing: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The begin<span class=\"_ _7\"></span>ning of<span class=\"_ _7\"></span> the co<span class=\"_ _7\"></span>verage p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod of <span class=\"_ _7\"></span>the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p of con<span class=\"_ _7\"></span>tra<span class=\"_ _7\"></span>cts; <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The date w<span class=\"_ _7\"></span>hen th<span class=\"_ _7\"></span>e initial p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>yme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t from<span class=\"_ _7\"></span> a po<span class=\"_ _7\"></span>licyhol<span class=\"_ _7\"></span>der in <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>group of<span class=\"_ _7\"></span> cont<span class=\"_ _7\"></span>racts is <span class=\"_ _7\"></span>due, o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> when <span class=\"_ _7\"></span>the fi<span class=\"_ _7\"></span>rst pa<span class=\"_ _7\"></span>yment is rec<span class=\"_ _7\"></span>eived if<span class=\"_ _7\"></span> there is<span class=\"_ _7\"></span> no d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e dat<span class=\"_ _7\"></span>e; or <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>For a gro<span class=\"_ _2\"></span>up of onero<span class=\"_ _2\"></span>us contra<span class=\"_ _7\"></span>cts, <span class=\"_ _7\"></span>as soon <span class=\"_ _7\"></span>as facts <span class=\"_ _7\"></span>and cir<span class=\"_ _2\"></span>cumstan<span class=\"_ _7\"></span>ces i<span class=\"_ _7\"></span>ndicate th<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p is o<span class=\"_ _7\"></span>nero<span class=\"_ _2\"></span>us.  Propo<span class=\"_ _7\"></span>rtio<span class=\"_ _7\"></span>nal <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>non-pro<span class=\"_ _2\"></span>portional <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps <span class=\"_ _2\"></span>of r<span class=\"_ _2\"></span>einsurance<span class=\"_ _2\"></span> co<span class=\"_ _7\"></span>ntracts <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>eld <span class=\"_ _2\"></span>have <span class=\"_ _2\"></span>to b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>the l<span class=\"_ _7\"></span>atest<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>the fo<span class=\"_ _7\"></span>llo<span class=\"_ _7\"></span>win<span class=\"_ _7\"></span>g:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The begin<span class=\"_ _7\"></span>ning of<span class=\"_ _7\"></span> the co<span class=\"_ _7\"></span>verage p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod of <span class=\"_ _7\"></span>the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>insu<span class=\"_ _2\"></span>rance contr<span class=\"_ _7\"></span>acts h<span class=\"_ _7\"></span>eld or<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The date t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e consoli<span class=\"_ _7\"></span>dated i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance com<span class=\"_ _7\"></span>panies <span class=\"_ _2\"></span>recognise <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>nerous g<span class=\"_ _2\"></span>roup o<span class=\"_ _7\"></span>f und<span class=\"_ _7\"></span>erlying ins<span class=\"_ _2\"></span>urance co<span class=\"_ _7\"></span>ntracts if<span class=\"_ _7\"></span> the consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>nies en<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>nto the r<span class=\"_ _7\"></span>elated r<span class=\"_ _2\"></span>einsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>act hel<span class=\"_ _7\"></span>d in th<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of r<span class=\"_ _7\"></span>ei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce contracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld at o<span class=\"_ _2\"></span>r be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e that da<span class=\"_ _7\"></span>te. Additionally<span class=\"_ _e\"></span>, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>re<span class=\"_ _2\"></span>cognition <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>propo<span class=\"_ _2\"></span>rtional <span class=\"_ _4\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>f <span class=\"_ _4\"></span>rei<span class=\"_ _2\"></span>nsurance <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _4\"></span>held <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>d<span class=\"_ _2\"></span>elayed <span class=\"_ _4\"></span>until <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>date <span class=\"_ _4\"></span>w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>en <span class=\"_ _4\"> </span>any underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>insurance <span class=\"_ _6\"></span>contract <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>itiall<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised, <span class=\"_ _1\"></span>if <span class=\"_ _1\"></span>that <span class=\"_ _6\"></span>date <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>later <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>han <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>beginni<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>coverage <span class=\"_ _6\"></span>period <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the gro<span class=\"_ _7\"></span>up of r<span class=\"_ _2\"></span>ein<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> held.<span class=\"_ _2\"></span> New <span class=\"_ _0\"></span>contra<span class=\"_ _6\"></span>cts <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>added <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>group <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>reporting <span class=\"_ _0\"></span>period <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>contract <span class=\"_ _0\"></span>meets <span class=\"_ _0\"></span>one <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>criter<span class=\"_ _6\"></span>ia <span class=\"_ _0\"></span>set <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>ut above. CONTRAC<span class=\"_ _7\"></span>T BOUND<span class=\"_ _7\"></span>ARY<span class=\"_ _7\"></span> The measur<span class=\"_ _2\"></span>ement of a gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance co<span class=\"_ _7\"></span>ntracts incl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>des all futur<span class=\"_ _7\"></span>e cash flows within<span class=\"_ _7\"></span> the bounda<span class=\"_ _7\"></span>ry of <span class=\"_ _6\"></span>eac<span class=\"_ _7\"></span>h contract <span class=\"_ _7\"></span>in the gro<span class=\"_ _2\"></span>up. Cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>lows <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>within <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>boun<span class=\"_ _7\"></span>dary o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>an ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ran<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract <span class=\"_ _2\"></span>if <span class=\"_ _7\"></span>they<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ise <span class=\"_ _7\"></span>fro<span class=\"_ _7\"></span>m <span class=\"_ _7\"></span>substa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tive <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ights <span class=\"_ _2\"></span>and o<span class=\"_ _7\"></span>bligatio<span class=\"_ _7\"></span>ns that <span class=\"_ _4\"></span>exis<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>d<span class=\"_ _7\"></span>uring <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>eporting <span class=\"_ _0\"></span>period <span class=\"_ _0\"></span>in <span class=\"_ _4\"> </span>which <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>pol<span class=\"_ _7\"></span>icyh<span class=\"_ _7\"></span>older <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>an <span class=\"_ _0\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>com<span class=\"_ _2\"></span>pelled <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>pay <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>p<span class=\"_ _7\"></span>remiu<span class=\"_ _7\"></span>ms, <span class=\"_ _0\"></span>or <span class=\"_ _4\"></span>in <span class=\"_ _0\"></span>which <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span> substanti<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>oblig<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>exists <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ide<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>policyholde<span class=\"_ _7\"></span>r <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntract <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>ervices. <span class=\"_ _10\"></span>A <span class=\"_ _2\"></span>subst<span class=\"_ _7\"></span>antive <span class=\"_ _10\"></span>obliga<span class=\"_ _7\"></span>tion <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>provi<span class=\"_ _2\"></span>de insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices en<span class=\"_ _7\"></span>ds wh<span class=\"_ _7\"></span>en:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ctical po<span class=\"_ _7\"></span>ssibi<span class=\"_ _7\"></span>lity exists <span class=\"_ _2\"></span>to re<span class=\"_ _7\"></span>assess t<span class=\"_ _7\"></span>he risks o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he pa<span class=\"_ _7\"></span>rticular pol<span class=\"_ _7\"></span>icyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> and, <span class=\"_ _7\"></span>as a r<span class=\"_ _2\"></span>esult, a p<span class=\"_ _7\"></span>rice or le<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>el of benefits c<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span> be se<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> tha<span class=\"_ _7\"></span>t fully r<span class=\"_ _2\"></span>eflects thos<span class=\"_ _7\"></span>e risks; o<span class=\"_ _2\"></span>r both of t<span class=\"_ _7\"></span>he follo<span class=\"_ _7\"></span>wing crit<span class=\"_ _7\"></span>eria ar<span class=\"_ _2\"></span>e satisfied: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>the pr<span class=\"_ _7\"></span>actical abil<span class=\"_ _7\"></span>ity exi<span class=\"_ _2\"></span>sts to reass<span class=\"_ _7\"></span>ess t<span class=\"_ _7\"></span>he r<span class=\"_ _6\"></span>isks o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he portfoli<span class=\"_ _7\"></span>o of<span class=\"_ _7\"></span> insurance con<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>racts t<span class=\"_ _7\"></span>hat cont<span class=\"_ _7\"></span>ain the con<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ract <span class=\"_ _7\"></span>and, as<span class=\"_ _7\"></span> a res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt, a pric<span class=\"_ _2\"></span>e or<span class=\"_ _6\"></span> le<span class=\"_ _7\"></span>vel o<span class=\"_ _7\"></span>f benefits<span class=\"_ _7\"></span> can <span class=\"_ _7\"></span>be set t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at fully r<span class=\"_ _2\"></span>eflects th<span class=\"_ _7\"></span>e risk of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at por<span class=\"_ _7\"></span>tfoli<span class=\"_ _7\"></span>o; as well as<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>the <span class=\"_ _1\"></span>prici<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>of t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>pr<span class=\"_ _7\"></span>emi<span class=\"_ _7\"></span>ums <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>date <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>risks <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>assessed <span class=\"_ _6\"></span>does <span class=\"_ _6\"></span>not <span class=\"_ _0\"></span>take<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>into <span class=\"_ _1\"></span>acco<span class=\"_ _7\"></span>unt <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>risks <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>hat<span class=\"_ _7\"></span> relat<span class=\"_ _7\"></span>e to p<span class=\"_ _7\"></span>eriods <span class=\"_ _7\"></span>after t<span class=\"_ _7\"></span>he reass<span class=\"_ _2\"></span>essment d<span class=\"_ _7\"></span>ate. <span class=\"_ _2\"></span> A <span class=\"_ _f\"> </span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _f\"> </span>or <span class=\"_ _3\"> </span>ass<span class=\"_ _7\"></span>et <span class=\"_ _f\"> </span>relating <span class=\"_ _4\"> </span>to <span class=\"_ _f\"> </span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ected <span class=\"_ _f\"> </span>pr<span class=\"_ _7\"></span>emi<span class=\"_ _7\"></span>ums <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>claims<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>outside <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>bou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dary <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _f\"> </span>co<span class=\"_ _7\"></span>ntract <span class=\"_ _f\"> </span>ar<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>not<span class=\"_ _7\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>as thes<span class=\"_ _7\"></span>e amo<span class=\"_ _7\"></span>unts r<span class=\"_ _2\"></span>elate<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>to futu<span class=\"_ _7\"></span>re ins<span class=\"_ _2\"></span>urance cont<span class=\"_ _7\"></span>racts. <span class=\"_ _2\"></span> For <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _6\"></span>with <span class=\"_ _6\"></span>ren<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>wal <span class=\"_ _6\"></span>periods<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>it <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>assess<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>whether<span class=\"_ _7\"></span> premiums<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>rela<span class=\"_ _7\"></span>ted <span class=\"_ _6\"></span>cash flows <span class=\"_ _6\"></span>that ar<span class=\"_ _6\"></span>ise <span class=\"_ _6\"></span>fro<span class=\"_ _2\"></span>m <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>newed contract <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>wit<span class=\"_ _7\"></span>hin <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>ct <span class=\"_ _4\"></span>bo<span class=\"_ _7\"></span>undary<span class=\"_ _e\"></span>. <span class=\"_ _4\"></span>The <span class=\"_ _0\"></span>pr<span class=\"_ _6\"></span>ici<span class=\"_ _7\"></span>ng <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>enewals <span class=\"_ _0\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hich <span class=\"_ _4\"></span>IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>applied, <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>establis<span class=\"_ _7\"></span>hed <span class=\"_ _4\"></span>by<span class=\"_ _7\"></span> consid<span class=\"_ _7\"></span>ering all the r<span class=\"_ _6\"></span>isks cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d for the policyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> that would be consid<span class=\"_ _2\"></span>ered whe<span class=\"_ _7\"></span>n underwriting eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ivale<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t contracts<span class=\"_ _7\"></span> on the re<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ew<span class=\"_ _7\"></span>al dates f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e rem<span class=\"_ _7\"></span>aini<span class=\"_ _7\"></span>ng servi<span class=\"_ _7\"></span>ce. The <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntract bo<span class=\"_ _7\"></span>undary <span class=\"_ _7\"></span>of ea<span class=\"_ _7\"></span>ch gro<span class=\"_ _7\"></span>up of<span class=\"_ _7\"></span> cont<span class=\"_ _7\"></span>racts is <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>assess<span class=\"_ _7\"></span>ed at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e end <span class=\"_ _2\"></span>of each r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting pe<span class=\"_ _7\"></span>riod.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> <div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2891\">INITIAL ME<span class=\"_ _7\"></span>ASURE<span class=\"_ _7\"></span>MENT<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs2892\">Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>not m<span class=\"_ _7\"></span>easured<span class=\"_ _7\"></span> under P<span class=\"_ _10\"></span>AA </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2893\">The GMM m<span class=\"_ _7\"></span>eas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>res <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> gro<span class=\"_ _2\"></span>up of ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>as th<span class=\"_ _7\"></span>e total <span class=\"_ _7\"></span>of:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2894\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>ulfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows a<span class=\"_ _7\"></span>nd  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2895\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> C<span class=\"_ _7\"></span>SM, r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>ese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ting th<span class=\"_ _7\"></span>e unea<span class=\"_ _7\"></span>rned prof<span class=\"_ _7\"></span>it t<span class=\"_ _7\"></span>he consolid<span class=\"_ _2\"></span>ated i<span class=\"_ _7\"></span>nsurance com<span class=\"_ _2\"></span>panies <span class=\"_ _7\"></span>will r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cognis<span class=\"_ _7\"></span>e as th<span class=\"_ _7\"></span>ey pr<span class=\"_ _7\"></span>ovide </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2896\">insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ance con<span class=\"_ _7\"></span>tracts <span class=\"_ _7\"></span>in the gro<span class=\"_ _2\"></span>up.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2897\">The fulf<span class=\"_ _7\"></span>ilment cas<span class=\"_ _2\"></span>h flows co<span class=\"_ _7\"></span>nsist of:<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2898\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>unbiased a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d pr<span class=\"_ _7\"></span>oba<span class=\"_ _7\"></span>bility-<span class=\"_ _7\"></span>weighted esti<span class=\"_ _7\"></span>ma<span class=\"_ _7\"></span>tes of fu<span class=\"_ _7\"></span>ture <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h fl<span class=\"_ _7\"></span>ows,  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2899\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>a disco<span class=\"_ _7\"></span>unt to pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sent <span class=\"_ _7\"></span>value <span class=\"_ _7\"></span>to refl<span class=\"_ _7\"></span>ect t<span class=\"_ _7\"></span>he time <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of<span class=\"_ _7\"></span> mone<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> and fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial risks, <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs289a\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus a risk <span class=\"_ _7\"></span>adjustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t fo<span class=\"_ _7\"></span>r non-f<span class=\"_ _7\"></span>inanci<span class=\"_ _7\"></span>al risks. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs289b\">The objectiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in estim<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ting futu<span class=\"_ _7\"></span>re c<span class=\"_ _7\"></span>ash flows is<span class=\"_ _7\"></span> to determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e the expec<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e or the pr<span class=\"_ _7\"></span>ob<span class=\"_ _7\"></span>ability-weig<span class=\"_ _2\"></span>hted mean <span class=\"_ _7\"></span>value o<span class=\"_ _7\"></span>f </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs289c\">the full range o<span class=\"_ _7\"></span>f poss<span class=\"_ _7\"></span>ible outcom<span class=\"_ _7\"></span>es, consid<span class=\"_ _7\"></span>ering all<span class=\"_ _7\"></span> reaso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>able an<span class=\"_ _7\"></span>d support<span class=\"_ _7\"></span>able inform<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n available at the r<span class=\"_ _2\"></span>eporting d<span class=\"_ _7\"></span>ate </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs289d\">without <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ndue <span class=\"_ _1\"></span>cost <span class=\"_ _0\"></span>or <span class=\"_ _1\"></span>eff<span class=\"_ _7\"></span>ort. <span class=\"_ _1\"></span>Future <span class=\"_ _1\"></span>cash <span class=\"_ _0\"></span>flows<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>onsid<span class=\"_ _7\"></span>ering <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>range<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>sce<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>arios <span class=\"_ _1\"></span>which <span class=\"_ _1\"></span>have <span class=\"_ _1\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nomical<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs289e\">substance <span class=\"_ _0\"></span>and <span class=\"_ _4\"> </span>give <span class=\"_ _4\"> </span>a <span class=\"_ _f\"> </span>g<span class=\"_ _7\"></span>ood<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>re<span class=\"_ _7\"></span>pres<span class=\"_ _7\"></span>entatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>possible <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>utcomes. <span class=\"_ _4\"> </span>The <span class=\"_ _4\"></span>cas<span class=\"_ _7\"></span>h <span class=\"_ _4\"> </span>flows <span class=\"_ _4\"> </span>from<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>each <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>cenario <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>babilit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs289f\">weighte<span class=\"_ _7\"></span>d and disco<span class=\"_ _2\"></span>unted usi<span class=\"_ _7\"></span>ng curr<span class=\"_ _2\"></span>ent ass<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>ns.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28a0\">When <span class=\"_ _7\"></span>estimati<span class=\"_ _7\"></span>ng futur<span class=\"_ _2\"></span>e cash fl<span class=\"_ _7\"></span>ows, all cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows <span class=\"_ _2\"></span>with<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n the cont<span class=\"_ _7\"></span>ract <span class=\"_ _7\"></span>boundar<span class=\"_ _7\"></span>y are <span class=\"_ _2\"></span>con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d for ex<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mple:<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28a1\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>premiums <span class=\"_ _2\"></span>and any a<span class=\"_ _7\"></span>ddition<span class=\"_ _7\"></span>al rel<span class=\"_ _7\"></span>ated <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows, <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28a2\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>claims and b<span class=\"_ _2\"></span>enefits, incl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ding r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rted cl<span class=\"_ _7\"></span>aims not <span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>et paid, i<span class=\"_ _2\"></span>ncurred <span class=\"_ _7\"></span>claims<span class=\"_ _7\"></span> not y<span class=\"_ _7\"></span>et r<span class=\"_ _7\"></span>eported <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>claims </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28a3\">including: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28a4\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>paym<span class=\"_ _7\"></span>ents to pol<span class=\"_ _7\"></span>icy<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>olde<span class=\"_ _7\"></span>rs that v<span class=\"_ _7\"></span>ary depe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding on <span class=\"_ _2\"></span>returns of unde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>lyi<span class=\"_ _7\"></span>ng items a<span class=\"_ _7\"></span>nd  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28a5\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>all<span class=\"_ _7\"></span>ocation of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n costs at<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ribut<span class=\"_ _7\"></span>able to <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>ortfolio<span class=\"_ _7\"></span> to which <span class=\"_ _7\"></span>the cont<span class=\"_ _7\"></span>ract b<span class=\"_ _7\"></span>elongs.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28a6\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>claims han<span class=\"_ _7\"></span>dling costs<span class=\"_ _7\"></span>,  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28a7\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>policy adm<span class=\"_ _7\"></span>inistratio<span class=\"_ _2\"></span>n and maint<span class=\"_ _7\"></span>enanc<span class=\"_ _7\"></span>e costs, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uding r<span class=\"_ _7\"></span>ecurring <span class=\"_ _7\"></span>commi<span class=\"_ _7\"></span>ssions t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at ar<span class=\"_ _2\"></span>e e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>pecte<span class=\"_ _7\"></span>d to b<span class=\"_ _7\"></span>e paid to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28a8\">intermedi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ries, <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28a9\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>allocation of f<span class=\"_ _7\"></span>ixed <span class=\"_ _7\"></span>and vari<span class=\"_ _2\"></span>ab<span class=\"_ _6\"></span>le o<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erhea<span class=\"_ _7\"></span>ds dir<span class=\"_ _7\"></span>ectly <span class=\"_ _7\"></span>attrib<span class=\"_ _7\"></span>utable to fulf<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ing insura<span class=\"_ _7\"></span>nce cont<span class=\"_ _7\"></span>racts, <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28aa\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>transactio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-based <span class=\"_ _7\"></span>taxes.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ab\">The meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> of f<span class=\"_ _7\"></span>ulfilm<span class=\"_ _7\"></span>ent cas<span class=\"_ _2\"></span>h flows i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cludes<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quis<span class=\"_ _7\"></span>ition <span class=\"_ _7\"></span>costs t<span class=\"_ _7\"></span>hat <span class=\"_ _7\"></span>are<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised as <span class=\"_ _7\"></span>an <span class=\"_ _7\"></span>expens<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>ver the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ac\">coverage <span class=\"_ _e\"></span>period <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _10\"></span>contrac<span class=\"_ _7\"></span>ts. <span class=\"_ _2\"></span>At <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>same <span class=\"_ _10\"></span>time <span class=\"_ _2\"></span>an<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>equal <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>recor<span class=\"_ _2\"></span>ded <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>re<span class=\"_ _7\"></span>venue <span class=\"_ _10\"></span>repr<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>enting </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ad\">a portio<span class=\"_ _7\"></span>n of pr<span class=\"_ _2\"></span>emium that r<span class=\"_ _2\"></span>elates to r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>cove<span class=\"_ _7\"></span>ring insu<span class=\"_ _7\"></span>rance a<span class=\"_ _7\"></span>cquisi<span class=\"_ _7\"></span>tion <span class=\"_ _7\"></span>costs. <span class=\"_ _7\"></span> </div>Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>red u<span class=\"_ _7\"></span>nder P<span class=\"_ _7\"></span>AA VIG applies <span class=\"_ _2\"></span>the pr<span class=\"_ _7\"></span>emium <span class=\"_ _7\"></span>allocatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> appr<span class=\"_ _7\"></span>oa<span class=\"_ _7\"></span>ch (P<span class=\"_ _10\"></span>AA) at l<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>st to<span class=\"_ _7\"></span> all short<span class=\"_ _7\"></span>-term P&amp;C<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts th<span class=\"_ _7\"></span>at it issu<span class=\"_ _7\"></span>es, as: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> co<span class=\"_ _2\"></span>verage perio<span class=\"_ _7\"></span>d of ea<span class=\"_ _7\"></span>ch co<span class=\"_ _7\"></span>ntract in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up is one <span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ear o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> less, i<span class=\"_ _7\"></span>ncludi<span class=\"_ _7\"></span>ng insur<span class=\"_ _7\"></span>ance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vices a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ising fr<span class=\"_ _2\"></span>om all pr<span class=\"_ _7\"></span>emiums <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>hin the co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract bo<span class=\"_ _2\"></span>undary (r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fer to c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>apte<span class=\"_ _7\"></span>r Cont<span class=\"_ _7\"></span>ract bo<span class=\"_ _7\"></span>undar<span class=\"_ _7\"></span>y starti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _2\"></span>e 153), or \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>for contrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s longe<span class=\"_ _7\"></span>r than o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e ye<span class=\"_ _7\"></span>ar<span class=\"_ _10\"></span>, VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> has model<span class=\"_ _7\"></span>led <span class=\"_ _7\"></span>possib<span class=\"_ _2\"></span>le future s<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>enario<span class=\"_ _7\"></span>s and <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ssum<span class=\"_ _7\"></span>es that <span class=\"_ _7\"></span>the me<span class=\"_ _7\"></span>asurem<span class=\"_ _2\"></span>ent of the liabi<span class=\"_ _7\"></span>lity for r<span class=\"_ _2\"></span>emaining co<span class=\"_ _2\"></span>ver<span class=\"_ _6\"></span>ag<span class=\"_ _7\"></span>e for th<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>up<span class=\"_ _6\"></span> co<span class=\"_ _7\"></span>ntaini<span class=\"_ _7\"></span>ng those <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts und<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r the P<span class=\"_ _e\"></span>AA does <span class=\"_ _7\"></span>not dif<span class=\"_ _2\"></span>fer materi<span class=\"_ _7\"></span>ally fro<span class=\"_ _7\"></span>m the meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement <span class=\"_ _7\"></span>that <span class=\"_ _7\"></span>would r<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>ult from<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>applic<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n of the <span class=\"_ _7\"></span>GMM. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> assess<span class=\"_ _7\"></span>ing ma<span class=\"_ _7\"></span>teriali<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>, VIG <span class=\"_ _7\"></span>has also<span class=\"_ _7\"></span> consid<span class=\"_ _7\"></span>ered q<span class=\"_ _2\"></span>ua<span class=\"_ _6\"></span>litati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e facto<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s suc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> as th<span class=\"_ _7\"></span>e nature o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the risk <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd types <span class=\"_ _7\"></span>of its <span class=\"_ _7\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce por<span class=\"_ _7\"></span>tfoli<span class=\"_ _7\"></span>os.  The <span class=\"_ _0\"></span>P<span class=\"_ _10\"></span>AA <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>applied <span class=\"_ _1\"></span>if, <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>initial <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>nition <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>signif<span class=\"_ _7\"></span>icant <span class=\"_ _1\"></span>variabil<span class=\"_ _7\"></span>ity <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>fulfil<span class=\"_ _7\"></span>ment <span class=\"_ _1\"></span>cash flows <span class=\"_ _1\"></span>is <span class=\"_ _0\"></span>expected <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>hat <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>ould <span class=\"_ _1\"></span>affect<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>emai<span class=\"_ _7\"></span>ning <span class=\"_ _0\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _0\"></span>(LRC<span class=\"_ _7\"></span>) <span class=\"_ _0\"></span>during <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>peri<span class=\"_ _7\"></span>od before <span class=\"_ _2\"></span>a claim is i<span class=\"_ _7\"></span>ncurre<span class=\"_ _2\"></span>d. V<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ability in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he fulfi<span class=\"_ _7\"></span>lment c<span class=\"_ _2\"></span>ash<span class=\"_ _6\"></span> flo<span class=\"_ _2\"></span>ws incre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ses <span class=\"_ _7\"></span>with, fo<span class=\"_ _7\"></span>r exampl<span class=\"_ _7\"></span>e:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ext<span class=\"_ _2\"></span>ent of futur<span class=\"_ _2\"></span>e cash flows <span class=\"_ _2\"></span>related <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o a<span class=\"_ _7\"></span>ny<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>derivati<span class=\"_ _7\"></span>ves em<span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>dded i<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he contracts <span class=\"_ _2\"></span>and  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> l<span class=\"_ _7\"></span>ength of t<span class=\"_ _2\"></span>he coverag<span class=\"_ _7\"></span>e period o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of <span class=\"_ _7\"></span>contr<span class=\"_ _7\"></span>acts.  For a gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of co<span class=\"_ _7\"></span>ntracts t<span class=\"_ _7\"></span>hat is not o<span class=\"_ _2\"></span>nero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s at i<span class=\"_ _7\"></span>nitial re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ogni<span class=\"_ _7\"></span>tion, t<span class=\"_ _7\"></span>he liability fo<span class=\"_ _2\"></span>r remai<span class=\"_ _7\"></span>ning co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e is meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed as: <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> pr<span class=\"_ _2\"></span>emiums, i<span class=\"_ _7\"></span>f a<span class=\"_ _7\"></span>ny<span class=\"_ _10\"></span>, r<span class=\"_ _7\"></span>eceived at i<span class=\"_ _2\"></span>nitial re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus any ins<span class=\"_ _2\"></span>urance acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on cash flo<span class=\"_ _2\"></span>ws at that d<span class=\"_ _7\"></span>ate,<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus or mi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>us a<span class=\"_ _7\"></span>ny amoun<span class=\"_ _7\"></span>t aris<span class=\"_ _7\"></span>ing fro<span class=\"_ _7\"></span>m t<span class=\"_ _7\"></span>he der<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nition at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at da<span class=\"_ _7\"></span>te of As a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ass<span class=\"_ _7\"></span>et r<span class=\"_ _7\"></span>ecognised i<span class=\"_ _2\"></span>nsurance <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cquisi<span class=\"_ _7\"></span>tion costs<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>any other ass<span class=\"_ _2\"></span>ets or li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>pre<span class=\"_ _7\"></span>viously r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised f<span class=\"_ _7\"></span>or cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows prio<span class=\"_ _7\"></span>r to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _7\"></span>n of t<span class=\"_ _7\"></span>he gr<span class=\"_ _7\"></span>oup of<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance contracts. <span class=\"_ _2\"></span> Wher<span class=\"_ _7\"></span>e  facts <span class=\"_ _d\"> </span>and  cir<span class=\"_ _7\"></span>cumst<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nces  in<span class=\"_ _7\"></span>dicate  t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at  con<span class=\"_ _7\"></span>tracts <span class=\"_ _d\"> </span>are  o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ero<span class=\"_ _7\"></span>us  at  initi<span class=\"_ _7\"></span>al  r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _7\"></span>n,  additi<span class=\"_ _7\"></span>onal  an<span class=\"_ _7\"></span>alysis  h<span class=\"_ _7\"></span>elps determini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>if <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>et <span class=\"_ _0\"></span>out<span class=\"_ _6\"></span>flo<span class=\"_ _2\"></span>w <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>expected <span class=\"_ _0\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>contract. <span class=\"_ _1\"></span>Su<span class=\"_ _6\"></span>ch <span class=\"_ _0\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>separately <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>uped <span class=\"_ _0\"></span>from <span class=\"_ _1\"></span>other contracts <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>loss <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pr<span class=\"_ _7\"></span>ofit <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>outflow<span class=\"_ _2\"></span>, <span class=\"_ _6\"></span>resulting<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>book <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>being equal to th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>fulfilm<span class=\"_ _7\"></span>ent ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>flows. A loss component <span class=\"_ _6\"></span>is esta<span class=\"_ _6\"></span>blis<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>d for <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>for remaining cov<span class=\"_ _7\"></span>erage for such <span class=\"_ _1\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>group <span class=\"_ _6\"></span>de<span class=\"_ _6\"></span>picti<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>losses <span class=\"_ _6\"></span>recognise<span class=\"_ _2\"></span>d. <span class=\"_ _0\"></span>For <span class=\"_ _1\"></span>additional <span class=\"_ _6\"></span>d<span class=\"_ _6\"></span>isclo<span class=\"_ _7\"></span>sur<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>component, <span class=\"_ _1\"></span>please <span class=\"_ _1\"></span>refe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>to chapter P<span class=\"_ _2\"></span>resentatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on <span class=\"_ _7\"></span>page 16<span class=\"_ _7\"></span>0 a<span class=\"_ _7\"></span>nd for one<span class=\"_ _7\"></span>rous <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontracts to <span class=\"_ _2\"></span>chapte<span class=\"_ _7\"></span>r Oner<span class=\"_ _7\"></span>ous co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on pag<span class=\"_ _2\"></span>e 152.<span class=\"_ _7\"></span> For <span class=\"_ _2\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _10\"></span>measur<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>using <span class=\"_ _e\"></span>the <span class=\"_ _2\"></span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _10\"></span>VIG<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>acco<span class=\"_ _7\"></span>unting <span class=\"_ _10\"></span>polic<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>does <span class=\"_ _10\"></span>not, <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>gener<span class=\"_ _7\"></span>al, <span class=\"_ _10\"></span>permit <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>liability <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>remaini<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>coverag<span class=\"_ _7\"></span>e (LRC) to be m<span class=\"_ _2\"></span>easur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d usi<span class=\"_ _7\"></span>ng dis<span class=\"_ _7\"></span>counted <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ash fl<span class=\"_ _7\"></span>ows, <span class=\"_ _7\"></span>unless t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of <span class=\"_ _2\"></span>contracts is o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> <div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs28cc\">Reinsuran<span class=\"_ _7\"></span>ce co<span class=\"_ _7\"></span>ntracts h<span class=\"_ _7\"></span>eld </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28cd\">Reinsura<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>contr<span class=\"_ _7\"></span>acts <span class=\"_ _0\"></span>held <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>measu<span class=\"_ _7\"></span>red <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>same <span class=\"_ _1\"></span>ba<span class=\"_ _6\"></span>sis <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>nsurance <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>ts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ce\">issued. Ho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ev<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>, the<span class=\"_ _7\"></span>y are <span class=\"_ _2\"></span>adapted to <span class=\"_ _2\"></span>reflect t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e feat<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es of <span class=\"_ _2\"></span>reinsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce co<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld th<span class=\"_ _7\"></span>at dif<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> fro<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28cf\">issued, for <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xam<span class=\"_ _7\"></span>ple t<span class=\"_ _7\"></span>he gener<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n of expens<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s or r<span class=\"_ _2\"></span>eduction<span class=\"_ _7\"></span> in exp<span class=\"_ _7\"></span>enses r<span class=\"_ _7\"></span>ather t<span class=\"_ _7\"></span>han income. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28d0\">A <span class=\"_ _6\"></span>loss <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>recog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>initial recog<span class=\"_ _7\"></span>nitio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of an <span class=\"_ _6\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>of underlying <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>contracts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>when <span class=\"_ _6\"></span>furthe<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>nerous<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28d1\">underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g insurance co<span class=\"_ _7\"></span>ntracts are added to a <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p. Furthermor<span class=\"_ _2\"></span>e, <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>loss<span class=\"_ _7\"></span>-r<span class=\"_ _7\"></span>ecover<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>nent <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>et <span class=\"_ _6\"></span>for remai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28d2\">coverage i<span class=\"_ _7\"></span>s est<span class=\"_ _7\"></span>ablish<span class=\"_ _7\"></span>ed for a g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of r<span class=\"_ _7\"></span>ei<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontracts<span class=\"_ _2\"></span> h<span class=\"_ _6\"></span>eld d<span class=\"_ _7\"></span>epicting t<span class=\"_ _2\"></span>he recov<span class=\"_ _7\"></span>ery of l<span class=\"_ _7\"></span>osses. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28d3\">The loss-r<span class=\"_ _7\"></span>ecove<span class=\"_ _6\"></span>ry component is calculated by<span class=\"_ _6\"></span> multiplying th<span class=\"_ _6\"></span>e loss r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cognised on<span class=\"_ _6\"></span> the u<span class=\"_ _6\"></span>nderlying insurance<span class=\"_ _6\"></span> contracts and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28d4\">the percentage <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>claims on <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>un<span class=\"_ _6\"></span>derlying <span class=\"_ _7\"></span>insurance co<span class=\"_ _7\"></span>ntr<span class=\"_ _6\"></span>acts, <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e consoli<span class=\"_ _7\"></span>dated insuranc<span class=\"_ _6\"></span>e com<span class=\"_ _7\"></span>panies <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xpect to <span class=\"_ _2\"></span>recover </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28d5\">fro<span class=\"_ _7\"></span>m the gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of r<span class=\"_ _7\"></span>einsuran<span class=\"_ _7\"></span>ce contra<span class=\"_ _7\"></span>cts held. Whe<span class=\"_ _7\"></span>re onl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> some contr<span class=\"_ _7\"></span>acts in the o<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us underl<span class=\"_ _7\"></span>ying gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> covere<span class=\"_ _2\"></span>d by </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28d6\">the <span class=\"_ _4\"> </span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>rei<span class=\"_ _2\"></span>nsurance <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>held, <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>syst<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ma<span class=\"_ _7\"></span>tic <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ational <span class=\"_ _0\"></span>method <span class=\"_ _4\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>used <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>determi<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>po<span class=\"_ _7\"></span>rtion <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>losses </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28d7\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>nderlying<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>insurance<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>insuranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>vered<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28d8\">contracts <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eld. T<span class=\"_ _7\"></span>he lo<span class=\"_ _7\"></span>ss-re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>overy co<span class=\"_ _2\"></span>mponent a<span class=\"_ _7\"></span>djusts <span class=\"_ _7\"></span>the ca<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>rying <span class=\"_ _7\"></span>amount of t<span class=\"_ _2\"></span>he asset fo<span class=\"_ _7\"></span>r r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>ning cov<span class=\"_ _7\"></span>erage. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28d9\">Wher<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>ent<span class=\"_ _7\"></span>ers <span class=\"_ _0\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>contracts <span class=\"_ _1\"></span>held <span class=\"_ _0\"></span>which <span class=\"_ _1\"></span>provid<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>coverag<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>rela<span class=\"_ _7\"></span>ting <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>eve<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>occu<span class=\"_ _7\"></span>rred <span class=\"_ _1\"></span>before <span class=\"_ _1\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28da\">purch<span class=\"_ _7\"></span>ase of t<span class=\"_ _2\"></span>he rei<span class=\"_ _7\"></span>nsurance, s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ch cos<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> of r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce is re<span class=\"_ _2\"></span>cognised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> prof<span class=\"_ _7\"></span>it or loss<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n initial r<span class=\"_ _2\"></span>ecognition.<span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs28db\">SUBSEQUEN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> MEA<span class=\"_ _7\"></span>SUREM<span class=\"_ _7\"></span>ENT<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28dc\">Accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>IAS 34<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>ge<span class=\"_ _7\"></span>neral <span class=\"_ _1\"></span>frequ<span class=\"_ _7\"></span>ency <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>repo<span class=\"_ _7\"></span>rting <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ust <span class=\"_ _1\"></span>not <span class=\"_ _0\"></span>af<span class=\"_ _7\"></span>fect <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>annual <span class=\"_ _1\"></span>results. <span class=\"_ _1\"></span>IF<span class=\"_ _7\"></span>RS 17 <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>quir<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>chang<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28dd\">estimat<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>rel<span class=\"_ _7\"></span>ate <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>changes<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>futur<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ices <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>tual <span class=\"_ _1\"></span>ser<span class=\"_ _7\"></span>vice <span class=\"_ _1\"></span>margin <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>immedi<span class=\"_ _7\"></span>ately <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>ecognis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28de\">income <span class=\"_ _2\"></span>stat<span class=\"_ _7\"></span>ement. <span class=\"_ _2\"></span>T<span class=\"_ _e\"></span>o <span class=\"_ _10\"></span>av<span class=\"_ _6\"></span>oid <span class=\"_ _10\"></span>af<span class=\"_ _7\"></span>fecting <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>nual <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt, <span class=\"_ _2\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rem<span class=\"_ _2\"></span>ents <span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>ur<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>y<span class=\"_ _6\"></span>ear <span class=\"_ _2\"></span>must <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cumulativ<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>basis </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28df\">fro<span class=\"_ _7\"></span>m <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>begi<span class=\"_ _7\"></span>nning <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>financial <span class=\"_ _1\"></span>year <span class=\"_ _0\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>eporting<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>(yea<span class=\"_ _2\"></span>r-to<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>date <span class=\"_ _1\"></span>accounti<span class=\"_ _7\"></span>ng). <span class=\"_ _0\"></span>Und<span class=\"_ _7\"></span>er <span class=\"_ _0\"></span>year<span class=\"_ _2\"></span>-to-d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te <span class=\"_ _0\"></span>a<span class=\"_ _7\"></span>ccountin<span class=\"_ _7\"></span>g, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28e0\">changes <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>esti<span class=\"_ _7\"></span>mates <span class=\"_ _4\"></span>reco<span class=\"_ _2\"></span>rded <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>pe<span class=\"_ _7\"></span>riods <span class=\"_ _4\"> </span>during <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>y<span class=\"_ _7\"></span>ear<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>are <span class=\"_ _4\"></span>not <span class=\"_ _4\"> </span>taken <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nto <span class=\"_ _4\"> </span>accou<span class=\"_ _7\"></span>nt, <span class=\"_ _f\"> </span>w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ile <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>re <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cluded <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28e1\">calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>date-<span class=\"_ _7\"></span>to-dat<span class=\"_ _7\"></span>e ac<span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>unting. <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>Ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>Gro<span class=\"_ _7\"></span>up d<span class=\"_ _7\"></span>ecided <span class=\"_ _2\"></span>to mak<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>use <span class=\"_ _2\"></span>of the <span class=\"_ _2\"></span>year<span class=\"_ _2\"></span>-to-date <span class=\"_ _2\"></span>accou<span class=\"_ _7\"></span>nting <span class=\"_ _2\"></span>option </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28e2\">accor<span class=\"_ _7\"></span>ding <span class=\"_ _7\"></span>to IFRS 17.<span class=\"_ _2\"></span>B137. </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs28e3\">Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>not m<span class=\"_ _7\"></span>easured<span class=\"_ _7\"></span> under P<span class=\"_ _10\"></span>AA </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28e4\">The CSM a<span class=\"_ _7\"></span>t the end of <span class=\"_ _7\"></span>the re<span class=\"_ _7\"></span>porti<span class=\"_ _7\"></span>ng period r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>ents t<span class=\"_ _7\"></span>he prof<span class=\"_ _7\"></span>it in the gr<span class=\"_ _2\"></span>oup of insu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts that <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as not y<span class=\"_ _7\"></span>et be<span class=\"_ _7\"></span>en </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28e5\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> profi<span class=\"_ _7\"></span>t and lo<span class=\"_ _7\"></span>ss, b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>caus<span class=\"_ _7\"></span>e it r<span class=\"_ _2\"></span>elate<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>to futur<span class=\"_ _2\"></span>e services <span class=\"_ _2\"></span>to be pro<span class=\"_ _7\"></span>vided. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28e6\">For a gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>surance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts, th<span class=\"_ _7\"></span>e car<span class=\"_ _7\"></span>ry<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng amo<span class=\"_ _7\"></span>unt of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM<span class=\"_ _7\"></span> of th<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p at <span class=\"_ _2\"></span>the end of t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>porting p<span class=\"_ _7\"></span>eriod eq<span class=\"_ _2\"></span>uals </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28e7\">the carryi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g amo<span class=\"_ _2\"></span>unt at the begi<span class=\"_ _7\"></span>nning of t<span class=\"_ _2\"></span>he re<span class=\"_ _7\"></span>porting p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod<span class=\"_ _7\"></span> adjusted b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28e8\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of <span class=\"_ _7\"></span>any ne<span class=\"_ _7\"></span>w contra<span class=\"_ _7\"></span>cts add<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to t<span class=\"_ _7\"></span>he gr<span class=\"_ _7\"></span>oup, <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28e9\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>interest <span class=\"_ _2\"></span>accreted o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>book <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM <span class=\"_ _2\"></span>during the r<span class=\"_ _2\"></span>eporting p<span class=\"_ _7\"></span>eriod, m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at the disco<span class=\"_ _2\"></span>unt rates a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> initial </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs28ea\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span> </div>\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>anges i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> fulfi<span class=\"_ _7\"></span>lment cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows r<span class=\"_ _2\"></span>elati<span class=\"_ _7\"></span>ng to f<span class=\"_ _7\"></span>uture s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e, exce<span class=\"_ _7\"></span>pt to t<span class=\"_ _7\"></span>he exte<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t that: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>suc<span class=\"_ _7\"></span>h incr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ases i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the f<span class=\"_ _7\"></span>ulfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows ex<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eed t<span class=\"_ _7\"></span>he carr<span class=\"_ _7\"></span>ying amo<span class=\"_ _2\"></span>unt of the CSM,<span class=\"_ _7\"></span> gi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ing ris<span class=\"_ _7\"></span>e to <span class=\"_ _7\"></span>a loss; o<span class=\"_ _7\"></span>r \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>decr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ases in the <span class=\"_ _6\"></span>fulf<span class=\"_ _7\"></span>ilment cash flows are allocated to the <span class=\"_ _6\"></span>loss compon<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>of t<span class=\"_ _6\"></span>he liabili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>mai<span class=\"_ _7\"></span>ning <span class=\"_ _6\"></span>cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rage<span class=\"_ _7\"></span> (see c<span class=\"_ _7\"></span>hapter Loss <span class=\"_ _2\"></span>compone<span class=\"_ _7\"></span>nt starting o<span class=\"_ _2\"></span>n page 161<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>,<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of <span class=\"_ _7\"></span>any cu<span class=\"_ _7\"></span>rren<span class=\"_ _7\"></span>cy exc<span class=\"_ _7\"></span>hange di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nces on <span class=\"_ _7\"></span>the CSM<span class=\"_ _2\"></span>, an<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unt re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed as i<span class=\"_ _7\"></span>nsurance s<span class=\"_ _2\"></span>ervice re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en<span class=\"_ _7\"></span>ue beca<span class=\"_ _7\"></span>use of<span class=\"_ _7\"></span> the tra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sfer of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce cont<span class=\"_ _7\"></span>ract s<span class=\"_ _7\"></span>ervices i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the period, <span class=\"_ _7\"></span>determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed by <span class=\"_ _7\"></span>the alloc<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion of t<span class=\"_ _2\"></span>he CSM r<span class=\"_ _2\"></span>emaining a<span class=\"_ _7\"></span>t the end of <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e repo<span class=\"_ _7\"></span>rting pe<span class=\"_ _7\"></span>riod (<span class=\"_ _7\"></span>befor<span class=\"_ _2\"></span>e any<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>alloca<span class=\"_ _7\"></span>tion) ov<span class=\"_ _7\"></span>er the curr<span class=\"_ _2\"></span>ent and r<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>aining co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e period (s<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span> ch<span class=\"_ _7\"></span>apter <span class=\"_ _7\"></span>Insurance s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e re<span class=\"_ _7\"></span>venue s<span class=\"_ _7\"></span>tarting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 16<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>). The <span class=\"_ _1\"></span>subseq<span class=\"_ _7\"></span>uent <span class=\"_ _1\"></span>me<span class=\"_ _7\"></span>asurem<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mes <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>CSM <span class=\"_ _6\"></span>calcu<span class=\"_ _7\"></span>lation <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sing<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>VF<span class=\"_ _2\"></span>A <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>following<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>modif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o GMM: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Changes to <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>cial ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lting fr<span class=\"_ _7\"></span>om <span class=\"_ _2\"></span>the unde<span class=\"_ _7\"></span>rlying r<span class=\"_ _7\"></span>efer<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ce val<span class=\"_ _7\"></span>ues would l<span class=\"_ _2\"></span>ead to a<span class=\"_ _7\"></span>n adjustm<span class=\"_ _7\"></span>ent of th<span class=\"_ _7\"></span>e CSM i<span class=\"_ _7\"></span>nstead of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>ncome sta<span class=\"_ _7\"></span>temen<span class=\"_ _7\"></span>t (or optio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>lly t<span class=\"_ _7\"></span>he sta<span class=\"_ _7\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t of comp<span class=\"_ _2\"></span>rehensiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> incom<span class=\"_ _7\"></span>e). T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is i<span class=\"_ _7\"></span>ncludes:<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>es in fair val<span class=\"_ _7\"></span>ue of th<span class=\"_ _7\"></span>e underl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>assets; <span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>estima<span class=\"_ _7\"></span>tes <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>cash <span class=\"_ _1\"></span>fl<span class=\"_ _2\"></span>ow<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>chang<span class=\"_ _2\"></span>es <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>risks <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>insurance <span class=\"_ _6\"></span>contracts with dir<span class=\"_ _2\"></span>ect particip<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n featur<span class=\"_ _7\"></span>es, as <span class=\"_ _7\"></span>these <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>associa<span class=\"_ _7\"></span>ted wi<span class=\"_ _2\"></span>th<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>uture s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvices;<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>There i<span class=\"_ _7\"></span>s no expl<span class=\"_ _7\"></span>icit CSM<span class=\"_ _7\"></span> incr<span class=\"_ _2\"></span>ease in in<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>est. The cha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ges in f<span class=\"_ _7\"></span>ulfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows r<span class=\"_ _2\"></span>elating to f<span class=\"_ _7\"></span>utur<span class=\"_ _7\"></span>e ser<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ice th<span class=\"_ _7\"></span>at adjus<span class=\"_ _7\"></span>t the CSM <span class=\"_ _2\"></span>compris<span class=\"_ _7\"></span>e:  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>experie<span class=\"_ _7\"></span>nce adj<span class=\"_ _7\"></span>ustments <span class=\"_ _7\"></span>that arise f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ference b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>twe<span class=\"_ _7\"></span>en the pr<span class=\"_ _2\"></span>emium r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ceipts <span class=\"_ _7\"></span>(a<span class=\"_ _7\"></span>nd any r<span class=\"_ _2\"></span>elated cash fl<span class=\"_ _7\"></span>ows s<span class=\"_ _2\"></span>uch<span class=\"_ _6\"></span> as ins<span class=\"_ _7\"></span>urance acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n costs a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>nsurance p<span class=\"_ _2\"></span>remi<span class=\"_ _7\"></span>um taxes<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> and t<span class=\"_ _7\"></span>he estima<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>at the begi<span class=\"_ _7\"></span>nni<span class=\"_ _7\"></span>ng of the p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>iod, of<span class=\"_ _7\"></span> the amounts <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xpect<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. Dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>rela<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d to<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>miums r<span class=\"_ _2\"></span>eceived (or <span class=\"_ _2\"></span>due)<span class=\"_ _6\"></span> r<span class=\"_ _2\"></span>elated to <span class=\"_ _7\"></span>curr<span class=\"_ _7\"></span>ent or <span class=\"_ _7\"></span>past ser<span class=\"_ _7\"></span>vices ar<span class=\"_ _2\"></span>e recog<span class=\"_ _2\"></span>nised immedi<span class=\"_ _7\"></span>ately in p<span class=\"_ _7\"></span>rof<span class=\"_ _7\"></span>it or los<span class=\"_ _7\"></span>s whil<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ferences r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>ated to pr<span class=\"_ _2\"></span>emi<span class=\"_ _7\"></span>ums re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eived <span class=\"_ _7\"></span>(or du<span class=\"_ _7\"></span>e) for f<span class=\"_ _7\"></span>utur<span class=\"_ _7\"></span>e servic<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e adj<span class=\"_ _7\"></span>usted against t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM;<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>changes in <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>es of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pr<span class=\"_ _7\"></span>esen<span class=\"_ _7\"></span>t valu<span class=\"_ _7\"></span>e of fut<span class=\"_ _7\"></span>ure cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flo<span class=\"_ _2\"></span>ws in the li<span class=\"_ _7\"></span>ability fo<span class=\"_ _7\"></span>r r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>ning cov<span class=\"_ _7\"></span>erage, ex<span class=\"_ _7\"></span>cept t<span class=\"_ _7\"></span>hose relati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g to t<span class=\"_ _7\"></span>he time v<span class=\"_ _7\"></span>alue of<span class=\"_ _7\"></span> mon<span class=\"_ _7\"></span>ey and c<span class=\"_ _7\"></span>hanges <span class=\"_ _7\"></span>in fin<span class=\"_ _7\"></span>ancial <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk (r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nt of prof<span class=\"_ _7\"></span>it o<span class=\"_ _7\"></span>r loss <span class=\"_ _7\"></span>and ot<span class=\"_ _7\"></span>her compre<span class=\"_ _2\"></span>hen<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e i<span class=\"_ _7\"></span>ncome r<span class=\"_ _7\"></span>ather t<span class=\"_ _7\"></span>han adjusti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g t<span class=\"_ _7\"></span>he CSM); <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>dif<span class=\"_ _7\"></span>feren<span class=\"_ _7\"></span>ces bet<span class=\"_ _7\"></span>ween a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y investm<span class=\"_ _2\"></span>ent compo<span class=\"_ _7\"></span>nent exp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cted <span class=\"_ _7\"></span>to<span class=\"_ _7\"></span> become pa<span class=\"_ _2\"></span>yable in the p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>iod <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd t<span class=\"_ _7\"></span>he actu<span class=\"_ _7\"></span>al investm<span class=\"_ _2\"></span>ent compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent that b<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>omes <span class=\"_ _2\"></span>payable in t<span class=\"_ _7\"></span>he pe<span class=\"_ _7\"></span>riod. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ese dif<span class=\"_ _2\"></span>ferences <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ete<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>mined b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> comp<span class=\"_ _7\"></span>aring t<span class=\"_ _7\"></span>he actu<span class=\"_ _7\"></span>al in<span class=\"_ _7\"></span>vestment compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent that b<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>omes <span class=\"_ _2\"></span>payable in t<span class=\"_ _7\"></span>he pe<span class=\"_ _7\"></span>riod <span class=\"_ _7\"></span>with the p<span class=\"_ _2\"></span>ayment i<span class=\"_ _7\"></span>n the period <span class=\"_ _2\"></span>that was <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed at t<span class=\"_ _7\"></span>he start of<span class=\"_ _7\"></span> the period pl<span class=\"_ _7\"></span>us an<span class=\"_ _7\"></span>y insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce fi<span class=\"_ _7\"></span>nance incom<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>r expe<span class=\"_ _7\"></span>nses r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>lated to t<span class=\"_ _2\"></span>hat expected <span class=\"_ _2\"></span>payment bef<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> it be<span class=\"_ _7\"></span>comes p<span class=\"_ _7\"></span>ayabl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>. The same <span class=\"_ _2\"></span>applies to <span class=\"_ _7\"></span>a policyhol<span class=\"_ _7\"></span>der loa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>at becomes <span class=\"_ _2\"></span>repa<span class=\"_ _7\"></span>yable, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>changes in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he risk <span class=\"_ _2\"></span>adju<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>tment for <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-fin<span class=\"_ _2\"></span>ancial risk <span class=\"_ _7\"></span>that r<span class=\"_ _7\"></span>ela<span class=\"_ _7\"></span>te to f<span class=\"_ _7\"></span>uture s<span class=\"_ _7\"></span>ervices. <span class=\"_ _7\"></span> Except <span class=\"_ _7\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>changes<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>djus<span class=\"_ _7\"></span>tment,<span class=\"_ _7\"></span> adj<span class=\"_ _2\"></span>ustments <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>CSM<span class=\"_ _2\"></span> no<span class=\"_ _7\"></span>ted <span class=\"_ _2\"></span>above <span class=\"_ _2\"></span>are<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>eas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d a<span class=\"_ _2\"></span>t <span class=\"_ _7\"></span>discou<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>rat<span class=\"_ _7\"></span>es t<span class=\"_ _2\"></span>hat <span class=\"_ _2\"></span>reflect the <span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>aracteristics<span class=\"_ _2\"></span> of<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flows <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>the g<span class=\"_ _2\"></span>roup <span class=\"_ _2\"></span>of i<span class=\"_ _2\"></span>nsuranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ntracts <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>initial <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>ecognitio<span class=\"_ _2\"></span>n (s<span class=\"_ _7\"></span>ee <span class=\"_ _2\"></span>Note <span class=\"_ _2\"></span>24.1. <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>Re-<span class=\"_ _7\"></span>) i<span class=\"_ _2\"></span>nsurance contracts s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bch<span class=\"_ _7\"></span>apter Disco<span class=\"_ _2\"></span>unt rates st<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 142). <span class=\"_ _2\"></span><span class=\"ff4a\"> <span class=\"_ _42\"> </span><span class=\"ff47\"> </span></span><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs290f\">Wher<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>durin<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>coverag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>period, <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>up <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>contracts <span class=\"_ _1\"></span>becom<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>nero<span class=\"_ _7\"></span>us, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>prof<span class=\"_ _7\"></span>it <span class=\"_ _6\"></span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2910\">loss<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>net <span class=\"_ _6\"></span>outflow<span class=\"_ _2\"></span>,<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>resulting<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>boo<span class=\"_ _7\"></span>k v<span class=\"_ _6\"></span>alue <span class=\"_ _6\"></span>of the <span class=\"_ _1\"></span>liabili<span class=\"_ _7\"></span>ty <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _6\"></span>being equal to <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>fulfi<span class=\"_ _7\"></span>lment <span class=\"_ _6\"></span>cash<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>flows.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>A </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2911\">loss<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>establishe<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>remaini<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _10\"></span>coverag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>such <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>nerous <span class=\"_ _e\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _10\"></span>depicti<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _10\"></span>losses <span class=\"_ _e\"></span>recog<span class=\"_ _7\"></span>nised. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2912\">For additio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>l discl<span class=\"_ _7\"></span>os<span class=\"_ _7\"></span>ures o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the loss<span class=\"_ _7\"></span> com<span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>nent, pl<span class=\"_ _7\"></span>ease r<span class=\"_ _7\"></span>efer to <span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>ge 161.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2913\">The ca<span class=\"_ _7\"></span>rrying amo<span class=\"_ _2\"></span>unt of a gro<span class=\"_ _2\"></span>up of ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>is meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d at the e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d of <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ach r<span class=\"_ _2\"></span>ep<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rting pe<span class=\"_ _7\"></span>riod as t<span class=\"_ _7\"></span>he sum of<span class=\"_ _7\"></span>: <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2914\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> lia<span class=\"_ _2\"></span>bility for r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>maini<span class=\"_ _7\"></span>ng cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rage com<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>ising f<span class=\"_ _2\"></span>ulfilment <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>lated to <span class=\"_ _7\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>ervice al<span class=\"_ _7\"></span>located to <span class=\"_ _2\"></span>the gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p at </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2915\">that date <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd t<span class=\"_ _7\"></span>he CSM of <span class=\"_ _2\"></span>the gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at date; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2916\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>ia<span class=\"_ _2\"></span>bili<span class=\"_ _7\"></span>ty<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>fo<span class=\"_ _7\"></span>r i<span class=\"_ _2\"></span>ncu<span class=\"_ _2\"></span>rr<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ai<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>mp<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>si<span class=\"_ _2\"></span>ng <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> fu<span class=\"_ _7\"></span>lfi<span class=\"_ _2\"></span>lm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>ca<span class=\"_ _7\"></span>sh<span class=\"_ _2\"></span> flo<span class=\"_ _7\"></span>ws<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d to<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>st<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>vi<span class=\"_ _2\"></span>ce<span class=\"_ _7\"></span> al<span class=\"_ _2\"></span>lo<span class=\"_ _7\"></span>ca<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> to<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> da<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span>. </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs2917\">Insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>measu<span class=\"_ _7\"></span>red u<span class=\"_ _7\"></span>nder P<span class=\"_ _7\"></span>AA </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2918\">At <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>end <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ach <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>epo<span class=\"_ _7\"></span>rting p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>riod, <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e ca<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ryi<span class=\"_ _7\"></span>ng amo<span class=\"_ _2\"></span>unt of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>liabil<span class=\"_ _7\"></span>ity f<span class=\"_ _7\"></span>or r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>mai<span class=\"_ _7\"></span>ning co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>carrying <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>mount <span class=\"_ _2\"></span>at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2919\">beginning of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e period: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs291a\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>miums r<span class=\"_ _2\"></span>eceiv<span class=\"_ _7\"></span>ed in the pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod, <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs291b\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus i<span class=\"_ _7\"></span>nsurance a<span class=\"_ _7\"></span>cquisi<span class=\"_ _7\"></span>tion cos<span class=\"_ _7\"></span>ts (see c<span class=\"_ _2\"></span>hapter Ins<span class=\"_ _7\"></span>urance ac<span class=\"_ _7\"></span>quisitio<span class=\"_ _7\"></span>n costs s<span class=\"_ _7\"></span>tarti<span class=\"_ _7\"></span>ng on pag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 159),<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs291c\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus an<span class=\"_ _7\"></span>y amou<span class=\"_ _7\"></span>nts rel<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ting to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>amortis<span class=\"_ _7\"></span>ation of t<span class=\"_ _7\"></span>he ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isitio<span class=\"_ _7\"></span>n cas<span class=\"_ _7\"></span>h flows r<span class=\"_ _7\"></span>ecognis<span class=\"_ _2\"></span>ed as a<span class=\"_ _7\"></span>n expens<span class=\"_ _7\"></span>e in th<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs291d\">repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ting period f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r the gro<span class=\"_ _2\"></span>up<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs291e\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>plus an<span class=\"_ _7\"></span>y adjustme<span class=\"_ _7\"></span>nt to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cing compo<span class=\"_ _2\"></span>nent, w<span class=\"_ _7\"></span>here <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>icable, <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs291f\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus th<span class=\"_ _7\"></span>e amou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t r<span class=\"_ _7\"></span>ecognised <span class=\"_ _2\"></span>as insura<span class=\"_ _7\"></span>nce servic<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> re<span class=\"_ _2\"></span>venue for the se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vices pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vided in <span class=\"_ _2\"></span>the period, a<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2920\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>minus any in<span class=\"_ _2\"></span>vestment com<span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>nent paid o<span class=\"_ _2\"></span>r transferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>liabil<span class=\"_ _7\"></span>ity for incu<span class=\"_ _7\"></span>rred cl<span class=\"_ _7\"></span>aims. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2921\">The liabili<span class=\"_ _7\"></span>ty fo<span class=\"_ _7\"></span>r inc<span class=\"_ _7\"></span>urred <span class=\"_ _7\"></span>claims <span class=\"_ _7\"></span>is estim<span class=\"_ _7\"></span>ated <span class=\"_ _7\"></span>as t<span class=\"_ _7\"></span>he fulfi<span class=\"_ _7\"></span>lment cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows r<span class=\"_ _2\"></span>elated to i<span class=\"_ _2\"></span>ncurred<span class=\"_ _7\"></span> claims.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he fulfi<span class=\"_ _7\"></span>lment cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2922\">incorpor<span class=\"_ _7\"></span>ate, <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>unbiased <span class=\"_ _6\"></span>way<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>all <span class=\"_ _6\"></span>reason<span class=\"_ _7\"></span>able <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>suppo<span class=\"_ _7\"></span>rtable <span class=\"_ _6\"></span>info<span class=\"_ _7\"></span>rmation <span class=\"_ _6\"></span>available without <span class=\"_ _6\"></span>undue <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>os<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>or <span class=\"_ _1\"></span>effo<span class=\"_ _7\"></span>rt <span class=\"_ _1\"></span>abo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2923\">the amo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>, timi<span class=\"_ _7\"></span>ng a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d u<span class=\"_ _7\"></span>ncertainty of<span class=\"_ _7\"></span> f<span class=\"_ _7\"></span>uture<span class=\"_ _7\"></span> cash fl<span class=\"_ _7\"></span>ows,<span class=\"_ _7\"></span> it re<span class=\"_ _2\"></span>flects curr<span class=\"_ _7\"></span>ent esti<span class=\"_ _7\"></span>mates,<span class=\"_ _7\"></span> an<span class=\"_ _7\"></span>d includ<span class=\"_ _7\"></span>e an <span class=\"_ _7\"></span>explici<span class=\"_ _7\"></span>t adjustm<span class=\"_ _2\"></span>ent fo<span class=\"_ _7\"></span>r </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2924\">non-finan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial risk <span class=\"_ _2\"></span>(the risk <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>djus<span class=\"_ _7\"></span>tment<span class=\"_ _7\"></span>). VIG <span class=\"_ _7\"></span>always<span class=\"_ _7\"></span> disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nts<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>LIC eve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> wh<span class=\"_ _7\"></span>en the <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to <span class=\"_ _2\"></span>be paid <span class=\"_ _2\"></span>or<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2925\">rec<span class=\"_ _7\"></span>eived in o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>e year o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> less f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e date t<span class=\"_ _7\"></span>he claims <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e inc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rred. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2926\">Wher<span class=\"_ _7\"></span>e, d<span class=\"_ _2\"></span>uring <span class=\"_ _2\"></span>the co<span class=\"_ _7\"></span>verage <span class=\"_ _2\"></span>period, <span class=\"_ _2\"></span>facts <span class=\"_ _2\"></span>and ci<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>cumstances<span class=\"_ _2\"></span> indicate <span class=\"_ _10\"></span>that <span class=\"_ _7\"></span>a g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>contra<span class=\"_ _7\"></span>cts i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nerous, <span class=\"_ _10\"></span>a lo<span class=\"_ _2\"></span>ss<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2927\">in prof<span class=\"_ _7\"></span>it <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>s is <span class=\"_ _2\"></span>recog<span class=\"_ _7\"></span>nised f<span class=\"_ _7\"></span>or t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e n<span class=\"_ _7\"></span>et outflo<span class=\"_ _2\"></span>w<span class=\"_ _7\"></span>, r<span class=\"_ _2\"></span>esu<span class=\"_ _6\"></span>lti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e book<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>value of <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he li<span class=\"_ _7\"></span>ability<span class=\"_ _7\"></span> for <span class=\"_ _7\"></span>the gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up b<span class=\"_ _7\"></span>eing <span class=\"_ _7\"></span>equal <span class=\"_ _7\"></span>to t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2928\">fulfil<span class=\"_ _7\"></span>ment <span class=\"_ _4\"> </span>cash <span class=\"_ _4\"> </span>flows. <span class=\"_ _4\"> </span>A <span class=\"_ _4\"> </span>loss <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>mpo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>establis<span class=\"_ _7\"></span>hed <span class=\"_ _4\"> </span>for <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>liabi<span class=\"_ _7\"></span>lity <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>rem<span class=\"_ _7\"></span>aining <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>verage <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _4\"> </span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _4\"> </span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2929\">depicti<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>recog<span class=\"_ _7\"></span>nised. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>add<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>disclos<span class=\"_ _7\"></span>ures <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>loss <span class=\"_ _10\"></span>component, <span class=\"_ _10\"></span>plea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>refer <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>page 15<span class=\"_ _7\"></span>2 <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>page 16<span class=\"_ _2\"></span>1.<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs292a\">For additio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>l info<span class=\"_ _2\"></span>rmat<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> on ac<span class=\"_ _7\"></span>quisition <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>osts, pl<span class=\"_ _2\"></span>ease refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> to<span class=\"_ _7\"></span> chapter I<span class=\"_ _7\"></span>nsura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce acq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on costs st<span class=\"_ _7\"></span>arting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 15<span class=\"_ _7\"></span>9.<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs292b\">Reinsuran<span class=\"_ _7\"></span>ce co<span class=\"_ _7\"></span>ntracts h<span class=\"_ _7\"></span>eld </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs292c\">The <span class=\"_ _6\"></span>subs<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>ment of reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance contr<span class=\"_ _7\"></span>acts held follows the<span class=\"_ _6\"></span> same pri<span class=\"_ _7\"></span>nciples as those for <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce contracts<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs292d\">issued <span class=\"_ _7\"></span>and has be<span class=\"_ _2\"></span>en adapted <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o ref<span class=\"_ _7\"></span>lect t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e specif<span class=\"_ _7\"></span>ic fe<span class=\"_ _7\"></span>atures<span class=\"_ _2\"></span> of reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>contracts <span class=\"_ _7\"></span>held. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs292e\">W<span class=\"_ _7\"></span>her<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>oss<span class=\"_ _2\"></span>-r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>com<span class=\"_ _7\"></span>po<span class=\"_ _2\"></span>nent<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>be<span class=\"_ _2\"></span>en <span class=\"_ _0\"></span>es<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>blish<span class=\"_ _2\"></span>ed, <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>so<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>date<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>uran<span class=\"_ _2\"></span>ce <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>sub<span class=\"_ _2\"></span>seq<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>ntl<span class=\"_ _2\"></span>y <span class=\"_ _1\"></span>red<span class=\"_ _2\"></span>uce <span class=\"_ _1\"></span>the<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs292f\">loss<span class=\"_ _2\"></span>-r<span class=\"_ _2\"></span>eco<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ry <span class=\"_ _6\"></span>com<span class=\"_ _2\"></span>pone<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>to zero<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>lin<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>duc<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>ns <span class=\"_ _1\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us <span class=\"_ _1\"></span>g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>up <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>und<span class=\"_ _2\"></span>erl<span class=\"_ _7\"></span>yin<span class=\"_ _7\"></span>g <span class=\"_ _1\"></span>in<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>ac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>or<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>r <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2930\">r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fl<span class=\"_ _2\"></span>ect <span class=\"_ _2\"></span>that<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e l<span class=\"_ _7\"></span>os<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>-r<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>mp<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hall<span class=\"_ _2\"></span> no<span class=\"_ _2\"></span>t ex<span class=\"_ _2\"></span>ce<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>rtio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>oo<span class=\"_ _7\"></span>k <span class=\"_ _2\"></span>val<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> the<span class=\"_ _2\"></span> loss<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>mpo<span class=\"_ _2\"></span>nen<span class=\"_ _7\"></span>t o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e o<span class=\"_ _2\"></span>ner<span class=\"_ _10\"></span>ous </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2931\">gro<span class=\"_ _2\"></span>up <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> un<span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ying<span class=\"_ _2\"></span> in<span class=\"_ _7\"></span>su<span class=\"_ _2\"></span>rance<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>con<span class=\"_ _2\"></span>tra<span class=\"_ _7\"></span>cts <span class=\"_ _2\"></span>tha<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e e<span class=\"_ _2\"></span>ntit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> e<span class=\"_ _2\"></span>xpe<span class=\"_ _7\"></span>ct<span class=\"_ _7\"></span>s t<span class=\"_ _7\"></span>o <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>r fr<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span> the<span class=\"_ _7\"></span> g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>up o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>eins<span class=\"_ _2\"></span>ura<span class=\"_ _2\"></span>nce <span class=\"_ _7\"></span>con<span class=\"_ _7\"></span>tr<span class=\"_ _2\"></span>acts <span class=\"_ _2\"></span>held<span class=\"_ _2\"></span>.<span class=\"_ _3d5\"> </span> </div>MODIFICA<span class=\"_ _10\"></span>TION<span class=\"_ _7\"></span> AND<span class=\"_ _2\"></span> DERECO<span class=\"_ _7\"></span>GNITION Insurance<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>dere<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>when <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>igh<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>obligatio<span class=\"_ _7\"></span>ns <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elating <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>contract <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>tinguish<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>i.e., <span class=\"_ _6\"></span>dis-<span class=\"_ _3d5\"> </span>charged, <span class=\"_ _10\"></span>cancelled <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xpir<span class=\"_ _7\"></span>ed) <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntract <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>modif<span class=\"_ _7\"></span>ied <span class=\"_ _2\"></span>such <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>modifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lts <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>ange <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>urem<span class=\"_ _7\"></span>ent model, <span class=\"_ _2\"></span>or <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>cable <span class=\"_ _2\"></span>standar<span class=\"_ _2\"></span>d fo<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>measuring<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>a <span class=\"_ _2\"></span>compon<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>cont<span class=\"_ _7\"></span>ract. <span class=\"_ _7\"></span>In <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _2\"></span>cases,<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nitial <span class=\"_ _2\"></span>contract<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>eco<span class=\"_ _2\"></span>g-<span class=\"_ _3d5\"> </span>nised an<span class=\"_ _7\"></span>d the modi<span class=\"_ _7\"></span>fied <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontrac<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> is r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised as a <span class=\"_ _2\"></span>new contract.<span class=\"_ _3d5\"> </span><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs294c\">Presentatio<span class=\"_ _2\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs294d\">Under <span class=\"_ _6\"></span>IFRS 17 <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>consol<span class=\"_ _7\"></span>ida<span class=\"_ _7\"></span>ted <span class=\"_ _1\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _6\"></span>compani<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>separatel<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>res<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>lan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>shee<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>carryi<span class=\"_ _7\"></span>ng </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs294e\">amount <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>portfolio<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _10\"></span>contracts <span class=\"_ _10\"></span>issued <span class=\"_ _10\"></span>that <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>sets, <span class=\"_ _2\"></span>po<span class=\"_ _7\"></span>rtfolios<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insurance <span class=\"_ _10\"></span>contracts <span class=\"_ _10\"></span>iss<span class=\"_ _7\"></span>ued <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>liabilities,<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs294f\">portfolio<span class=\"_ _7\"></span>s of <span class=\"_ _7\"></span>reins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>rac<span class=\"_ _7\"></span>ts held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at ar<span class=\"_ _2\"></span>e a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts and <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>ortfoli<span class=\"_ _7\"></span>os of<span class=\"_ _7\"></span> reins<span class=\"_ _7\"></span>urance <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts held t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at ar<span class=\"_ _2\"></span>e liabili<span class=\"_ _7\"></span>ties.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2950\">Assets <span class=\"_ _2\"></span>due <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>cquisi<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>comm<span class=\"_ _2\"></span>encement<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>rrespo<span class=\"_ _2\"></span>nding <span class=\"_ _7\"></span>ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trac<span class=\"_ _2\"></span>ts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2951\">are i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clude<span class=\"_ _7\"></span>d in the <span class=\"_ _7\"></span>carryi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g amo<span class=\"_ _7\"></span>unt of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>elated po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tfoli<span class=\"_ _7\"></span>os of<span class=\"_ _7\"></span> insuranc<span class=\"_ _7\"></span>e contrac<span class=\"_ _7\"></span>ts issu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2952\">The amo<span class=\"_ _2\"></span>unts r<span class=\"_ _2\"></span>ecognised <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>income <span class=\"_ _2\"></span>statem<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>in t<span class=\"_ _2\"></span>he <span class=\"_ _2\"></span>oth<span class=\"_ _6\"></span>er <span class=\"_ _7\"></span>comp<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>hensive <span class=\"_ _2\"></span>income <span class=\"_ _2\"></span>(OCI) <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e di<span class=\"_ _7\"></span>saggr<span class=\"_ _2\"></span>egated i<span class=\"_ _7\"></span>nto <span class=\"_ _2\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2953\">insuranc<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvice <span class=\"_ _0\"></span>res<span class=\"_ _7\"></span>ult, <span class=\"_ _0\"></span>compris<span class=\"_ _7\"></span>ing <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>ervice <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>evenue <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rvic<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>ex<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>enses, <span class=\"_ _1\"></span>and <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _0\"></span>fina<span class=\"_ _7\"></span>nce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2954\">result. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2955\">The change in risk adjustm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt for non-fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial risks is disag<span class=\"_ _7\"></span>gregat<span class=\"_ _7\"></span>ed betw<span class=\"_ _7\"></span>een the insura<span class=\"_ _7\"></span>nce service res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt and insurance<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2956\">finance <span class=\"_ _7\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2957\">The <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>enue <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>enses <span class=\"_ _0\"></span>fro<span class=\"_ _7\"></span>m <span class=\"_ _1\"></span>reins<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>he<span class=\"_ _6\"></span>ld <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>presented<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>inc<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>me <span class=\"_ _0\"></span>stat<span class=\"_ _7\"></span>ement <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>position <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>nsurance<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2958\">service <span class=\"_ _1\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt <span class=\"_ _1\"></span>\u2013 <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>nsurance <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>eld. <span class=\"_ _1\"></span>The<span class=\"_ _7\"></span>refor<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>servic<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>result <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>separatel<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted <span class=\"_ _1\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ses <span class=\"_ _6\"></span>or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2959\">income fro<span class=\"_ _7\"></span>m i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tracts iss<span class=\"_ _2\"></span>ue<span class=\"_ _6\"></span>d.<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs295a\">INSURAN<span class=\"_ _7\"></span>CE SER<span class=\"_ _7\"></span>VICE R<span class=\"_ _7\"></span>EVENUE </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295b\">The <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance service r<span class=\"_ _7\"></span>evenue depicts th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of services arisi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>fro<span class=\"_ _7\"></span>m a <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of insu<span class=\"_ _7\"></span>rance contracts at an a<span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>unt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295c\">that refl<span class=\"_ _7\"></span>ects t<span class=\"_ _2\"></span>he conside<span class=\"_ _7\"></span>ration to <span class=\"_ _2\"></span>which<span class=\"_ _6\"></span> it is<span class=\"_ _7\"></span> expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to b<span class=\"_ _2\"></span>e entitled i<span class=\"_ _7\"></span>n exc<span class=\"_ _7\"></span>hange f<span class=\"_ _7\"></span>or those s<span class=\"_ _2\"></span>ervices. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295d\">For <span class=\"_ _0\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _6\"></span>not <span class=\"_ _0\"></span>measur<span class=\"_ _2\"></span>ed <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _1\"></span>insurance <span class=\"_ _6\"></span>service <span class=\"_ _1\"></span>revenue <span class=\"_ _1\"></span>fro<span class=\"_ _7\"></span>m <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>insurance <span class=\"_ _1\"></span>contracts <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>therefor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295e\">rele<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ant <span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rtion for <span class=\"_ _6\"></span>the period of the total con<span class=\"_ _6\"></span>sid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> for <span class=\"_ _6\"></span>the contracts. Whic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>eans, the amount <span class=\"_ _6\"></span>of pr<span class=\"_ _7\"></span>emi<span class=\"_ _7\"></span>ums paid <span class=\"_ _6\"></span>to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295f\">the <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _2\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>companies<span class=\"_ _2\"></span> adj<span class=\"_ _7\"></span>usted <span class=\"_ _2\"></span>for <span class=\"_ _7\"></span>fina<span class=\"_ _7\"></span>ncing<span class=\"_ _7\"></span> ef<span class=\"_ _2\"></span>fect <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>the <span class=\"_ _2\"></span>time <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>money) <span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>excl<span class=\"_ _7\"></span>uding <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ny i<span class=\"_ _2\"></span>nvestm<span class=\"_ _7\"></span>ent </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2960\">compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ents. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>otal <span class=\"_ _6\"></span>conside<span class=\"_ _7\"></span>ration <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>contracts <span class=\"_ _6\"></span>covers <span class=\"_ _1\"></span>amo<span class=\"_ _7\"></span>unts <span class=\"_ _6\"></span>relate<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>serv<span class=\"_ _6\"></span>ices and <span class=\"_ _6\"></span>is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2961\">comprise<span class=\"_ _7\"></span>d of:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2962\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>insurance se<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>vice ex<span class=\"_ _2\"></span>penses, excl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ding <span class=\"_ _7\"></span>any amo<span class=\"_ _7\"></span>unts <span class=\"_ _7\"></span>rela<span class=\"_ _7\"></span>ting <span class=\"_ _7\"></span>to the risk <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>djus<span class=\"_ _7\"></span>tment for <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-fin<span class=\"_ _7\"></span>ancial ris<span class=\"_ _7\"></span>ks <span class=\"_ _7\"></span>and an<span class=\"_ _7\"></span>y </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2963\">amounts <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llocat<span class=\"_ _7\"></span>ed to <span class=\"_ _7\"></span>the loss<span class=\"_ _7\"></span> compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of t<span class=\"_ _7\"></span>he li<span class=\"_ _7\"></span>ability for r<span class=\"_ _2\"></span>emaining co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>erag<span class=\"_ _7\"></span>e;  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2964\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>other amo<span class=\"_ _7\"></span>unts like i<span class=\"_ _2\"></span>nc<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> tax th<span class=\"_ _7\"></span>at ar<span class=\"_ _7\"></span>e specif<span class=\"_ _7\"></span>icall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> charge<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>bl<span class=\"_ _7\"></span>e to the <span class=\"_ _7\"></span>policy<span class=\"_ _7\"></span>holder; <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2965\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ris<span class=\"_ _7\"></span>k adj<span class=\"_ _7\"></span>ustme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t for no<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-finan<span class=\"_ _7\"></span>cial risks, ex<span class=\"_ _2\"></span>cluding a<span class=\"_ _7\"></span>ny am<span class=\"_ _7\"></span>ounts alloca<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed to t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e loss <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pone<span class=\"_ _7\"></span>nt of t<span class=\"_ _7\"></span>he liability for </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2966\">remai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ing <span class=\"_ _7\"></span>coverage; <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2967\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> C<span class=\"_ _7\"></span>SM r<span class=\"_ _7\"></span>elease <span class=\"_ _2\"></span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2968\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>amounts r<span class=\"_ _2\"></span>elated to i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce acquis<span class=\"_ _7\"></span>ition <span class=\"_ _7\"></span>costs. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2969\">For  si<span class=\"_ _7\"></span>gnifica<span class=\"_ _7\"></span>nt  dis<span class=\"_ _7\"></span>cre<span class=\"_ _7\"></span>tionar<span class=\"_ _7\"></span>y  man<span class=\"_ _7\"></span>ageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t  j<span class=\"_ _7\"></span>udgeme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts  ap<span class=\"_ _2\"></span>plied  to <span class=\"_ _3\"> </span>t<span class=\"_ _6\"></span>he <span class=\"_ _3\"> </span>amortisation<span class=\"_ _7\"></span>  of <span class=\"_ _d\"> </span>CSM, <span class=\"_ _3\"> </span>please  r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>fer  to <span class=\"_ _3\"> </span>chapt<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs296a\">\u201cAmortisa<span class=\"_ _7\"></span>tion of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Co<span class=\"_ _7\"></span>ntract<span class=\"_ _7\"></span>ual Ser<span class=\"_ _7\"></span>vice Margi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>\u201d star<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>n page 143<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs296b\">Under <span class=\"_ _4\"> </span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>insurance <span class=\"_ _4\"></span>servic<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>reven<span class=\"_ _7\"></span>ue <span class=\"_ _4\"> </span>for <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>period <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"> </span>the<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>amount <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>expected <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>emium <span class=\"_ _4\"> </span>receip<span class=\"_ _7\"></span>ts <span class=\"_ _4\"> </span>excluding <span class=\"_ _4\"></span>any </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs296c\">investme<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>compo<span class=\"_ _7\"></span>nent <span class=\"_ _6\"></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>allocated<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>period. <span class=\"_ _1\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>expected<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>prem<span class=\"_ _7\"></span>ium <span class=\"_ _6\"></span>receip<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>allocat<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ach<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>period <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs296d\">insuranc<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ract s<span class=\"_ _7\"></span>ervices <span class=\"_ _7\"></span>mai<span class=\"_ _7\"></span>nly on a<span class=\"_ _7\"></span> basis of<span class=\"_ _7\"></span> a l<span class=\"_ _7\"></span>inear <span class=\"_ _7\"></span>rele<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>se patt<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>n on lo<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>al entit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> level. <span class=\"_ _2\"></span>But, if t<span class=\"_ _7\"></span>he expe<span class=\"_ _7\"></span>cted p<span class=\"_ _7\"></span>atte<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>n <span class=\"_ _7\"></span>of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs296e\">releas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of risk during the cov<span class=\"_ _7\"></span>erage perio<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span>s sig<span class=\"_ _7\"></span>nificantly from<span class=\"_ _7\"></span> the passag<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>of tim<span class=\"_ _7\"></span>e, then the allocatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> is <span class=\"_ _6\"></span>made<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>on the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs296f\">basis of<span class=\"_ _7\"></span> the exp<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>timing of<span class=\"_ _7\"></span> incu<span class=\"_ _7\"></span>rre<span class=\"_ _7\"></span>d insur<span class=\"_ _7\"></span>ance ser<span class=\"_ _7\"></span>vice e<span class=\"_ _7\"></span>xpenses. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2970\">If facts a<span class=\"_ _7\"></span>nd cir<span class=\"_ _7\"></span>cumst<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nces <span class=\"_ _7\"></span>cha<span class=\"_ _7\"></span>nge, the t<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>o met<span class=\"_ _7\"></span>hods m<span class=\"_ _7\"></span>entio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed abo<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e wil<span class=\"_ _7\"></span>l be alt<span class=\"_ _7\"></span>ernated.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs4d1\">LOSS COMPO<span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>ENT </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d2\">Contra<span class=\"_ _7\"></span>cts <span class=\"_ _1\"></span>that <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>initial <span class=\"_ _6\"></span>recognitio<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>gro<span class=\"_ _7\"></span>upe<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>separatel<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>fr<span class=\"_ _7\"></span>om <span class=\"_ _6\"></span>contracts<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ame <span class=\"_ _6\"></span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>o <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>not </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d3\">onero<span class=\"_ _7\"></span>us <span class=\"_ _0\"></span>at <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nitial <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition. <span class=\"_ _0\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>were <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>onero<span class=\"_ _7\"></span>us <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>initial<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>recog<span class=\"_ _7\"></span>nitio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>ma<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uently <span class=\"_ _0\"></span>become<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>on<span class=\"_ _7\"></span>ero<span class=\"_ _2\"></span>us <span class=\"_ _4\"></span>if </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d4\">assumpti<span class=\"_ _7\"></span>ons cha<span class=\"_ _7\"></span>nge <span class=\"_ _6\"></span>and experie<span class=\"_ _7\"></span>nce adjustm<span class=\"_ _7\"></span>ents are perfo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>med. For any <span class=\"_ _6\"></span>on<span class=\"_ _7\"></span>ero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>loss com<span class=\"_ _7\"></span>pone<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ty </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d5\">for remai<span class=\"_ _2\"></span>ning cover<span class=\"_ _7\"></span>age is es<span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span>blis<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ed depic<span class=\"_ _2\"></span>tin<span class=\"_ _6\"></span>g t<span class=\"_ _7\"></span>he futur<span class=\"_ _2\"></span>e lo<span class=\"_ _7\"></span>sses r<span class=\"_ _7\"></span>ecognise<span class=\"_ _2\"></span>d.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d6\">A loss compon<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt repr<span class=\"_ _2\"></span>esents<span class=\"_ _7\"></span> a <span class=\"_ _6\"></span>notio<span class=\"_ _7\"></span>nal recor<span class=\"_ _2\"></span>d of <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> losses<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>ttrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>table to each<span class=\"_ _7\"></span> gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s insuranc<span class=\"_ _7\"></span>e contrac<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d7\">contracts<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>profi<span class=\"_ _7\"></span>table <span class=\"_ _4\"></span>at <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ceptio<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>that <span class=\"_ _4\"></span>have <span class=\"_ _4\"> </span>becom<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us. <span class=\"_ _f\"> </span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>loss <span class=\"_ _f\"> </span>com<span class=\"_ _2\"></span>pone<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>is <span class=\"_ _4\"></span>rele<span class=\"_ _2\"></span>ased <span class=\"_ _f\"> </span>bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>on <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>systema<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ic </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d8\">allocation of the <span class=\"_ _6\"></span>subse<span class=\"_ _7\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>changes relati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g to <span class=\"_ _6\"></span>futur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> service in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fulf<span class=\"_ _7\"></span>ilm<span class=\"_ _7\"></span>ent<span class=\"_ _6\"></span> cash <span class=\"_ _6\"></span>flows to <span class=\"_ _6\"></span>the loss compone<span class=\"_ _7\"></span>nt and <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4d9\">liabil<span class=\"_ _7\"></span>ity <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>remai<span class=\"_ _7\"></span>ning <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>cluding <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>compo<span class=\"_ _7\"></span>nent. <span class=\"_ _10\"></span>The<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>loss <span class=\"_ _10\"></span>component <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>lso <span class=\"_ _10\"></span>updated <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>subseque<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4da\">relati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>fut<span class=\"_ _7\"></span>ure <span class=\"_ _4\"> </span>service<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lfil<span class=\"_ _7\"></span>ment <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>ash <span class=\"_ _4\"> </span>flows <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>r<span class=\"_ _6\"></span>isk <span class=\"_ _4\"> </span>adjustm<span class=\"_ _7\"></span>ent <span class=\"_ _f\"> </span>fo<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>on-fi<span class=\"_ _2\"></span>nancial <span class=\"_ _4\"> </span>r<span class=\"_ _6\"></span>isks. <span class=\"_ _4\"> </span>The </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2972\">systematic <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>llocatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>subs<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>ch<span class=\"_ _7\"></span>anges <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>los<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>compo<span class=\"_ _7\"></span>nent <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>esu<span class=\"_ _6\"></span>lts <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>total<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _2\"></span>unts <span class=\"_ _4\"></span>alloca<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>oss </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4db\">compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _6\"></span>being <span class=\"_ _6\"></span>equ<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>zero <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>the end <span class=\"_ _1\"></span>of the <span class=\"_ _6\"></span>coverage<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>period <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>cts <span class=\"_ _6\"></span>since <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>loss <span class=\"_ _6\"></span>compone<span class=\"_ _7\"></span>nt will </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4dc\">have be<span class=\"_ _7\"></span>en r<span class=\"_ _7\"></span>ealise<span class=\"_ _7\"></span>d in the fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>m of <span class=\"_ _7\"></span>incurr<span class=\"_ _7\"></span>ed clai<span class=\"_ _7\"></span>ms. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4de\">For <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>ups <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>under <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>P<span class=\"_ _10\"></span>AA, <span class=\"_ _0\"></span>no <span class=\"_ _1\"></span>contracts <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>assumed <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>oner<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>us <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>itial <span class=\"_ _6\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition <span class=\"_ _1\"></span>unless<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2973\">facts and circumsta<span class=\"_ _2\"></span>nces <span class=\"_ _6\"></span>indicat<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>othe<span class=\"_ _7\"></span>rwise. Where this is not the <span class=\"_ _6\"></span>case, and <span class=\"_ _6\"></span>if at <span class=\"_ _6\"></span>any time <span class=\"_ _6\"></span>duri<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the <span class=\"_ _6\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _6\"></span>period the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4df\">facts <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>circumst<span class=\"_ _2\"></span>ances <span class=\"_ _2\"></span>mention<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>Not<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>25.3. <span class=\"_ _2\"></span>indi<span class=\"_ _7\"></span>cate <span class=\"_ _2\"></span>that <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>gr<span class=\"_ _2\"></span>oup <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>ous, <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>loss <span class=\"_ _2\"></span>compo<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>nt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e0\">has to be<span class=\"_ _2\"></span> e<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>ablish<span class=\"_ _7\"></span>ed as t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e exc<span class=\"_ _7\"></span>ess of<span class=\"_ _7\"></span> the f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lfil<span class=\"_ _7\"></span>ment cas<span class=\"_ _7\"></span>h flows t<span class=\"_ _7\"></span>hat rel<span class=\"_ _2\"></span>ate<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>to the<span class=\"_ _7\"></span> rem<span class=\"_ _2\"></span>ain<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng cove<span class=\"_ _7\"></span>rage of <span class=\"_ _7\"></span>the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p o<span class=\"_ _7\"></span>ver the<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e1\">book <span class=\"_ _0\"></span>valu<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>liability <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>rem<span class=\"_ _7\"></span>aining <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>gr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>p <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>determin<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ch<span class=\"_ _7\"></span>apter <span class=\"_ _1\"></span>I<span class=\"_ _6\"></span>niti<span class=\"_ _7\"></span>al <span class=\"_ _0\"></span>measur<span class=\"_ _2\"></span>ement <span class=\"_ _0\"></span>sta<span class=\"_ _7\"></span>rting <span class=\"_ _1\"></span>on </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e2\">page 154. A<span class=\"_ _2\"></span>ccordi<span class=\"_ _7\"></span>ngly<span class=\"_ _e\"></span>, by th<span class=\"_ _7\"></span>e end of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e cov<span class=\"_ _7\"></span>erage <span class=\"_ _7\"></span>period o<span class=\"_ _7\"></span>f the gr<span class=\"_ _7\"></span>oup o<span class=\"_ _7\"></span>f co<span class=\"_ _7\"></span>ntracts t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e loss com<span class=\"_ _2\"></span>pone<span class=\"_ _7\"></span>nt w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> be ze<span class=\"_ _7\"></span>ro.<span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs4e4\">LOSS-RE<span class=\"_ _7\"></span>COVER<span class=\"_ _2\"></span>Y<span class=\"_ _6\"></span> COMPO<span class=\"_ _7\"></span>N<span class=\"_ _7\"></span>ENTS </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2974\">As <span class=\"_ _3\"> </span>described  i<span class=\"_ _7\"></span>n <span class=\"_ _3\"> </span>chapte<span class=\"_ _7\"></span>rs  \u201cI<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itial <span class=\"_ _3\"> </span>measur<span class=\"_ _2\"></span>ement-Rei<span class=\"_ _7\"></span>nsurance <span class=\"_ _3\"> </span>contracts <span class=\"_ _3\"> </span>held\u201d <span class=\"_ _3\"> </span>starting <span class=\"_ _3\"> </span>on <span class=\"_ _3\"> </span>page 156 <span class=\"_ _3\"> </span>and <span class=\"_ _3\"> </span>\u201c<span class=\"_ _6\"></span>S<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uent </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e5\">meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t-Rei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce contra<span class=\"_ _7\"></span>cts held\u201d st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page<span class=\"_ _2\"></span> 158, when a l<span class=\"_ _7\"></span>oss on initial<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of an o<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p o<span class=\"_ _7\"></span>f </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e6\">underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>acts <span class=\"_ _2\"></span>is r<span class=\"_ _2\"></span>ecognis<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>or <span class=\"_ _7\"></span>when<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>furt<span class=\"_ _7\"></span>her <span class=\"_ _2\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>underlyi<span class=\"_ _7\"></span>ng i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>added <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e7\">a <span class=\"_ _2\"></span>loss-re<span class=\"_ _2\"></span>covery <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent <span class=\"_ _10\"></span>(LoReCo<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>rem<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ini<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>cover<span class=\"_ _7\"></span>age <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>establis<span class=\"_ _7\"></span>hed <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>gro<span class=\"_ _2\"></span>up <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e8\">held depic<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>over<span class=\"_ _7\"></span>y of los<span class=\"_ _7\"></span>ses. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ea\">Wher<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ompo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent has <span class=\"_ _1\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>set <span class=\"_ _6\"></span>up <span class=\"_ _1\"></span>subs<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>que<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>initial <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>underl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntrac<span class=\"_ _7\"></span>ts, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4eb\">the <span class=\"_ _1\"></span>portion <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>income <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _1\"></span>has <span class=\"_ _0\"></span>been <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>nised <span class=\"_ _1\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>related <span class=\"_ _1\"></span>rei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>held <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>disclosed <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>loss-r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>very </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ec\">compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ed\">Wher<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>loss<span class=\"_ _7\"></span>-r<span class=\"_ _7\"></span>ecov<span class=\"_ _7\"></span>ery <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent has <span class=\"_ _6\"></span>been <span class=\"_ _6\"></span>set up <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>initial recognitio<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>or <span class=\"_ _6\"></span>subs<span class=\"_ _7\"></span>eque<span class=\"_ _7\"></span>ntly<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>the loss-re<span class=\"_ _7\"></span>covery compo<span class=\"_ _7\"></span>nent is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ee\">adjusted to <span class=\"_ _2\"></span>reflect c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>es in th<span class=\"_ _7\"></span>e loss<span class=\"_ _7\"></span> compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of a<span class=\"_ _7\"></span>n one<span class=\"_ _7\"></span>rous gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up of <span class=\"_ _7\"></span>underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts<span class=\"_ _7\"></span>.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f0\">The <span class=\"_ _6\"></span>boo<span class=\"_ _7\"></span>k value<span class=\"_ _6\"></span> of <span class=\"_ _6\"></span>the loss-<span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>very compon<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt must n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>excee<span class=\"_ _7\"></span>d the <span class=\"_ _6\"></span>portion of <span class=\"_ _6\"></span>the book value of the <span class=\"_ _6\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f1\">the <span class=\"_ _1\"></span>onero<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>underlyi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>that <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>compani<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>expe<span class=\"_ _7\"></span>ct <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er <span class=\"_ _1\"></span>fr<span class=\"_ _7\"></span>om </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f2\">the <span class=\"_ _0\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>contr<span class=\"_ _7\"></span>acts <span class=\"_ _0\"></span>held. <span class=\"_ _1\"></span>On <span class=\"_ _0\"></span>this <span class=\"_ _0\"></span>basis, <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>loss-reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery <span class=\"_ _0\"></span>compo<span class=\"_ _2\"></span>nent <span class=\"_ _0\"></span>recog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>at <span class=\"_ _0\"></span>initial <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>ecogniti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f3\">red<span class=\"_ _7\"></span>uced <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>zero <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>line <span class=\"_ _f\"> </span>wit<span class=\"_ _7\"></span>h <span class=\"_ _f\"> </span>re<span class=\"_ _7\"></span>ductio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>one<span class=\"_ _7\"></span>rous <span class=\"_ _4\"> </span>gro<span class=\"_ _7\"></span>up <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>u<span class=\"_ _6\"></span>nde<span class=\"_ _7\"></span>rlying <span class=\"_ _4\"> </span>in<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _4\"> </span>and <span class=\"_ _f\"> </span>is <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>il <span class=\"_ _4\"> </span>wh<span class=\"_ _6\"></span>en <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>ss </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f4\">compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent of t<span class=\"_ _7\"></span>he oner<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>s g<span class=\"_ _2\"></span>roup of<span class=\"_ _7\"></span> underl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>is nil.<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2954\">INSURAN<span class=\"_ _7\"></span>CE FINAN<span class=\"_ _7\"></span>CE RES<span class=\"_ _7\"></span>UL<span class=\"_ _e\"></span>T </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2976\">The i<span class=\"_ _2\"></span>nsurance <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>ce r<span class=\"_ _2\"></span>esult <span class=\"_ _2\"></span>comprises <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>hange <span class=\"_ _2\"></span>in t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>carrying <span class=\"_ _2\"></span>amount <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the g<span class=\"_ _2\"></span>roup <span class=\"_ _2\"></span>of i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts <span class=\"_ _2\"></span>arising <span class=\"_ _7\"></span>fr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2977\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of t<span class=\"_ _7\"></span>he time <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ney and <span class=\"_ _7\"></span>changes i<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he time v<span class=\"_ _7\"></span>alue of mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ey <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2978\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> ef<span class=\"_ _2\"></span>fect of fin<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ncial risk <span class=\"_ _2\"></span>and chang<span class=\"_ _2\"></span>es in financial<span class=\"_ _7\"></span> risk, b<span class=\"_ _7\"></span>ut </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2957\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>excluding a<span class=\"_ _7\"></span>ny s<span class=\"_ _7\"></span>uch chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s for gr<span class=\"_ _2\"></span>oups of i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> dir<span class=\"_ _2\"></span>ect particip<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tion f<span class=\"_ _7\"></span>eatur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s t<span class=\"_ _7\"></span>hat would a<span class=\"_ _2\"></span>djust the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2979\">CSM bu<span class=\"_ _7\"></span>t do <span class=\"_ _7\"></span>not do so b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>caus<span class=\"_ _7\"></span>e the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>ps of <span class=\"_ _7\"></span>contrac<span class=\"_ _7\"></span>ts ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>nero<span class=\"_ _7\"></span>us. Thes<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ar<span class=\"_ _7\"></span>e inclu<span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>n insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce servic<span class=\"_ _2\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297a\">expenses.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297b\">VIG applies <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e option to <span class=\"_ _6\"></span>disaggr<span class=\"_ _2\"></span>egate the <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce financ<span class=\"_ _7\"></span>e result on <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce contracts issu<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>for its <span class=\"_ _6\"></span>lif<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>business a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295b\">its <span class=\"_ _4\"></span>health <span class=\"_ _4\"> </span>simil<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>-to-l<span class=\"_ _7\"></span>ife <span class=\"_ _4\"></span>busi<span class=\"_ _7\"></span>ness <span class=\"_ _4\"> </span>betwe<span class=\"_ _7\"></span>en <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>rofit <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>an<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>OCI. <span class=\"_ _4\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>OCI <span class=\"_ _4\"> </span>option <span class=\"_ _4\"> </span>allows <span class=\"_ _4\"></span>inco<span class=\"_ _2\"></span>nsistent <span class=\"_ _4\"> </span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295c\">(acco<span class=\"_ _7\"></span>unting <span class=\"_ _2\"></span>misma<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ch) <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>assets <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>liabiliti<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span>fset <span class=\"_ _2\"></span>thr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>gh <span class=\"_ _10\"></span>equity<span class=\"_ _10\"></span>, <span class=\"_ _10\"></span>rather <span class=\"_ _10\"></span>than <span class=\"_ _2\"></span>thro<span class=\"_ _7\"></span>ugh <span class=\"_ _2\"></span>prof<span class=\"_ _7\"></span>it <span class=\"_ _2\"></span>or <span class=\"_ _10\"></span>loss. <span class=\"_ _2\"></span>Such <span class=\"_ _10\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ces </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297c\">can, <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>or <span class=\"_ _f\"> </span>ex<span class=\"_ _7\"></span>ample, <span class=\"_ _4\"> </span>occur <span class=\"_ _f\"> </span>fo<span class=\"_ _7\"></span>r <span class=\"_ _f\"> </span>lif<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _f\"> </span>pol<span class=\"_ _7\"></span>icies <span class=\"_ _4\"></span>eligi<span class=\"_ _7\"></span>ble <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>or <span class=\"_ _f\"> </span>pro<span class=\"_ _7\"></span>fit-particip<span class=\"_ _2\"></span>ation. <span class=\"_ _f\"> </span>If<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>business <span class=\"_ _f\"> </span>mo<span class=\"_ _7\"></span>del<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>es <span class=\"_ _f\"> </span>such<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295d\">meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t, <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>OCI <span class=\"_ _0\"></span>option <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>mi<span class=\"_ _7\"></span>nimise <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>counti<span class=\"_ _7\"></span>ng <span class=\"_ _4\"></span>mis<span class=\"_ _7\"></span>matc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>. <span class=\"_ _0\"></span>For<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rticipa<span class=\"_ _2\"></span>tions <span class=\"_ _4\"></span>tha<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ing <span class=\"_ _0\"></span>held <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295e\">strategic <span class=\"_ _10\"></span>purpos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s, <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>OCI <span class=\"_ _2\"></span>op<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>predo<span class=\"_ _7\"></span>minantl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>rde<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>mi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>imi<span class=\"_ _7\"></span>se <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>accou<span class=\"_ _7\"></span>nting <span class=\"_ _2\"></span>mism<span class=\"_ _7\"></span>atches <span class=\"_ _10\"></span>menti<span class=\"_ _7\"></span>oned <span class=\"_ _2\"></span>abov<span class=\"_ _7\"></span>e. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295f\">VIG\u2019<span class=\"_ _e\"></span>s fina<span class=\"_ _7\"></span>ncial asse<span class=\"_ _2\"></span>ts backing <span class=\"_ _7\"></span>the ins<span class=\"_ _7\"></span>urance i<span class=\"_ _7\"></span>ssued po<span class=\"_ _2\"></span>rtfolios ar<span class=\"_ _7\"></span>e pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>domi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>antl<span class=\"_ _7\"></span>y measu<span class=\"_ _7\"></span>red <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t amo<span class=\"_ _7\"></span>rtised cos<span class=\"_ _7\"></span>t or <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtOC<span class=\"_ _7\"></span>I. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2961\">The <span class=\"_ _1\"></span>total <span class=\"_ _1\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>fina<span class=\"_ _7\"></span>nce <span class=\"_ _1\"></span>rev<span class=\"_ _7\"></span>enues <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>exp<span class=\"_ _7\"></span>enses <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>syst<span class=\"_ _2\"></span>ematically <span class=\"_ _6\"></span>allocated <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>p<span class=\"_ _6\"></span>rof<span class=\"_ _7\"></span>it <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>over <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>duration <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297d\">gro<span class=\"_ _7\"></span>up of co<span class=\"_ _7\"></span>ntracts b<span class=\"_ _7\"></span>y using <span class=\"_ _2\"></span>discount ra<span class=\"_ _7\"></span>tes det<span class=\"_ _7\"></span>ermi<span class=\"_ _7\"></span>ned on gr<span class=\"_ _2\"></span>oup of ins<span class=\"_ _7\"></span>urance l<span class=\"_ _7\"></span>evel.<span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs297e\">NET RE<span class=\"_ _7\"></span>VE<span class=\"_ _6\"></span>N<span class=\"_ _7\"></span>UES O<span class=\"_ _7\"></span>R EXPENSE<span class=\"_ _2\"></span>S <span class=\"_ _6\"></span>FROM<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>REINSU<span class=\"_ _7\"></span>RANCE<span class=\"_ _7\"></span> CONTRA<span class=\"_ _7\"></span>CTS H<span class=\"_ _7\"></span>ELD </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2964\">IFRS 17 <span class=\"_ _6\"></span>requir<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _6\"></span>contract <span class=\"_ _1\"></span>held <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>accounted <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>separa<span class=\"_ _7\"></span>tely <span class=\"_ _0\"></span>fr<span class=\"_ _7\"></span>om <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>underlying <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _1\"></span>cont<span class=\"_ _7\"></span>racts <span class=\"_ _6\"></span>to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2965\">which i<span class=\"_ _7\"></span>t r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>lates.<span class=\"_ _7\"></span> Additio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ally<span class=\"_ _e\"></span>, amo<span class=\"_ _7\"></span>unts a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ising f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> tr<span class=\"_ _7\"></span>ansac<span class=\"_ _7\"></span>tions <span class=\"_ _7\"></span>with rei<span class=\"_ _2\"></span>nsure<span class=\"_ _7\"></span>rs s<span class=\"_ _7\"></span>hall be r<span class=\"_ _2\"></span>eported<span class=\"_ _7\"></span> accor<span class=\"_ _2\"></span>ding to <span class=\"_ _2\"></span>whether t<span class=\"_ _7\"></span>hey </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297f\">relat<span class=\"_ _7\"></span>e to:<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2980\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>unts re<span class=\"_ _7\"></span>cover<span class=\"_ _2\"></span>ed from t<span class=\"_ _2\"></span>he rei<span class=\"_ _7\"></span>nsure<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2981\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>amounts <span class=\"_ _7\"></span>allocat<span class=\"_ _7\"></span>ed to pr<span class=\"_ _7\"></span>emi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ms paid. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs296a\">Separate p<span class=\"_ _2\"></span>resentatio<span class=\"_ _2\"></span>n is req<span class=\"_ _7\"></span>uire<span class=\"_ _7\"></span>d for:<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2982\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>reins<span class=\"_ _7\"></span>urance cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows t<span class=\"_ _2\"></span>hat are <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>onting<span class=\"_ _2\"></span>ent on claims<span class=\"_ _7\"></span> on th<span class=\"_ _7\"></span>e unde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>lyi<span class=\"_ _7\"></span>ng contrac<span class=\"_ _7\"></span>ts, whic<span class=\"_ _7\"></span>h ar<span class=\"_ _7\"></span>e tr<span class=\"_ _7\"></span>eated <span class=\"_ _7\"></span>as par<span class=\"_ _7\"></span>t of the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2983\">claims th<span class=\"_ _7\"></span>at ar<span class=\"_ _7\"></span>e expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to b<span class=\"_ _2\"></span>e reim<span class=\"_ _7\"></span>bursed u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der <span class=\"_ _7\"></span>the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance con<span class=\"_ _7\"></span>tract h<span class=\"_ _7\"></span>eld;<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2984\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>reins<span class=\"_ _7\"></span>urance cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows t<span class=\"_ _2\"></span>hat are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot con<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing<span class=\"_ _7\"></span>ent on clai<span class=\"_ _7\"></span>ms of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>underlyi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g cont<span class=\"_ _7\"></span>racts (e.g<span class=\"_ _7\"></span>. some <span class=\"_ _2\"></span>types of c<span class=\"_ _7\"></span>eding </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2985\">commis<span class=\"_ _7\"></span>sions) a<span class=\"_ _7\"></span>re t<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ated as a <span class=\"_ _7\"></span>red<span class=\"_ _2\"></span>uction in t<span class=\"_ _7\"></span>he premi<span class=\"_ _2\"></span>ums to <span class=\"_ _7\"></span>be paid to <span class=\"_ _7\"></span>the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urer<span class=\"_ _e\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2986\">Amou<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>relating <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>losses <span class=\"_ _1\"></span>relating <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>onero<span class=\"_ _2\"></span>us <span class=\"_ _4\"></span>di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ct <span class=\"_ _0\"></span>contr<span class=\"_ _7\"></span>acts <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>included <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>amo<span class=\"_ _7\"></span>unts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2987\">reco<span class=\"_ _7\"></span>verabl<span class=\"_ _7\"></span>e from<span class=\"_ _7\"></span> the r<span class=\"_ _2\"></span>einsur<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>.<span class=\"_ _3d5\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-458": {
   "value": "<div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2939\">INSURAN<span class=\"_ _7\"></span>CE <span class=\"_ _2\"></span>ACQUISITION<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>COSTS<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs293a\">In<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> ac<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n cos<span class=\"_ _2\"></span>ts a<span class=\"_ _7\"></span>ris<span class=\"_ _2\"></span>e fr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m t<span class=\"_ _7\"></span>he c<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ts of s<span class=\"_ _2\"></span>ell<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span>, und<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>wri<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>ng a<span class=\"_ _2\"></span>nd s<span class=\"_ _7\"></span>ta<span class=\"_ _7\"></span>rt<span class=\"_ _2\"></span>ing<span class=\"_ _7\"></span> a gr<span class=\"_ _2\"></span>oup<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>of<span class=\"_ _7\"></span> in<span class=\"_ _7\"></span>su<span class=\"_ _2\"></span>ranc<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>ntr<span class=\"_ _2\"></span>act<span class=\"_ _7\"></span>s (<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2753\">ex<span class=\"_ _2\"></span>pe<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be i<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>d)<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ect<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span>y a<span class=\"_ _7\"></span>ttr<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>but<span class=\"_ _7\"></span>abl<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>rtfo<span class=\"_ _7\"></span>li<span class=\"_ _2\"></span>o of<span class=\"_ _2\"></span> i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>to<span class=\"_ _7\"></span> w<span class=\"_ _2\"></span>hic<span class=\"_ _2\"></span>h t<span class=\"_ _2\"></span>he g<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>up<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>bel<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span>gs<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span>  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs293b\">W<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>cqu<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n c<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> ha<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>ee<span class=\"_ _7\"></span>n p<span class=\"_ _2\"></span>ai<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r i<span class=\"_ _2\"></span>ncu<span class=\"_ _7\"></span>rr<span class=\"_ _2\"></span>ed b<span class=\"_ _7\"></span>ef<span class=\"_ _2\"></span>or<span class=\"_ _10\"></span>e th<span class=\"_ _7\"></span>e r<span class=\"_ _2\"></span>el<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ed g<span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up<span class=\"_ _7\"></span> of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> co<span class=\"_ _2\"></span>nt<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span>s i<span class=\"_ _2\"></span>s r<span class=\"_ _2\"></span>ec<span class=\"_ _7\"></span>og<span class=\"_ _2\"></span>nis<span class=\"_ _7\"></span>ed i<span class=\"_ _2\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2755\">th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nso<span class=\"_ _2\"></span>li<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>ted <span class=\"_ _2\"></span>ba<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ce<span class=\"_ _2\"></span> s<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>et<span class=\"_ _2\"></span>, a<span class=\"_ _7\"></span> s<span class=\"_ _2\"></span>ep<span class=\"_ _2\"></span>ara<span class=\"_ _7\"></span>te <span class=\"_ _2\"></span>as<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>et <span class=\"_ _2\"></span>for<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nsu<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>acq<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>si<span class=\"_ _2\"></span>tio<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>ost<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> is<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>ec<span class=\"_ _7\"></span>og<span class=\"_ _7\"></span>ni<span class=\"_ _2\"></span>se<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>fo<span class=\"_ _2\"></span>r e<span class=\"_ _2\"></span>ach <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>el<span class=\"_ _2\"></span>at<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span>  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2757\">The <span class=\"_ _f\"> </span>asset <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _f\"> </span>acq<span class=\"_ _7\"></span>uisition <span class=\"_ _f\"> </span>cos<span class=\"_ _7\"></span>ts <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>dere<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _f\"> </span>fr<span class=\"_ _7\"></span>om <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>consol<span class=\"_ _7\"></span>idated <span class=\"_ _f\"> </span>bal<span class=\"_ _7\"></span>ance <span class=\"_ _f\"> </span>sheet <span class=\"_ _4\"> </span>w<span class=\"_ _6\"></span>he<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>the <span class=\"_ _3\"> </span>ins<span class=\"_ _7\"></span>uran<span class=\"_ _7\"></span>ce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2758\">acquisiti<span class=\"_ _7\"></span>on cos<span class=\"_ _7\"></span>ts ar<span class=\"_ _7\"></span>e includ<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>n the initi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e CSM of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e rel<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ed gr<span class=\"_ _2\"></span>oup of i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs293c\">It is r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>ed to a<span class=\"_ _2\"></span>pply a system<span class=\"_ _2\"></span>atic and rati<span class=\"_ _7\"></span>onal m<span class=\"_ _7\"></span>ethod to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llo<span class=\"_ _7\"></span>cate: <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs293d\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance <span class=\"_ _7\"></span>acquisiti<span class=\"_ _7\"></span>on costs<span class=\"_ _7\"></span> that ar<span class=\"_ _2\"></span>e dir<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>tl<span class=\"_ _7\"></span>y attribut<span class=\"_ _7\"></span>able to <span class=\"_ _7\"></span>a gr<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>p of i<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance co<span class=\"_ _7\"></span>ntracts: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs293e\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>to th<span class=\"_ _7\"></span>at gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs293f\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>to groups that include insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>contracts that ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>expect<span class=\"_ _7\"></span>ed to <span class=\"_ _6\"></span>arise <span class=\"_ _6\"></span>fro<span class=\"_ _7\"></span>m the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>newals of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>insura<span class=\"_ _7\"></span>nce c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntracts in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2940\">that gro<span class=\"_ _2\"></span>up.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2941\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Insurance <span class=\"_ _7\"></span>acquisiti<span class=\"_ _7\"></span>on costs<span class=\"_ _7\"></span> that ar<span class=\"_ _2\"></span>e not dir<span class=\"_ _2\"></span>ectly attrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>table t<span class=\"_ _2\"></span>o a group o<span class=\"_ _7\"></span>f co<span class=\"_ _7\"></span>ntracts b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>t dir<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>tl<span class=\"_ _7\"></span>y attribut<span class=\"_ _7\"></span>able to <span class=\"_ _7\"></span>a portfol<span class=\"_ _7\"></span>io </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2942\">of i<span class=\"_ _7\"></span>nsurance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts to g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ps i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the po<span class=\"_ _7\"></span>rtfolio<span class=\"_ _7\"></span>.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2943\">The <span class=\"_ _4\"> </span>t<span class=\"_ _6\"></span>im<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>ba<span class=\"_ _7\"></span>nds <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hen <span class=\"_ _4\"> </span>VIG <span class=\"_ _4\"></span>expects <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>der<span class=\"_ _2\"></span>ecognise <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>asset <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>ts <span class=\"_ _4\"> </span>ar<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>disclosed <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>Note <span class=\"_ _4\"> </span>1. <span class=\"_ _4\"> </span>Insura<span class=\"_ _7\"></span>nce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2762\">contracts st<span class=\"_ _2\"></span>arting on p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ge 60.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2763\">At the<span class=\"_ _7\"></span> end of<span class=\"_ _2\"></span> each r<span class=\"_ _2\"></span>eporting<span class=\"_ _7\"></span> period, <span class=\"_ _2\"></span>the amo<span class=\"_ _7\"></span>unts <span class=\"_ _7\"></span>of ins<span class=\"_ _2\"></span>urance <span class=\"_ _7\"></span>acquisiti<span class=\"_ _7\"></span>on costs<span class=\"_ _2\"></span> allocated<span class=\"_ _2\"></span> to gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ups of i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>cts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2764\">not yet r<span class=\"_ _2\"></span>ecognised ar<span class=\"_ _2\"></span>e r<span class=\"_ _7\"></span>evised, to<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flect <span class=\"_ _7\"></span>changes i<span class=\"_ _2\"></span>n assump<span class=\"_ _7\"></span>tions rel<span class=\"_ _2\"></span>ated to the m<span class=\"_ _2\"></span>ethod of allo<span class=\"_ _7\"></span>cation <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sed. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2944\">After <span class=\"_ _2\"></span>any <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>-alloca<span class=\"_ _7\"></span>tion, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>recov<span class=\"_ _7\"></span>erabili<span class=\"_ _7\"></span>ty of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sset<span class=\"_ _7\"></span> f<span class=\"_ _7\"></span>or i<span class=\"_ _2\"></span>nsurance <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>cquisi<span class=\"_ _7\"></span>tion <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>essed, <span class=\"_ _2\"></span>if <span class=\"_ _2\"></span>fac<span class=\"_ _6\"></span>ts<span class=\"_ _7\"></span> a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>circumst<span class=\"_ _2\"></span>ance<span class=\"_ _7\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2945\">indicate t<span class=\"_ _7\"></span>he asse<span class=\"_ _7\"></span>t ma<span class=\"_ _7\"></span>y be im<span class=\"_ _7\"></span>paire<span class=\"_ _7\"></span>d. W<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>en ass<span class=\"_ _7\"></span>essing t<span class=\"_ _7\"></span>he re<span class=\"_ _2\"></span>coverabili<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>, it is r<span class=\"_ _2\"></span>equir<span class=\"_ _7\"></span>ed to <span class=\"_ _7\"></span>apply t<span class=\"_ _7\"></span>he follo<span class=\"_ _7\"></span>wing:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2946\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>an<span class=\"_ _6\"></span> imp<span class=\"_ _2\"></span>airment test <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t th<span class=\"_ _7\"></span>e level of<span class=\"_ _7\"></span> an exis<span class=\"_ _7\"></span>ting o<span class=\"_ _7\"></span>r futur<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>up of i<span class=\"_ _7\"></span>nsurance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts; <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2947\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>an<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>additio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al impairm<span class=\"_ _2\"></span>ent test sp<span class=\"_ _7\"></span>ecificall<span class=\"_ _7\"></span>y coveri<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g t<span class=\"_ _7\"></span>he insura<span class=\"_ _7\"></span>nce acq<span class=\"_ _7\"></span>uisitio<span class=\"_ _7\"></span>n costs al<span class=\"_ _7\"></span>located to <span class=\"_ _2\"></span>expected f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ture <span class=\"_ _2\"></span>contract </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2948\">rene<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>als. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2949\">If an<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>impairm<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>loss is recognis<span class=\"_ _7\"></span>ed, the <span class=\"_ _6\"></span>book value <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>set <span class=\"_ _6\"></span>is adjusted and an<span class=\"_ _6\"></span> impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>is recog<span class=\"_ _7\"></span>nised in <span class=\"_ _6\"></span>profi<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs294a\">loss<span class=\"_ _7\"></span> in the item ins<span class=\"_ _2\"></span>urance se<span class=\"_ _7\"></span>rvice ex<span class=\"_ _7\"></span>penses <span class=\"ff4e fs14\">\u2013</span> is<span class=\"_ _7\"></span>sue<span class=\"_ _7\"></span>d. <span class=\"_ _7\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-459": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs26da\">25.4.<span class=\"ff4a\"> </span>F<span class=\"_ _7\"></span>inancial instru<span class=\"_ _7\"></span>ments </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs26dc\">Financial<span class=\"_ _7\"></span> assets<span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2989\">INITIAL R<span class=\"_ _7\"></span>ECOGNI<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>ION  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs298a\">At <span class=\"_ _3\"> </span>initial <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _f\"> </span>of <span class=\"_ _3\"> </span>financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _3\"> </span>inst<span class=\"_ _7\"></span>ruments <span class=\"_ _f\"> </span>depends <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _3\"> </span>contra<span class=\"_ _7\"></span>ctual <span class=\"_ _f\"> </span>cash <span class=\"_ _3\"> </span>flows <span class=\"_ _f\"> </span>(sol<span class=\"_ _7\"></span>ely <span class=\"_ _f\"> </span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26de\">payme<span class=\"_ _7\"></span>nts of pri<span class=\"_ _7\"></span>ncipal a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d inter<span class=\"_ _2\"></span>est criterio<span class=\"_ _7\"></span>n (SPPI<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>crite<span class=\"_ _7\"></span>rion)) <span class=\"_ _7\"></span>as well<span class=\"_ _7\"></span> as the b<span class=\"_ _7\"></span>usiness <span class=\"_ _7\"></span>model. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e0\">Financial i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _7\"></span>ents ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> initiall<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>ecognise<span class=\"_ _2\"></span>d on the pro<span class=\"_ _7\"></span>cessi<span class=\"_ _7\"></span>ng day at f<span class=\"_ _7\"></span>air valu<span class=\"_ _7\"></span>e (as defin<span class=\"_ _7\"></span>ed in No<span class=\"_ _7\"></span>te 2<span class=\"_ _7\"></span>5.9. Calcula<span class=\"_ _7\"></span>tion of f<span class=\"_ _7\"></span>air </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs298b\">value <span class=\"_ _2\"></span>sta<span class=\"_ _7\"></span>rting <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>page 173<span class=\"_ _7\"></span>), <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _2\"></span>fai<span class=\"_ _7\"></span>r <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>hould <span class=\"_ _e\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>de<span class=\"_ _7\"></span>viate <span class=\"_ _2\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>transactio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>price. <span class=\"_ _10\"></span>At <span class=\"_ _2\"></span>initial <span class=\"_ _e\"></span>recognitio<span class=\"_ _2\"></span>n, <span class=\"_ _7\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>financi<span class=\"_ _7\"></span>al </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs298c\">assets meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed at <span class=\"_ _6\"></span>AC or FVtOCI, dir<span class=\"_ _2\"></span>ectly attributabl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> trans<span class=\"_ _7\"></span>action costs shall<span class=\"_ _7\"></span> b<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clud<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>in the amorti<span class=\"_ _7\"></span>sed costs. Inte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>nal </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs298d\">(overhead<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>shall <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>be <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ttrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>amortise<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>cost <span class=\"_ _10\"></span>as <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>ese <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>not <span class=\"_ _2\"></span>dire<span class=\"_ _7\"></span>ctly <span class=\"_ _2\"></span>attribu<span class=\"_ _7\"></span>table <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>single <span class=\"_ _2\"></span>tra<span class=\"_ _7\"></span>nsaction<span class=\"_ _7\"></span>s.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs298e\">Measure<span class=\"_ _7\"></span>ment categ<span class=\"_ _7\"></span>ories <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e5\">Financial <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>classifi<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _e\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>contract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _10\"></span>characteristics <span class=\"_ _e\"></span>test <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>model <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>managing<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs298f\">the asse<span class=\"_ _7\"></span>ts. Based o<span class=\"_ _2\"></span>n these c<span class=\"_ _7\"></span>riteria, fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>assets c<span class=\"_ _2\"></span>an be classi<span class=\"_ _7\"></span>fied into t<span class=\"_ _2\"></span>he follo<span class=\"_ _7\"></span>wing measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt c<span class=\"_ _7\"></span>ategories:<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2990\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at amo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tised <span class=\"_ _7\"></span>cost; <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26e8\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at <span class=\"_ _7\"></span>FVtOCI, w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ere t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mulativ<span class=\"_ _7\"></span>e gains <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>ses will <span class=\"_ _7\"></span>be r<span class=\"_ _7\"></span>eclass<span class=\"_ _7\"></span>ifi<span class=\"_ _7\"></span>ed to the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2991\">stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t upo<span class=\"_ _7\"></span>n dere<span class=\"_ _2\"></span>cogn<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>; <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2992\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Equity i<span class=\"_ _7\"></span>nstrumen<span class=\"_ _7\"></span>ts desig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ated <span class=\"_ _7\"></span>as at F<span class=\"_ _7\"></span>VtOCI, <span class=\"_ _7\"></span>wher<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> the<span class=\"_ _7\"></span>y may not be <span class=\"_ _2\"></span>recognis<span class=\"_ _7\"></span>ed in t<span class=\"_ _2\"></span>he income st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t; </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26eb\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Financial ass<span class=\"_ _2\"></span>ets (debt i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts, deri<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ative fi<span class=\"_ _7\"></span>nancial i<span class=\"_ _7\"></span>nstr<span class=\"_ _7\"></span>uments<span class=\"_ _7\"></span> and equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>nstrum<span class=\"_ _7\"></span>ents) m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>tPL.<span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs26ed\">Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at amorti<span class=\"_ _7\"></span>sed cost<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2993\">Debt ins<span class=\"_ _7\"></span>truments <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> held at <span class=\"_ _2\"></span>AC if both of t<span class=\"_ _2\"></span>he follo<span class=\"_ _7\"></span>wing con<span class=\"_ _7\"></span>ditions ar<span class=\"_ _2\"></span>e met: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2994\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts ar<span class=\"_ _2\"></span>e held <span class=\"_ _7\"></span>within a <span class=\"_ _7\"></span>business m<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>el with t<span class=\"_ _7\"></span>he obj<span class=\"_ _7\"></span>ective of holdi<span class=\"_ _2\"></span>ng the i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t to col<span class=\"_ _7\"></span>lect th<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ractual </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2995\">cash fl<span class=\"_ _7\"></span>ows. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26f0\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The contr<span class=\"_ _7\"></span>actual <span class=\"_ _7\"></span>terms of<span class=\"_ _7\"></span> the d<span class=\"_ _7\"></span>ebt i<span class=\"_ _7\"></span>nstrument g<span class=\"_ _7\"></span>ive rise o<span class=\"_ _2\"></span>n specifi<span class=\"_ _7\"></span>ed dates <span class=\"_ _7\"></span>to cash fl<span class=\"_ _7\"></span>ows t<span class=\"_ _7\"></span>hat ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> solel<span class=\"_ _2\"></span>y payments<span class=\"_ _7\"></span> of </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2996\">principal a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>nterest <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>SPPI<span class=\"_ _7\"></span>) on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e princi<span class=\"_ _7\"></span>pal amo<span class=\"_ _7\"></span>unt o<span class=\"_ _7\"></span>utsta<span class=\"_ _7\"></span>nding. <span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs2997\">Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at FVtO<span class=\"_ _7\"></span>CI </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2998\">The <span class=\"_ _2\"></span>new <span class=\"_ _7\"></span>catego<span class=\"_ _7\"></span>ry <span class=\"_ _7\"></span>acc. <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>IFRS 9 <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>debt i<span class=\"_ _2\"></span>nstruments <span class=\"_ _2\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d a<span class=\"_ _2\"></span>t <span class=\"_ _7\"></span>FVtOCI <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>applie<span class=\"_ _7\"></span>d w<span class=\"_ _2\"></span>hen<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>both <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>fol<span class=\"_ _7\"></span>lowing <span class=\"_ _7\"></span>conditi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2999\">are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t: <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs299a\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt is<span class=\"_ _7\"></span> held wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>in a b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>model, t<span class=\"_ _2\"></span>he objectiv<span class=\"_ _7\"></span>e of w<span class=\"_ _7\"></span>hich is <span class=\"_ _7\"></span>both coll<span class=\"_ _7\"></span>ecting co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs299b\">selli<span class=\"_ _7\"></span>ng financial ass<span class=\"_ _2\"></span>ets, and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs299c\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> co<span class=\"_ _2\"></span>ntractual te<span class=\"_ _7\"></span>rms of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e finan<span class=\"_ _7\"></span>cial ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t me<span class=\"_ _7\"></span>et the SP<span class=\"_ _7\"></span>PI te<span class=\"_ _2\"></span>st.<span class=\"_ _3d5\"> </span>  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2732\">Debt instrume<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>this categor<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>are those that <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>intende<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld to <span class=\"_ _6\"></span>colle<span class=\"_ _7\"></span>ct <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ractual cash <span class=\"_ _6\"></span>flo<span class=\"_ _7\"></span>ws <span class=\"_ _6\"></span>and which may </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2733\">be sold i<span class=\"_ _7\"></span>n r<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nse to n<span class=\"_ _7\"></span>eeds fo<span class=\"_ _7\"></span>r liquidit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> or cha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ges in m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rk<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t conditio<span class=\"_ _2\"></span>ns.  </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs2734\">Equity i<span class=\"_ _7\"></span>nstruments<span class=\"_ _7\"></span> desi<span class=\"_ _7\"></span>gn<span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>ed meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>red at FVtOCI<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2735\">Eq<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>ty<span class=\"_ _7\"></span> ins<span class=\"_ _2\"></span>tr<span class=\"_ _7\"></span>um<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> tha<span class=\"_ _7\"></span>t ar<span class=\"_ _2\"></span>e no<span class=\"_ _7\"></span>t he<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>d fo<span class=\"_ _2\"></span>r tra<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>sif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>as<span class=\"_ _7\"></span> des<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d me<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ed at<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>FVt<span class=\"_ _7\"></span>OC<span class=\"_ _2\"></span>I (in ac<span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>dan<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> wi<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span> IA<span class=\"_ _7\"></span>S <span class=\"_ _7\"></span>32<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2736\">will <span class=\"_ _10\"></span>be <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>rre<span class=\"_ _7\"></span>vocabl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _e\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>FVtOCI. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ication <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>equit<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>instrum<span class=\"_ _7\"></span>ents <span class=\"_ _10\"></span>can <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>done <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>an <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _7\"></span>ent-by-i<span class=\"_ _7\"></span>nstrum<span class=\"_ _7\"></span>ent </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs299e\">basis. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2738\">Gains a<span class=\"_ _7\"></span>nd losses o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>hese equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> ins<span class=\"_ _7\"></span>truments <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot r<span class=\"_ _7\"></span>ecy<span class=\"_ _7\"></span>cled to <span class=\"_ _7\"></span>the incom<span class=\"_ _7\"></span>e s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt at an<span class=\"_ _7\"></span>y time. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs273a\">Dividends<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>are <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>other <span class=\"_ _0\"></span>oper<span class=\"_ _7\"></span>ating <span class=\"_ _0\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>income <span class=\"_ _1\"></span>statement <span class=\"_ _1\"></span>when <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>rig<span class=\"_ _7\"></span>ht <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>payment <span class=\"_ _1\"></span>has <span class=\"_ _0\"></span>been </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs273b\">establis<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ed. Exc<span class=\"_ _7\"></span>ept whe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> such pr<span class=\"_ _2\"></span>oceeds ar<span class=\"_ _7\"></span>e be<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>eficial as <span class=\"_ _2\"></span>a reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery of p<span class=\"_ _7\"></span>art of t<span class=\"_ _7\"></span>he cost of <span class=\"_ _7\"></span>the ins<span class=\"_ _7\"></span>trument, t<span class=\"_ _7\"></span>hese gai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs299f\">recor<span class=\"_ _2\"></span>ded in <span class=\"_ _7\"></span>OCI. Equit<span class=\"_ _7\"></span>y i<span class=\"_ _7\"></span>nstruments<span class=\"_ _7\"></span> desig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ated m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at FVt<span class=\"_ _7\"></span>OCI are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot s<span class=\"_ _7\"></span>ubject to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny imp<span class=\"_ _2\"></span>airment test<span class=\"_ _3d5\"> </span>.<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs273d\">Fina<span class=\"_ _7\"></span>ncial assets<span class=\"_ _2\"></span> m<span class=\"_ _6\"></span>easu<span class=\"_ _7\"></span>red at F<span class=\"_ _7\"></span>VtPL </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs273e\">Financial ass<span class=\"_ _2\"></span>ets in this c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tego<span class=\"_ _7\"></span>ry ar<span class=\"_ _7\"></span>e ma<span class=\"_ _7\"></span>naged i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a fai<span class=\"_ _7\"></span>r value <span class=\"_ _2\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>l, hav<span class=\"_ _7\"></span>e bee<span class=\"_ _7\"></span>n desig<span class=\"_ _7\"></span>nated by m<span class=\"_ _2\"></span>anageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t upo<span class=\"_ _7\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs273f\">initial <span class=\"_ _0\"></span>recogniti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>or <span class=\"_ _0\"></span>are <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>andatorily <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>equire<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>acc. <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>IFRS 9<span class=\"_ _7\"></span>. <span class=\"_ _4\"></span>This <span class=\"_ _0\"></span>catego<span class=\"_ _7\"></span>ry <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ncludes <span class=\"_ _0\"></span>de<span class=\"_ _7\"></span>bt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29a0\">instrume<span class=\"_ _7\"></span>nts,  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2741\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>e cash fl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>w characte<span class=\"_ _7\"></span>ristics fai<span class=\"_ _7\"></span>l t<span class=\"_ _7\"></span>he SPPI crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rio<span class=\"_ _7\"></span>n or  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2742\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ed withi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess mod<span class=\"_ _2\"></span>el in ord<span class=\"_ _7\"></span>er to <span class=\"_ _2\"></span>collect con<span class=\"_ _7\"></span>tractual <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows or <span class=\"_ _7\"></span>also not i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ord<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> to <span class=\"_ _7\"></span>collec<span class=\"_ _7\"></span>t </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29a1\">contract<span class=\"_ _7\"></span>ual cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows as <span class=\"_ _2\"></span>we<span class=\"_ _6\"></span>ll as s<span class=\"_ _2\"></span>ell the inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nts or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29a2\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch are <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lassi<span class=\"_ _7\"></span>fied to t<span class=\"_ _2\"></span>he category of <span class=\"_ _2\"></span>designat<span class=\"_ _7\"></span>ed meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _7\"></span> at FVtPL fo<span class=\"_ _7\"></span>r the p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rpose o<span class=\"_ _7\"></span>f r<span class=\"_ _2\"></span>educing a<span class=\"_ _7\"></span>n acco<span class=\"_ _7\"></span>unting </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29a3\">mism<span class=\"_ _7\"></span>atch.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs2745\">SPPI test a<span class=\"_ _7\"></span>nd ass<span class=\"_ _7\"></span>essment <span class=\"_ _7\"></span>of the b<span class=\"_ _7\"></span>usiness m<span class=\"_ _7\"></span>odel<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2746\">VIG allo<span class=\"_ _7\"></span>cates its f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial asse<span class=\"_ _7\"></span>ts bas<span class=\"_ _7\"></span>ed on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e SPP<span class=\"_ _7\"></span>I-criterio<span class=\"_ _7\"></span>n meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rem<span class=\"_ _7\"></span>ent mod<span class=\"_ _2\"></span>els. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2748\">If th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>SPPI test is p<span class=\"_ _6\"></span>asse<span class=\"_ _7\"></span>d, t<span class=\"_ _6\"></span>he classifica<span class=\"_ _7\"></span>tion and <span class=\"_ _6\"></span>subse<span class=\"_ _7\"></span>que<span class=\"_ _7\"></span>nt measurem<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>of financial instrume<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>accor<span class=\"_ _2\"></span>ding <span class=\"_ _6\"></span>to IFRS 9<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2749\">the busi<span class=\"_ _7\"></span>ness mod<span class=\"_ _7\"></span>el c<span class=\"_ _7\"></span>hosen for ma<span class=\"_ _2\"></span>naging the ass<span class=\"_ _7\"></span>et. T<span class=\"_ _7\"></span>he busi<span class=\"_ _7\"></span>ness model r<span class=\"_ _2\"></span>efers to ho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>compan<span class=\"_ _7\"></span>y manag<span class=\"_ _7\"></span>es its f<span class=\"_ _7\"></span>inanci<span class=\"_ _7\"></span>al </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29a4\">assets i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>rde<span class=\"_ _7\"></span>r to ge<span class=\"_ _2\"></span>nerate c<span class=\"_ _7\"></span>ash f<span class=\"_ _7\"></span>lows. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Gro<span class=\"_ _2\"></span>up, t<span class=\"_ _7\"></span>his is <span class=\"_ _2\"></span>esta<span class=\"_ _6\"></span>blis<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>d at<span class=\"_ _2\"></span> local l<span class=\"_ _7\"></span>evel so<span class=\"_ _7\"></span> as <span class=\"_ _7\"></span>to m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>e fin<span class=\"_ _7\"></span>ancial i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _2\"></span>ents </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs274a\">when pla<span class=\"_ _2\"></span>nning the in<span class=\"_ _7\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t strategy i<span class=\"_ _2\"></span>n order <span class=\"_ _7\"></span>to a<span class=\"_ _7\"></span>chieve lo<span class=\"_ _7\"></span>cal busi<span class=\"_ _7\"></span>ness obj<span class=\"_ _7\"></span>ectives. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs274c\">The <span class=\"_ _6\"></span>business <span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>del <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>assess<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>an <span class=\"_ _1\"></span>inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nt-by-inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>basis<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>but <span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>higher <span class=\"_ _6\"></span>level <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>aggreg<span class=\"_ _2\"></span>ated <span class=\"_ _1\"></span>po<span class=\"_ _7\"></span>rtfolios<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29a5\">that i<span class=\"_ _2\"></span>s based <span class=\"_ _2\"></span>on obs<span class=\"_ _2\"></span>ervable <span class=\"_ _7\"></span>factors. <span class=\"_ _2\"></span>Mor<span class=\"_ _2\"></span>eover<span class=\"_ _10\"></span>, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _2\"></span>is base<span class=\"_ _2\"></span>d on r<span class=\"_ _2\"></span>easonabl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> exp<span class=\"_ _2\"></span>ected sc<span class=\"_ _2\"></span>enarios <span class=\"_ _2\"></span>without <span class=\"_ _7\"></span>taki<span class=\"_ _7\"></span>ng \u201c<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>orst <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e\u201d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs274d\">or \u201c<span class=\"_ _6\"></span>str<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss case\u201d scenario<span class=\"_ _7\"></span>s into <span class=\"_ _6\"></span>acco<span class=\"_ _7\"></span>unt. <span class=\"_ _6\"></span>If cash <span class=\"_ _6\"></span>flows afte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>initial re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>alised in a <span class=\"_ _6\"></span>way <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _6\"></span>is dif<span class=\"_ _7\"></span>ferent fro<span class=\"_ _7\"></span>m the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs274e\">original <span class=\"_ _0\"></span>expecta<span class=\"_ _7\"></span>tions, <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>class<span class=\"_ _7\"></span>ificatio<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>of <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>remai<span class=\"_ _7\"></span>ning <span class=\"_ _0\"></span>financial <span class=\"_ _0\"></span>assets <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>eld <span class=\"_ _4\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>hat <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>does <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nge. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs274f\">Howeve<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _7\"></span>info<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>mati<span class=\"_ _7\"></span>on <span class=\"_ _10\"></span>when <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ssessi<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>newly <span class=\"_ _2\"></span>orig<span class=\"_ _7\"></span>inated <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ewly <span class=\"_ _10\"></span>purc<span class=\"_ _7\"></span>hased <span class=\"_ _2\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _10\"></span>assets <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>take<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>into <span class=\"_ _2\"></span>conside<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n.<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29a7\">The <span class=\"_ _3\"> </span>business<span class=\"_ _7\"></span> <span class=\"_ _d\"> </span>mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>l <span class=\"_ _3\"> </span>is <span class=\"_ _3\"> </span>applied<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>t<span class=\"_ _6\"></span>o <span class=\"_ _3\"> </span>gro<span class=\"_ _7\"></span>ups <span class=\"_ _3\"> </span>of <span class=\"_ _3\"> </span>asse<span class=\"_ _7\"></span>ts <span class=\"_ _3\"> </span>which <span class=\"_ _3\"> </span>ar<span class=\"_ _7\"></span>e  m<span class=\"_ _2\"></span>anaged <span class=\"_ _f\"> </span>h<span class=\"_ _6\"></span>omoge<span class=\"_ _2\"></span>neously<span class=\"_ _10\"></span>. <span class=\"_ _3\"> </span>T<span class=\"_ _7\"></span>he <span class=\"_ _3\"> </span>derivation <span class=\"_ _3\"> </span>takes<span class=\"_ _2\"></span>  into<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29a8\">consid<span class=\"_ _7\"></span>eration a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>class, <span class=\"_ _6\"></span>liq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>idity<span class=\"_ _e\"></span>, <span class=\"_ _6\"></span>type <span class=\"_ _1\"></span>of administ<span class=\"_ _7\"></span>ration (<span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>et <span class=\"_ _1\"></span>man<span class=\"_ _7\"></span>ager<span class=\"_ _10\"></span>, externally <span class=\"_ _6\"></span>managed portfolios<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>spe<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>funds<span class=\"_ _7\"></span>) </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29a9\">as well<span class=\"_ _7\"></span> as the in<span class=\"_ _7\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t stra<span class=\"_ _7\"></span>tegy<span class=\"_ _10\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29aa\">When <span class=\"_ _7\"></span>dete<span class=\"_ _7\"></span>rmini<span class=\"_ _7\"></span>ng the <span class=\"_ _2\"></span>investmen<span class=\"_ _7\"></span>t s<span class=\"_ _7\"></span>trategy <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>and <span class=\"_ _7\"></span>in co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sequ<span class=\"_ _7\"></span>enc<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _7\"></span>model<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>type <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>liabilities <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>at ar<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ab\">and <span class=\"_ _1\"></span>their <span class=\"_ _1\"></span>measu<span class=\"_ _2\"></span>rement <span class=\"_ _6\"></span>model <span class=\"_ _1\"></span>under<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>IFRS 17<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>sh<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>uld <span class=\"_ _6\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>taken <span class=\"_ _1\"></span>into <span class=\"_ _1\"></span>conside<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ation. <span class=\"_ _1\"></span>Cas<span class=\"_ _2\"></span>h <span class=\"_ _0\"></span>and <span class=\"_ _6\"></span>cash <span class=\"_ _1\"></span>equivale<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>as <span class=\"_ _1\"></span>we<span class=\"_ _6\"></span>ll a<span class=\"_ _6\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ac\">term deposi<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>always <span class=\"_ _7\"></span>to be val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ed at A<span class=\"_ _2\"></span>C.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs29ad\">SUBSEQUEN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> MEA<span class=\"_ _7\"></span>SUREM<span class=\"_ _7\"></span>ENT  </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs29ae\">Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at <span class=\"_ _7\"></span>AC </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29af\">After initial me<span class=\"_ _2\"></span>asureme<span class=\"_ _7\"></span>nt, debt i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _7\"></span>ents are me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured at<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>mortised cos<span class=\"_ _2\"></span>t, u<span class=\"_ _6\"></span>sing t<span class=\"_ _7\"></span>he ef<span class=\"_ _2\"></span>fec<span class=\"_ _6\"></span>tive int<span class=\"_ _7\"></span>eres<span class=\"_ _7\"></span>t rate (EI<span class=\"_ _7\"></span>R) metho<span class=\"_ _7\"></span>d, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29b0\">less all<span class=\"_ _7\"></span>owan<span class=\"_ _7\"></span>ce fo<span class=\"_ _7\"></span>r imp<span class=\"_ _7\"></span>airment.<span class=\"_ _7\"></span> Amor<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ised <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ost<span class=\"_ _7\"></span> is cal<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>late<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>by taki<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g i<span class=\"_ _7\"></span>nto ac<span class=\"_ _7\"></span>count a<span class=\"_ _2\"></span>ny discou<span class=\"_ _7\"></span>nt or<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>emium on<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a0\">and <span class=\"_ _1\"></span>fee <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>costs <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>an <span class=\"_ _1\"></span>integ<span class=\"_ _7\"></span>ral <span class=\"_ _1\"></span>part <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>EIR. <span class=\"_ _6\"></span>An<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>llo<span class=\"_ _2\"></span>wance <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>recognised <span class=\"_ _6\"></span>for E<span class=\"_ _6\"></span>C<span class=\"_ _7\"></span>Ls <span class=\"_ _1\"></span>(<span class=\"_ _3d5\"> </span></div><div class=\"t mf hc8 ff47 fs2c fc3 sc0 ls5 ws2 gs29b1\">ex<span class=\"_ _7\"></span>pected <span class=\"_ _6\"></span>cr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit <span class=\"_ _6\"></span>losses</div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29b2\">) <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a1\">income s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt. </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs4a3\">Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at FVtO<span class=\"_ _7\"></span>CI </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a4\">Debt <span class=\"_ _1\"></span>instr<span class=\"_ _6\"></span>uments <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bsequently <span class=\"_ _0\"></span>measured<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>accorda<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _1\"></span>FVtOCI <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _1\"></span>unrealised <span class=\"_ _1\"></span>gains <span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>losses </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29b3\">arising <span class=\"_ _1\"></span>du<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>ch<span class=\"_ _6\"></span>anges <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>recognised <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>OCI. <span class=\"_ _0\"></span>Interest <span class=\"_ _1\"></span>income <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span>eign <span class=\"_ _1\"></span>exch<span class=\"_ _6\"></span>ange <span class=\"_ _1\"></span>effects <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>recognised <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29b4\">prof<span class=\"_ _7\"></span>it <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>loss <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>same <span class=\"_ _4\"></span>manner <span class=\"_ _4\"> </span>as <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>finan<span class=\"_ _6\"></span>cial <span class=\"_ _4\"></span>assets <span class=\"_ _4\"></span>measured <span class=\"_ _4\"></span>at <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>mortised <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>ost. <span class=\"_ _4\"></span>For <span class=\"_ _4\"></span>furth<span class=\"_ _6\"></span>er <span class=\"_ _4\"> </span>information <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29b5\">calculation <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>expec<span class=\"_ _6\"></span>ted <span class=\"_ _1\"></span>credit <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>debt <span class=\"_ _1\"></span>instr<span class=\"_ _6\"></span>ument<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>measured <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>FV<span class=\"_ _6\"></span>tOCI, <span class=\"_ _6\"></span>please <span class=\"_ _6\"></span>refer <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>cha<span class=\"_ _6\"></span>pter <span class=\"_ _1\"></span>The<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>lculation <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29b6\">ECLs startin<span class=\"_ _6\"></span>g on page 168. On derecog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, cumulative gains or losses previously recognised in OCI are reclass<span class=\"_ _7\"></span>ified <span class=\"_ _6\"></span>to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4a8\">prof<span class=\"_ _7\"></span>it and loss.<span class=\"_ _6\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs4a9\">Equity i<span class=\"_ _7\"></span>nstruments<span class=\"_ _7\"></span> desi<span class=\"_ _7\"></span>gn<span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>ed meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>red at FVtOCI<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4aa\">The <span class=\"_ _3\"> </span>irre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ocabl<span class=\"_ _7\"></span>e <span class=\"_ _3\"> </span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _3\"> </span>of <span class=\"_ _f\"> </span>equity <span class=\"_ _3\"> </span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>as <span class=\"_ _3\"> </span>measure<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>at <span class=\"_ _f\"> </span>F<span class=\"_ _6\"></span>VtOCI <span class=\"_ _3\"> </span>is <span class=\"_ _f\"> </span>applied <span class=\"_ _f\"> </span>for <span class=\"_ _3\"> </span>strategicall<span class=\"_ _7\"></span>y <span class=\"_ _3\"> </span>held <span class=\"_ _3\"> </span>fina<span class=\"_ _7\"></span>ncial </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ab\">instrume<span class=\"_ _7\"></span>nts w<span class=\"_ _7\"></span>hich ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> not h<span class=\"_ _7\"></span>eld for t<span class=\"_ _7\"></span>rading or <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot sha<span class=\"_ _7\"></span>res <span class=\"_ _2\"></span>in affi<span class=\"_ _7\"></span>liated fully co<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed com<span class=\"_ _7\"></span>panies <span class=\"_ _2\"></span>and are no<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> shar<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29b7\">associat<span class=\"_ _7\"></span>es a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>joint ventures.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>The classificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>equity<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>instrume<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>can <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>do<span class=\"_ _7\"></span>ne <span class=\"_ _1\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>an <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nstrument-b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>-inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>ba<span class=\"_ _7\"></span>sis </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29b8\">(e.g. <span class=\"_ _0\"></span>emergi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>marke<span class=\"_ _7\"></span>ts <span class=\"_ _0\"></span>stocks <span class=\"_ _1\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _6\"></span>VtPL, <span class=\"_ _1\"></span>auxili<span class=\"_ _7\"></span>ary<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>undertak<span class=\"_ _7\"></span>ings <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>FVtOC<span class=\"_ _7\"></span>I) <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>decid<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>solely <span class=\"_ _1\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>loc<span class=\"_ _7\"></span>al <span class=\"_ _0\"></span>group<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29b9\">compan<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _1\"></span>with <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>portfoli<span class=\"_ _7\"></span>o. <span class=\"_ _0\"></span>For <span class=\"_ _0\"></span>equit<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>that <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>designat<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>FVtOCI, <span class=\"_ _1\"></span>transactio<span class=\"_ _7\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ba\">costs are<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>recognis<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>in OCI as part of the chang<span class=\"_ _7\"></span>e in fair value<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>t the next r<span class=\"_ _7\"></span>e-meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and t<span class=\"_ _7\"></span>hey <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e never re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4af\">into profit and loss.<span class=\"_ _7\"></span> I<span class=\"_ _6\"></span>n case of a<span class=\"_ _6\"></span> der<span class=\"_ _7\"></span>ecogniti<span class=\"_ _7\"></span>on event, the correla<span class=\"_ _2\"></span>tin<span class=\"_ _6\"></span>g rese<span class=\"_ _2\"></span>rves <span class=\"_ _6\"></span>are di<span class=\"_ _7\"></span>rec<span class=\"_ _7\"></span>tly <span class=\"_ _6\"></span>pos<span class=\"_ _7\"></span>ted to <span class=\"_ _6\"></span>\u201cr<span class=\"_ _7\"></span>etain<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>ea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nings\u201d. In<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29bb\">contrast to <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e equit<span class=\"_ _7\"></span>y instr<span class=\"_ _7\"></span>uments m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d at<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>FVtP<span class=\"_ _7\"></span>L, only <span class=\"_ _7\"></span>divide<span class=\"_ _7\"></span>nds are bo<span class=\"_ _7\"></span>oked i<span class=\"_ _2\"></span>n the incom<span class=\"_ _2\"></span>e statemen<span class=\"_ _7\"></span>t.  </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs29bc\">Fina<span class=\"_ _7\"></span>ncial assets<span class=\"_ _2\"></span> m<span class=\"_ _6\"></span>easu<span class=\"_ _7\"></span>red at F<span class=\"_ _7\"></span>VtPL </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29bd\">Financial <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>FVtPL <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _6\"></span>recor<span class=\"_ _2\"></span>ded <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>ba<span class=\"_ _2\"></span>lan<span class=\"_ _6\"></span>ce <span class=\"_ _1\"></span>s<span class=\"_ _7\"></span>heet <span class=\"_ _0\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value. <span class=\"_ _1\"></span>Cha<span class=\"_ _7\"></span>nges <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>realis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29be\">prof<span class=\"_ _7\"></span>it <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>ss. <span class=\"_ _4\"> </span>T<span class=\"_ _10\"></span>ran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action <span class=\"_ _f\"> </span>cos<span class=\"_ _7\"></span>ts <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>elating <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>acq<span class=\"_ _7\"></span>uisition <span class=\"_ _4\"> </span>or<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>is<span class=\"_ _7\"></span>sue <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>financial <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>at <span class=\"_ _4\"> </span>FVtPL <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>re </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29bf\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> in pr<span class=\"_ _2\"></span>ofit and los<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>as the<span class=\"_ _7\"></span>y ar<span class=\"_ _2\"></span>e incurr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. I<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>earned on <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>mand<span class=\"_ _7\"></span>atoril<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>ed to b<span class=\"_ _2\"></span>e meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed at <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtP<span class=\"_ _7\"></span>L </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29c0\">is acco<span class=\"_ _7\"></span>unted fo<span class=\"_ _7\"></span>r using t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tractual<span class=\"_ _7\"></span> interes<span class=\"_ _2\"></span>t rate.<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2954\">RECLASSIFIC<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>TION<span class=\"_ _7\"></span>  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2976\">T<span class=\"_ _e\"></span>o <span class=\"_ _2\"></span>remai<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>complia<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _10\"></span>\u201c<span class=\"_ _6\"></span>H<span class=\"_ _7\"></span>eld <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>collect <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntractual <span class=\"_ _10\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>flows\u201d, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>shar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>not <span class=\"_ _2\"></span>sold <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>ass<span class=\"_ _7\"></span>ets </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2955\">may not fall<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>elow an <span class=\"_ _7\"></span>annual a<span class=\"_ _7\"></span>verage o<span class=\"_ _7\"></span>f 90% of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e portfo<span class=\"_ _7\"></span>lio vol<span class=\"_ _7\"></span>ume.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2978\">The <span class=\"_ _4\"> </span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _f\"> </span>ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mes <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>hat <span class=\"_ _f\"> </span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _f\"> </span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bseq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ent <span class=\"_ _f\"> </span>to <span class=\"_ _4\"></span>their <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nitial <span class=\"_ _4\"> </span>recognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>not <span class=\"_ _4\"> </span>reclassi<span class=\"_ _7\"></span>fied, <span class=\"_ _4\"> </span>pro<span class=\"_ _7\"></span>vided <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>at <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>o </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2957\">exception<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l, su<span class=\"_ _7\"></span>ch as a <span class=\"_ _7\"></span>busi<span class=\"_ _7\"></span>ness line i<span class=\"_ _7\"></span>s acquir<span class=\"_ _2\"></span>ed, dispos<span class=\"_ _2\"></span>ed of o<span class=\"_ _7\"></span>r terminate<span class=\"_ _7\"></span>d.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29c2\">In g<span class=\"_ _2\"></span>eneral, <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e o<span class=\"_ _2\"></span>nly <span class=\"_ _7\"></span>permit<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d, <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>require<span class=\"_ _2\"></span>d, in<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>rar<span class=\"_ _2\"></span>e cir<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>ms<span class=\"_ _7\"></span>tances, <span class=\"_ _10\"></span>which <span class=\"_ _2\"></span>does <span class=\"_ _2\"></span>not i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>ude </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29c3\">a <span class=\"_ _2\"></span>simple <span class=\"_ _10\"></span>change <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>business <span class=\"_ _10\"></span>model <span class=\"_ _10\"></span>(e.g. <span class=\"_ _2\"></span>change <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>intention <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>elated <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>partic<span class=\"_ _7\"></span>ular <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ssets <span class=\"_ _10\"></span>\u2013 <span class=\"_ _2\"></span>tempor<span class=\"_ _7\"></span>ary <span class=\"_ _2\"></span>disappe<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rance<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297b\">of a particula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> market for fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial assets<span class=\"_ _7\"></span> \u2013 and tra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sfer of fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> assets b<span class=\"_ _7\"></span>etween com<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _7\"></span>y areas wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> dif<span class=\"_ _2\"></span>ferent b<span class=\"_ _7\"></span>usine<span class=\"_ _7\"></span>ss </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295b\">models). I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>uch ra<span class=\"_ _7\"></span>re o<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>casi<span class=\"_ _7\"></span>ons, no<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-deri<span class=\"_ _7\"></span>vative <span class=\"_ _7\"></span>debt ins<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ru<span class=\"_ _7\"></span>ments ar<span class=\"_ _2\"></span>e req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ired<span class=\"_ _2\"></span> to be r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied <span class=\"_ _7\"></span>betw<span class=\"_ _7\"></span>een the<span class=\"_ _7\"></span> \u201cmeas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d at </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295c\">AC\u201d, <span class=\"_ _2\"></span>\u201cmeasu<span class=\"_ _7\"></span>red <span class=\"_ _10\"></span>at <span class=\"_ _2\"></span>FVtOCI\u201d <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>\u201c<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>VtPL\u201d <span class=\"_ _10\"></span>categories.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>More <span class=\"_ _2\"></span>sp<span class=\"_ _7\"></span>ecifically<span class=\"_ _e\"></span>, <span class=\"_ _2\"></span>when <span class=\"_ _2\"></span>(and <span class=\"_ _10\"></span>only <span class=\"_ _2\"></span>when) <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>entit<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>changes </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297c\">its <span class=\"_ _2\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>odel <span class=\"_ _7\"></span>for <span class=\"_ _2\"></span>managing <span class=\"_ _2\"></span>fina<span class=\"_ _7\"></span>ncial ass<span class=\"_ _2\"></span>ets, i<span class=\"_ _7\"></span>t s<span class=\"_ _7\"></span>hould <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>classif<span class=\"_ _7\"></span>y all<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>aff<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>The <span class=\"_ _2\"></span>reclassi<span class=\"_ _7\"></span>fication <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>houl<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295d\">be appli<span class=\"_ _7\"></span>ed pros<span class=\"_ _2\"></span>pectively fr<span class=\"_ _2\"></span>om the \u201cr<span class=\"_ _2\"></span>eclassifi<span class=\"_ _7\"></span>cation d<span class=\"_ _7\"></span>ate\u201d, in <span class=\"_ _2\"></span>accord<span class=\"_ _7\"></span>ance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IF<span class=\"_ _7\"></span>RS 9.5.6.1<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs295f\">DERECOGNI<span class=\"_ _2\"></span>TION/WRITE-OF<span class=\"_ _2\"></span>F </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs29c4\">Derecogniti<span class=\"_ _7\"></span>on apart fro<span class=\"_ _2\"></span>m<span class=\"_ _6\"></span> a si<span class=\"_ _2\"></span>g<span class=\"_ _6\"></span>nificant<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>modificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2961\">A <span class=\"_ _2\"></span>financial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>(or<span class=\"_ _10\"></span>, <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>her<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>cable, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>part <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>financi<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>part <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>group <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>simil<span class=\"_ _7\"></span>ar <span class=\"_ _7\"></span>financial <span class=\"_ _10\"></span>assets) <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>dere<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297d\">when:<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs297e\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The right to<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>ceive <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he asset <span class=\"_ _7\"></span>has expi<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ed o<span class=\"_ _7\"></span>r  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2964\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The right to<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>ceive <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he asset <span class=\"_ _7\"></span>has be<span class=\"_ _7\"></span>en tra<span class=\"_ _2\"></span>nsferred <span class=\"_ _7\"></span>or an o<span class=\"_ _7\"></span>blig<span class=\"_ _7\"></span>ation has <span class=\"_ _7\"></span>been <span class=\"_ _7\"></span>assumed <span class=\"_ _2\"></span>to pay the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29c5\">rec<span class=\"_ _7\"></span>eived c<span class=\"_ _7\"></span>ash flows i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> full wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ut material<span class=\"_ _7\"></span> del<span class=\"_ _7\"></span>ay to a t<span class=\"_ _7\"></span>hird <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>arty unde<span class=\"_ _7\"></span>r a \u2018pass-t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>gh\u2019 a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>ngement; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d eith<span class=\"_ _7\"></span>er </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2966\">substanti<span class=\"_ _7\"></span>ally all t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e risks<span class=\"_ _7\"></span> and r<span class=\"_ _2\"></span>ewards of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e asset <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ave b<span class=\"_ _7\"></span>een tra<span class=\"_ _7\"></span>nsferred o<span class=\"_ _2\"></span>r substan<span class=\"_ _7\"></span>tially all <span class=\"_ _7\"></span>the ris<span class=\"_ _7\"></span>ks a<span class=\"_ _7\"></span>nd rew<span class=\"_ _7\"></span>ards o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29c6\">asset ha<span class=\"_ _7\"></span>ve be<span class=\"_ _7\"></span>en neith<span class=\"_ _7\"></span>er transf<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ed nor <span class=\"_ _7\"></span>ret<span class=\"_ _7\"></span>ained, b<span class=\"_ _7\"></span>ut con<span class=\"_ _7\"></span>trol<span class=\"_ _2\"></span> of the asset <span class=\"_ _7\"></span>has be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n tra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sferr<span class=\"_ _7\"></span>ed.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2981\">Control <span class=\"_ _7\"></span>is co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sider<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to b<span class=\"_ _7\"></span>e tra<span class=\"_ _7\"></span>nsferred i<span class=\"_ _7\"></span>f a<span class=\"_ _7\"></span>nd only if, <span class=\"_ _7\"></span>the tra<span class=\"_ _7\"></span>nsf<span class=\"_ _7\"></span>eree has <span class=\"_ _7\"></span>the prac<span class=\"_ _7\"></span>tical a<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty to sell the asse<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> in its e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ty t<span class=\"_ _7\"></span>o </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2969\">an <span class=\"_ _1\"></span>unr<span class=\"_ _7\"></span>elated <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>arty <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>able <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>exer<span class=\"_ _7\"></span>cise <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>ability u<span class=\"_ _6\"></span>nilate<span class=\"_ _7\"></span>rally <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>without <span class=\"_ _1\"></span>imposi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>addi<span class=\"_ _7\"></span>tional <span class=\"_ _6\"></span>restric<span class=\"_ _7\"></span>tions <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs296a\">transfer<span class=\"_ _e\"></span>.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2982\">When <span class=\"_ _0\"></span>all <span class=\"_ _4\"></span>ris<span class=\"_ _7\"></span>ks <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ewar<span class=\"_ _7\"></span>ds <span class=\"_ _4\"></span>h<span class=\"_ _7\"></span>ave <span class=\"_ _0\"></span>ne<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>her <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>ransfe<span class=\"_ _7\"></span>rred <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>or <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ubstanti<span class=\"_ _7\"></span>ally <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>etained <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>control <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>asset <span class=\"_ _0\"></span>has <span class=\"_ _4\"></span>be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29c7\">maintain<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>conti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ues <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>only <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>xtent <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntinuing <span class=\"_ _2\"></span>invol<span class=\"_ _7\"></span>vement, <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e, <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>associate<span class=\"_ _7\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2984\">liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>also <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised. The <span class=\"_ _1\"></span>transfe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>asset and <span class=\"_ _1\"></span>the a<span class=\"_ _6\"></span>ssociat<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>liability<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>basis <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flects<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29c8\">the rights <span class=\"_ _7\"></span>and obli<span class=\"_ _7\"></span>gati<span class=\"_ _7\"></span>ons. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2986\">Conti<span class=\"_ _7\"></span>nu<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>inv<span class=\"_ _6\"></span>ol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>takes <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>form <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>guarantee <span class=\"_ _10\"></span>over <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>tra<span class=\"_ _7\"></span>nsferred <span class=\"_ _10\"></span>asset <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>mea<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>lower <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>origin<span class=\"_ _7\"></span>al </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2987\">carrying <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mount of <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e asset a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d the m<span class=\"_ _7\"></span>axim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m amo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span> of c<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>ration t<span class=\"_ _7\"></span>hat co<span class=\"_ _7\"></span>uld be r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ed to pay<span class=\"_ _e\"></span>.<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs29ca\">Derecogniti<span class=\"_ _7\"></span>on d<span class=\"_ _7\"></span>ue to signific<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>t<span class=\"_ _7\"></span> contract<span class=\"_ _7\"></span> modificatio<span class=\"_ _7\"></span>n  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29cb\">A fina<span class=\"_ _7\"></span>ncial ass<span class=\"_ _7\"></span>et is<span class=\"_ _7\"></span> der<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>when the <span class=\"_ _7\"></span>terms <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ondi<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>ons ha<span class=\"_ _7\"></span>ve been<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>negoti<span class=\"_ _7\"></span>ated <span class=\"_ _7\"></span>to t<span class=\"_ _7\"></span>he exten<span class=\"_ _7\"></span>t th<span class=\"_ _7\"></span>at, subst<span class=\"_ _2\"></span>antially<span class=\"_ _e\"></span>, it </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29cc\">becomes <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>new<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>instr<span class=\"_ _7\"></span>ument, <span class=\"_ _10\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>diff<span class=\"_ _7\"></span>erence <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>derecognitio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>gain <span class=\"_ _2\"></span>or <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span>. <span class=\"_ _2\"></span>In <span class=\"_ _7\"></span>case <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>modification <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>gro<span class=\"_ _2\"></span>ss </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2989\">carrying amo<span class=\"_ _2\"></span>unt is re<span class=\"_ _7\"></span>calculat<span class=\"_ _7\"></span>ed as th<span class=\"_ _7\"></span>e pres<span class=\"_ _7\"></span>ent valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>enegotiat<span class=\"_ _7\"></span>ed or mo<span class=\"_ _7\"></span>difi<span class=\"_ _7\"></span>ed contract<span class=\"_ _7\"></span>ual cas<span class=\"_ _7\"></span>h flows, di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted at </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs298a\">the <span class=\"_ _6\"></span>fi<span class=\"_ _7\"></span>nancial a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>et\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>orig<span class=\"_ _7\"></span>inal EIR (or<span class=\"_ _6\"></span> credit adjus<span class=\"_ _7\"></span>ted EIR for <span class=\"_ _6\"></span>POCI assets) or<span class=\"_ _10\"></span>, when applicabl<span class=\"_ _2\"></span>e, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>vised EIR calculate<span class=\"_ _7\"></span>d in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29cd\">acc. wit<span class=\"_ _7\"></span>h IFRS 9. 6.5<span class=\"_ _7\"></span>.10.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ce\">When <span class=\"_ _7\"></span>assessing <span class=\"_ _2\"></span>whether or no<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> to d<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>e an ins<span class=\"_ _7\"></span>trument, <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>siders t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e foll<span class=\"_ _7\"></span>owing mo<span class=\"_ _2\"></span>dification crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ria: </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs298c\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Quantitati<span class=\"_ _7\"></span>ve criteri<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>:<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29cf\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Mo<span class=\"_ _7\"></span>dified <span class=\"_ _2\"></span>debt<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>nsidered <span class=\"_ _2\"></span>to be <span class=\"_ _7\"></span>\u201cs<span class=\"_ _7\"></span>ubstantial<span class=\"_ _7\"></span>ly di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ferent\u201d <span class=\"_ _2\"></span>if <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>net <span class=\"_ _7\"></span>pr<span class=\"_ _7\"></span>esent <span class=\"_ _7\"></span>valu<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the cash <span class=\"_ _2\"></span>flows <span class=\"_ _7\"></span>under<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29d0\">the <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ew <span class=\"_ _1\"></span>terms<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>disco<span class=\"_ _7\"></span>unted <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>origi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>EI<span class=\"_ _6\"></span>R <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>origina<span class=\"_ _7\"></span>l <span class=\"_ _1\"></span>contract) <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>at <span class=\"_ _0\"></span>le<span class=\"_ _7\"></span>ast <span class=\"_ _1\"></span>10%<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _1\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>original <span class=\"_ _6\"></span>debt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29d1\">instrume<span class=\"_ _7\"></span>nt. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29d2\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Qualitati<span class=\"_ _7\"></span>ve criteria:<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29d3\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e in the SPPI ass<span class=\"_ _2\"></span>essment, <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>.g. int<span class=\"_ _7\"></span>rod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ctio<span class=\"_ _7\"></span>n of an eq<span class=\"_ _7\"></span>uity-link<span class=\"_ _7\"></span>ed fe<span class=\"_ _7\"></span>ature  <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29d4\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e in the c<span class=\"_ _7\"></span>urre<span class=\"_ _7\"></span>ncy of <span class=\"_ _2\"></span>the asset <span class=\"_ _7\"></span>could s<span class=\"_ _7\"></span>ignifi<span class=\"_ _7\"></span>cantly alte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> the f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> economi<span class=\"_ _2\"></span>c risk expo<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ure o<span class=\"_ _7\"></span>f the ins<span class=\"_ _2\"></span>trument a<span class=\"_ _7\"></span>nd is<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29d5\">consid<span class=\"_ _7\"></span>ered <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be s<span class=\"_ _7\"></span>ubsta<span class=\"_ _7\"></span>ntial. <span class=\"_ _7\"></span>No<span class=\"_ _7\"></span>n-co<span class=\"_ _7\"></span>ntractual <span class=\"_ _2\"></span>chang<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>curre<span class=\"_ _7\"></span>ncy <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ot r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>le<span class=\"_ _7\"></span>vant <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>e.g.<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>course <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>curr<span class=\"_ _7\"></span>ency </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29d6\">reform o<span class=\"_ _2\"></span>r accessio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> to th<span class=\"_ _7\"></span>e Euro<span class=\"_ _2\"></span>zone). </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29d7\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>matu<span class=\"_ _7\"></span>rity <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>instr<span class=\"_ _7\"></span>ument. <span class=\"_ _6\"></span>Modif<span class=\"_ _7\"></span>icati<span class=\"_ _7\"></span>ons of <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> maturit<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>of a <span class=\"_ _6\"></span>financial instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>not consider<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29d8\">be <span class=\"_ _6\"></span>\u2018substa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tial<span class=\"_ _7\"></span>ly <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferent\u2019, if the <span class=\"_ _6\"></span>possibi<span class=\"_ _7\"></span>lity has <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n ne<span class=\"_ _6\"></span>goti<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ed alre<span class=\"_ _7\"></span>ady in <span class=\"_ _6\"></span>the origin<span class=\"_ _7\"></span>al len<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ract. Mor<span class=\"_ _7\"></span>eover<span class=\"_ _e\"></span>, <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29d9\">change is<span class=\"_ _7\"></span> not co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sider<span class=\"_ _2\"></span>ed to be s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bsta<span class=\"_ _7\"></span>ntial, if <span class=\"_ _7\"></span>the total<span class=\"_ _7\"></span> contract<span class=\"_ _7\"></span>ual lifetim<span class=\"_ _7\"></span>e is<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff4e fs14 fc3 sc0 ls5 ws2 gs29da\">\u2013<span class=\"ff47 fse\"> extend<span class=\"_ _7\"></span>ed by less t<span class=\"_ _2\"></span>han 50%,<span class=\"_ _7\"></span> </span></div><div class=\"t m0 h21 ff4e fs14 fc3 sc0 ls5 ws2 gs29db\">\u2013<span class=\"ff47 fse\"> shorte<span class=\"_ _7\"></span>ned b<span class=\"_ _7\"></span>y less t<span class=\"_ _7\"></span>han 30<span class=\"_ _7\"></span>% or </span></div><div class=\"t m0 h21 ff4e fs14 fc3 sc0 ls5 ws2 gs29dc\">\u2013<span class=\"ff47 fse\"> changed <span class=\"_ _2\"></span>by<span class=\"_ _6\"></span> less <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>n 2 yea<span class=\"_ _7\"></span>rs of the orig<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nal lifetim<span class=\"_ _7\"></span>e. </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2994\">If <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>modificatio<span class=\"_ _2\"></span>n <span class=\"_ _d\"> </span>does <span class=\"_ _f\"> </span>n<span class=\"_ _6\"></span>ot <span class=\"_ _f\"> </span>result <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>c<span class=\"_ _6\"></span>ash <span class=\"_ _f\"> </span>flows <span class=\"_ _3\"> </span>that <span class=\"_ _3\"> </span>ar<span class=\"_ _2\"></span>e <span class=\"_ _3\"> </span>substantiall<span class=\"_ _7\"></span>y <span class=\"_ _3\"> </span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t, <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>modifi<span class=\"_ _7\"></span>cation <span class=\"_ _f\"> </span>does <span class=\"_ _f\"> </span>n<span class=\"_ _6\"></span>ot <span class=\"_ _3\"> </span>res<span class=\"_ _7\"></span>ult <span class=\"_ _f\"> </span>in<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29dd\">dere<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nition. Bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d o<span class=\"_ _7\"></span>n the chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted at <span class=\"_ _2\"></span>the origi<span class=\"_ _7\"></span>nal EIR, <span class=\"_ _7\"></span>a modifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n gain or los<span class=\"_ _7\"></span>s is <span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>rde<span class=\"_ _7\"></span>d.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs29de\">IMP<span class=\"_ _2\"></span>AIRMENT O<span class=\"_ _7\"></span>F FINANCIA<span class=\"_ _2\"></span>L ASS<span class=\"_ _2\"></span>ETS  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs26f2\">Further discl<span class=\"_ _7\"></span>os<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es rela<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing to im<span class=\"_ _7\"></span>pairme<span class=\"_ _2\"></span>nt of fi<span class=\"_ _7\"></span>nancial ass<span class=\"_ _7\"></span>ets ar<span class=\"_ _7\"></span>e al<span class=\"_ _7\"></span>so pro<span class=\"_ _7\"></span>vided i<span class=\"_ _2\"></span>n the followi<span class=\"_ _7\"></span>ng not<span class=\"_ _7\"></span>es: <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29df\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Incre<span class=\"_ _7\"></span>ases and <span class=\"_ _7\"></span>decr<span class=\"_ _7\"></span>eases i<span class=\"_ _2\"></span>n the pro<span class=\"_ _7\"></span>visions fo<span class=\"_ _2\"></span>r expected <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>it los<span class=\"_ _7\"></span>s for fi<span class=\"_ _7\"></span>nancial inst<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents Not<span class=\"_ _2\"></span>e 2.4. Expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted cr<span class=\"_ _2\"></span>edit </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e0\">loss<span class=\"_ _7\"></span> starting on <span class=\"_ _7\"></span>page 90<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e1\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>D<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>clo<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> fo<span class=\"_ _2\"></span>r si<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>t j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>nd<span class=\"_ _2\"></span> es<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>es <span class=\"_ _7\"></span>No<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span> 2<span class=\"_ _7\"></span>4.2<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ai<span class=\"_ _2\"></span>rme<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span> l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>ses<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>fin<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ci<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>ts s<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>rt<span class=\"_ _2\"></span>ing<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ag<span class=\"_ _2\"></span>e 1<span class=\"_ _7\"></span>45<span class=\"_ _2\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f6d\">VIG <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ises <span class=\"_ _f\"> </span>an <span class=\"_ _f\"> </span>all<span class=\"_ _7\"></span>owance <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>ECLs <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>ll <span class=\"_ _f\"> </span>debt <span class=\"_ _f\"> </span>instr<span class=\"_ _7\"></span>uments<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>AC <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>FVtOC<span class=\"_ _7\"></span>I, <span class=\"_ _f\"> </span>loan <span class=\"_ _f\"> </span>commi<span class=\"_ _7\"></span>tments <span class=\"_ _f\"> </span>and<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1f6e\">guarant<span class=\"_ _7\"></span>ees as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as IF<span class=\"_ _7\"></span>RS 9 m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured r<span class=\"_ _7\"></span>ecei<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>abl<span class=\"_ _7\"></span>es.<span class=\"_ _3d5\"> </span> <span class=\"_ _7\"></span> </div>ECLs <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed on <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>dif<span class=\"_ _2\"></span>ference <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntractual <span class=\"_ _2\"></span>cash f<span class=\"_ _7\"></span>lows <span class=\"_ _2\"></span>due <span class=\"_ _7\"></span>in a<span class=\"_ _2\"></span>cc<span class=\"_ _6\"></span>or<span class=\"_ _2\"></span>dance <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>t a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d al<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>cash flows th<span class=\"_ _7\"></span>at ar<span class=\"_ _7\"></span>e expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to b<span class=\"_ _2\"></span>e recei<span class=\"_ _7\"></span>ved, dis<span class=\"_ _7\"></span>counted <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t th<span class=\"_ _7\"></span>e eff<span class=\"_ _7\"></span>ective in<span class=\"_ _7\"></span>terest <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>te.<span class=\"_ _2\"></span> The amou<span class=\"_ _7\"></span>nt of the ECLs re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised depe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds on the dif<span class=\"_ _2\"></span>ferent impairm<span class=\"_ _2\"></span>ent model stages to w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich t<span class=\"_ _7\"></span>he financial<span class=\"_ _7\"></span> instrume<span class=\"_ _7\"></span>nts were <span class=\"_ _4\"></span>assig<span class=\"_ _7\"></span>ned. <span class=\"_ _4\"></span>For <span class=\"_ _4\"></span>financial <span class=\"_ _4\"></span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _4\"> </span>for <span class=\"_ _f\"> </span>w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich <span class=\"_ _4\"></span>there <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>been <span class=\"_ _f\"> </span>a <span class=\"_ _4\"></span>sig<span class=\"_ _7\"></span>nifica<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit <span class=\"_ _4\"> </span>risk <span class=\"_ _4\"> </span>since <span class=\"_ _4\"> </span>ini<span class=\"_ _7\"></span>tial recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span>ECLs ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>ovid<span class=\"_ _7\"></span>ed for cr<span class=\"_ _7\"></span>edit los<span class=\"_ _7\"></span>ses tha<span class=\"_ _7\"></span>t res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt fr<span class=\"_ _2\"></span>om default ev<span class=\"_ _7\"></span>ents t<span class=\"_ _7\"></span>hat are possi<span class=\"_ _7\"></span>ble <span class=\"_ _7\"></span>within t<span class=\"_ _7\"></span>he next 1<span class=\"_ _7\"></span>2 mont<span class=\"_ _7\"></span>hs (12-mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>th <span class=\"_ _2\"></span>ECL/Stag<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>1). <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>hose <span class=\"_ _10\"></span>credit <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>signifi<span class=\"_ _7\"></span>cant <span class=\"_ _2\"></span>incre<span class=\"_ _7\"></span>ase <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>since <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ial recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span>a loss<span class=\"_ _7\"></span> allowa<span class=\"_ _7\"></span>nce is r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ed for cr<span class=\"_ _7\"></span>edi<span class=\"_ _7\"></span>t losses <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed ove<span class=\"_ _7\"></span>r the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>aining life o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he expos<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>(lifetim<span class=\"_ _7\"></span>e ECL<span class=\"_ _7\"></span>).  VIG co<span class=\"_ _7\"></span>nsiders a f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>asset to b<span class=\"_ _2\"></span>e in defa<span class=\"_ _7\"></span>ult (cr<span class=\"_ _2\"></span>edit imp<span class=\"_ _7\"></span>air<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d) w<span class=\"_ _7\"></span>hen con<span class=\"_ _7\"></span>tractu<span class=\"_ _7\"></span>al pa<span class=\"_ _7\"></span>yments <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e 90 d<span class=\"_ _7\"></span>ays pas<span class=\"_ _2\"></span>t due or/a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>f its rat<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>is stated as <span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>D, unless VIG has reason<span class=\"_ _7\"></span>able and su<span class=\"_ _6\"></span>ppo<span class=\"_ _7\"></span>rtable informa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion to demonst<span class=\"_ _7\"></span>rate that a<span class=\"_ _6\"></span> mor<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>laggi<span class=\"_ _7\"></span>ng default c<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iterion is<span class=\"_ _7\"></span> mor<span class=\"_ _7\"></span>e app<span class=\"_ _2\"></span>ropriate. <span class=\"_ _7\"></span> The calc<span class=\"_ _7\"></span>ulation of<span class=\"_ _7\"></span> ECLs  ECLs <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _10\"></span>calculat<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>scenario<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expected <span class=\"_ _10\"></span>cash <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hortfall<span class=\"_ _7\"></span>s, <span class=\"_ _2\"></span>discounte<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>an <span class=\"_ _2\"></span>appro<span class=\"_ _7\"></span>priat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>EIR. <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>cash shortfall<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>bet<span class=\"_ _7\"></span>ween <span class=\"_ _2\"></span>the c<span class=\"_ _7\"></span>ash fl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ws <span class=\"_ _7\"></span>that <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>accorda<span class=\"_ _2\"></span>nce <span class=\"_ _7\"></span>with <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntract <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>cash <span class=\"_ _7\"></span>flo<span class=\"_ _2\"></span>ws t<span class=\"_ _7\"></span>hat th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> e<span class=\"_ _2\"></span>ntity expects to r<span class=\"_ _2\"></span>eceiv<span class=\"_ _7\"></span>e. The me<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>nics of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ECL cal<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>lati<span class=\"_ _7\"></span>ons a<span class=\"_ _2\"></span>re outli<span class=\"_ _7\"></span>ned belo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> and t<span class=\"_ _7\"></span>he key el<span class=\"_ _2\"></span>ements ar<span class=\"_ _7\"></span>e, as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows:  \u2022<span class=\"ff4a\"> </span>Probabi<span class=\"_ _7\"></span>lity of D<span class=\"_ _7\"></span>efault (PD): T<span class=\"_ _7\"></span>he PD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> esti<span class=\"_ _7\"></span>mate of<span class=\"_ _7\"></span> the li<span class=\"_ _7\"></span>kelihood of <span class=\"_ _7\"></span>default o<span class=\"_ _2\"></span>ver a give<span class=\"_ _7\"></span>n time ho<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>izon. It is<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>estimated with co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sideratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of eco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>omic s<span class=\"_ _2\"></span>cenarios a<span class=\"_ _7\"></span>nd forwa<span class=\"_ _7\"></span>rd-loo<span class=\"_ _7\"></span>ki<span class=\"_ _7\"></span>ng inform<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n. VIG us<span class=\"_ _7\"></span>es the fol<span class=\"_ _7\"></span>lowing s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gme<span class=\"_ _7\"></span>nts for its <span class=\"_ _2\"></span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>o: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Corpor<span class=\"_ _7\"></span>ates<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>So<span class=\"_ _7\"></span>vereig<span class=\"_ _7\"></span>ns \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>The<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>segment <span class=\"_ _6\"></span>Sover<span class=\"_ _7\"></span>eigns<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>consists <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>all <span class=\"_ _1\"></span>bonds <span class=\"_ _1\"></span>issu<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>by <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>ublic <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>uthoriti<span class=\"_ _7\"></span>es, <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>central <span class=\"_ _1\"></span>go<span class=\"_ _7\"></span>vernments,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>supra-<span class=\"_ _3d5\"> </span>national <span class=\"_ _2\"></span>govern<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>instit<span class=\"_ _7\"></span>utions, <span class=\"_ _2\"></span>regional<span class=\"_ _7\"></span> g<span class=\"_ _7\"></span>overnments <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>lo<span class=\"_ _7\"></span>cal <span class=\"_ _7\"></span>authorities <span class=\"_ _2\"></span>and bo<span class=\"_ _2\"></span>nds t<span class=\"_ _7\"></span>hat <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>fully<span class=\"_ _e\"></span>, u<span class=\"_ _7\"></span>ncondi<span class=\"_ _7\"></span>tionall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> and irre<span class=\"_ _7\"></span>vocably g<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>arant<span class=\"_ _7\"></span>eed b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> these i<span class=\"_ _7\"></span>nstitutio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. All<span class=\"_ _2\"></span> oth<span class=\"_ _6\"></span>er ex<span class=\"_ _7\"></span>pos<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e tr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ated <span class=\"_ _7\"></span>within t<span class=\"_ _7\"></span>he corpo<span class=\"_ _7\"></span>rates s<span class=\"_ _7\"></span>egme<span class=\"_ _7\"></span>nt. \u2022<span class=\"ff4a\"> </span>Exposur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> at D<span class=\"_ _7\"></span>efault (EAD<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>: The EAD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> estim<span class=\"_ _7\"></span>ate of<span class=\"_ _7\"></span> the ex<span class=\"_ _7\"></span>posur<span class=\"_ _7\"></span>e at a fu<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>e defa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt date, <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>aki<span class=\"_ _7\"></span>ng into ac<span class=\"_ _7\"></span>count expecte<span class=\"_ _7\"></span>d chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s in t<span class=\"_ _7\"></span>he expos<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> after t<span class=\"_ _7\"></span>he repo<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng date, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uding r<span class=\"_ _7\"></span>epaym<span class=\"_ _7\"></span>ents of<span class=\"_ _7\"></span> princip<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l a<span class=\"_ _7\"></span>nd inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st, <span class=\"_ _7\"></span>whether sched<span class=\"_ _7\"></span>uled by co<span class=\"_ _7\"></span>ntract o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ot<span class=\"_ _7\"></span>herwise, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d acc<span class=\"_ _7\"></span>rued i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t fr<span class=\"_ _7\"></span>om mi<span class=\"_ _7\"></span>ssed payme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts.  \u2022<span class=\"ff4a\"> </span>Loss Give<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Defa<span class=\"_ _7\"></span>ult (LGD): T<span class=\"_ _2\"></span>he LGD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> esti<span class=\"_ _7\"></span>mate of t<span class=\"_ _7\"></span>he los<span class=\"_ _7\"></span>s arising in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he c<span class=\"_ _7\"></span>ase w<span class=\"_ _7\"></span>here a <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>fa<span class=\"_ _7\"></span>ult occ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rs at a gi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en time. It is base<span class=\"_ _7\"></span>d on th<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ference b<span class=\"_ _2\"></span>etween the co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>ctual cash fl<span class=\"_ _2\"></span>ows due <span class=\"_ _7\"></span>and t<span class=\"_ _7\"></span>hose th<span class=\"_ _7\"></span>at are ex<span class=\"_ _2\"></span>pected to b<span class=\"_ _2\"></span>e recei<span class=\"_ _7\"></span>ved. It is<span class=\"_ _7\"></span> usually ex<span class=\"_ _7\"></span>press<span class=\"_ _2\"></span>ed as a p<span class=\"_ _7\"></span>erc<span class=\"_ _7\"></span>entage of<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he EAD. Conce<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>ning t<span class=\"_ _7\"></span>he segm<span class=\"_ _7\"></span>entatio<span class=\"_ _7\"></span>n of <span class=\"_ _7\"></span>LGDs, th<span class=\"_ _7\"></span>e foll<span class=\"_ _7\"></span>owing s<span class=\"_ _7\"></span>egme<span class=\"_ _7\"></span>nts will<span class=\"_ _7\"></span> be used:<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Subor<span class=\"_ _2\"></span>dinated de<span class=\"_ _2\"></span>bt \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Senior <span class=\"_ _7\"></span>unse<span class=\"_ _7\"></span>cure<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> debt<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>So<span class=\"_ _7\"></span>vereig<span class=\"_ _7\"></span>ns \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Sec<span class=\"_ _7\"></span>ured de<span class=\"_ _2\"></span>bt: The S<span class=\"_ _7\"></span>ecur<span class=\"_ _7\"></span>ed segm<span class=\"_ _2\"></span>ent at VIG <span class=\"_ _7\"></span>covers <span class=\"_ _7\"></span>all pos<span class=\"_ _7\"></span>itions se<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>ed by mo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tg<span class=\"_ _7\"></span>age as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as co<span class=\"_ _2\"></span>ve<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d bo<span class=\"_ _7\"></span>nds. \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>For <span class=\"_ _7\"></span>unsecur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>assets, <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>will apply p<span class=\"_ _2\"></span>redefine<span class=\"_ _7\"></span>d LGDs, <span class=\"_ _2\"></span>wh<span class=\"_ _6\"></span>ich ar<span class=\"_ _2\"></span>e not time<span class=\"_ _7\"></span>-depe<span class=\"_ _7\"></span>ndent (flat <span class=\"_ _2\"></span>LGD curv<span class=\"_ _7\"></span>es). Assets su<span class=\"_ _7\"></span>bject to <span class=\"_ _7\"></span>ECL <span class=\"_ _7\"></span>calcula<span class=\"_ _7\"></span>tions a<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>allocat<span class=\"_ _7\"></span>ed into o<span class=\"_ _7\"></span>ne of the fol<span class=\"_ _7\"></span>lowi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g catego<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> </span>12 mo<span class=\"_ _7\"></span>nth<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>ECL (Stage 1<span class=\"_ _2\"></span>): Stage 1 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llows a l<span class=\"_ _7\"></span>ow cr<span class=\"_ _7\"></span>edi<span class=\"_ _7\"></span>t risk o<span class=\"_ _7\"></span>r no si<span class=\"_ _7\"></span>gnifica<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t incr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e in cr<span class=\"_ _7\"></span>edit ris<span class=\"_ _7\"></span>k. It is c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulated as <span class=\"_ _7\"></span>the portio<span class=\"_ _7\"></span>n of the li<span class=\"_ _7\"></span>fetime EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>, th<span class=\"_ _7\"></span>at r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>esent t<span class=\"_ _7\"></span>he ECLs t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at r<span class=\"_ _7\"></span>esult f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>default <span class=\"_ _2\"></span>events on a fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial instr<span class=\"_ _7\"></span>ument <span class=\"_ _7\"></span>that ar<span class=\"_ _7\"></span>e possi<span class=\"_ _7\"></span>ble within 12 m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nths aft<span class=\"_ _7\"></span>er the r<span class=\"_ _2\"></span>eporting d<span class=\"_ _7\"></span>ate. Stag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 1 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llowa<span class=\"_ _7\"></span>nce is calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>on the ex<span class=\"_ _2\"></span>pectation of<span class=\"_ _7\"></span> a default oc<span class=\"_ _2\"></span>curr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng in th<span class=\"_ _7\"></span>e 12 mon<span class=\"_ _7\"></span>ths f<span class=\"_ _7\"></span>ollo<span class=\"_ _7\"></span>wing the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te.<span class=\"_ _3d5\"> </span>\u2022<span class=\"ff4a\"> </span>Stage 2<span class=\"_ _3d5\"> </span>: Asse<span class=\"_ _2\"></span>ts classified <span class=\"_ _2\"></span>under Stage 2 s<span class=\"_ _2\"></span>how a signif<span class=\"_ _7\"></span>icant i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cr<span class=\"_ _7\"></span>ease in <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>dit risk (<span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot low <span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>edit risk<span class=\"_ _7\"></span>), ther<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e lif<span class=\"_ _7\"></span>etime ECL must <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>calculated. <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> </span>Stage 3<span class=\"_ _3d5\"> </span>: Within <span class=\"_ _7\"></span>this st<span class=\"_ _7\"></span>age cr<span class=\"_ _7\"></span>edit l<span class=\"_ _7\"></span>osses h<span class=\"_ _7\"></span>ave alr<span class=\"_ _2\"></span>eady bee<span class=\"_ _7\"></span>n in<span class=\"_ _7\"></span>curre<span class=\"_ _7\"></span>d or ass<span class=\"_ _7\"></span>ets h<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ve act<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ally bee<span class=\"_ _7\"></span>n cr<span class=\"_ _7\"></span>edit i<span class=\"_ _7\"></span>mpair<span class=\"_ _7\"></span>ed. D<span class=\"_ _7\"></span>ue to that fact, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ference <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>twe<span class=\"_ _7\"></span>en t<span class=\"_ _7\"></span>he asset<span class=\"_ _7\"></span>\u2019<span class=\"_ _e\"></span>s gross<span class=\"_ _7\"></span> car<span class=\"_ _7\"></span>rying a<span class=\"_ _7\"></span>mount and <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he pr<span class=\"_ _2\"></span>esent val<span class=\"_ _7\"></span>ue of es<span class=\"_ _7\"></span>timat<span class=\"_ _7\"></span>ed futur<span class=\"_ _7\"></span>e cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows discou<span class=\"_ _7\"></span>nted at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial ass<span class=\"_ _7\"></span>et\u2019<span class=\"_ _e\"></span>s origi<span class=\"_ _7\"></span>nal ef<span class=\"_ _2\"></span>fective inter<span class=\"_ _2\"></span>est rate sho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld be <span class=\"_ _7\"></span>consider<span class=\"_ _2\"></span>ed.  In accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IF<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>S, d<span class=\"_ _7\"></span>ebt inst<span class=\"_ _2\"></span>ruments m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at AC<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>or measu<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> at F<span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>tOCI<span class=\"_ _7\"></span> mus<span class=\"_ _7\"></span>t foll<span class=\"_ _7\"></span>ow the<span class=\"_ _7\"></span> staged <span class=\"_ _2\"></span>approa<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>h. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> VIG appr<span class=\"_ _2\"></span>oach is se<span class=\"_ _7\"></span>t as fol<span class=\"_ _7\"></span>lows:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 1 \u2013 12<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ths EC<span class=\"_ _7\"></span>L \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>non-P<span class=\"_ _2\"></span>OCI a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts at i<span class=\"_ _7\"></span>nitial r<span class=\"_ _2\"></span>ecognition,<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets t<span class=\"_ _2\"></span>hat fall wit<span class=\"_ _7\"></span>hin the scop<span class=\"_ _2\"></span>e of the low <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit risk <span class=\"_ _2\"></span>exempt<span class=\"_ _7\"></span>ion, as <span class=\"_ _7\"></span>well as<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets t<span class=\"_ _2\"></span>hat are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot defa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lted, <span class=\"_ _7\"></span>not eli<span class=\"_ _7\"></span>gible f<span class=\"_ _7\"></span>or Stage 2 t<span class=\"_ _2\"></span>riggers and s<span class=\"_ _7\"></span>how <span class=\"_ _7\"></span>no signifi<span class=\"_ _7\"></span>cant ch<span class=\"_ _7\"></span>ange in <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atings<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 2 \u2013 <span class=\"_ _7\"></span>Lifetim<span class=\"_ _7\"></span>e ECLs (<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fective i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e on gr<span class=\"_ _7\"></span>oss c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ying amo<span class=\"_ _7\"></span>unt)<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>are p<span class=\"_ _2\"></span>ast due fo<span class=\"_ _7\"></span>r at leas<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> 30 da<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>s or \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>r<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nd to one of t<span class=\"_ _2\"></span>he pr<span class=\"_ _7\"></span>edefi<span class=\"_ _7\"></span>ned forw<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span>-looking i<span class=\"_ _7\"></span>ndica<span class=\"_ _7\"></span>tors \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 3 \u2013 <span class=\"_ _7\"></span>Lifetim<span class=\"_ _7\"></span>e ECLs (<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fective i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e on amo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tised<span class=\"_ _7\"></span> costs)<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets f<span class=\"_ _2\"></span>ulfill<span class=\"_ _7\"></span>ing the defa<span class=\"_ _7\"></span>ult defi<span class=\"_ _7\"></span>nition of VI<span class=\"_ _7\"></span>G \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 0 \u2013 <span class=\"_ _7\"></span>POCI<span class=\"_ _2\"></span> Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at FVtO<span class=\"_ _7\"></span>CI As the carr<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing amo<span class=\"_ _7\"></span>unt of the deb<span class=\"_ _7\"></span>t inst<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed at FVtOC<span class=\"_ _7\"></span>I corr<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nds to the fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> value, t<span class=\"_ _7\"></span>he risk pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vision to be<span class=\"_ _7\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>do<span class=\"_ _7\"></span>es not <span class=\"_ _2\"></span>lead <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>a r<span class=\"_ _7\"></span>edu<span class=\"_ _7\"></span>ction o<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>asse<span class=\"_ _7\"></span>t si<span class=\"_ _7\"></span>de o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he b<span class=\"_ _7\"></span>alance s<span class=\"_ _2\"></span>heet. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>stead, <span class=\"_ _2\"></span>an amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _7\"></span>equal <span class=\"_ _2\"></span>to t<span class=\"_ _7\"></span>he allo<span class=\"_ _7\"></span>wance<span class=\"_ _7\"></span> that would arise i<span class=\"_ _7\"></span>f the assets w<span class=\"_ _7\"></span>ere me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured at amor<span class=\"_ _7\"></span>tised c<span class=\"_ _7\"></span>ost is <span class=\"_ _7\"></span>recognised in O<span class=\"_ _7\"></span>CI with a corr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>spo<span class=\"_ _7\"></span>nding charg<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> to pro<span class=\"_ _2\"></span>fit or loss<span class=\"_ _7\"></span>. The ac<span class=\"_ _7\"></span>cumula<span class=\"_ _7\"></span>ted gain <span class=\"_ _2\"></span>recognise<span class=\"_ _2\"></span>d in OCI is r<span class=\"_ _7\"></span>ecycl<span class=\"_ _7\"></span>ed to th<span class=\"_ _7\"></span>e prof<span class=\"_ _7\"></span>it o<span class=\"_ _7\"></span>r loss <span class=\"_ _7\"></span>upon der<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition of t<span class=\"_ _7\"></span>he assets. <span class=\"_ _2\"></span> Forw<span class=\"_ _7\"></span>ard looki<span class=\"_ _7\"></span>ng infor<span class=\"_ _7\"></span>mation In <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>Group-<span class=\"_ _7\"></span>wide <span class=\"_ _1\"></span>E<span class=\"_ _6\"></span>CL<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>mo<span class=\"_ _7\"></span>dels, <span class=\"_ _0\"></span>it<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>can <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>relied<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>broa<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nge <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>ward-looki<span class=\"_ _2\"></span>ng <span class=\"_ _0\"></span>informa<span class=\"_ _7\"></span>tion, <span class=\"_ _0\"></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>externa<span class=\"_ _6\"></span>l <span class=\"_ _1\"></span>and internal rati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gs, for<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>casts o<span class=\"_ _7\"></span>f ma<span class=\"_ _7\"></span>cro<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nomic <span class=\"_ _7\"></span>variables o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> qu<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>litative cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _7\"></span>k. COLLA<span class=\"_ _10\"></span>TERAL <span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>ALUA<span class=\"_ _2\"></span>TION<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>AND <span class=\"_ _7\"></span>REPOSSES<span class=\"_ _7\"></span>SED T<span class=\"_ _e\"></span>o <span class=\"_ _2\"></span>mitigate <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _10\"></span>risks <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts, <span class=\"_ _2\"></span>collat<span class=\"_ _7\"></span>eral <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>sought <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed, <span class=\"_ _10\"></span>wher<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>possible. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>collate<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>comes <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>var<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s forms, <span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>mortg<span class=\"_ _7\"></span>ages, <span class=\"_ _1\"></span>sec<span class=\"_ _7\"></span>urities <span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>other <span class=\"_ _1\"></span>types <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>ollate<span class=\"_ _7\"></span>ral. <span class=\"_ _1\"></span>Collater<span class=\"_ _7\"></span>al, <span class=\"_ _1\"></span>unless <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>epossess<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d, <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>recor<span class=\"_ _7\"></span>ded <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the VIG\u2019<span class=\"_ _e\"></span>s <span class=\"_ _3\"> </span>stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nt <span class=\"_ _3\"> </span>of <span class=\"_ _f\"> </span>financial<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>positio<span class=\"_ _7\"></span>n. <span class=\"_ _f\"> </span>Cash <span class=\"_ _3\"> </span>flows<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ecte<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>from<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _f\"> </span>enha<span class=\"_ _7\"></span>ncements<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>which <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>requir<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>separ<span class=\"_ _7\"></span>ately by IFRS sta<span class=\"_ _7\"></span>ndards <span class=\"_ _7\"></span>and which are<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsider<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tegral<span class=\"_ _7\"></span> t<span class=\"_ _6\"></span>o the contra<span class=\"_ _7\"></span>ctual terms<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of a debt instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt which i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>subject <span class=\"_ _2\"></span>to EC<span class=\"_ _7\"></span>L, a<span class=\"_ _2\"></span>re in<span class=\"_ _7\"></span>cluded <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>easurem<span class=\"_ _2\"></span>ent of<span class=\"_ _7\"></span> those <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>C<span class=\"_ _7\"></span>L. <span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>n t<span class=\"_ _7\"></span>his <span class=\"_ _7\"></span>basis, <span class=\"_ _2\"></span>the fai<span class=\"_ _7\"></span>r v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>collateral <span class=\"_ _7\"></span>af<span class=\"_ _7\"></span>fects t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>.  T<span class=\"_ _e\"></span>o <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>extent<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>possibl<span class=\"_ _7\"></span>e, <span class=\"_ _0\"></span>data <span class=\"_ _1\"></span>from <span class=\"_ _0\"></span>an <span class=\"_ _1\"></span>active <span class=\"_ _1\"></span>market <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sed<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>valuing <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>eld <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>olla<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>ral. <span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>ther <span class=\"_ _0\"></span>fina<span class=\"_ _7\"></span>ncial assets <span class=\"_ _7\"></span>that do<span class=\"_ _7\"></span> not <span class=\"_ _2\"></span>have r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>adil<span class=\"_ _7\"></span>y availa<span class=\"_ _7\"></span>ble ma<span class=\"_ _7\"></span>rket <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ata <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> valued <span class=\"_ _2\"></span>using mo<span class=\"_ _7\"></span>dels. No<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-fin<span class=\"_ _7\"></span>ancial <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ollate<span class=\"_ _7\"></span>ral, s<span class=\"_ _7\"></span>uch as r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _7\"></span>estate,<span class=\"_ _7\"></span> is valued eit<span class=\"_ _2\"></span>her internally o<span class=\"_ _7\"></span>r based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> thir<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>parties\u2019 a<span class=\"_ _7\"></span>ppraisal<span class=\"_ _2\"></span>s. The EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span> measu<span class=\"_ _7\"></span>reme<span class=\"_ _7\"></span>nt also<span class=\"_ _7\"></span> incl<span class=\"_ _7\"></span>udes irr<span class=\"_ _2\"></span>ev<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>cable a<span class=\"_ _7\"></span>nd u<span class=\"_ _7\"></span>ncondi<span class=\"_ _7\"></span>tional g<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>arantees.<span class=\"_ _3d5\"> </span><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2a39\">WRITE-O<span class=\"_ _7\"></span>FFS </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a3a\">Financial <span class=\"_ _2\"></span>assets <span class=\"_ _10\"></span>are <span class=\"_ _2\"></span>writte<span class=\"_ _7\"></span>n of<span class=\"_ _2\"></span>f ei<span class=\"_ _7\"></span>ther <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>part <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r i<span class=\"_ _2\"></span>n f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ll <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly <span class=\"_ _2\"></span>whe<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>here <span class=\"_ _2\"></span>is no<span class=\"_ _2\"></span> re<span class=\"_ _2\"></span>asonable <span class=\"_ _2\"></span>expectatio<span class=\"_ _2\"></span>n of <span class=\"_ _2\"></span>reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery<span class=\"_ _e\"></span>. <span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a3b\">to <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>written <span class=\"_ _2\"></span>off<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>great<span class=\"_ _7\"></span>er <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>an <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>accum<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _10\"></span>loss <span class=\"_ _2\"></span>allowa<span class=\"_ _7\"></span>nce, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>first <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ated <span class=\"_ _2\"></span>as <span class=\"_ _10\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>addition <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>allowan<span class=\"_ _7\"></span>ce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a3c\">that is th<span class=\"_ _7\"></span>en applied ag<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>t the gros<span class=\"_ _7\"></span>s c<span class=\"_ _7\"></span>arrying amo<span class=\"_ _2\"></span>unt. Any subse<span class=\"_ _2\"></span>q<span class=\"_ _6\"></span>ue<span class=\"_ _7\"></span>nt reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>eries ar<span class=\"_ _2\"></span>e credi<span class=\"_ _7\"></span>ted to gai<span class=\"_ _7\"></span>ns wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>in the i<span class=\"_ _7\"></span>ncome </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a3d\">stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2a3e\">Financial<span class=\"_ _7\"></span> liabiliti<span class=\"_ _7\"></span>es </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2a3f\">MEASUR<span class=\"_ _7\"></span>EMENT C<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>TEGORI<span class=\"_ _7\"></span>ES OF FINANCI<span class=\"_ _2\"></span>AL LIABILI<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>IES </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a40\">Financial l<span class=\"_ _2\"></span>iabilities, oth<span class=\"_ _7\"></span>er than loa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> com<span class=\"_ _7\"></span>mitme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts an<span class=\"_ _7\"></span>d financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l guara<span class=\"_ _7\"></span>ntees, <span class=\"_ _7\"></span>are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>ured a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> AC or <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t FV<span class=\"_ _7\"></span>tPL if t<span class=\"_ _7\"></span>hey ar<span class=\"_ _7\"></span>e hel<span class=\"_ _7\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a41\">for <span class=\"_ _2\"></span>trading <span class=\"_ _2\"></span>or <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _10\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>instr<span class=\"_ _7\"></span>uments <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>if <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. <span class=\"_ _2\"></span>VIG <span class=\"_ _10\"></span>has <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>aterial <span class=\"_ _10\"></span>portfoli<span class=\"_ _7\"></span>o <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>financ<span class=\"_ _7\"></span>ial </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a42\">liabil<span class=\"_ _7\"></span>ities desi<span class=\"_ _7\"></span>gnated m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at FV<span class=\"_ _7\"></span>tPL. All d<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>vatives <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>a nega<span class=\"_ _7\"></span>tive fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue (accordi<span class=\"_ _2\"></span>ng to IF<span class=\"_ _7\"></span>RS 13; d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a43\">basis <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>so-called <span class=\"_ _0\"></span>\u201cdirty <span class=\"_ _0\"></span>fair <span class=\"_ _4\"></span>val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e\u201d, <span class=\"_ _4\"></span>i.e., <span class=\"_ _0\"></span>incl<span class=\"_ _7\"></span>uding <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _2\"></span>est <span class=\"_ _4\"> </span>acc<span class=\"_ _7\"></span>ruals) <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>re <span class=\"_ _0\"></span>prese<span class=\"_ _7\"></span>nted <span class=\"_ _0\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>at <span class=\"_ _0\"></span>FVtPL. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a44\">Analogo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>assets, <span class=\"_ _f\"> </span>subor<span class=\"_ _2\"></span>dinated <span class=\"_ _f\"> </span>liabiliti<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>\u201cdirty <span class=\"_ _f\"> </span>value\u201d <span class=\"_ _f\"> </span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>with <span class=\"_ _3\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>initial </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a45\">applicati<span class=\"_ _7\"></span>on of I<span class=\"_ _7\"></span>FRS 9.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2a46\">DERECOGNI<span class=\"_ _2\"></span>TION <span class=\"_ _7\"></span>AND SI<span class=\"_ _7\"></span>GNIFICAN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> MODI<span class=\"_ _7\"></span>FICA<span class=\"_ _10\"></span>T<span class=\"_ _6\"></span>ION<span class=\"_ _7\"></span> OF FINANCI<span class=\"_ _2\"></span>AL LIAB<span class=\"_ _7\"></span>ILITIES<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a47\">A <span class=\"_ _0\"></span>financial <span class=\"_ _1\"></span>liability <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>derecog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>when <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>obligatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>under <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>discharged, <span class=\"_ _1\"></span>cancelled <span class=\"_ _0\"></span>or <span class=\"_ _0\"></span>expi<span class=\"_ _7\"></span>res. <span class=\"_ _0\"></span>Wher<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>an </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a48\">existing <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _1\"></span>liability<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pla<span class=\"_ _7\"></span>ced <span class=\"_ _0\"></span>by <span class=\"_ _1\"></span>another <span class=\"_ _1\"></span>from <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ame <span class=\"_ _1\"></span>lender <span class=\"_ _1\"></span>on <span class=\"_ _0\"></span>substa<span class=\"_ _7\"></span>ntiall<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>terms<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>terms <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>n </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a49\">existing <span class=\"_ _1\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>subs<span class=\"_ _7\"></span>tantially <span class=\"_ _1\"></span>mo<span class=\"_ _7\"></span>difi<span class=\"_ _7\"></span>ed, <span class=\"_ _1\"></span>such <span class=\"_ _1\"></span>an <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>or <span class=\"_ _0\"></span>modif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>treated<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>derecog<span class=\"_ _7\"></span>nitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>riginal </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a4a\">liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nition <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>ne<span class=\"_ _7\"></span>w <span class=\"_ _1\"></span>liabil<span class=\"_ _7\"></span>ity<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ference between<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>carryi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>riginal<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>financial liability <span class=\"_ _6\"></span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a4b\">the co<span class=\"_ _7\"></span>nsideratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> paid <span class=\"_ _7\"></span>is r<span class=\"_ _7\"></span>ecognised i<span class=\"_ _2\"></span>n profit o<span class=\"_ _2\"></span>r loss.<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2a4c\">Recogni<span class=\"_ _7\"></span>tion of<span class=\"_ _7\"></span> interest incom<span class=\"_ _2\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a4d\">Accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>to <span class=\"_ _4\"> </span>IFRS 9<span class=\"_ _7\"></span>, <span class=\"_ _4\"> </span>inter<span class=\"_ _2\"></span>est <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncome <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>all<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>financial <span class=\"_ _4\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>nder <span class=\"_ _4\"> </span>IFRS 9 <span class=\"_ _4\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>at <span class=\"_ _4\"> </span>AC <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _0\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>FVtOCI<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a4e\">recor<span class=\"_ _2\"></span>ded <span class=\"_ _4\"></span>usi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>ef<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ve <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>ethod. <span class=\"_ _4\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>EIR <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>exactly <span class=\"_ _0\"></span>disco<span class=\"_ _7\"></span>unts <span class=\"_ _4\"></span>es<span class=\"_ _2\"></span>timated <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>uture <span class=\"_ _0\"></span>cash <span class=\"_ _0\"></span>recei<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a4f\">thro<span class=\"_ _7\"></span>ugh <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>life <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>or<span class=\"_ _10\"></span>, <span class=\"_ _10\"></span>when <span class=\"_ _2\"></span>appr<span class=\"_ _7\"></span>opriate, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>horter <span class=\"_ _2\"></span>period, <span class=\"_ _e\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>gross <span class=\"_ _e\"></span>book <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a50\">asset. <span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a51\">The EI<span class=\"_ _7\"></span>R and th<span class=\"_ _7\"></span>erefor<span class=\"_ _2\"></span>e, the <span class=\"_ _7\"></span>amortis<span class=\"_ _7\"></span>ed cost o<span class=\"_ _7\"></span>f the fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> ass<span class=\"_ _7\"></span>et, is calc<span class=\"_ _7\"></span>ulated <span class=\"_ _7\"></span>by taki<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g into <span class=\"_ _7\"></span>acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt tra<span class=\"_ _7\"></span>nsaction <span class=\"_ _7\"></span>costs a<span class=\"_ _7\"></span>nd </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a52\">any disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt or premi<span class=\"_ _2\"></span>um on acquisi<span class=\"_ _7\"></span>tion of the fin<span class=\"_ _7\"></span>ancial asse<span class=\"_ _2\"></span>t a<span class=\"_ _6\"></span>s well as f<span class=\"_ _7\"></span>ees and costs t<span class=\"_ _7\"></span>hat are a<span class=\"_ _7\"></span>n integ<span class=\"_ _7\"></span>ral part of the <span class=\"_ _7\"></span>EIR. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a53\">Interes<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> income is recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised using a rate <span class=\"_ _6\"></span>of ret<span class=\"_ _7\"></span>urn<span class=\"_ _6\"></span> that <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sents the best estimate of a constant rate of <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>turn <span class=\"_ _6\"></span>ove<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a54\">expecte<span class=\"_ _7\"></span>d lif<span class=\"_ _7\"></span>e of the deb<span class=\"_ _7\"></span>t instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ment.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a55\">For fl<span class=\"_ _7\"></span>oati<span class=\"_ _7\"></span>ng-rate <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>instrum<span class=\"_ _2\"></span>ents, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>periodic <span class=\"_ _2\"></span>re-fix<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>coupon <span class=\"_ _2\"></span>rates <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flecti<span class=\"_ _7\"></span>ng t<span class=\"_ _2\"></span>he mo<span class=\"_ _7\"></span>veme<span class=\"_ _7\"></span>nts <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>terest <span class=\"_ _10\"></span>rates <span class=\"_ _2\"></span>alters </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a56\">the ef<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ve inter<span class=\"_ _7\"></span>est <span class=\"_ _7\"></span>rate. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a57\">The item <span class=\"_ _2\"></span>inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>venues <span class=\"_ _7\"></span>usi<span class=\"_ _7\"></span>ng th<span class=\"_ _7\"></span>e ef<span class=\"_ _2\"></span>fective i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t rate <span class=\"_ _7\"></span>method <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly <span class=\"_ _7\"></span>includ<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>interes<span class=\"_ _2\"></span>t on <span class=\"_ _7\"></span>financial <span class=\"_ _2\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a58\">at AC or <span class=\"_ _7\"></span>measur<span class=\"_ _2\"></span>ed at <span class=\"_ _7\"></span>FVtOCI. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a59\">The <span class=\"_ _6\"></span>item inter<span class=\"_ _7\"></span>est <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>venue other inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>udes interest from<span class=\"_ _7\"></span> financial assets measur<span class=\"_ _7\"></span>ed at <span class=\"_ _6\"></span>FVtP<span class=\"_ _7\"></span>L, <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>is also measure<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>based </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a5a\">on the de<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ivatio<span class=\"_ _7\"></span>n of t<span class=\"_ _7\"></span>he ef<span class=\"_ _7\"></span>fective in<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e.<span class=\"_ _3d5\"> </span>  </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2a5c\">Repur<span class=\"_ _7\"></span>chase and r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>vers<span class=\"_ _7\"></span>e repur<span class=\"_ _7\"></span>chase agr<span class=\"_ _7\"></span>eem<span class=\"_ _7\"></span>ents </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a5d\">Securities <span class=\"_ _1\"></span>sold <span class=\"_ _6\"></span>under <span class=\"_ _1\"></span>agreem<span class=\"_ _2\"></span>ents <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>repur<span class=\"_ _2\"></span>chase <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>dere<span class=\"_ _7\"></span>cognise<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>from <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>balance <span class=\"_ _1\"></span>sheet <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>substan<span class=\"_ _7\"></span>tially <span class=\"_ _1\"></span>all <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a5e\">risks an<span class=\"_ _6\"></span>d rew<span class=\"_ _7\"></span>ards of ownership are retain<span class=\"_ _7\"></span>ed. <span class=\"_ _6\"></span>The correspo<span class=\"_ _2\"></span>nding c<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>receiv<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>is recog<span class=\"_ _7\"></span>nised in<span class=\"_ _6\"></span> the <span class=\"_ _6\"></span>consoli<span class=\"_ _7\"></span>dated balanc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a5f\">sheet as an asset with a c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>esponding<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>obligation<span class=\"_ _7\"></span> t<span class=\"_ _6\"></span>o ret<span class=\"_ _2\"></span>ur<span class=\"_ _6\"></span>n it, including accr<span class=\"_ _7\"></span>ued inter<span class=\"_ _7\"></span>est as a <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ity within cash coll<span class=\"_ _7\"></span>ater<span class=\"_ _7\"></span>al </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a60\">on <span class=\"_ _1\"></span>securities<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lent <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>rep<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>chase <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>gr<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents. <span class=\"_ _1\"></span>This<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>refl<span class=\"_ _7\"></span>ects <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>tran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action\u2019<span class=\"_ _e\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>economic<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>subst<span class=\"_ _7\"></span>ance <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>loan<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>VIG. <span class=\"_ _1\"></span>The </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a61\">dif<span class=\"_ _2\"></span>ference bet<span class=\"_ _7\"></span>ween th<span class=\"_ _7\"></span>e sale <span class=\"_ _7\"></span>and r<span class=\"_ _2\"></span>epurch<span class=\"_ _7\"></span>ase price is<span class=\"_ _7\"></span> tr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ate<span class=\"_ _7\"></span>d as <span class=\"_ _7\"></span>interes<span class=\"_ _2\"></span>t expense a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d is d<span class=\"_ _7\"></span>eferr<span class=\"_ _7\"></span>ed o<span class=\"_ _7\"></span>ver th<span class=\"_ _7\"></span>e life of<span class=\"_ _7\"></span> agre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ment. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a62\">By <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trast, <span class=\"_ _0\"></span>securities <span class=\"_ _0\"></span>pur<span class=\"_ _7\"></span>chas<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>under <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>everse <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ep<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rc<span class=\"_ _7\"></span>hase <span class=\"_ _4\"></span>agr<span class=\"_ _2\"></span>eements <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ecognised <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>ba<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>nce <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet. <span class=\"_ _0\"></span>The </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs1d7c\">amount <span class=\"_ _1\"></span>paid, <span class=\"_ _0\"></span>includi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>defe<span class=\"_ _7\"></span>rred <span class=\"_ _1\"></span>inter<span class=\"_ _7\"></span>est, <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>balance <span class=\"_ _0\"></span>shee<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>within <span class=\"_ _1\"></span>loans <span class=\"_ _0\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _1\"></span>at <span class=\"_ _0\"></span>AC. <span class=\"_ _0\"></span>The <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a63\">between <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>urch<span class=\"_ _7\"></span>ase an<span class=\"_ _7\"></span>d res<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>le p<span class=\"_ _7\"></span>rice is s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>own i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the corr<span class=\"_ _2\"></span>esponding <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>urr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt in<span class=\"_ _7\"></span>come posi<span class=\"_ _7\"></span>tio<span class=\"_ _7\"></span>n using t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e EI<span class=\"_ _7\"></span>R. </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2b09\">25.12.<span class=\"ff4a\"> </span>Receiv<span class=\"_ _7\"></span>ables and Li<span class=\"_ _7\"></span>abilities </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2b0a\">Receiv<span class=\"_ _7\"></span>ables </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2941\">The <span class=\"_ _2\"></span>rec<span class=\"_ _7\"></span>eivables <span class=\"_ _10\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>bala<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>sheet <span class=\"_ _10\"></span>particularl<span class=\"_ _7\"></span>y <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>nsist <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>rec<span class=\"_ _7\"></span>eivables <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>assets <span class=\"_ _10\"></span>measur<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>accor<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>nce </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b0b\">with IFRS 9<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2943\">As r<span class=\"_ _7\"></span>eceiv<span class=\"_ _7\"></span>ables fro<span class=\"_ _2\"></span>m poli<span class=\"_ _7\"></span>cyhold<span class=\"_ _7\"></span>ers, i<span class=\"_ _7\"></span>ntermedi<span class=\"_ _7\"></span>aries o<span class=\"_ _2\"></span>r insura<span class=\"_ _7\"></span>nce com<span class=\"_ _7\"></span>panies<span class=\"_ _2\"></span> are dir<span class=\"_ _2\"></span>ectly s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>own<span class=\"_ _7\"></span> in th<span class=\"_ _7\"></span>e fai<span class=\"_ _7\"></span>r val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e of f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ca<span class=\"_ _2\"></span>sh<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b0c\">flows u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der IFRS 17, <span class=\"_ _2\"></span>this bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce sh<span class=\"_ _7\"></span>eet item <span class=\"_ _2\"></span>concerns re<span class=\"_ _7\"></span>ceivabl<span class=\"_ _7\"></span>es that <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>not asso<span class=\"_ _7\"></span>ciated <span class=\"_ _7\"></span>with t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance b<span class=\"_ _7\"></span>usiness.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b0d\">Non-i<span class=\"_ _7\"></span>nsurance <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>eceiv<span class=\"_ _7\"></span>ables <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>the tran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _6\"></span>ice. V<span class=\"_ _2\"></span>aluation <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>base<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>underlyi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nsaction, whi<span class=\"_ _7\"></span>le<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b0e\">only th<span class=\"_ _7\"></span>e impairm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng to IFRS 9<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e appl<span class=\"_ _7\"></span>icable fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> re<span class=\"_ _7\"></span>ceivables.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2944\">VIG <span class=\"_ _1\"></span>In<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>Group <span class=\"_ _6\"></span>applies <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>simplif<span class=\"_ _7\"></span>ied <span class=\"_ _1\"></span>approa<span class=\"_ _2\"></span>ch <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ligi<span class=\"_ _7\"></span>ble <span class=\"_ _1\"></span>financial <span class=\"_ _6\"></span>assets <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>ion <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>trad<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>&amp; <span class=\"_ _6\"></span>lea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>recei<span class=\"_ _7\"></span>vables </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2945\">accor<span class=\"_ _7\"></span>ding <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>IFRS 9.5<span class=\"_ _7\"></span>.5.15. <span class=\"_ _10\"></span>In <span class=\"_ _2\"></span>or<span class=\"_ _7\"></span>der <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>fulfil <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _e\"></span>require<span class=\"_ _2\"></span>ment, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>so-<span class=\"_ _7\"></span>called <span class=\"_ _10\"></span>Impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>Provision<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Matrix <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>used <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>receiv<span class=\"_ _7\"></span>ables<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b0f\">Details r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ardi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the Im<span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>irm<span class=\"_ _7\"></span>ent Pro<span class=\"_ _2\"></span>vision Ma<span class=\"_ _7\"></span>trix can <span class=\"_ _7\"></span>be fo<span class=\"_ _7\"></span>und in <span class=\"_ _7\"></span>Note 2<span class=\"_ _7\"></span>.6. Cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>risk st<span class=\"_ _7\"></span>arting on <span class=\"_ _7\"></span>page 9<span class=\"_ _7\"></span>4.<span class=\"_ _7\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2b10\">Liabilitie<span class=\"_ _7\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b11\">The liabili<span class=\"_ _7\"></span>ties pr<span class=\"_ _2\"></span>esented in <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>alance s<span class=\"_ _7\"></span>heet consi<span class=\"_ _7\"></span>st of l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties and ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>measur<span class=\"_ _2\"></span>ed in accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IFRS<span class=\"_ _7\"></span> 9<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b12\">For <span class=\"_ _0\"></span>items <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed <span class=\"_ _4\"></span>ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>IFRS 9,<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>pl<span class=\"_ _7\"></span>ease <span class=\"_ _0\"></span>refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>sta<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>hapter <span class=\"_ _0\"></span>25.4.<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>Fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b13\">instrume<span class=\"_ _7\"></span>nts sta<span class=\"_ _7\"></span>rting on p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ge 163. <span class=\"_ _7\"></span>Th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ot<span class=\"_ _7\"></span>her liabil<span class=\"_ _7\"></span>ities items<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>account<span class=\"_ _7\"></span>ed for <span class=\"_ _7\"></span>at AC.<span class=\"_ _3d5\"> </span><span class=\"_ _7\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-485": {
   "value": "Financial<span class=\"_ _7\"></span> assets<span class=\"_ _2\"></span> INITIAL R<span class=\"_ _7\"></span>ECOGNI<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>ION  At <span class=\"_ _3\"> </span>initial <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _f\"> </span>of <span class=\"_ _3\"> </span>financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _3\"> </span>inst<span class=\"_ _7\"></span>ruments <span class=\"_ _f\"> </span>depends <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _3\"> </span>contra<span class=\"_ _7\"></span>ctual <span class=\"_ _f\"> </span>cash <span class=\"_ _3\"> </span>flows <span class=\"_ _f\"> </span>(sol<span class=\"_ _7\"></span>ely <span class=\"_ _f\"> </span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed payme<span class=\"_ _7\"></span>nts of pri<span class=\"_ _7\"></span>ncipal a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d inter<span class=\"_ _2\"></span>est criterio<span class=\"_ _7\"></span>n (SPPI<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>crite<span class=\"_ _7\"></span>rion)) <span class=\"_ _7\"></span>as well<span class=\"_ _7\"></span> as the b<span class=\"_ _7\"></span>usiness <span class=\"_ _7\"></span>model. <span class=\"_ _2\"></span> Financial i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _7\"></span>ents ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> initiall<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>ecognise<span class=\"_ _2\"></span>d on the pro<span class=\"_ _7\"></span>cessi<span class=\"_ _7\"></span>ng day at f<span class=\"_ _7\"></span>air valu<span class=\"_ _7\"></span>e (as defin<span class=\"_ _7\"></span>ed in No<span class=\"_ _7\"></span>te 2<span class=\"_ _7\"></span>5.9. Calcula<span class=\"_ _7\"></span>tion of f<span class=\"_ _7\"></span>air value <span class=\"_ _2\"></span>sta<span class=\"_ _7\"></span>rting <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>page 173<span class=\"_ _7\"></span>), <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _2\"></span>fai<span class=\"_ _7\"></span>r <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>hould <span class=\"_ _e\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>de<span class=\"_ _7\"></span>viate <span class=\"_ _2\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>transactio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>price. <span class=\"_ _10\"></span>At <span class=\"_ _2\"></span>initial <span class=\"_ _e\"></span>recognitio<span class=\"_ _2\"></span>n, <span class=\"_ _7\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>financi<span class=\"_ _7\"></span>al assets meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed at <span class=\"_ _6\"></span>AC or FVtOCI, dir<span class=\"_ _2\"></span>ectly attributabl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> trans<span class=\"_ _7\"></span>action costs shall<span class=\"_ _7\"></span> b<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clud<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>in the amorti<span class=\"_ _7\"></span>sed costs. Inte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>nal (overhead<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>shall <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _2\"></span>be <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ttrib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>amortise<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>cost <span class=\"_ _10\"></span>as <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>ese <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>not <span class=\"_ _2\"></span>dire<span class=\"_ _7\"></span>ctly <span class=\"_ _2\"></span>attribu<span class=\"_ _7\"></span>table <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>single <span class=\"_ _2\"></span>tra<span class=\"_ _7\"></span>nsaction<span class=\"_ _7\"></span>s.<span class=\"_ _3d5\"> </span>Measure<span class=\"_ _7\"></span>ment categ<span class=\"_ _7\"></span>ories <span class=\"_ _2\"></span> Financial <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>classifi<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _e\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>contract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _10\"></span>characteristics <span class=\"_ _e\"></span>test <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>model <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>managing<span class=\"_ _7\"></span> the asse<span class=\"_ _7\"></span>ts. Based o<span class=\"_ _2\"></span>n these c<span class=\"_ _7\"></span>riteria, fi<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>assets c<span class=\"_ _2\"></span>an be classi<span class=\"_ _7\"></span>fied into t<span class=\"_ _2\"></span>he follo<span class=\"_ _7\"></span>wing measu<span class=\"_ _7\"></span>rem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt c<span class=\"_ _7\"></span>ategories:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at amo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tised <span class=\"_ _7\"></span>cost; <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Debt instr<span class=\"_ _7\"></span>uments m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at <span class=\"_ _7\"></span>FVtOCI, w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ere t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e c<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mulativ<span class=\"_ _7\"></span>e gains <span class=\"_ _7\"></span>and los<span class=\"_ _7\"></span>ses will <span class=\"_ _7\"></span>be r<span class=\"_ _7\"></span>eclass<span class=\"_ _7\"></span>ifi<span class=\"_ _7\"></span>ed to the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t upo<span class=\"_ _7\"></span>n dere<span class=\"_ _2\"></span>cogn<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>; <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Equity i<span class=\"_ _7\"></span>nstrumen<span class=\"_ _7\"></span>ts desig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ated <span class=\"_ _7\"></span>as at F<span class=\"_ _7\"></span>VtOCI, <span class=\"_ _7\"></span>wher<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> the<span class=\"_ _7\"></span>y may not be <span class=\"_ _2\"></span>recognis<span class=\"_ _7\"></span>ed in t<span class=\"_ _2\"></span>he income st<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>teme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t; \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Financial ass<span class=\"_ _2\"></span>ets (debt i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts, deri<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ative fi<span class=\"_ _7\"></span>nancial i<span class=\"_ _7\"></span>nstr<span class=\"_ _7\"></span>uments<span class=\"_ _7\"></span> and equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> i<span class=\"_ _7\"></span>nstrum<span class=\"_ _7\"></span>ents) m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d a<span class=\"_ _6\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>tPL.<span class=\"_ _2\"></span> Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at amorti<span class=\"_ _7\"></span>sed cost<span class=\"_ _7\"></span> Debt ins<span class=\"_ _7\"></span>truments <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> held at <span class=\"_ _2\"></span>AC if both of t<span class=\"_ _2\"></span>he follo<span class=\"_ _7\"></span>wing con<span class=\"_ _7\"></span>ditions ar<span class=\"_ _2\"></span>e met: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts ar<span class=\"_ _2\"></span>e held <span class=\"_ _7\"></span>within a <span class=\"_ _7\"></span>business m<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>el with t<span class=\"_ _7\"></span>he obj<span class=\"_ _7\"></span>ective of holdi<span class=\"_ _2\"></span>ng the i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t to col<span class=\"_ _7\"></span>lect th<span class=\"_ _7\"></span>e cont<span class=\"_ _7\"></span>ractual cash fl<span class=\"_ _7\"></span>ows. <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The contr<span class=\"_ _7\"></span>actual <span class=\"_ _7\"></span>terms of<span class=\"_ _7\"></span> the d<span class=\"_ _7\"></span>ebt i<span class=\"_ _7\"></span>nstrument g<span class=\"_ _7\"></span>ive rise o<span class=\"_ _2\"></span>n specifi<span class=\"_ _7\"></span>ed dates <span class=\"_ _7\"></span>to cash fl<span class=\"_ _7\"></span>ows t<span class=\"_ _7\"></span>hat ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> solel<span class=\"_ _2\"></span>y payments<span class=\"_ _7\"></span> of principal a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d i<span class=\"_ _7\"></span>nterest <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>SPPI<span class=\"_ _7\"></span>) on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e princi<span class=\"_ _7\"></span>pal amo<span class=\"_ _7\"></span>unt o<span class=\"_ _7\"></span>utsta<span class=\"_ _7\"></span>nding. <span class=\"_ _2\"></span> Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at FVtO<span class=\"_ _7\"></span>CI The <span class=\"_ _2\"></span>new <span class=\"_ _7\"></span>catego<span class=\"_ _7\"></span>ry <span class=\"_ _7\"></span>acc. <span class=\"_ _2\"></span>to <span class=\"_ _7\"></span>IFRS 9 <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>debt i<span class=\"_ _2\"></span>nstruments <span class=\"_ _2\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d a<span class=\"_ _2\"></span>t <span class=\"_ _7\"></span>FVtOCI <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>applie<span class=\"_ _7\"></span>d w<span class=\"_ _2\"></span>hen<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>both <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>fol<span class=\"_ _7\"></span>lowing <span class=\"_ _7\"></span>conditi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t: <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt is<span class=\"_ _7\"></span> held wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>in a b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>model, t<span class=\"_ _2\"></span>he objectiv<span class=\"_ _7\"></span>e of w<span class=\"_ _7\"></span>hich is <span class=\"_ _7\"></span>both coll<span class=\"_ _7\"></span>ecting co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tract<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d selli<span class=\"_ _7\"></span>ng financial ass<span class=\"_ _2\"></span>ets, and \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>the<span class=\"_ _6\"></span> co<span class=\"_ _2\"></span>ntractual te<span class=\"_ _7\"></span>rms of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e finan<span class=\"_ _7\"></span>cial ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t me<span class=\"_ _7\"></span>et the SP<span class=\"_ _7\"></span>PI te<span class=\"_ _2\"></span>st.<span class=\"_ _3d5\"> </span>Debt instrume<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>this categor<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>are those that <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>intende<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>he<span class=\"_ _6\"></span>ld to <span class=\"_ _6\"></span>colle<span class=\"_ _7\"></span>ct <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ractual cash <span class=\"_ _6\"></span>flo<span class=\"_ _7\"></span>ws <span class=\"_ _6\"></span>and which may be sold i<span class=\"_ _7\"></span>n r<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nse to n<span class=\"_ _7\"></span>eeds fo<span class=\"_ _7\"></span>r liquidit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> or cha<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ges in m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rk<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t conditio<span class=\"_ _2\"></span>ns.  Equity i<span class=\"_ _7\"></span>nstruments<span class=\"_ _7\"></span> desi<span class=\"_ _7\"></span>gn<span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>ed meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>red at FVtOCI<span class=\"_ _2\"></span> Eq<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>ty<span class=\"_ _7\"></span> ins<span class=\"_ _2\"></span>tr<span class=\"_ _7\"></span>um<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> tha<span class=\"_ _7\"></span>t ar<span class=\"_ _2\"></span>e no<span class=\"_ _7\"></span>t he<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>d fo<span class=\"_ _2\"></span>r tra<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>cl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>sif<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>as<span class=\"_ _7\"></span> des<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d me<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>ed at<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>FVt<span class=\"_ _7\"></span>OC<span class=\"_ _2\"></span>I (in ac<span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>dan<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> wi<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span> IA<span class=\"_ _7\"></span>S <span class=\"_ _7\"></span>32<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span> will <span class=\"_ _10\"></span>be <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>rre<span class=\"_ _7\"></span>vocabl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _e\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>FVtOCI. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ication <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>equit<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>instrum<span class=\"_ _7\"></span>ents <span class=\"_ _10\"></span>can <span class=\"_ _10\"></span>be <span class=\"_ _2\"></span>done <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>an <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _7\"></span>ent-by-i<span class=\"_ _7\"></span>nstrum<span class=\"_ _7\"></span>ent basis. Gains a<span class=\"_ _7\"></span>nd losses o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>hese equit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> ins<span class=\"_ _7\"></span>truments <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot r<span class=\"_ _7\"></span>ecy<span class=\"_ _7\"></span>cled to <span class=\"_ _7\"></span>the incom<span class=\"_ _7\"></span>e s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt at an<span class=\"_ _7\"></span>y time. <span class=\"_ _7\"></span> Dividends<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>are <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>other <span class=\"_ _0\"></span>oper<span class=\"_ _7\"></span>ating <span class=\"_ _0\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>income <span class=\"_ _1\"></span>statement <span class=\"_ _1\"></span>when <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>rig<span class=\"_ _7\"></span>ht <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>payment <span class=\"_ _1\"></span>has <span class=\"_ _0\"></span>been establis<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ed. Exc<span class=\"_ _7\"></span>ept whe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> such pr<span class=\"_ _2\"></span>oceeds ar<span class=\"_ _7\"></span>e be<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>eficial as <span class=\"_ _2\"></span>a reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery of p<span class=\"_ _7\"></span>art of t<span class=\"_ _7\"></span>he cost of <span class=\"_ _7\"></span>the ins<span class=\"_ _7\"></span>trument, t<span class=\"_ _7\"></span>hese gai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> recor<span class=\"_ _2\"></span>ded in <span class=\"_ _7\"></span>OCI. Equit<span class=\"_ _7\"></span>y i<span class=\"_ _7\"></span>nstruments<span class=\"_ _7\"></span> desig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ated m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at FVt<span class=\"_ _7\"></span>OCI are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot s<span class=\"_ _7\"></span>ubject to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny imp<span class=\"_ _2\"></span>airment test<span class=\"_ _3d5\"> </span>.<span class=\"_ _7\"></span> Fina<span class=\"_ _7\"></span>ncial assets<span class=\"_ _2\"></span> m<span class=\"_ _6\"></span>easu<span class=\"_ _7\"></span>red at F<span class=\"_ _7\"></span>VtPL Financial ass<span class=\"_ _2\"></span>ets in this c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tego<span class=\"_ _7\"></span>ry ar<span class=\"_ _7\"></span>e ma<span class=\"_ _7\"></span>naged i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a fai<span class=\"_ _7\"></span>r value <span class=\"_ _2\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>l, hav<span class=\"_ _7\"></span>e bee<span class=\"_ _7\"></span>n desig<span class=\"_ _7\"></span>nated by m<span class=\"_ _2\"></span>anageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t upo<span class=\"_ _7\"></span>n initial <span class=\"_ _0\"></span>recogniti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>or <span class=\"_ _0\"></span>are <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>andatorily <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>equire<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>acc. <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>IFRS 9<span class=\"_ _7\"></span>. <span class=\"_ _4\"></span>This <span class=\"_ _0\"></span>catego<span class=\"_ _7\"></span>ry <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ncludes <span class=\"_ _0\"></span>de<span class=\"_ _7\"></span>bt instrume<span class=\"_ _7\"></span>nts,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>e cash fl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>w characte<span class=\"_ _7\"></span>ristics fai<span class=\"_ _7\"></span>l t<span class=\"_ _7\"></span>he SPPI crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rio<span class=\"_ _7\"></span>n or  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ed withi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess mod<span class=\"_ _2\"></span>el in ord<span class=\"_ _7\"></span>er to <span class=\"_ _2\"></span>collect con<span class=\"_ _7\"></span>tractual <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows or <span class=\"_ _7\"></span>also not i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ord<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> to <span class=\"_ _7\"></span>collec<span class=\"_ _7\"></span>t contract<span class=\"_ _7\"></span>ual cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows as <span class=\"_ _2\"></span>we<span class=\"_ _6\"></span>ll as s<span class=\"_ _2\"></span>ell the inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nts or \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch are <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lassi<span class=\"_ _7\"></span>fied to t<span class=\"_ _2\"></span>he category of <span class=\"_ _2\"></span>designat<span class=\"_ _7\"></span>ed meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _7\"></span> at FVtPL fo<span class=\"_ _7\"></span>r the p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rpose o<span class=\"_ _7\"></span>f r<span class=\"_ _2\"></span>educing a<span class=\"_ _7\"></span>n acco<span class=\"_ _7\"></span>unting mism<span class=\"_ _7\"></span>atch.<span class=\"_ _3d5\"> </span>SPPI test a<span class=\"_ _7\"></span>nd ass<span class=\"_ _7\"></span>essment <span class=\"_ _7\"></span>of the b<span class=\"_ _7\"></span>usiness m<span class=\"_ _7\"></span>odel<span class=\"_ _7\"></span> VIG allo<span class=\"_ _7\"></span>cates its f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial asse<span class=\"_ _7\"></span>ts bas<span class=\"_ _7\"></span>ed on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e SPP<span class=\"_ _7\"></span>I-criterio<span class=\"_ _7\"></span>n meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rem<span class=\"_ _7\"></span>ent mod<span class=\"_ _2\"></span>els. If th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>SPPI test is p<span class=\"_ _6\"></span>asse<span class=\"_ _7\"></span>d, t<span class=\"_ _6\"></span>he classifica<span class=\"_ _7\"></span>tion and <span class=\"_ _6\"></span>subse<span class=\"_ _7\"></span>que<span class=\"_ _7\"></span>nt measurem<span class=\"_ _2\"></span>ent <span class=\"_ _6\"></span>of financial instrume<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>accor<span class=\"_ _2\"></span>ding <span class=\"_ _6\"></span>to IFRS 9<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>s the busi<span class=\"_ _7\"></span>ness mod<span class=\"_ _7\"></span>el c<span class=\"_ _7\"></span>hosen for ma<span class=\"_ _2\"></span>naging the ass<span class=\"_ _7\"></span>et. T<span class=\"_ _7\"></span>he busi<span class=\"_ _7\"></span>ness model r<span class=\"_ _2\"></span>efers to ho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>compan<span class=\"_ _7\"></span>y manag<span class=\"_ _7\"></span>es its f<span class=\"_ _7\"></span>inanci<span class=\"_ _7\"></span>al assets i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>rde<span class=\"_ _7\"></span>r to ge<span class=\"_ _2\"></span>nerate c<span class=\"_ _7\"></span>ash f<span class=\"_ _7\"></span>lows. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Gro<span class=\"_ _2\"></span>up, t<span class=\"_ _7\"></span>his is <span class=\"_ _2\"></span>esta<span class=\"_ _6\"></span>blis<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>d at<span class=\"_ _2\"></span> local l<span class=\"_ _7\"></span>evel so<span class=\"_ _7\"></span> as <span class=\"_ _7\"></span>to m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>e fin<span class=\"_ _7\"></span>ancial i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _2\"></span>ents when pla<span class=\"_ _2\"></span>nning the in<span class=\"_ _7\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t strategy i<span class=\"_ _2\"></span>n order <span class=\"_ _7\"></span>to a<span class=\"_ _7\"></span>chieve lo<span class=\"_ _7\"></span>cal busi<span class=\"_ _7\"></span>ness obj<span class=\"_ _7\"></span>ectives. <span class=\"_ _2\"></span> The <span class=\"_ _6\"></span>business <span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>del <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>assess<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>an <span class=\"_ _1\"></span>inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nt-by-inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>basis<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>but <span class=\"_ _1\"></span>at <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>higher <span class=\"_ _6\"></span>level <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>aggreg<span class=\"_ _2\"></span>ated <span class=\"_ _1\"></span>po<span class=\"_ _7\"></span>rtfolios<span class=\"_ _7\"></span> that i<span class=\"_ _2\"></span>s based <span class=\"_ _2\"></span>on obs<span class=\"_ _2\"></span>ervable <span class=\"_ _7\"></span>factors. <span class=\"_ _2\"></span>Mor<span class=\"_ _2\"></span>eover<span class=\"_ _10\"></span>, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is <span class=\"_ _2\"></span>is base<span class=\"_ _2\"></span>d on r<span class=\"_ _2\"></span>easonabl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> exp<span class=\"_ _2\"></span>ected sc<span class=\"_ _2\"></span>enarios <span class=\"_ _2\"></span>without <span class=\"_ _7\"></span>taki<span class=\"_ _7\"></span>ng \u201c<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>orst <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e\u201d or \u201c<span class=\"_ _6\"></span>str<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss case\u201d scenario<span class=\"_ _7\"></span>s into <span class=\"_ _6\"></span>acco<span class=\"_ _7\"></span>unt. <span class=\"_ _6\"></span>If cash <span class=\"_ _6\"></span>flows afte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>initial re<span class=\"_ _7\"></span>cognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>alised in a <span class=\"_ _6\"></span>way <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _6\"></span>is dif<span class=\"_ _7\"></span>ferent fro<span class=\"_ _7\"></span>m the original <span class=\"_ _0\"></span>expecta<span class=\"_ _7\"></span>tions, <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>class<span class=\"_ _7\"></span>ificatio<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>of <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>remai<span class=\"_ _7\"></span>ning <span class=\"_ _0\"></span>financial <span class=\"_ _0\"></span>assets <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>eld <span class=\"_ _4\"></span>in<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>hat <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>does <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>ch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nge. Howeve<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _7\"></span>info<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>mati<span class=\"_ _7\"></span>on <span class=\"_ _10\"></span>when <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ssessi<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>newly <span class=\"_ _2\"></span>orig<span class=\"_ _7\"></span>inated <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ewly <span class=\"_ _10\"></span>purc<span class=\"_ _7\"></span>hased <span class=\"_ _2\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _10\"></span>assets <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>take<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>into <span class=\"_ _2\"></span>conside<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n.<span class=\"_ _3d5\"> </span>The <span class=\"_ _3\"> </span>business<span class=\"_ _7\"></span> <span class=\"_ _d\"> </span>mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>l <span class=\"_ _3\"> </span>is <span class=\"_ _3\"> </span>applied<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>t<span class=\"_ _6\"></span>o <span class=\"_ _3\"> </span>gro<span class=\"_ _7\"></span>ups <span class=\"_ _3\"> </span>of <span class=\"_ _3\"> </span>asse<span class=\"_ _7\"></span>ts <span class=\"_ _3\"> </span>which <span class=\"_ _3\"> </span>ar<span class=\"_ _7\"></span>e  m<span class=\"_ _2\"></span>anaged <span class=\"_ _f\"> </span>h<span class=\"_ _6\"></span>omoge<span class=\"_ _2\"></span>neously<span class=\"_ _10\"></span>. <span class=\"_ _3\"> </span>T<span class=\"_ _7\"></span>he <span class=\"_ _3\"> </span>derivation <span class=\"_ _3\"> </span>takes<span class=\"_ _2\"></span>  into<span class=\"_ _7\"></span> consid<span class=\"_ _7\"></span>eration a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>class, <span class=\"_ _6\"></span>liq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>idity<span class=\"_ _e\"></span>, <span class=\"_ _6\"></span>type <span class=\"_ _1\"></span>of administ<span class=\"_ _7\"></span>ration (<span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>et <span class=\"_ _1\"></span>man<span class=\"_ _7\"></span>ager<span class=\"_ _10\"></span>, externally <span class=\"_ _6\"></span>managed portfolios<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>spe<span class=\"_ _7\"></span>cial <span class=\"_ _6\"></span>funds<span class=\"_ _7\"></span>) as well<span class=\"_ _7\"></span> as the in<span class=\"_ _7\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t stra<span class=\"_ _7\"></span>tegy<span class=\"_ _10\"></span>. When <span class=\"_ _7\"></span>dete<span class=\"_ _7\"></span>rmini<span class=\"_ _7\"></span>ng the <span class=\"_ _2\"></span>investmen<span class=\"_ _7\"></span>t s<span class=\"_ _7\"></span>trategy <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>and <span class=\"_ _7\"></span>in co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sequ<span class=\"_ _7\"></span>enc<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _7\"></span>model<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>type <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>liabilities <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>at ar<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>ed and <span class=\"_ _1\"></span>their <span class=\"_ _1\"></span>measu<span class=\"_ _2\"></span>rement <span class=\"_ _6\"></span>model <span class=\"_ _1\"></span>under<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>IFRS 17<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>sh<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>uld <span class=\"_ _6\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>taken <span class=\"_ _1\"></span>into <span class=\"_ _1\"></span>conside<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ation. <span class=\"_ _1\"></span>Cas<span class=\"_ _2\"></span>h <span class=\"_ _0\"></span>and <span class=\"_ _6\"></span>cash <span class=\"_ _1\"></span>equivale<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>as <span class=\"_ _1\"></span>we<span class=\"_ _6\"></span>ll a<span class=\"_ _6\"></span>s term deposi<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>always <span class=\"_ _7\"></span>to be val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ed at A<span class=\"_ _2\"></span>C.<span class=\"_ _3d5\"> </span>SUBSEQUEN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> MEA<span class=\"_ _7\"></span>SUREM<span class=\"_ _7\"></span>ENT  Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at <span class=\"_ _7\"></span>AC After initial me<span class=\"_ _2\"></span>asureme<span class=\"_ _7\"></span>nt, debt i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _7\"></span>ents are me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured at<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>mortised cos<span class=\"_ _2\"></span>t, u<span class=\"_ _6\"></span>sing t<span class=\"_ _7\"></span>he ef<span class=\"_ _2\"></span>fec<span class=\"_ _6\"></span>tive int<span class=\"_ _7\"></span>eres<span class=\"_ _7\"></span>t rate (EI<span class=\"_ _7\"></span>R) metho<span class=\"_ _7\"></span>d, less all<span class=\"_ _7\"></span>owan<span class=\"_ _7\"></span>ce fo<span class=\"_ _7\"></span>r imp<span class=\"_ _7\"></span>airment.<span class=\"_ _7\"></span> Amor<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ised <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ost<span class=\"_ _7\"></span> is cal<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>late<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>by taki<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g i<span class=\"_ _7\"></span>nto ac<span class=\"_ _7\"></span>count a<span class=\"_ _2\"></span>ny discou<span class=\"_ _7\"></span>nt or<span class=\"_ _7\"></span> pr<span class=\"_ _2\"></span>emium on<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>cq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isiti<span class=\"_ _7\"></span>on and <span class=\"_ _1\"></span>fee <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>costs <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>an <span class=\"_ _1\"></span>integ<span class=\"_ _7\"></span>ral <span class=\"_ _1\"></span>part <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>EIR. <span class=\"_ _6\"></span>An<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>llo<span class=\"_ _2\"></span>wance <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>recognised <span class=\"_ _6\"></span>for E<span class=\"_ _6\"></span>C<span class=\"_ _7\"></span>Ls <span class=\"_ _1\"></span>(<span class=\"_ _3d5\"> </span>ex<span class=\"_ _7\"></span>pected <span class=\"_ _6\"></span>cr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit <span class=\"_ _6\"></span>losses) <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>the income s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt. Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at FVtO<span class=\"_ _7\"></span>CI Debt <span class=\"_ _1\"></span>instr<span class=\"_ _6\"></span>uments <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bsequently <span class=\"_ _0\"></span>measured<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>accorda<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _1\"></span>FVtOCI <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _1\"></span>unrealised <span class=\"_ _1\"></span>gains <span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>losses arising <span class=\"_ _1\"></span>du<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>ch<span class=\"_ _6\"></span>anges <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>valu<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>recognised <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>OCI. <span class=\"_ _0\"></span>Interest <span class=\"_ _1\"></span>income <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span>eign <span class=\"_ _1\"></span>exch<span class=\"_ _6\"></span>ange <span class=\"_ _1\"></span>effects <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>recognised <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span> prof<span class=\"_ _7\"></span>it <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>loss <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>same <span class=\"_ _4\"></span>manner <span class=\"_ _4\"> </span>as <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>finan<span class=\"_ _6\"></span>cial <span class=\"_ _4\"></span>assets <span class=\"_ _4\"></span>measured <span class=\"_ _4\"></span>at <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>mortised <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>ost. <span class=\"_ _4\"></span>For <span class=\"_ _4\"></span>furth<span class=\"_ _6\"></span>er <span class=\"_ _4\"> </span>information <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>the calculation <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>expec<span class=\"_ _6\"></span>ted <span class=\"_ _1\"></span>credit <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>debt <span class=\"_ _1\"></span>instr<span class=\"_ _6\"></span>ument<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>measured <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>FV<span class=\"_ _6\"></span>tOCI, <span class=\"_ _6\"></span>please <span class=\"_ _6\"></span>refer <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>cha<span class=\"_ _6\"></span>pter <span class=\"_ _1\"></span>The<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>lculation <span class=\"_ _6\"></span>of<span class=\"_ _6\"></span> ECLs startin<span class=\"_ _6\"></span>g on page 168. On derecog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, cumulative gains or losses previously recognised in OCI are reclass<span class=\"_ _7\"></span>ified <span class=\"_ _6\"></span>to prof<span class=\"_ _7\"></span>it and loss.<span class=\"_ _6\"></span> Equity i<span class=\"_ _7\"></span>nstruments<span class=\"_ _7\"></span> desi<span class=\"_ _7\"></span>gn<span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>ed meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>red at FVtOCI<span class=\"_ _2\"></span> The <span class=\"_ _3\"> </span>irre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ocabl<span class=\"_ _7\"></span>e <span class=\"_ _3\"> </span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _3\"> </span>of <span class=\"_ _f\"> </span>equity <span class=\"_ _3\"> </span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>as <span class=\"_ _3\"> </span>measure<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>at <span class=\"_ _f\"> </span>F<span class=\"_ _6\"></span>VtOCI <span class=\"_ _3\"> </span>is <span class=\"_ _f\"> </span>applied <span class=\"_ _f\"> </span>for <span class=\"_ _3\"> </span>strategicall<span class=\"_ _7\"></span>y <span class=\"_ _3\"> </span>held <span class=\"_ _3\"> </span>fina<span class=\"_ _7\"></span>ncial instrume<span class=\"_ _7\"></span>nts w<span class=\"_ _7\"></span>hich ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> not h<span class=\"_ _7\"></span>eld for t<span class=\"_ _7\"></span>rading or <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot sha<span class=\"_ _7\"></span>res <span class=\"_ _2\"></span>in affi<span class=\"_ _7\"></span>liated fully co<span class=\"_ _7\"></span>nsolidat<span class=\"_ _7\"></span>ed com<span class=\"_ _7\"></span>panies <span class=\"_ _2\"></span>and are no<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> shar<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>in associat<span class=\"_ _7\"></span>es a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>joint ventures.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>The classificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>equity<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>instrume<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>can <span class=\"_ _6\"></span>be <span class=\"_ _6\"></span>do<span class=\"_ _7\"></span>ne <span class=\"_ _1\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>an <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nstrument-b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>-inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>ba<span class=\"_ _7\"></span>sis (e.g. <span class=\"_ _0\"></span>emergi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>marke<span class=\"_ _7\"></span>ts <span class=\"_ _0\"></span>stocks <span class=\"_ _1\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _6\"></span>VtPL, <span class=\"_ _1\"></span>auxili<span class=\"_ _7\"></span>ary<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>undertak<span class=\"_ _7\"></span>ings <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>FVtOC<span class=\"_ _7\"></span>I) <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>decid<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>solely <span class=\"_ _1\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>loc<span class=\"_ _7\"></span>al <span class=\"_ _0\"></span>group<span class=\"_ _7\"></span> compan<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _1\"></span>with <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>portfoli<span class=\"_ _7\"></span>o. <span class=\"_ _0\"></span>For <span class=\"_ _0\"></span>equit<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _0\"></span>that <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>designat<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>FVtOCI, <span class=\"_ _1\"></span>transactio<span class=\"_ _7\"></span>n costs are<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>recognis<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>in OCI as part of the chang<span class=\"_ _7\"></span>e in fair value<span class=\"_ _7\"></span> a<span class=\"_ _6\"></span>t the next r<span class=\"_ _7\"></span>e-meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>and t<span class=\"_ _7\"></span>hey <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e never re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied into profit and loss.<span class=\"_ _7\"></span> I<span class=\"_ _6\"></span>n case of a<span class=\"_ _6\"></span> der<span class=\"_ _7\"></span>ecogniti<span class=\"_ _7\"></span>on event, the correla<span class=\"_ _2\"></span>tin<span class=\"_ _6\"></span>g rese<span class=\"_ _2\"></span>rves <span class=\"_ _6\"></span>are di<span class=\"_ _7\"></span>rec<span class=\"_ _7\"></span>tly <span class=\"_ _6\"></span>pos<span class=\"_ _7\"></span>ted to <span class=\"_ _6\"></span>\u201cr<span class=\"_ _7\"></span>etain<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>ea<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nings\u201d. In<span class=\"_ _7\"></span> contrast to <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e equit<span class=\"_ _7\"></span>y instr<span class=\"_ _7\"></span>uments m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d at<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>FVtP<span class=\"_ _7\"></span>L, only <span class=\"_ _7\"></span>divide<span class=\"_ _7\"></span>nds are bo<span class=\"_ _7\"></span>oked i<span class=\"_ _2\"></span>n the incom<span class=\"_ _2\"></span>e statemen<span class=\"_ _7\"></span>t.  Fina<span class=\"_ _7\"></span>ncial assets<span class=\"_ _2\"></span> m<span class=\"_ _6\"></span>easu<span class=\"_ _7\"></span>red at F<span class=\"_ _7\"></span>VtPL Financial <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>FVtPL <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _6\"></span>recor<span class=\"_ _2\"></span>ded <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>ba<span class=\"_ _2\"></span>lan<span class=\"_ _6\"></span>ce <span class=\"_ _1\"></span>s<span class=\"_ _7\"></span>heet <span class=\"_ _0\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value. <span class=\"_ _1\"></span>Cha<span class=\"_ _7\"></span>nges <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>realis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in prof<span class=\"_ _7\"></span>it <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>ss. <span class=\"_ _4\"> </span>T<span class=\"_ _10\"></span>ran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action <span class=\"_ _f\"> </span>cos<span class=\"_ _7\"></span>ts <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>elating <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>acq<span class=\"_ _7\"></span>uisition <span class=\"_ _4\"> </span>or<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>is<span class=\"_ _7\"></span>sue <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>financial <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>at <span class=\"_ _4\"> </span>FVtPL <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>re recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> in pr<span class=\"_ _2\"></span>ofit and los<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>as the<span class=\"_ _7\"></span>y ar<span class=\"_ _2\"></span>e incurr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. I<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>earned on <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>mand<span class=\"_ _7\"></span>atoril<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>ed to b<span class=\"_ _2\"></span>e meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed at <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtP<span class=\"_ _7\"></span>L is acco<span class=\"_ _7\"></span>unted fo<span class=\"_ _7\"></span>r using t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tractual<span class=\"_ _7\"></span> interes<span class=\"_ _2\"></span>t rate.<span class=\"_ _3d5\"> </span>RECLASSIFIC<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>TION<span class=\"_ _7\"></span>  T<span class=\"_ _e\"></span>o <span class=\"_ _2\"></span>remai<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>complia<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _10\"></span>\u201c<span class=\"_ _6\"></span>H<span class=\"_ _7\"></span>eld <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>collect <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntractual <span class=\"_ _10\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>flows\u201d, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>shar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>not <span class=\"_ _2\"></span>sold <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>ass<span class=\"_ _7\"></span>ets may not fall<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>elow an <span class=\"_ _7\"></span>annual a<span class=\"_ _7\"></span>verage o<span class=\"_ _7\"></span>f 90% of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e portfo<span class=\"_ _7\"></span>lio vol<span class=\"_ _7\"></span>ume.<span class=\"_ _2\"></span> The <span class=\"_ _4\"> </span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _f\"> </span>ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mes <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>hat <span class=\"_ _f\"> </span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _f\"> </span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bseq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ent <span class=\"_ _f\"> </span>to <span class=\"_ _4\"></span>their <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nitial <span class=\"_ _4\"> </span>recognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>not <span class=\"_ _4\"> </span>reclassi<span class=\"_ _7\"></span>fied, <span class=\"_ _4\"> </span>pro<span class=\"_ _7\"></span>vided <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>at <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>o exception<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l, su<span class=\"_ _7\"></span>ch as a <span class=\"_ _7\"></span>busi<span class=\"_ _7\"></span>ness line i<span class=\"_ _7\"></span>s acquir<span class=\"_ _2\"></span>ed, dispos<span class=\"_ _2\"></span>ed of o<span class=\"_ _7\"></span>r terminate<span class=\"_ _7\"></span>d.<span class=\"_ _7\"></span> In g<span class=\"_ _2\"></span>eneral, <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e o<span class=\"_ _2\"></span>nly <span class=\"_ _7\"></span>permit<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d, <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>require<span class=\"_ _2\"></span>d, in<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>rar<span class=\"_ _2\"></span>e cir<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>ms<span class=\"_ _7\"></span>tances, <span class=\"_ _10\"></span>which <span class=\"_ _2\"></span>does <span class=\"_ _2\"></span>not i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>ude a <span class=\"_ _2\"></span>simple <span class=\"_ _10\"></span>change <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>business <span class=\"_ _10\"></span>model <span class=\"_ _10\"></span>(e.g. <span class=\"_ _2\"></span>change <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>intention <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>elated <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>partic<span class=\"_ _7\"></span>ular <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ssets <span class=\"_ _10\"></span>\u2013 <span class=\"_ _2\"></span>tempor<span class=\"_ _7\"></span>ary <span class=\"_ _2\"></span>disappe<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rance<span class=\"_ _7\"></span> of a particula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> market for fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial assets<span class=\"_ _7\"></span> \u2013 and tra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sfer of fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> assets b<span class=\"_ _7\"></span>etween com<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _7\"></span>y areas wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> dif<span class=\"_ _2\"></span>ferent b<span class=\"_ _7\"></span>usine<span class=\"_ _7\"></span>ss models). I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>uch ra<span class=\"_ _7\"></span>re o<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>casi<span class=\"_ _7\"></span>ons, no<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-deri<span class=\"_ _7\"></span>vative <span class=\"_ _7\"></span>debt ins<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ru<span class=\"_ _7\"></span>ments ar<span class=\"_ _2\"></span>e req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ired<span class=\"_ _2\"></span> to be r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied <span class=\"_ _7\"></span>betw<span class=\"_ _7\"></span>een the<span class=\"_ _7\"></span> \u201cmeas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d at AC\u201d, <span class=\"_ _2\"></span>\u201cmeasu<span class=\"_ _7\"></span>red <span class=\"_ _10\"></span>at <span class=\"_ _2\"></span>FVtOCI\u201d <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>\u201c<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>VtPL\u201d <span class=\"_ _10\"></span>categories.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>More <span class=\"_ _2\"></span>sp<span class=\"_ _7\"></span>ecifically<span class=\"_ _e\"></span>, <span class=\"_ _2\"></span>when <span class=\"_ _2\"></span>(and <span class=\"_ _10\"></span>only <span class=\"_ _2\"></span>when) <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>entit<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>changes its <span class=\"_ _2\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>odel <span class=\"_ _7\"></span>for <span class=\"_ _2\"></span>managing <span class=\"_ _2\"></span>fina<span class=\"_ _7\"></span>ncial ass<span class=\"_ _2\"></span>ets, i<span class=\"_ _7\"></span>t s<span class=\"_ _7\"></span>hould <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>classif<span class=\"_ _7\"></span>y all<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>aff<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>The <span class=\"_ _2\"></span>reclassi<span class=\"_ _7\"></span>fication <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>houl<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> be appli<span class=\"_ _7\"></span>ed pros<span class=\"_ _2\"></span>pectively fr<span class=\"_ _2\"></span>om the \u201cr<span class=\"_ _2\"></span>eclassifi<span class=\"_ _7\"></span>cation d<span class=\"_ _7\"></span>ate\u201d, in <span class=\"_ _2\"></span>accord<span class=\"_ _7\"></span>ance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IF<span class=\"_ _7\"></span>RS 9.5.6.1<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> DERECOGNI<span class=\"_ _2\"></span>TION/WRITE-OF<span class=\"_ _2\"></span>F Derecogniti<span class=\"_ _7\"></span>on apart fro<span class=\"_ _2\"></span>m<span class=\"_ _6\"></span> a si<span class=\"_ _2\"></span>g<span class=\"_ _6\"></span>nificant<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>modificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>  A <span class=\"_ _2\"></span>financial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>(or<span class=\"_ _10\"></span>, <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>her<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>cable, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>part <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>financi<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>part <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>group <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>simil<span class=\"_ _7\"></span>ar <span class=\"_ _7\"></span>financial <span class=\"_ _10\"></span>assets) <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>dere<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed when:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The right to<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>ceive <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he asset <span class=\"_ _7\"></span>has expi<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ed o<span class=\"_ _7\"></span>r  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The right to<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>ceive <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he asset <span class=\"_ _7\"></span>has be<span class=\"_ _7\"></span>en tra<span class=\"_ _2\"></span>nsferred <span class=\"_ _7\"></span>or an o<span class=\"_ _7\"></span>blig<span class=\"_ _7\"></span>ation has <span class=\"_ _7\"></span>been <span class=\"_ _7\"></span>assumed <span class=\"_ _2\"></span>to pay the rec<span class=\"_ _7\"></span>eived c<span class=\"_ _7\"></span>ash flows i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> full wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ut material<span class=\"_ _7\"></span> del<span class=\"_ _7\"></span>ay to a t<span class=\"_ _7\"></span>hird <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>arty unde<span class=\"_ _7\"></span>r a \u2018pass-t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>gh\u2019 a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>ngement; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d eith<span class=\"_ _7\"></span>er substanti<span class=\"_ _7\"></span>ally all t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e risks<span class=\"_ _7\"></span> and r<span class=\"_ _2\"></span>ewards of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e asset <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ave b<span class=\"_ _7\"></span>een tra<span class=\"_ _7\"></span>nsferred o<span class=\"_ _2\"></span>r substan<span class=\"_ _7\"></span>tially all <span class=\"_ _7\"></span>the ris<span class=\"_ _7\"></span>ks a<span class=\"_ _7\"></span>nd rew<span class=\"_ _7\"></span>ards o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he asset ha<span class=\"_ _7\"></span>ve be<span class=\"_ _7\"></span>en neith<span class=\"_ _7\"></span>er transf<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ed nor <span class=\"_ _7\"></span>ret<span class=\"_ _7\"></span>ained, b<span class=\"_ _7\"></span>ut con<span class=\"_ _7\"></span>trol<span class=\"_ _2\"></span> of the asset <span class=\"_ _7\"></span>has be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n tra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sferr<span class=\"_ _7\"></span>ed.  Control <span class=\"_ _7\"></span>is co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sider<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to b<span class=\"_ _7\"></span>e tra<span class=\"_ _7\"></span>nsferred i<span class=\"_ _7\"></span>f a<span class=\"_ _7\"></span>nd only if, <span class=\"_ _7\"></span>the tra<span class=\"_ _7\"></span>nsf<span class=\"_ _7\"></span>eree has <span class=\"_ _7\"></span>the prac<span class=\"_ _7\"></span>tical a<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty to sell the asse<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> in its e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ty t<span class=\"_ _7\"></span>o an <span class=\"_ _1\"></span>unr<span class=\"_ _7\"></span>elated <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>arty <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>able <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>exer<span class=\"_ _7\"></span>cise <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>ability u<span class=\"_ _6\"></span>nilate<span class=\"_ _7\"></span>rally <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>without <span class=\"_ _1\"></span>imposi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>addi<span class=\"_ _7\"></span>tional <span class=\"_ _6\"></span>restric<span class=\"_ _7\"></span>tions <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the transfer<span class=\"_ _e\"></span>.  When <span class=\"_ _0\"></span>all <span class=\"_ _4\"></span>ris<span class=\"_ _7\"></span>ks <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ewar<span class=\"_ _7\"></span>ds <span class=\"_ _4\"></span>h<span class=\"_ _7\"></span>ave <span class=\"_ _0\"></span>ne<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>her <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>ransfe<span class=\"_ _7\"></span>rred <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>or <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ubstanti<span class=\"_ _7\"></span>ally <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>etained <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>control <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>asset <span class=\"_ _0\"></span>has <span class=\"_ _4\"></span>be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n maintain<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>conti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ues <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>only <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>xtent <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntinuing <span class=\"_ _2\"></span>invol<span class=\"_ _7\"></span>vement, <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e, <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>associate<span class=\"_ _7\"></span>d liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>also <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised. The <span class=\"_ _1\"></span>transfe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>asset and <span class=\"_ _1\"></span>the a<span class=\"_ _6\"></span>ssociat<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>liability<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>basis <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flects<span class=\"_ _7\"></span> the rights <span class=\"_ _7\"></span>and obli<span class=\"_ _7\"></span>gati<span class=\"_ _7\"></span>ons. <span class=\"_ _7\"></span> Conti<span class=\"_ _7\"></span>nu<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>inv<span class=\"_ _6\"></span>ol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>takes <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>form <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>guarantee <span class=\"_ _10\"></span>over <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>tra<span class=\"_ _7\"></span>nsferred <span class=\"_ _10\"></span>asset <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>mea<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>lower <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>origin<span class=\"_ _7\"></span>al carrying <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mount of <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e asset a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d the m<span class=\"_ _7\"></span>axim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m amo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span> of c<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>ration t<span class=\"_ _7\"></span>hat co<span class=\"_ _7\"></span>uld be r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ed to pay<span class=\"_ _e\"></span>.<span class=\"_ _3d5\"> </span>Derecogniti<span class=\"_ _7\"></span>on d<span class=\"_ _7\"></span>ue to signific<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>t<span class=\"_ _7\"></span> contract<span class=\"_ _7\"></span> modificatio<span class=\"_ _7\"></span>n  A fina<span class=\"_ _7\"></span>ncial ass<span class=\"_ _7\"></span>et is<span class=\"_ _7\"></span> der<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>when the <span class=\"_ _7\"></span>terms <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ondi<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>ons ha<span class=\"_ _7\"></span>ve been<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>negoti<span class=\"_ _7\"></span>ated <span class=\"_ _7\"></span>to t<span class=\"_ _7\"></span>he exten<span class=\"_ _7\"></span>t th<span class=\"_ _7\"></span>at, subst<span class=\"_ _2\"></span>antially<span class=\"_ _e\"></span>, it becomes <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>new<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>instr<span class=\"_ _7\"></span>ument, <span class=\"_ _10\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>diff<span class=\"_ _7\"></span>erence <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>derecognitio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>gain <span class=\"_ _2\"></span>or <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span>. <span class=\"_ _2\"></span>In <span class=\"_ _7\"></span>case <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>modification <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>gro<span class=\"_ _2\"></span>ss carrying amo<span class=\"_ _2\"></span>unt is re<span class=\"_ _7\"></span>calculat<span class=\"_ _7\"></span>ed as th<span class=\"_ _7\"></span>e pres<span class=\"_ _7\"></span>ent valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>enegotiat<span class=\"_ _7\"></span>ed or mo<span class=\"_ _7\"></span>difi<span class=\"_ _7\"></span>ed contract<span class=\"_ _7\"></span>ual cas<span class=\"_ _7\"></span>h flows, di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted at the <span class=\"_ _6\"></span>fi<span class=\"_ _7\"></span>nancial a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>et\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>orig<span class=\"_ _7\"></span>inal EIR (or<span class=\"_ _6\"></span> credit adjus<span class=\"_ _7\"></span>ted EIR for <span class=\"_ _6\"></span>POCI assets) or<span class=\"_ _10\"></span>, when applicabl<span class=\"_ _2\"></span>e, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>vised EIR calculate<span class=\"_ _7\"></span>d in acc. wit<span class=\"_ _7\"></span>h IFRS 9. 6.5<span class=\"_ _7\"></span>.10.<span class=\"_ _2\"></span> When <span class=\"_ _7\"></span>assessing <span class=\"_ _2\"></span>whether or no<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> to d<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>e an ins<span class=\"_ _7\"></span>trument, <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>siders t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e foll<span class=\"_ _7\"></span>owing mo<span class=\"_ _2\"></span>dification crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ria: \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Quantitati<span class=\"_ _7\"></span>ve criteri<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>:<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Mo<span class=\"_ _7\"></span>dified <span class=\"_ _2\"></span>debt<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>nsidered <span class=\"_ _2\"></span>to be <span class=\"_ _7\"></span>\u201cs<span class=\"_ _7\"></span>ubstantial<span class=\"_ _7\"></span>ly di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ferent\u201d <span class=\"_ _2\"></span>if <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>net <span class=\"_ _7\"></span>pr<span class=\"_ _7\"></span>esent <span class=\"_ _7\"></span>valu<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the cash <span class=\"_ _2\"></span>flows <span class=\"_ _7\"></span>under<span class=\"_ _7\"></span> the <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ew <span class=\"_ _1\"></span>terms<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>disco<span class=\"_ _7\"></span>unted <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>origi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>EI<span class=\"_ _6\"></span>R <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>origina<span class=\"_ _7\"></span>l <span class=\"_ _1\"></span>contract) <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>at <span class=\"_ _0\"></span>le<span class=\"_ _7\"></span>ast <span class=\"_ _1\"></span>10%<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _1\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>original <span class=\"_ _6\"></span>debt instrume<span class=\"_ _7\"></span>nt. \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Qualitati<span class=\"_ _7\"></span>ve criteria:<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e in the SPPI ass<span class=\"_ _2\"></span>essment, <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>.g. int<span class=\"_ _7\"></span>rod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ctio<span class=\"_ _7\"></span>n of an eq<span class=\"_ _7\"></span>uity-link<span class=\"_ _7\"></span>ed fe<span class=\"_ _7\"></span>ature  <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e in the c<span class=\"_ _7\"></span>urre<span class=\"_ _7\"></span>ncy of <span class=\"_ _2\"></span>the asset <span class=\"_ _7\"></span>could s<span class=\"_ _7\"></span>ignifi<span class=\"_ _7\"></span>cantly alte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> the f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> economi<span class=\"_ _2\"></span>c risk expo<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ure o<span class=\"_ _7\"></span>f the ins<span class=\"_ _2\"></span>trument a<span class=\"_ _7\"></span>nd is<span class=\"_ _7\"></span> consid<span class=\"_ _7\"></span>ered <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be s<span class=\"_ _7\"></span>ubsta<span class=\"_ _7\"></span>ntial. <span class=\"_ _7\"></span>No<span class=\"_ _7\"></span>n-co<span class=\"_ _7\"></span>ntractual <span class=\"_ _2\"></span>chang<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>curre<span class=\"_ _7\"></span>ncy <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ot r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>le<span class=\"_ _7\"></span>vant <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>e.g.<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>course <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>curr<span class=\"_ _7\"></span>ency reform o<span class=\"_ _2\"></span>r accessio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> to th<span class=\"_ _7\"></span>e Euro<span class=\"_ _2\"></span>zone). \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>matu<span class=\"_ _7\"></span>rity <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>instr<span class=\"_ _7\"></span>ument. <span class=\"_ _6\"></span>Modif<span class=\"_ _7\"></span>icati<span class=\"_ _7\"></span>ons of <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> maturit<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>of a <span class=\"_ _6\"></span>financial instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>not consider<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>to be <span class=\"_ _6\"></span>\u2018substa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tial<span class=\"_ _7\"></span>ly <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferent\u2019, if the <span class=\"_ _6\"></span>possibi<span class=\"_ _7\"></span>lity has <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n ne<span class=\"_ _6\"></span>goti<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ed alre<span class=\"_ _7\"></span>ady in <span class=\"_ _6\"></span>the origin<span class=\"_ _7\"></span>al len<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ract. Mor<span class=\"_ _7\"></span>eover<span class=\"_ _e\"></span>, <span class=\"_ _6\"></span>the change is<span class=\"_ _7\"></span> not co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sider<span class=\"_ _2\"></span>ed to be s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bsta<span class=\"_ _7\"></span>ntial, if <span class=\"_ _7\"></span>the total<span class=\"_ _7\"></span> contract<span class=\"_ _7\"></span>ual lifetim<span class=\"_ _7\"></span>e is<span class=\"_ _2\"></span> \u2013<span class=\"ff47 fse\"> extend<span class=\"_ _7\"></span>ed by less t<span class=\"_ _2\"></span>han 50%,<span class=\"_ _7\"></span> </span>\u2013<span class=\"ff47 fse\"> shorte<span class=\"_ _7\"></span>ned b<span class=\"_ _7\"></span>y less t<span class=\"_ _7\"></span>han 30<span class=\"_ _7\"></span>% or </span>\u2013<span class=\"ff47 fse\"> changed <span class=\"_ _2\"></span>by<span class=\"_ _6\"></span> less <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>n 2 yea<span class=\"_ _7\"></span>rs of the orig<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nal lifetim<span class=\"_ _7\"></span>e. </span>If <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>modificatio<span class=\"_ _2\"></span>n <span class=\"_ _d\"> </span>does <span class=\"_ _f\"> </span>n<span class=\"_ _6\"></span>ot <span class=\"_ _f\"> </span>result <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>c<span class=\"_ _6\"></span>ash <span class=\"_ _f\"> </span>flows <span class=\"_ _3\"> </span>that <span class=\"_ _3\"> </span>ar<span class=\"_ _2\"></span>e <span class=\"_ _3\"> </span>substantiall<span class=\"_ _7\"></span>y <span class=\"_ _3\"> </span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t, <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>modifi<span class=\"_ _7\"></span>cation <span class=\"_ _f\"> </span>does <span class=\"_ _f\"> </span>n<span class=\"_ _6\"></span>ot <span class=\"_ _3\"> </span>res<span class=\"_ _7\"></span>ult <span class=\"_ _f\"> </span>in<span class=\"_ _6\"></span> dere<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nition. Bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d o<span class=\"_ _7\"></span>n the chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted at <span class=\"_ _2\"></span>the origi<span class=\"_ _7\"></span>nal EIR, <span class=\"_ _7\"></span>a modifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n gain or los<span class=\"_ _7\"></span>s is <span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>rde<span class=\"_ _7\"></span>d.<span class=\"_ _3d5\"> </span>IMP<span class=\"_ _2\"></span>AIRMENT O<span class=\"_ _7\"></span>F FINANCIA<span class=\"_ _2\"></span>L ASS<span class=\"_ _2\"></span>ETS  Further discl<span class=\"_ _7\"></span>os<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es rela<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing to im<span class=\"_ _7\"></span>pairme<span class=\"_ _2\"></span>nt of fi<span class=\"_ _7\"></span>nancial ass<span class=\"_ _7\"></span>ets ar<span class=\"_ _7\"></span>e al<span class=\"_ _7\"></span>so pro<span class=\"_ _7\"></span>vided i<span class=\"_ _2\"></span>n the followi<span class=\"_ _7\"></span>ng not<span class=\"_ _7\"></span>es: <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Incre<span class=\"_ _7\"></span>ases and <span class=\"_ _7\"></span>decr<span class=\"_ _7\"></span>eases i<span class=\"_ _2\"></span>n the pro<span class=\"_ _7\"></span>visions fo<span class=\"_ _2\"></span>r expected <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>it los<span class=\"_ _7\"></span>s for fi<span class=\"_ _7\"></span>nancial inst<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents Not<span class=\"_ _2\"></span>e 2.4. Expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted cr<span class=\"_ _2\"></span>edit loss<span class=\"_ _7\"></span> starting on <span class=\"_ _7\"></span>page 90<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>D<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>clo<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> fo<span class=\"_ _2\"></span>r si<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>t j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>nd<span class=\"_ _2\"></span> es<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>es <span class=\"_ _7\"></span>No<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span> 2<span class=\"_ _7\"></span>4.2<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ai<span class=\"_ _2\"></span>rme<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span> l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>ses<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>fin<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ci<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>ts s<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>rt<span class=\"_ _2\"></span>ing<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ag<span class=\"_ _2\"></span>e 1<span class=\"_ _7\"></span>45<span class=\"_ _2\"></span>. VIG <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ises <span class=\"_ _f\"> </span>an <span class=\"_ _f\"> </span>all<span class=\"_ _7\"></span>owance <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>ECLs <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>ll <span class=\"_ _f\"> </span>debt <span class=\"_ _f\"> </span>instr<span class=\"_ _7\"></span>uments<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>AC <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>FVtOC<span class=\"_ _7\"></span>I, <span class=\"_ _f\"> </span>loan <span class=\"_ _f\"> </span>commi<span class=\"_ _7\"></span>tments <span class=\"_ _f\"> </span>and<span class=\"_ _7\"></span> guarant<span class=\"_ _7\"></span>ees as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as IF<span class=\"_ _7\"></span>RS 9 m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured r<span class=\"_ _7\"></span>ecei<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>abl<span class=\"_ _7\"></span>es.<span class=\"_ _3d5\"> </span>ECLs <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed on <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>dif<span class=\"_ _2\"></span>ference <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntractual <span class=\"_ _2\"></span>cash f<span class=\"_ _7\"></span>lows <span class=\"_ _2\"></span>due <span class=\"_ _7\"></span>in a<span class=\"_ _2\"></span>cc<span class=\"_ _6\"></span>or<span class=\"_ _2\"></span>dance <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>t a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d al<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>cash flows th<span class=\"_ _7\"></span>at ar<span class=\"_ _7\"></span>e expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to b<span class=\"_ _2\"></span>e recei<span class=\"_ _7\"></span>ved, dis<span class=\"_ _7\"></span>counted <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t th<span class=\"_ _7\"></span>e eff<span class=\"_ _7\"></span>ective in<span class=\"_ _7\"></span>terest <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>te.<span class=\"_ _2\"></span> The amou<span class=\"_ _7\"></span>nt of the ECLs re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised depe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds on the dif<span class=\"_ _2\"></span>ferent impairm<span class=\"_ _2\"></span>ent model stages to w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich t<span class=\"_ _7\"></span>he financial<span class=\"_ _7\"></span> instrume<span class=\"_ _7\"></span>nts were <span class=\"_ _4\"></span>assig<span class=\"_ _7\"></span>ned. <span class=\"_ _4\"></span>For <span class=\"_ _4\"></span>financial <span class=\"_ _4\"></span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _4\"> </span>for <span class=\"_ _f\"> </span>w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich <span class=\"_ _4\"></span>there <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>been <span class=\"_ _f\"> </span>a <span class=\"_ _4\"></span>sig<span class=\"_ _7\"></span>nifica<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit <span class=\"_ _4\"> </span>risk <span class=\"_ _4\"> </span>since <span class=\"_ _4\"> </span>ini<span class=\"_ _7\"></span>tial recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span>ECLs ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>ovid<span class=\"_ _7\"></span>ed for cr<span class=\"_ _7\"></span>edit los<span class=\"_ _7\"></span>ses tha<span class=\"_ _7\"></span>t res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt fr<span class=\"_ _2\"></span>om default ev<span class=\"_ _7\"></span>ents t<span class=\"_ _7\"></span>hat are possi<span class=\"_ _7\"></span>ble <span class=\"_ _7\"></span>within t<span class=\"_ _7\"></span>he next 1<span class=\"_ _7\"></span>2 mont<span class=\"_ _7\"></span>hs (12-mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>th <span class=\"_ _2\"></span>ECL/Stag<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>1). <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>hose <span class=\"_ _10\"></span>credit <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>signifi<span class=\"_ _7\"></span>cant <span class=\"_ _2\"></span>incre<span class=\"_ _7\"></span>ase <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>since <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ial recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span>a loss<span class=\"_ _7\"></span> allowa<span class=\"_ _7\"></span>nce is r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ed for cr<span class=\"_ _7\"></span>edi<span class=\"_ _7\"></span>t losses <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed ove<span class=\"_ _7\"></span>r the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>aining life o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he expos<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>(lifetim<span class=\"_ _7\"></span>e ECL<span class=\"_ _7\"></span>).  VIG co<span class=\"_ _7\"></span>nsiders a f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>asset to b<span class=\"_ _2\"></span>e in defa<span class=\"_ _7\"></span>ult (cr<span class=\"_ _2\"></span>edit imp<span class=\"_ _7\"></span>air<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d) w<span class=\"_ _7\"></span>hen con<span class=\"_ _7\"></span>tractu<span class=\"_ _7\"></span>al pa<span class=\"_ _7\"></span>yments <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e 90 d<span class=\"_ _7\"></span>ays pas<span class=\"_ _2\"></span>t due or/a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>f its rat<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>is stated as <span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>D, unless VIG has reason<span class=\"_ _7\"></span>able and su<span class=\"_ _6\"></span>ppo<span class=\"_ _7\"></span>rtable informa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion to demonst<span class=\"_ _7\"></span>rate that a<span class=\"_ _6\"></span> mor<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>laggi<span class=\"_ _7\"></span>ng default c<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iterion is<span class=\"_ _7\"></span> mor<span class=\"_ _7\"></span>e app<span class=\"_ _2\"></span>ropriate. <span class=\"_ _7\"></span> The calc<span class=\"_ _7\"></span>ulation of<span class=\"_ _7\"></span> ECLs  ECLs <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _10\"></span>calculat<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>scenario<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expected <span class=\"_ _10\"></span>cash <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hortfall<span class=\"_ _7\"></span>s, <span class=\"_ _2\"></span>discounte<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>an <span class=\"_ _2\"></span>appro<span class=\"_ _7\"></span>priat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>EIR. <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>cash shortfall<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>bet<span class=\"_ _7\"></span>ween <span class=\"_ _2\"></span>the c<span class=\"_ _7\"></span>ash fl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ws <span class=\"_ _7\"></span>that <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>accorda<span class=\"_ _2\"></span>nce <span class=\"_ _7\"></span>with <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntract <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>cash <span class=\"_ _7\"></span>flo<span class=\"_ _2\"></span>ws t<span class=\"_ _7\"></span>hat th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> e<span class=\"_ _2\"></span>ntity expects to r<span class=\"_ _2\"></span>eceiv<span class=\"_ _7\"></span>e. The me<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>nics of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ECL cal<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>lati<span class=\"_ _7\"></span>ons a<span class=\"_ _2\"></span>re outli<span class=\"_ _7\"></span>ned belo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> and t<span class=\"_ _7\"></span>he key el<span class=\"_ _2\"></span>ements ar<span class=\"_ _7\"></span>e, as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows:  \u2022<span class=\"ff4a\"> </span>Probabi<span class=\"_ _7\"></span>lity of D<span class=\"_ _7\"></span>efault (PD): T<span class=\"_ _7\"></span>he PD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> esti<span class=\"_ _7\"></span>mate of<span class=\"_ _7\"></span> the li<span class=\"_ _7\"></span>kelihood of <span class=\"_ _7\"></span>default o<span class=\"_ _2\"></span>ver a give<span class=\"_ _7\"></span>n time ho<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>izon. It is<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>estimated with co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sideratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of eco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>omic s<span class=\"_ _2\"></span>cenarios a<span class=\"_ _7\"></span>nd forwa<span class=\"_ _7\"></span>rd-loo<span class=\"_ _7\"></span>ki<span class=\"_ _7\"></span>ng inform<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n. VIG us<span class=\"_ _7\"></span>es the fol<span class=\"_ _7\"></span>lowing s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gme<span class=\"_ _7\"></span>nts for its <span class=\"_ _2\"></span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>o: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Corpor<span class=\"_ _7\"></span>ates<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>So<span class=\"_ _7\"></span>vereig<span class=\"_ _7\"></span>ns \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>The<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>segment <span class=\"_ _6\"></span>Sover<span class=\"_ _7\"></span>eigns<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>consists <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>all <span class=\"_ _1\"></span>bonds <span class=\"_ _1\"></span>issu<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>by <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>ublic <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>uthoriti<span class=\"_ _7\"></span>es, <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>central <span class=\"_ _1\"></span>go<span class=\"_ _7\"></span>vernments,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>supra-<span class=\"_ _3d5\"> </span>national <span class=\"_ _2\"></span>govern<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>instit<span class=\"_ _7\"></span>utions, <span class=\"_ _2\"></span>regional<span class=\"_ _7\"></span> g<span class=\"_ _7\"></span>overnments <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>lo<span class=\"_ _7\"></span>cal <span class=\"_ _7\"></span>authorities <span class=\"_ _2\"></span>and bo<span class=\"_ _2\"></span>nds t<span class=\"_ _7\"></span>hat <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>fully<span class=\"_ _e\"></span>, u<span class=\"_ _7\"></span>ncondi<span class=\"_ _7\"></span>tionall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> and irre<span class=\"_ _7\"></span>vocably g<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>arant<span class=\"_ _7\"></span>eed b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> these i<span class=\"_ _7\"></span>nstitutio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. All<span class=\"_ _2\"></span> oth<span class=\"_ _6\"></span>er ex<span class=\"_ _7\"></span>pos<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e tr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ated <span class=\"_ _7\"></span>within t<span class=\"_ _7\"></span>he corpo<span class=\"_ _7\"></span>rates s<span class=\"_ _7\"></span>egme<span class=\"_ _7\"></span>nt. \u2022<span class=\"ff4a\"> </span>Exposur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> at D<span class=\"_ _7\"></span>efault (EAD<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>: The EAD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> estim<span class=\"_ _7\"></span>ate of<span class=\"_ _7\"></span> the ex<span class=\"_ _7\"></span>posur<span class=\"_ _7\"></span>e at a fu<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>e defa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt date, <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>aki<span class=\"_ _7\"></span>ng into ac<span class=\"_ _7\"></span>count expecte<span class=\"_ _7\"></span>d chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s in t<span class=\"_ _7\"></span>he expos<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> after t<span class=\"_ _7\"></span>he repo<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng date, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uding r<span class=\"_ _7\"></span>epaym<span class=\"_ _7\"></span>ents of<span class=\"_ _7\"></span> princip<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l a<span class=\"_ _7\"></span>nd inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st, <span class=\"_ _7\"></span>whether sched<span class=\"_ _7\"></span>uled by co<span class=\"_ _7\"></span>ntract o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ot<span class=\"_ _7\"></span>herwise, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d acc<span class=\"_ _7\"></span>rued i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t fr<span class=\"_ _7\"></span>om mi<span class=\"_ _7\"></span>ssed payme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts.  \u2022<span class=\"ff4a\"> </span>Loss Give<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Defa<span class=\"_ _7\"></span>ult (LGD): T<span class=\"_ _2\"></span>he LGD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> esti<span class=\"_ _7\"></span>mate of t<span class=\"_ _7\"></span>he los<span class=\"_ _7\"></span>s arising in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he c<span class=\"_ _7\"></span>ase w<span class=\"_ _7\"></span>here a <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>fa<span class=\"_ _7\"></span>ult occ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rs at a gi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en time. It is base<span class=\"_ _7\"></span>d on th<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ference b<span class=\"_ _2\"></span>etween the co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>ctual cash fl<span class=\"_ _2\"></span>ows due <span class=\"_ _7\"></span>and t<span class=\"_ _7\"></span>hose th<span class=\"_ _7\"></span>at are ex<span class=\"_ _2\"></span>pected to b<span class=\"_ _2\"></span>e recei<span class=\"_ _7\"></span>ved. It is<span class=\"_ _7\"></span> usually ex<span class=\"_ _7\"></span>press<span class=\"_ _2\"></span>ed as a p<span class=\"_ _7\"></span>erc<span class=\"_ _7\"></span>entage of<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he EAD. Conce<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>ning t<span class=\"_ _7\"></span>he segm<span class=\"_ _7\"></span>entatio<span class=\"_ _7\"></span>n of <span class=\"_ _7\"></span>LGDs, th<span class=\"_ _7\"></span>e foll<span class=\"_ _7\"></span>owing s<span class=\"_ _7\"></span>egme<span class=\"_ _7\"></span>nts will<span class=\"_ _7\"></span> be used:<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Subor<span class=\"_ _2\"></span>dinated de<span class=\"_ _2\"></span>bt \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Senior <span class=\"_ _7\"></span>unse<span class=\"_ _7\"></span>cure<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> debt<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>So<span class=\"_ _7\"></span>vereig<span class=\"_ _7\"></span>ns \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Sec<span class=\"_ _7\"></span>ured de<span class=\"_ _2\"></span>bt: The S<span class=\"_ _7\"></span>ecur<span class=\"_ _7\"></span>ed segm<span class=\"_ _2\"></span>ent at VIG <span class=\"_ _7\"></span>covers <span class=\"_ _7\"></span>all pos<span class=\"_ _7\"></span>itions se<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>ed by mo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tg<span class=\"_ _7\"></span>age as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as co<span class=\"_ _2\"></span>ve<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d bo<span class=\"_ _7\"></span>nds. \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>For <span class=\"_ _7\"></span>unsecur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>assets, <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>will apply p<span class=\"_ _2\"></span>redefine<span class=\"_ _7\"></span>d LGDs, <span class=\"_ _2\"></span>wh<span class=\"_ _6\"></span>ich ar<span class=\"_ _2\"></span>e not time<span class=\"_ _7\"></span>-depe<span class=\"_ _7\"></span>ndent (flat <span class=\"_ _2\"></span>LGD curv<span class=\"_ _7\"></span>es). Assets su<span class=\"_ _7\"></span>bject to <span class=\"_ _7\"></span>ECL <span class=\"_ _7\"></span>calcula<span class=\"_ _7\"></span>tions a<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>allocat<span class=\"_ _7\"></span>ed into o<span class=\"_ _7\"></span>ne of the fol<span class=\"_ _7\"></span>lowi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g catego<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> </span>12 mo<span class=\"_ _7\"></span>nth<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>ECL (Stage 1<span class=\"_ _2\"></span>): Stage 1 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llows a l<span class=\"_ _7\"></span>ow cr<span class=\"_ _7\"></span>edi<span class=\"_ _7\"></span>t risk o<span class=\"_ _7\"></span>r no si<span class=\"_ _7\"></span>gnifica<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t incr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e in cr<span class=\"_ _7\"></span>edit ris<span class=\"_ _7\"></span>k. It is c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulated as <span class=\"_ _7\"></span>the portio<span class=\"_ _7\"></span>n of the li<span class=\"_ _7\"></span>fetime EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>, th<span class=\"_ _7\"></span>at r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>esent t<span class=\"_ _7\"></span>he ECLs t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at r<span class=\"_ _7\"></span>esult f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>default <span class=\"_ _2\"></span>events on a fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial instr<span class=\"_ _7\"></span>ument <span class=\"_ _7\"></span>that ar<span class=\"_ _7\"></span>e possi<span class=\"_ _7\"></span>ble within 12 m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nths aft<span class=\"_ _7\"></span>er the r<span class=\"_ _2\"></span>eporting d<span class=\"_ _7\"></span>ate. Stag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 1 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llowa<span class=\"_ _7\"></span>nce is calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>on the ex<span class=\"_ _2\"></span>pectation of<span class=\"_ _7\"></span> a default oc<span class=\"_ _2\"></span>curr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng in th<span class=\"_ _7\"></span>e 12 mon<span class=\"_ _7\"></span>ths f<span class=\"_ _7\"></span>ollo<span class=\"_ _7\"></span>wing the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te.<span class=\"_ _3d5\"> </span>\u2022<span class=\"ff4a\"> </span>Stage 2<span class=\"_ _3d5\"> </span>: Asse<span class=\"_ _2\"></span>ts classified <span class=\"_ _2\"></span>under Stage 2 s<span class=\"_ _2\"></span>how a signif<span class=\"_ _7\"></span>icant i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cr<span class=\"_ _7\"></span>ease in <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>dit risk (<span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot low <span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>edit risk<span class=\"_ _7\"></span>), ther<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e lif<span class=\"_ _7\"></span>etime ECL must <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>calculated. <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> </span>Stage 3<span class=\"_ _3d5\"> </span>: Within <span class=\"_ _7\"></span>this st<span class=\"_ _7\"></span>age cr<span class=\"_ _7\"></span>edit l<span class=\"_ _7\"></span>osses h<span class=\"_ _7\"></span>ave alr<span class=\"_ _2\"></span>eady bee<span class=\"_ _7\"></span>n in<span class=\"_ _7\"></span>curre<span class=\"_ _7\"></span>d or ass<span class=\"_ _7\"></span>ets h<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ve act<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ally bee<span class=\"_ _7\"></span>n cr<span class=\"_ _7\"></span>edit i<span class=\"_ _7\"></span>mpair<span class=\"_ _7\"></span>ed. D<span class=\"_ _7\"></span>ue to that fact, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ference <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>twe<span class=\"_ _7\"></span>en t<span class=\"_ _7\"></span>he asset<span class=\"_ _7\"></span>\u2019<span class=\"_ _e\"></span>s gross<span class=\"_ _7\"></span> car<span class=\"_ _7\"></span>rying a<span class=\"_ _7\"></span>mount and <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he pr<span class=\"_ _2\"></span>esent val<span class=\"_ _7\"></span>ue of es<span class=\"_ _7\"></span>timat<span class=\"_ _7\"></span>ed futur<span class=\"_ _7\"></span>e cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows discou<span class=\"_ _7\"></span>nted at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial ass<span class=\"_ _7\"></span>et\u2019<span class=\"_ _e\"></span>s origi<span class=\"_ _7\"></span>nal ef<span class=\"_ _2\"></span>fective inter<span class=\"_ _2\"></span>est rate sho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld be <span class=\"_ _7\"></span>consider<span class=\"_ _2\"></span>ed.  In accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IF<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>S, d<span class=\"_ _7\"></span>ebt inst<span class=\"_ _2\"></span>ruments m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at AC<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>or measu<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> at F<span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>tOCI<span class=\"_ _7\"></span> mus<span class=\"_ _7\"></span>t foll<span class=\"_ _7\"></span>ow the<span class=\"_ _7\"></span> staged <span class=\"_ _2\"></span>approa<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>h. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> VIG appr<span class=\"_ _2\"></span>oach is se<span class=\"_ _7\"></span>t as fol<span class=\"_ _7\"></span>lows:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 1 \u2013 12<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ths EC<span class=\"_ _7\"></span>L \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>non-P<span class=\"_ _2\"></span>OCI a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts at i<span class=\"_ _7\"></span>nitial r<span class=\"_ _2\"></span>ecognition,<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets t<span class=\"_ _2\"></span>hat fall wit<span class=\"_ _7\"></span>hin the scop<span class=\"_ _2\"></span>e of the low <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit risk <span class=\"_ _2\"></span>exempt<span class=\"_ _7\"></span>ion, as <span class=\"_ _7\"></span>well as<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets t<span class=\"_ _2\"></span>hat are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot defa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lted, <span class=\"_ _7\"></span>not eli<span class=\"_ _7\"></span>gible f<span class=\"_ _7\"></span>or Stage 2 t<span class=\"_ _2\"></span>riggers and s<span class=\"_ _7\"></span>how <span class=\"_ _7\"></span>no signifi<span class=\"_ _7\"></span>cant ch<span class=\"_ _7\"></span>ange in <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atings<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 2 \u2013 <span class=\"_ _7\"></span>Lifetim<span class=\"_ _7\"></span>e ECLs (<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fective i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e on gr<span class=\"_ _7\"></span>oss c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ying amo<span class=\"_ _7\"></span>unt)<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>are p<span class=\"_ _2\"></span>ast due fo<span class=\"_ _7\"></span>r at leas<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> 30 da<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>s or \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>r<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nd to one of t<span class=\"_ _2\"></span>he pr<span class=\"_ _7\"></span>edefi<span class=\"_ _7\"></span>ned forw<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span>-looking i<span class=\"_ _7\"></span>ndica<span class=\"_ _7\"></span>tors \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 3 \u2013 <span class=\"_ _7\"></span>Lifetim<span class=\"_ _7\"></span>e ECLs (<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fective i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e on amo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tised<span class=\"_ _7\"></span> costs)<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets f<span class=\"_ _2\"></span>ulfill<span class=\"_ _7\"></span>ing the defa<span class=\"_ _7\"></span>ult defi<span class=\"_ _7\"></span>nition of VI<span class=\"_ _7\"></span>G \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 0 \u2013 <span class=\"_ _7\"></span>POCI<span class=\"_ _2\"></span> Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at FVtO<span class=\"_ _7\"></span>CI As the carr<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing amo<span class=\"_ _7\"></span>unt of the deb<span class=\"_ _7\"></span>t inst<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed at FVtOC<span class=\"_ _7\"></span>I corr<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nds to the fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> value, t<span class=\"_ _7\"></span>he risk pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vision to be<span class=\"_ _7\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>do<span class=\"_ _7\"></span>es not <span class=\"_ _2\"></span>lead <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>a r<span class=\"_ _7\"></span>edu<span class=\"_ _7\"></span>ction o<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>asse<span class=\"_ _7\"></span>t si<span class=\"_ _7\"></span>de o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he b<span class=\"_ _7\"></span>alance s<span class=\"_ _2\"></span>heet. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>stead, <span class=\"_ _2\"></span>an amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _7\"></span>equal <span class=\"_ _2\"></span>to t<span class=\"_ _7\"></span>he allo<span class=\"_ _7\"></span>wance<span class=\"_ _7\"></span> that would arise i<span class=\"_ _7\"></span>f the assets w<span class=\"_ _7\"></span>ere me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured at amor<span class=\"_ _7\"></span>tised c<span class=\"_ _7\"></span>ost is <span class=\"_ _7\"></span>recognised in O<span class=\"_ _7\"></span>CI with a corr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>spo<span class=\"_ _7\"></span>nding charg<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> to pro<span class=\"_ _2\"></span>fit or loss<span class=\"_ _7\"></span>. The ac<span class=\"_ _7\"></span>cumula<span class=\"_ _7\"></span>ted gain <span class=\"_ _2\"></span>recognise<span class=\"_ _2\"></span>d in OCI is r<span class=\"_ _7\"></span>ecycl<span class=\"_ _7\"></span>ed to th<span class=\"_ _7\"></span>e prof<span class=\"_ _7\"></span>it o<span class=\"_ _7\"></span>r loss <span class=\"_ _7\"></span>upon der<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition of t<span class=\"_ _7\"></span>he assets. <span class=\"_ _2\"></span> Forw<span class=\"_ _7\"></span>ard looki<span class=\"_ _7\"></span>ng infor<span class=\"_ _7\"></span>mation In <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>Group-<span class=\"_ _7\"></span>wide <span class=\"_ _1\"></span>E<span class=\"_ _6\"></span>CL<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>mo<span class=\"_ _7\"></span>dels, <span class=\"_ _0\"></span>it<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>can <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>relied<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>broa<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nge <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>ward-looki<span class=\"_ _2\"></span>ng <span class=\"_ _0\"></span>informa<span class=\"_ _7\"></span>tion, <span class=\"_ _0\"></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>externa<span class=\"_ _6\"></span>l <span class=\"_ _1\"></span>and internal rati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gs, for<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>casts o<span class=\"_ _7\"></span>f ma<span class=\"_ _7\"></span>cro<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nomic <span class=\"_ _7\"></span>variables o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> qu<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>litative cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _7\"></span>k. COLLA<span class=\"_ _10\"></span>TERAL <span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>ALUA<span class=\"_ _2\"></span>TION<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>AND <span class=\"_ _7\"></span>REPOSSES<span class=\"_ _7\"></span>SED T<span class=\"_ _e\"></span>o <span class=\"_ _2\"></span>mitigate <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _10\"></span>risks <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts, <span class=\"_ _2\"></span>collat<span class=\"_ _7\"></span>eral <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>sought <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed, <span class=\"_ _10\"></span>wher<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>possible. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>collate<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>comes <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>var<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s forms, <span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>mortg<span class=\"_ _7\"></span>ages, <span class=\"_ _1\"></span>sec<span class=\"_ _7\"></span>urities <span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>other <span class=\"_ _1\"></span>types <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>ollate<span class=\"_ _7\"></span>ral. <span class=\"_ _1\"></span>Collater<span class=\"_ _7\"></span>al, <span class=\"_ _1\"></span>unless <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>epossess<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d, <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>recor<span class=\"_ _7\"></span>ded <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the VIG\u2019<span class=\"_ _e\"></span>s <span class=\"_ _3\"> </span>stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nt <span class=\"_ _3\"> </span>of <span class=\"_ _f\"> </span>financial<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>positio<span class=\"_ _7\"></span>n. <span class=\"_ _f\"> </span>Cash <span class=\"_ _3\"> </span>flows<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ecte<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>from<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _f\"> </span>enha<span class=\"_ _7\"></span>ncements<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>which <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>requir<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>separ<span class=\"_ _7\"></span>ately by IFRS sta<span class=\"_ _7\"></span>ndards <span class=\"_ _7\"></span>and which are<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsider<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tegral<span class=\"_ _7\"></span> t<span class=\"_ _6\"></span>o the contra<span class=\"_ _7\"></span>ctual terms<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of a debt instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt which i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>subject <span class=\"_ _2\"></span>to EC<span class=\"_ _7\"></span>L, a<span class=\"_ _2\"></span>re in<span class=\"_ _7\"></span>cluded <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>easurem<span class=\"_ _2\"></span>ent of<span class=\"_ _7\"></span> those <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>C<span class=\"_ _7\"></span>L. <span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>n t<span class=\"_ _7\"></span>his <span class=\"_ _7\"></span>basis, <span class=\"_ _2\"></span>the fai<span class=\"_ _7\"></span>r v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>collateral <span class=\"_ _7\"></span>af<span class=\"_ _7\"></span>fects t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>.  T<span class=\"_ _e\"></span>o <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>extent<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>possibl<span class=\"_ _7\"></span>e, <span class=\"_ _0\"></span>data <span class=\"_ _1\"></span>from <span class=\"_ _0\"></span>an <span class=\"_ _1\"></span>active <span class=\"_ _1\"></span>market <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sed<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>valuing <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>eld <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>olla<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>ral. <span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>ther <span class=\"_ _0\"></span>fina<span class=\"_ _7\"></span>ncial assets <span class=\"_ _7\"></span>that do<span class=\"_ _7\"></span> not <span class=\"_ _2\"></span>have r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>adil<span class=\"_ _7\"></span>y availa<span class=\"_ _7\"></span>ble ma<span class=\"_ _7\"></span>rket <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ata <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> valued <span class=\"_ _2\"></span>using mo<span class=\"_ _7\"></span>dels. No<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-fin<span class=\"_ _7\"></span>ancial <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ollate<span class=\"_ _7\"></span>ral, s<span class=\"_ _7\"></span>uch as r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _7\"></span>estate,<span class=\"_ _7\"></span> is valued eit<span class=\"_ _2\"></span>her internally o<span class=\"_ _7\"></span>r based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> thir<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>parties\u2019 a<span class=\"_ _7\"></span>ppraisal<span class=\"_ _2\"></span>s. The EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span> measu<span class=\"_ _7\"></span>reme<span class=\"_ _7\"></span>nt also<span class=\"_ _7\"></span> incl<span class=\"_ _7\"></span>udes irr<span class=\"_ _2\"></span>ev<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>cable a<span class=\"_ _7\"></span>nd u<span class=\"_ _7\"></span>ncondi<span class=\"_ _7\"></span>tional g<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>arantees.<span class=\"_ _3d5\"> </span>WRITE-O<span class=\"_ _7\"></span>FFS Financial <span class=\"_ _2\"></span>assets <span class=\"_ _10\"></span>are <span class=\"_ _2\"></span>writte<span class=\"_ _7\"></span>n of<span class=\"_ _2\"></span>f ei<span class=\"_ _7\"></span>ther <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>part <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r i<span class=\"_ _2\"></span>n f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ll <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly <span class=\"_ _2\"></span>whe<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>here <span class=\"_ _2\"></span>is no<span class=\"_ _2\"></span> re<span class=\"_ _2\"></span>asonable <span class=\"_ _2\"></span>expectatio<span class=\"_ _2\"></span>n of <span class=\"_ _2\"></span>reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery<span class=\"_ _e\"></span>. <span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>amo<span class=\"_ _7\"></span>unt to <span class=\"_ _2\"></span>be <span class=\"_ _2\"></span>written <span class=\"_ _2\"></span>off<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>great<span class=\"_ _7\"></span>er <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>an <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>accum<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _10\"></span>loss <span class=\"_ _2\"></span>allowa<span class=\"_ _7\"></span>nce, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>first <span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ated <span class=\"_ _2\"></span>as <span class=\"_ _10\"></span>an<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>addition <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>allowan<span class=\"_ _7\"></span>ce that is th<span class=\"_ _7\"></span>en applied ag<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>t the gros<span class=\"_ _7\"></span>s c<span class=\"_ _7\"></span>arrying amo<span class=\"_ _2\"></span>unt. Any subse<span class=\"_ _2\"></span>q<span class=\"_ _6\"></span>ue<span class=\"_ _7\"></span>nt reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>eries ar<span class=\"_ _2\"></span>e credi<span class=\"_ _7\"></span>ted to gai<span class=\"_ _7\"></span>ns wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>in the i<span class=\"_ _7\"></span>ncome stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t.<span class=\"_ _3d5\"> </span>Recogni<span class=\"_ _7\"></span>tion of<span class=\"_ _7\"></span> interest incom<span class=\"_ _2\"></span>e Accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>to <span class=\"_ _4\"> </span>IFRS 9<span class=\"_ _7\"></span>, <span class=\"_ _4\"> </span>inter<span class=\"_ _2\"></span>est <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncome <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>all<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>financial <span class=\"_ _4\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>nder <span class=\"_ _4\"> </span>IFRS 9 <span class=\"_ _4\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>at <span class=\"_ _4\"> </span>AC <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _0\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>FVtOCI<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>is recor<span class=\"_ _2\"></span>ded <span class=\"_ _4\"></span>usi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>ef<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ve <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>ethod. <span class=\"_ _4\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>EIR <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>exactly <span class=\"_ _0\"></span>disco<span class=\"_ _7\"></span>unts <span class=\"_ _4\"></span>es<span class=\"_ _2\"></span>timated <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>uture <span class=\"_ _0\"></span>cash <span class=\"_ _0\"></span>recei<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>s thro<span class=\"_ _7\"></span>ugh <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>life <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>or<span class=\"_ _10\"></span>, <span class=\"_ _10\"></span>when <span class=\"_ _2\"></span>appr<span class=\"_ _7\"></span>opriate, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>horter <span class=\"_ _2\"></span>period, <span class=\"_ _e\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>gross <span class=\"_ _e\"></span>book <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial<span class=\"_ _7\"></span> asset. <span class=\"_ _7\"></span> The EI<span class=\"_ _7\"></span>R and th<span class=\"_ _7\"></span>erefor<span class=\"_ _2\"></span>e, the <span class=\"_ _7\"></span>amortis<span class=\"_ _7\"></span>ed cost o<span class=\"_ _7\"></span>f the fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> ass<span class=\"_ _7\"></span>et, is calc<span class=\"_ _7\"></span>ulated <span class=\"_ _7\"></span>by taki<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g into <span class=\"_ _7\"></span>acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt tra<span class=\"_ _7\"></span>nsaction <span class=\"_ _7\"></span>costs a<span class=\"_ _7\"></span>nd any disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt or premi<span class=\"_ _2\"></span>um on acquisi<span class=\"_ _7\"></span>tion of the fin<span class=\"_ _7\"></span>ancial asse<span class=\"_ _2\"></span>t a<span class=\"_ _6\"></span>s well as f<span class=\"_ _7\"></span>ees and costs t<span class=\"_ _7\"></span>hat are a<span class=\"_ _7\"></span>n integ<span class=\"_ _7\"></span>ral part of the <span class=\"_ _7\"></span>EIR. Interes<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> income is recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised using a rate <span class=\"_ _6\"></span>of ret<span class=\"_ _7\"></span>urn<span class=\"_ _6\"></span> that <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sents the best estimate of a constant rate of <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>turn <span class=\"_ _6\"></span>ove<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>the expecte<span class=\"_ _7\"></span>d lif<span class=\"_ _7\"></span>e of the deb<span class=\"_ _7\"></span>t instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ment.<span class=\"_ _7\"></span> For fl<span class=\"_ _7\"></span>oati<span class=\"_ _7\"></span>ng-rate <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>instrum<span class=\"_ _2\"></span>ents, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>periodic <span class=\"_ _2\"></span>re-fix<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>coupon <span class=\"_ _2\"></span>rates <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flecti<span class=\"_ _7\"></span>ng t<span class=\"_ _2\"></span>he mo<span class=\"_ _7\"></span>veme<span class=\"_ _7\"></span>nts <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>terest <span class=\"_ _10\"></span>rates <span class=\"_ _2\"></span>alters the ef<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ve inter<span class=\"_ _7\"></span>est <span class=\"_ _7\"></span>rate. The item <span class=\"_ _2\"></span>inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>venues <span class=\"_ _7\"></span>usi<span class=\"_ _7\"></span>ng th<span class=\"_ _7\"></span>e ef<span class=\"_ _2\"></span>fective i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t rate <span class=\"_ _7\"></span>method <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly <span class=\"_ _7\"></span>includ<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>interes<span class=\"_ _2\"></span>t on <span class=\"_ _7\"></span>financial <span class=\"_ _2\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at AC or <span class=\"_ _7\"></span>measur<span class=\"_ _2\"></span>ed at <span class=\"_ _7\"></span>FVtOCI. The <span class=\"_ _6\"></span>item inter<span class=\"_ _7\"></span>est <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>venue other inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>udes interest from<span class=\"_ _7\"></span> financial assets measur<span class=\"_ _7\"></span>ed at <span class=\"_ _6\"></span>FVtP<span class=\"_ _7\"></span>L, <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>is also measure<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>based on the de<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ivatio<span class=\"_ _7\"></span>n of t<span class=\"_ _7\"></span>he ef<span class=\"_ _7\"></span>fective in<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e.<span class=\"_ _3d5\"> </span>25.12.<span class=\"ff4a\"> </span>Receiv<span class=\"_ _7\"></span>ables and Li<span class=\"_ _7\"></span>abilities Receiv<span class=\"_ _7\"></span>ables The <span class=\"_ _2\"></span>rec<span class=\"_ _7\"></span>eivables <span class=\"_ _10\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>bala<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>sheet <span class=\"_ _10\"></span>particularl<span class=\"_ _7\"></span>y <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>nsist <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>rec<span class=\"_ _7\"></span>eivables <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>assets <span class=\"_ _10\"></span>measur<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>accor<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>nce with IFRS 9<span class=\"_ _7\"></span>. As r<span class=\"_ _7\"></span>eceiv<span class=\"_ _7\"></span>ables fro<span class=\"_ _2\"></span>m poli<span class=\"_ _7\"></span>cyhold<span class=\"_ _7\"></span>ers, i<span class=\"_ _7\"></span>ntermedi<span class=\"_ _7\"></span>aries o<span class=\"_ _2\"></span>r insura<span class=\"_ _7\"></span>nce com<span class=\"_ _7\"></span>panies<span class=\"_ _2\"></span> are dir<span class=\"_ _2\"></span>ectly s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>own<span class=\"_ _7\"></span> in th<span class=\"_ _7\"></span>e fai<span class=\"_ _7\"></span>r val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e of f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ca<span class=\"_ _2\"></span>sh<span class=\"_ _6\"></span> flows u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der IFRS 17, <span class=\"_ _2\"></span>this bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce sh<span class=\"_ _7\"></span>eet item <span class=\"_ _2\"></span>concerns re<span class=\"_ _7\"></span>ceivabl<span class=\"_ _7\"></span>es that <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>not asso<span class=\"_ _7\"></span>ciated <span class=\"_ _7\"></span>with t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance b<span class=\"_ _7\"></span>usiness.<span class=\"_ _2\"></span> Non-i<span class=\"_ _7\"></span>nsurance <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>eceiv<span class=\"_ _7\"></span>ables <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>the tran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _6\"></span>ice. V<span class=\"_ _2\"></span>aluation <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>base<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>underlyi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nsaction, whi<span class=\"_ _7\"></span>le<span class=\"_ _6\"></span> only th<span class=\"_ _7\"></span>e impairm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng to IFRS 9<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e appl<span class=\"_ _7\"></span>icable fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> re<span class=\"_ _7\"></span>ceivables.<span class=\"_ _2\"></span> VIG <span class=\"_ _1\"></span>In<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>Group <span class=\"_ _6\"></span>applies <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>simplif<span class=\"_ _7\"></span>ied <span class=\"_ _1\"></span>approa<span class=\"_ _2\"></span>ch <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ligi<span class=\"_ _7\"></span>ble <span class=\"_ _1\"></span>financial <span class=\"_ _6\"></span>assets <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>ion <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>trad<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>&amp; <span class=\"_ _6\"></span>lea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>recei<span class=\"_ _7\"></span>vables accor<span class=\"_ _7\"></span>ding <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>IFRS 9.5<span class=\"_ _7\"></span>.5.15. <span class=\"_ _10\"></span>In <span class=\"_ _2\"></span>or<span class=\"_ _7\"></span>der <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>fulfil <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _e\"></span>require<span class=\"_ _2\"></span>ment, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>so-<span class=\"_ _7\"></span>called <span class=\"_ _10\"></span>Impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>Provision<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Matrix <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>used <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>receiv<span class=\"_ _7\"></span>ables<span class=\"_ _7\"></span>. Details r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ardi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the Im<span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>irm<span class=\"_ _7\"></span>ent Pro<span class=\"_ _2\"></span>vision Ma<span class=\"_ _7\"></span>trix can <span class=\"_ _7\"></span>be fo<span class=\"_ _7\"></span>und in <span class=\"_ _7\"></span>Note 2<span class=\"_ _7\"></span>.6. Cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>risk st<span class=\"_ _7\"></span>arting on <span class=\"_ _7\"></span>page 9<span class=\"_ _7\"></span>4.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-507": {
   "value": "Dividends<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>are <span class=\"_ _1\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>other <span class=\"_ _0\"></span>oper<span class=\"_ _7\"></span>ating <span class=\"_ _0\"></span>incom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>income <span class=\"_ _1\"></span>statement <span class=\"_ _1\"></span>when <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>rig<span class=\"_ _7\"></span>ht <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>payment <span class=\"_ _1\"></span>has <span class=\"_ _0\"></span>been establis<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ed. Exc<span class=\"_ _7\"></span>ept whe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> such pr<span class=\"_ _2\"></span>oceeds ar<span class=\"_ _7\"></span>e be<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>eficial as <span class=\"_ _2\"></span>a reco<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ery of p<span class=\"_ _7\"></span>art of t<span class=\"_ _7\"></span>he cost of <span class=\"_ _7\"></span>the ins<span class=\"_ _7\"></span>trument, t<span class=\"_ _7\"></span>hese gai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> recor<span class=\"_ _2\"></span>ded in <span class=\"_ _7\"></span>OCI. Equit<span class=\"_ _7\"></span>y i<span class=\"_ _7\"></span>nstruments<span class=\"_ _7\"></span> desig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ated m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed at FVt<span class=\"_ _7\"></span>OCI are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot s<span class=\"_ _7\"></span>ubject to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny imp<span class=\"_ _2\"></span>airment test<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-506": {
   "value": "Fina<span class=\"_ _7\"></span>ncial assets<span class=\"_ _2\"></span> m<span class=\"_ _6\"></span>easu<span class=\"_ _7\"></span>red at F<span class=\"_ _7\"></span>VtPL Financial ass<span class=\"_ _2\"></span>ets in this c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tego<span class=\"_ _7\"></span>ry ar<span class=\"_ _7\"></span>e ma<span class=\"_ _7\"></span>naged i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a fai<span class=\"_ _7\"></span>r value <span class=\"_ _2\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>l, hav<span class=\"_ _7\"></span>e bee<span class=\"_ _7\"></span>n desig<span class=\"_ _7\"></span>nated by m<span class=\"_ _2\"></span>anageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t upo<span class=\"_ _7\"></span>n initial <span class=\"_ _0\"></span>recogniti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>or <span class=\"_ _0\"></span>are <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>andatorily <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>equire<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>acc. <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>IFRS 9<span class=\"_ _7\"></span>. <span class=\"_ _4\"></span>This <span class=\"_ _0\"></span>catego<span class=\"_ _7\"></span>ry <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ncludes <span class=\"_ _0\"></span>de<span class=\"_ _7\"></span>bt instrume<span class=\"_ _7\"></span>nts,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>e cash fl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>w characte<span class=\"_ _7\"></span>ristics fai<span class=\"_ _7\"></span>l t<span class=\"_ _7\"></span>he SPPI crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rio<span class=\"_ _7\"></span>n or  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ed withi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess mod<span class=\"_ _2\"></span>el in ord<span class=\"_ _7\"></span>er to <span class=\"_ _2\"></span>collect con<span class=\"_ _7\"></span>tractual <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows or <span class=\"_ _7\"></span>also not i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ord<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> to <span class=\"_ _7\"></span>collec<span class=\"_ _7\"></span>t contract<span class=\"_ _7\"></span>ual cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows as <span class=\"_ _2\"></span>we<span class=\"_ _6\"></span>ll as s<span class=\"_ _2\"></span>ell the inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nts or \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch are <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lassi<span class=\"_ _7\"></span>fied to t<span class=\"_ _2\"></span>he category of <span class=\"_ _2\"></span>designat<span class=\"_ _7\"></span>ed meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _7\"></span> at FVtPL fo<span class=\"_ _7\"></span>r the p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rpose o<span class=\"_ _7\"></span>f r<span class=\"_ _2\"></span>educing a<span class=\"_ _7\"></span>n acco<span class=\"_ _7\"></span>unting mism<span class=\"_ _7\"></span>atch.<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _7\"></span>ncial assets<span class=\"_ _2\"></span> m<span class=\"_ _6\"></span>easu<span class=\"_ _7\"></span>red at F<span class=\"_ _7\"></span>VtPL Financial <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>FVtPL <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _6\"></span>recor<span class=\"_ _2\"></span>ded <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>ba<span class=\"_ _2\"></span>lan<span class=\"_ _6\"></span>ce <span class=\"_ _1\"></span>s<span class=\"_ _7\"></span>heet <span class=\"_ _0\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value. <span class=\"_ _1\"></span>Cha<span class=\"_ _7\"></span>nges <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>realis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in prof<span class=\"_ _7\"></span>it <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>ss. <span class=\"_ _4\"> </span>T<span class=\"_ _10\"></span>ran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action <span class=\"_ _f\"> </span>cos<span class=\"_ _7\"></span>ts <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>elating <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>acq<span class=\"_ _7\"></span>uisition <span class=\"_ _4\"> </span>or<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>is<span class=\"_ _7\"></span>sue <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>financial <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>at <span class=\"_ _4\"> </span>FVtPL <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>re recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> in pr<span class=\"_ _2\"></span>ofit and los<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>as the<span class=\"_ _7\"></span>y ar<span class=\"_ _2\"></span>e incurr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. I<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>earned on <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>mand<span class=\"_ _7\"></span>atoril<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>ed to b<span class=\"_ _2\"></span>e meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed at <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtP<span class=\"_ _7\"></span>L is acco<span class=\"_ _7\"></span>unted fo<span class=\"_ _7\"></span>r using t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tractual<span class=\"_ _7\"></span> interes<span class=\"_ _2\"></span>t rate.<span class=\"_ _3d5\"> </span>Financial<span class=\"_ _7\"></span> liabiliti<span class=\"_ _7\"></span>es MEASUR<span class=\"_ _7\"></span>EMENT C<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>TEGORI<span class=\"_ _7\"></span>ES OF FINANCI<span class=\"_ _2\"></span>AL LIABILI<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>IES Financial l<span class=\"_ _2\"></span>iabilities, oth<span class=\"_ _7\"></span>er than loa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> com<span class=\"_ _7\"></span>mitme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts an<span class=\"_ _7\"></span>d financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l guara<span class=\"_ _7\"></span>ntees, <span class=\"_ _7\"></span>are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>ured a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> AC or <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t FV<span class=\"_ _7\"></span>tPL if t<span class=\"_ _7\"></span>hey ar<span class=\"_ _7\"></span>e hel<span class=\"_ _7\"></span>d for <span class=\"_ _2\"></span>trading <span class=\"_ _2\"></span>or <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _10\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>instr<span class=\"_ _7\"></span>uments <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>if <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. <span class=\"_ _2\"></span>VIG <span class=\"_ _10\"></span>has <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>aterial <span class=\"_ _10\"></span>portfoli<span class=\"_ _7\"></span>o <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>financ<span class=\"_ _7\"></span>ial liabil<span class=\"_ _7\"></span>ities desi<span class=\"_ _7\"></span>gnated m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at FV<span class=\"_ _7\"></span>tPL. All d<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>vatives <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>a nega<span class=\"_ _7\"></span>tive fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue (accordi<span class=\"_ _2\"></span>ng to IF<span class=\"_ _7\"></span>RS 13; d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he basis <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>so-called <span class=\"_ _0\"></span>\u201cdirty <span class=\"_ _0\"></span>fair <span class=\"_ _4\"></span>val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e\u201d, <span class=\"_ _4\"></span>i.e., <span class=\"_ _0\"></span>incl<span class=\"_ _7\"></span>uding <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _2\"></span>est <span class=\"_ _4\"> </span>acc<span class=\"_ _7\"></span>ruals) <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>re <span class=\"_ _0\"></span>prese<span class=\"_ _7\"></span>nted <span class=\"_ _0\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>at <span class=\"_ _0\"></span>FVtPL. Analogo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>assets, <span class=\"_ _f\"> </span>subor<span class=\"_ _2\"></span>dinated <span class=\"_ _f\"> </span>liabiliti<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>\u201cdirty <span class=\"_ _f\"> </span>value\u201d <span class=\"_ _f\"> </span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>with <span class=\"_ _3\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>initial applicati<span class=\"_ _7\"></span>on of I<span class=\"_ _7\"></span>FRS 9.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-522": {
   "value": "Fina<span class=\"_ _7\"></span>ncial assets<span class=\"_ _2\"></span> m<span class=\"_ _6\"></span>easu<span class=\"_ _7\"></span>red at F<span class=\"_ _7\"></span>VtPL Financial ass<span class=\"_ _2\"></span>ets in this c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tego<span class=\"_ _7\"></span>ry ar<span class=\"_ _7\"></span>e ma<span class=\"_ _7\"></span>naged i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a fai<span class=\"_ _7\"></span>r value <span class=\"_ _2\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> mod<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>l, hav<span class=\"_ _7\"></span>e bee<span class=\"_ _7\"></span>n desig<span class=\"_ _7\"></span>nated by m<span class=\"_ _2\"></span>anageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t upo<span class=\"_ _7\"></span>n initial <span class=\"_ _0\"></span>recogniti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>or <span class=\"_ _0\"></span>are <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>andatorily <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>equire<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>acc. <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>IFRS 9<span class=\"_ _7\"></span>. <span class=\"_ _4\"></span>This <span class=\"_ _0\"></span>catego<span class=\"_ _7\"></span>ry <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>ncludes <span class=\"_ _0\"></span>de<span class=\"_ _7\"></span>bt instrume<span class=\"_ _7\"></span>nts,  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>os<span class=\"_ _7\"></span>e cash fl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>w characte<span class=\"_ _7\"></span>ristics fai<span class=\"_ _7\"></span>l t<span class=\"_ _7\"></span>he SPPI crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rio<span class=\"_ _7\"></span>n or  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ed withi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> a busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess mod<span class=\"_ _2\"></span>el in ord<span class=\"_ _7\"></span>er to <span class=\"_ _2\"></span>collect con<span class=\"_ _7\"></span>tractual <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows or <span class=\"_ _7\"></span>also not i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ord<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> to <span class=\"_ _7\"></span>collec<span class=\"_ _7\"></span>t contract<span class=\"_ _7\"></span>ual cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows as <span class=\"_ _2\"></span>we<span class=\"_ _6\"></span>ll as s<span class=\"_ _2\"></span>ell the inst<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ume<span class=\"_ _7\"></span>nts or \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch are <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lassi<span class=\"_ _7\"></span>fied to t<span class=\"_ _2\"></span>he category of <span class=\"_ _2\"></span>designat<span class=\"_ _7\"></span>ed meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>red<span class=\"_ _7\"></span> at FVtPL fo<span class=\"_ _7\"></span>r the p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rpose o<span class=\"_ _7\"></span>f r<span class=\"_ _2\"></span>educing a<span class=\"_ _7\"></span>n acco<span class=\"_ _7\"></span>unting mism<span class=\"_ _7\"></span>atch.<span class=\"_ _3d5\"> </span>Fina<span class=\"_ _7\"></span>ncial assets<span class=\"_ _2\"></span> m<span class=\"_ _6\"></span>easu<span class=\"_ _7\"></span>red at F<span class=\"_ _7\"></span>VtPL Financial <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>FVtPL <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _6\"></span>recor<span class=\"_ _2\"></span>ded <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>ba<span class=\"_ _2\"></span>lan<span class=\"_ _6\"></span>ce <span class=\"_ _1\"></span>s<span class=\"_ _7\"></span>heet <span class=\"_ _0\"></span>a<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value. <span class=\"_ _1\"></span>Cha<span class=\"_ _7\"></span>nges <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>realis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in prof<span class=\"_ _7\"></span>it <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>ss. <span class=\"_ _4\"> </span>T<span class=\"_ _10\"></span>ran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action <span class=\"_ _f\"> </span>cos<span class=\"_ _7\"></span>ts <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>elating <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>acq<span class=\"_ _7\"></span>uisition <span class=\"_ _4\"> </span>or<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>is<span class=\"_ _7\"></span>sue <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>financial <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>at <span class=\"_ _4\"> </span>FVtPL <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>re recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> in pr<span class=\"_ _2\"></span>ofit and los<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>as the<span class=\"_ _7\"></span>y ar<span class=\"_ _2\"></span>e incurr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d. I<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>earned on <span class=\"_ _7\"></span>assets <span class=\"_ _7\"></span>mand<span class=\"_ _7\"></span>atoril<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>ed to b<span class=\"_ _2\"></span>e meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed at <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>VtP<span class=\"_ _7\"></span>L is acco<span class=\"_ _7\"></span>unted fo<span class=\"_ _7\"></span>r using t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tractual<span class=\"_ _7\"></span> interes<span class=\"_ _2\"></span>t rate.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-508": {
   "value": "RECLASSIFIC<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>TION<span class=\"_ _7\"></span>  T<span class=\"_ _e\"></span>o <span class=\"_ _2\"></span>remai<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>complia<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>classifi<span class=\"_ _7\"></span>cation <span class=\"_ _10\"></span>\u201c<span class=\"_ _6\"></span>H<span class=\"_ _7\"></span>eld <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>collect <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntractual <span class=\"_ _10\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>flows\u201d, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>shar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>not <span class=\"_ _2\"></span>sold <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>ass<span class=\"_ _7\"></span>ets may not fall<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>elow an <span class=\"_ _7\"></span>annual a<span class=\"_ _7\"></span>verage o<span class=\"_ _7\"></span>f 90% of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e portfo<span class=\"_ _7\"></span>lio vol<span class=\"_ _7\"></span>ume.<span class=\"_ _2\"></span> The <span class=\"_ _4\"> </span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _f\"> </span>ass<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mes <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>hat <span class=\"_ _f\"> </span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _f\"> </span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bseq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ent <span class=\"_ _f\"> </span>to <span class=\"_ _4\"></span>their <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nitial <span class=\"_ _4\"> </span>recognitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>not <span class=\"_ _4\"> </span>reclassi<span class=\"_ _7\"></span>fied, <span class=\"_ _4\"> </span>pro<span class=\"_ _7\"></span>vided <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>at <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>o exception<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l, su<span class=\"_ _7\"></span>ch as a <span class=\"_ _7\"></span>busi<span class=\"_ _7\"></span>ness line i<span class=\"_ _7\"></span>s acquir<span class=\"_ _2\"></span>ed, dispos<span class=\"_ _2\"></span>ed of o<span class=\"_ _7\"></span>r terminate<span class=\"_ _7\"></span>d.<span class=\"_ _7\"></span> In g<span class=\"_ _2\"></span>eneral, <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>classif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>ns o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e o<span class=\"_ _2\"></span>nly <span class=\"_ _7\"></span>permit<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d, <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>require<span class=\"_ _2\"></span>d, in<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>rar<span class=\"_ _2\"></span>e cir<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>ms<span class=\"_ _7\"></span>tances, <span class=\"_ _10\"></span>which <span class=\"_ _2\"></span>does <span class=\"_ _2\"></span>not i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>ude a <span class=\"_ _2\"></span>simple <span class=\"_ _10\"></span>change <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>business <span class=\"_ _10\"></span>model <span class=\"_ _10\"></span>(e.g. <span class=\"_ _2\"></span>change <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>intention <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>elated <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>partic<span class=\"_ _7\"></span>ular <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ssets <span class=\"_ _10\"></span>\u2013 <span class=\"_ _2\"></span>tempor<span class=\"_ _7\"></span>ary <span class=\"_ _2\"></span>disappe<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rance<span class=\"_ _7\"></span> of a particula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> market for fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial assets<span class=\"_ _7\"></span> \u2013 and tra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sfer of fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> assets b<span class=\"_ _7\"></span>etween com<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>an<span class=\"_ _7\"></span>y areas wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> dif<span class=\"_ _2\"></span>ferent b<span class=\"_ _7\"></span>usine<span class=\"_ _7\"></span>ss models). I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>uch ra<span class=\"_ _7\"></span>re o<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>casi<span class=\"_ _7\"></span>ons, no<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-deri<span class=\"_ _7\"></span>vative <span class=\"_ _7\"></span>debt ins<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ru<span class=\"_ _7\"></span>ments ar<span class=\"_ _2\"></span>e req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ired<span class=\"_ _2\"></span> to be r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>lassif<span class=\"_ _7\"></span>ied <span class=\"_ _7\"></span>betw<span class=\"_ _7\"></span>een the<span class=\"_ _7\"></span> \u201cmeas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d at AC\u201d, <span class=\"_ _2\"></span>\u201cmeasu<span class=\"_ _7\"></span>red <span class=\"_ _10\"></span>at <span class=\"_ _2\"></span>FVtOCI\u201d <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>\u201c<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>VtPL\u201d <span class=\"_ _10\"></span>categories.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>More <span class=\"_ _2\"></span>sp<span class=\"_ _7\"></span>ecifically<span class=\"_ _e\"></span>, <span class=\"_ _2\"></span>when <span class=\"_ _2\"></span>(and <span class=\"_ _10\"></span>only <span class=\"_ _2\"></span>when) <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>entit<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>changes its <span class=\"_ _2\"></span>bu<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>odel <span class=\"_ _7\"></span>for <span class=\"_ _2\"></span>managing <span class=\"_ _2\"></span>fina<span class=\"_ _7\"></span>ncial ass<span class=\"_ _2\"></span>ets, i<span class=\"_ _7\"></span>t s<span class=\"_ _7\"></span>hould <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>classif<span class=\"_ _7\"></span>y all<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>aff<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>cial <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span>The <span class=\"_ _2\"></span>reclassi<span class=\"_ _7\"></span>fication <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>houl<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> be appli<span class=\"_ _7\"></span>ed pros<span class=\"_ _2\"></span>pectively fr<span class=\"_ _2\"></span>om the \u201cr<span class=\"_ _2\"></span>eclassifi<span class=\"_ _7\"></span>cation d<span class=\"_ _7\"></span>ate\u201d, in <span class=\"_ _2\"></span>accord<span class=\"_ _7\"></span>ance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IF<span class=\"_ _7\"></span>RS 9.5.6.1<span class=\"_ _7\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-509": {
   "value": "DERECOGNI<span class=\"_ _2\"></span>TION/WRITE-OF<span class=\"_ _2\"></span>F Derecogniti<span class=\"_ _7\"></span>on apart fro<span class=\"_ _2\"></span>m<span class=\"_ _6\"></span> a si<span class=\"_ _2\"></span>g<span class=\"_ _6\"></span>nificant<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>modificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>  A <span class=\"_ _2\"></span>financial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>(or<span class=\"_ _10\"></span>, <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>her<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>appli<span class=\"_ _7\"></span>cable, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>part <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>financi<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>part <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>group <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>simil<span class=\"_ _7\"></span>ar <span class=\"_ _7\"></span>financial <span class=\"_ _10\"></span>assets) <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>dere<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed when:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The right to<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>ceive <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he asset <span class=\"_ _7\"></span>has expi<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ed o<span class=\"_ _7\"></span>r  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The right to<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>ceive <span class=\"_ _7\"></span>cash fl<span class=\"_ _7\"></span>ows fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he asset <span class=\"_ _7\"></span>has be<span class=\"_ _7\"></span>en tra<span class=\"_ _2\"></span>nsferred <span class=\"_ _7\"></span>or an o<span class=\"_ _7\"></span>blig<span class=\"_ _7\"></span>ation has <span class=\"_ _7\"></span>been <span class=\"_ _7\"></span>assumed <span class=\"_ _2\"></span>to pay the rec<span class=\"_ _7\"></span>eived c<span class=\"_ _7\"></span>ash flows i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> full wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ut material<span class=\"_ _7\"></span> del<span class=\"_ _7\"></span>ay to a t<span class=\"_ _7\"></span>hird <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>arty unde<span class=\"_ _7\"></span>r a \u2018pass-t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>gh\u2019 a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>ngement; a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d eith<span class=\"_ _7\"></span>er substanti<span class=\"_ _7\"></span>ally all t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e risks<span class=\"_ _7\"></span> and r<span class=\"_ _2\"></span>ewards of<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e asset <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ave b<span class=\"_ _7\"></span>een tra<span class=\"_ _7\"></span>nsferred o<span class=\"_ _2\"></span>r substan<span class=\"_ _7\"></span>tially all <span class=\"_ _7\"></span>the ris<span class=\"_ _7\"></span>ks a<span class=\"_ _7\"></span>nd rew<span class=\"_ _7\"></span>ards o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he asset ha<span class=\"_ _7\"></span>ve be<span class=\"_ _7\"></span>en neith<span class=\"_ _7\"></span>er transf<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ed nor <span class=\"_ _7\"></span>ret<span class=\"_ _7\"></span>ained, b<span class=\"_ _7\"></span>ut con<span class=\"_ _7\"></span>trol<span class=\"_ _2\"></span> of the asset <span class=\"_ _7\"></span>has be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n tra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sferr<span class=\"_ _7\"></span>ed.  Control <span class=\"_ _7\"></span>is co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sider<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to b<span class=\"_ _7\"></span>e tra<span class=\"_ _7\"></span>nsferred i<span class=\"_ _7\"></span>f a<span class=\"_ _7\"></span>nd only if, <span class=\"_ _7\"></span>the tra<span class=\"_ _7\"></span>nsf<span class=\"_ _7\"></span>eree has <span class=\"_ _7\"></span>the prac<span class=\"_ _7\"></span>tical a<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty to sell the asse<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> in its e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ty t<span class=\"_ _7\"></span>o an <span class=\"_ _1\"></span>unr<span class=\"_ _7\"></span>elated <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>ir<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>arty <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>able <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>exer<span class=\"_ _7\"></span>cise <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>ability u<span class=\"_ _6\"></span>nilate<span class=\"_ _7\"></span>rally <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>without <span class=\"_ _1\"></span>imposi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>addi<span class=\"_ _7\"></span>tional <span class=\"_ _6\"></span>restric<span class=\"_ _7\"></span>tions <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the transfer<span class=\"_ _e\"></span>.  When <span class=\"_ _0\"></span>all <span class=\"_ _4\"></span>ris<span class=\"_ _7\"></span>ks <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ewar<span class=\"_ _7\"></span>ds <span class=\"_ _4\"></span>h<span class=\"_ _7\"></span>ave <span class=\"_ _0\"></span>ne<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>her <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>ransfe<span class=\"_ _7\"></span>rred <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>or <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ubstanti<span class=\"_ _7\"></span>ally <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>en <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>etained <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>control <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>asset <span class=\"_ _0\"></span>has <span class=\"_ _4\"></span>be<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>n maintain<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>asset <span class=\"_ _2\"></span>conti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ues <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>only <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>xtent <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ntinuing <span class=\"_ _2\"></span>invol<span class=\"_ _7\"></span>vement, <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e, <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>associate<span class=\"_ _7\"></span>d liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _6\"></span>also <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised. The <span class=\"_ _1\"></span>transfe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>asset and <span class=\"_ _1\"></span>the a<span class=\"_ _6\"></span>ssociat<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>liability<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _6\"></span>basis <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flects<span class=\"_ _7\"></span> the rights <span class=\"_ _7\"></span>and obli<span class=\"_ _7\"></span>gati<span class=\"_ _7\"></span>ons. <span class=\"_ _7\"></span> Conti<span class=\"_ _7\"></span>nu<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>inv<span class=\"_ _6\"></span>ol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>takes <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>form <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>guarantee <span class=\"_ _10\"></span>over <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>tra<span class=\"_ _7\"></span>nsferred <span class=\"_ _10\"></span>asset <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>mea<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>at <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>lower <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>origin<span class=\"_ _7\"></span>al carrying <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mount of <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e asset a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d the m<span class=\"_ _7\"></span>axim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m amo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span> of c<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>ration t<span class=\"_ _7\"></span>hat co<span class=\"_ _7\"></span>uld be r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ed to pay<span class=\"_ _e\"></span>.<span class=\"_ _3d5\"> </span>Derecogniti<span class=\"_ _7\"></span>on d<span class=\"_ _7\"></span>ue to signific<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>t<span class=\"_ _7\"></span> contract<span class=\"_ _7\"></span> modificatio<span class=\"_ _7\"></span>n  A fina<span class=\"_ _7\"></span>ncial ass<span class=\"_ _7\"></span>et is<span class=\"_ _7\"></span> der<span class=\"_ _7\"></span>ecog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>when the <span class=\"_ _7\"></span>terms <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ondi<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>ons ha<span class=\"_ _7\"></span>ve been<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>negoti<span class=\"_ _7\"></span>ated <span class=\"_ _7\"></span>to t<span class=\"_ _7\"></span>he exten<span class=\"_ _7\"></span>t th<span class=\"_ _7\"></span>at, subst<span class=\"_ _2\"></span>antially<span class=\"_ _e\"></span>, it becomes <span class=\"_ _10\"></span>a <span class=\"_ _2\"></span>new<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>instr<span class=\"_ _7\"></span>ument, <span class=\"_ _10\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>diff<span class=\"_ _7\"></span>erence <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>derecognitio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>gain <span class=\"_ _2\"></span>or <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span>. <span class=\"_ _2\"></span>In <span class=\"_ _7\"></span>case <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>modification <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>gro<span class=\"_ _2\"></span>ss carrying amo<span class=\"_ _2\"></span>unt is re<span class=\"_ _7\"></span>calculat<span class=\"_ _7\"></span>ed as th<span class=\"_ _7\"></span>e pres<span class=\"_ _7\"></span>ent valu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>enegotiat<span class=\"_ _7\"></span>ed or mo<span class=\"_ _7\"></span>difi<span class=\"_ _7\"></span>ed contract<span class=\"_ _7\"></span>ual cas<span class=\"_ _7\"></span>h flows, di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted at the <span class=\"_ _6\"></span>fi<span class=\"_ _7\"></span>nancial a<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>et\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>orig<span class=\"_ _7\"></span>inal EIR (or<span class=\"_ _6\"></span> credit adjus<span class=\"_ _7\"></span>ted EIR for <span class=\"_ _6\"></span>POCI assets) or<span class=\"_ _10\"></span>, when applicabl<span class=\"_ _2\"></span>e, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>vised EIR calculate<span class=\"_ _7\"></span>d in acc. wit<span class=\"_ _7\"></span>h IFRS 9. 6.5<span class=\"_ _7\"></span>.10.<span class=\"_ _2\"></span> When <span class=\"_ _7\"></span>assessing <span class=\"_ _2\"></span>whether or no<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> to d<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>e an ins<span class=\"_ _7\"></span>trument, <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>siders t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e foll<span class=\"_ _7\"></span>owing mo<span class=\"_ _2\"></span>dification crit<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ria: \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Quantitati<span class=\"_ _7\"></span>ve criteri<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>:<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Mo<span class=\"_ _7\"></span>dified <span class=\"_ _2\"></span>debt<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e co<span class=\"_ _2\"></span>nsidered <span class=\"_ _2\"></span>to be <span class=\"_ _7\"></span>\u201cs<span class=\"_ _7\"></span>ubstantial<span class=\"_ _7\"></span>ly di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ferent\u201d <span class=\"_ _2\"></span>if <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>net <span class=\"_ _7\"></span>pr<span class=\"_ _7\"></span>esent <span class=\"_ _7\"></span>valu<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the cash <span class=\"_ _2\"></span>flows <span class=\"_ _7\"></span>under<span class=\"_ _7\"></span> the <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ew <span class=\"_ _1\"></span>terms<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>disco<span class=\"_ _7\"></span>unted <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>origi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>EI<span class=\"_ _6\"></span>R <span class=\"_ _6\"></span>(<span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>origina<span class=\"_ _7\"></span>l <span class=\"_ _1\"></span>contract) <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>at <span class=\"_ _0\"></span>le<span class=\"_ _7\"></span>ast <span class=\"_ _1\"></span>10%<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>erent <span class=\"_ _1\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>original <span class=\"_ _6\"></span>debt instrume<span class=\"_ _7\"></span>nt. \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Qualitati<span class=\"_ _7\"></span>ve criteria:<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e in the SPPI ass<span class=\"_ _2\"></span>essment, <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>.g. int<span class=\"_ _7\"></span>rod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ctio<span class=\"_ _7\"></span>n of an eq<span class=\"_ _7\"></span>uity-link<span class=\"_ _7\"></span>ed fe<span class=\"_ _7\"></span>ature  <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e in the c<span class=\"_ _7\"></span>urre<span class=\"_ _7\"></span>ncy of <span class=\"_ _2\"></span>the asset <span class=\"_ _7\"></span>could s<span class=\"_ _7\"></span>ignifi<span class=\"_ _7\"></span>cantly alte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> the f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> economi<span class=\"_ _2\"></span>c risk expo<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ure o<span class=\"_ _7\"></span>f the ins<span class=\"_ _2\"></span>trument a<span class=\"_ _7\"></span>nd is<span class=\"_ _7\"></span> consid<span class=\"_ _7\"></span>ered <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be s<span class=\"_ _7\"></span>ubsta<span class=\"_ _7\"></span>ntial. <span class=\"_ _7\"></span>No<span class=\"_ _7\"></span>n-co<span class=\"_ _7\"></span>ntractual <span class=\"_ _2\"></span>chang<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>curre<span class=\"_ _7\"></span>ncy <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>ot r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>le<span class=\"_ _7\"></span>vant <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>e.g.<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>course <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>curr<span class=\"_ _7\"></span>ency reform o<span class=\"_ _2\"></span>r accessio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> to th<span class=\"_ _7\"></span>e Euro<span class=\"_ _2\"></span>zone). \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Chang<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>matu<span class=\"_ _7\"></span>rity <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>instr<span class=\"_ _7\"></span>ument. <span class=\"_ _6\"></span>Modif<span class=\"_ _7\"></span>icati<span class=\"_ _7\"></span>ons of <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> maturit<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>of a <span class=\"_ _6\"></span>financial instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>not consider<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>to be <span class=\"_ _6\"></span>\u2018substa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tial<span class=\"_ _7\"></span>ly <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferent\u2019, if the <span class=\"_ _6\"></span>possibi<span class=\"_ _7\"></span>lity has <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n ne<span class=\"_ _6\"></span>goti<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ed alre<span class=\"_ _7\"></span>ady in <span class=\"_ _6\"></span>the origin<span class=\"_ _7\"></span>al len<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>cont<span class=\"_ _7\"></span>ract. Mor<span class=\"_ _7\"></span>eover<span class=\"_ _e\"></span>, <span class=\"_ _6\"></span>the change is<span class=\"_ _7\"></span> not co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sider<span class=\"_ _2\"></span>ed to be s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bsta<span class=\"_ _7\"></span>ntial, if <span class=\"_ _7\"></span>the total<span class=\"_ _7\"></span> contract<span class=\"_ _7\"></span>ual lifetim<span class=\"_ _7\"></span>e is<span class=\"_ _2\"></span> \u2013<span class=\"ff47 fse\"> extend<span class=\"_ _7\"></span>ed by less t<span class=\"_ _2\"></span>han 50%,<span class=\"_ _7\"></span> </span>\u2013<span class=\"ff47 fse\"> shorte<span class=\"_ _7\"></span>ned b<span class=\"_ _7\"></span>y less t<span class=\"_ _7\"></span>han 30<span class=\"_ _7\"></span>% or </span>\u2013<span class=\"ff47 fse\"> changed <span class=\"_ _2\"></span>by<span class=\"_ _6\"></span> less <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>n 2 yea<span class=\"_ _7\"></span>rs of the orig<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nal lifetim<span class=\"_ _7\"></span>e. </span>If <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>modificatio<span class=\"_ _2\"></span>n <span class=\"_ _d\"> </span>does <span class=\"_ _f\"> </span>n<span class=\"_ _6\"></span>ot <span class=\"_ _f\"> </span>result <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>c<span class=\"_ _6\"></span>ash <span class=\"_ _f\"> </span>flows <span class=\"_ _3\"> </span>that <span class=\"_ _3\"> </span>ar<span class=\"_ _2\"></span>e <span class=\"_ _3\"> </span>substantiall<span class=\"_ _7\"></span>y <span class=\"_ _3\"> </span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t, <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>modifi<span class=\"_ _7\"></span>cation <span class=\"_ _f\"> </span>does <span class=\"_ _f\"> </span>n<span class=\"_ _6\"></span>ot <span class=\"_ _3\"> </span>res<span class=\"_ _7\"></span>ult <span class=\"_ _f\"> </span>in<span class=\"_ _6\"></span> dere<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nition. Bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d o<span class=\"_ _7\"></span>n the chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> in cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted at <span class=\"_ _2\"></span>the origi<span class=\"_ _7\"></span>nal EIR, <span class=\"_ _7\"></span>a modifi<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n gain or los<span class=\"_ _7\"></span>s is <span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>rde<span class=\"_ _7\"></span>d.<span class=\"_ _3d5\"> </span>DERECOGNI<span class=\"_ _2\"></span>TION <span class=\"_ _7\"></span>AND SI<span class=\"_ _7\"></span>GNIFICAN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> MODI<span class=\"_ _7\"></span>FICA<span class=\"_ _10\"></span>T<span class=\"_ _6\"></span>ION<span class=\"_ _7\"></span> OF FINANCI<span class=\"_ _2\"></span>AL LIAB<span class=\"_ _7\"></span>ILITIES<span class=\"_ _7\"></span> A <span class=\"_ _0\"></span>financial <span class=\"_ _1\"></span>liability <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>derecog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>when <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>obligatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>under <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>discharged, <span class=\"_ _1\"></span>cancelled <span class=\"_ _0\"></span>or <span class=\"_ _0\"></span>expi<span class=\"_ _7\"></span>res. <span class=\"_ _0\"></span>Wher<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>an existing <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _1\"></span>liability<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pla<span class=\"_ _7\"></span>ced <span class=\"_ _0\"></span>by <span class=\"_ _1\"></span>another <span class=\"_ _1\"></span>from <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ame <span class=\"_ _1\"></span>lender <span class=\"_ _1\"></span>on <span class=\"_ _0\"></span>substa<span class=\"_ _7\"></span>ntiall<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>terms<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>terms <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>n existing <span class=\"_ _1\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>subs<span class=\"_ _7\"></span>tantially <span class=\"_ _1\"></span>mo<span class=\"_ _7\"></span>difi<span class=\"_ _7\"></span>ed, <span class=\"_ _1\"></span>such <span class=\"_ _1\"></span>an <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>or <span class=\"_ _0\"></span>modif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>treated<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>derecog<span class=\"_ _7\"></span>nitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>riginal liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nition <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>ne<span class=\"_ _7\"></span>w <span class=\"_ _1\"></span>liabil<span class=\"_ _7\"></span>ity<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ference between<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>carryi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>riginal<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>financial liability <span class=\"_ _6\"></span>and the co<span class=\"_ _7\"></span>nsideratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> paid <span class=\"_ _7\"></span>is r<span class=\"_ _7\"></span>ecognised i<span class=\"_ _2\"></span>n profit o<span class=\"_ _2\"></span>r loss.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-510": {
   "value": "IMP<span class=\"_ _2\"></span>AIRMENT O<span class=\"_ _7\"></span>F FINANCIA<span class=\"_ _2\"></span>L ASS<span class=\"_ _2\"></span>ETS  Further discl<span class=\"_ _7\"></span>os<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es rela<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing to im<span class=\"_ _7\"></span>pairme<span class=\"_ _2\"></span>nt of fi<span class=\"_ _7\"></span>nancial ass<span class=\"_ _7\"></span>ets ar<span class=\"_ _7\"></span>e al<span class=\"_ _7\"></span>so pro<span class=\"_ _7\"></span>vided i<span class=\"_ _2\"></span>n the followi<span class=\"_ _7\"></span>ng not<span class=\"_ _7\"></span>es: <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Incre<span class=\"_ _7\"></span>ases and <span class=\"_ _7\"></span>decr<span class=\"_ _7\"></span>eases i<span class=\"_ _2\"></span>n the pro<span class=\"_ _7\"></span>visions fo<span class=\"_ _2\"></span>r expected <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>it los<span class=\"_ _7\"></span>s for fi<span class=\"_ _7\"></span>nancial inst<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents Not<span class=\"_ _2\"></span>e 2.4. Expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted cr<span class=\"_ _2\"></span>edit loss<span class=\"_ _7\"></span> starting on <span class=\"_ _7\"></span>page 90<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>D<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>clo<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> fo<span class=\"_ _2\"></span>r si<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>t j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>nd<span class=\"_ _2\"></span> es<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>es <span class=\"_ _7\"></span>No<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span> 2<span class=\"_ _7\"></span>4.2<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ai<span class=\"_ _2\"></span>rme<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span> l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>ses<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>fin<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ci<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>ts s<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>rt<span class=\"_ _2\"></span>ing<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ag<span class=\"_ _2\"></span>e 1<span class=\"_ _7\"></span>45<span class=\"_ _2\"></span>. VIG <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ises <span class=\"_ _f\"> </span>an <span class=\"_ _f\"> </span>all<span class=\"_ _7\"></span>owance <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>ECLs <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>ll <span class=\"_ _f\"> </span>debt <span class=\"_ _f\"> </span>instr<span class=\"_ _7\"></span>uments<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>AC <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>FVtOC<span class=\"_ _7\"></span>I, <span class=\"_ _f\"> </span>loan <span class=\"_ _f\"> </span>commi<span class=\"_ _7\"></span>tments <span class=\"_ _f\"> </span>and<span class=\"_ _7\"></span> guarant<span class=\"_ _7\"></span>ees as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as IF<span class=\"_ _7\"></span>RS 9 m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured r<span class=\"_ _7\"></span>ecei<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>abl<span class=\"_ _7\"></span>es.<span class=\"_ _3d5\"> </span>ECLs <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed on <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>dif<span class=\"_ _2\"></span>ference <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntractual <span class=\"_ _2\"></span>cash f<span class=\"_ _7\"></span>lows <span class=\"_ _2\"></span>due <span class=\"_ _7\"></span>in a<span class=\"_ _2\"></span>cc<span class=\"_ _6\"></span>or<span class=\"_ _2\"></span>dance <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>t a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d al<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>cash flows th<span class=\"_ _7\"></span>at ar<span class=\"_ _7\"></span>e expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to b<span class=\"_ _2\"></span>e recei<span class=\"_ _7\"></span>ved, dis<span class=\"_ _7\"></span>counted <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t th<span class=\"_ _7\"></span>e eff<span class=\"_ _7\"></span>ective in<span class=\"_ _7\"></span>terest <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>te.<span class=\"_ _2\"></span> The amou<span class=\"_ _7\"></span>nt of the ECLs re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised depe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds on the dif<span class=\"_ _2\"></span>ferent impairm<span class=\"_ _2\"></span>ent model stages to w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich t<span class=\"_ _7\"></span>he financial<span class=\"_ _7\"></span> instrume<span class=\"_ _7\"></span>nts were <span class=\"_ _4\"></span>assig<span class=\"_ _7\"></span>ned. <span class=\"_ _4\"></span>For <span class=\"_ _4\"></span>financial <span class=\"_ _4\"></span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _4\"> </span>for <span class=\"_ _f\"> </span>w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich <span class=\"_ _4\"></span>there <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>been <span class=\"_ _f\"> </span>a <span class=\"_ _4\"></span>sig<span class=\"_ _7\"></span>nifica<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit <span class=\"_ _4\"> </span>risk <span class=\"_ _4\"> </span>since <span class=\"_ _4\"> </span>ini<span class=\"_ _7\"></span>tial recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span>ECLs ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>ovid<span class=\"_ _7\"></span>ed for cr<span class=\"_ _7\"></span>edit los<span class=\"_ _7\"></span>ses tha<span class=\"_ _7\"></span>t res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt fr<span class=\"_ _2\"></span>om default ev<span class=\"_ _7\"></span>ents t<span class=\"_ _7\"></span>hat are possi<span class=\"_ _7\"></span>ble <span class=\"_ _7\"></span>within t<span class=\"_ _7\"></span>he next 1<span class=\"_ _7\"></span>2 mont<span class=\"_ _7\"></span>hs (12-mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>th <span class=\"_ _2\"></span>ECL/Stag<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>1). <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>hose <span class=\"_ _10\"></span>credit <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>signifi<span class=\"_ _7\"></span>cant <span class=\"_ _2\"></span>incre<span class=\"_ _7\"></span>ase <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>since <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ial recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span>a loss<span class=\"_ _7\"></span> allowa<span class=\"_ _7\"></span>nce is r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ed for cr<span class=\"_ _7\"></span>edi<span class=\"_ _7\"></span>t losses <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed ove<span class=\"_ _7\"></span>r the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>aining life o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he expos<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>(lifetim<span class=\"_ _7\"></span>e ECL<span class=\"_ _7\"></span>).  VIG co<span class=\"_ _7\"></span>nsiders a f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>asset to b<span class=\"_ _2\"></span>e in defa<span class=\"_ _7\"></span>ult (cr<span class=\"_ _2\"></span>edit imp<span class=\"_ _7\"></span>air<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d) w<span class=\"_ _7\"></span>hen con<span class=\"_ _7\"></span>tractu<span class=\"_ _7\"></span>al pa<span class=\"_ _7\"></span>yments <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e 90 d<span class=\"_ _7\"></span>ays pas<span class=\"_ _2\"></span>t due or/a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>f its rat<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>is stated as <span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>D, unless VIG has reason<span class=\"_ _7\"></span>able and su<span class=\"_ _6\"></span>ppo<span class=\"_ _7\"></span>rtable informa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion to demonst<span class=\"_ _7\"></span>rate that a<span class=\"_ _6\"></span> mor<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>laggi<span class=\"_ _7\"></span>ng default c<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iterion is<span class=\"_ _7\"></span> mor<span class=\"_ _7\"></span>e app<span class=\"_ _2\"></span>ropriate. <span class=\"_ _7\"></span> The calc<span class=\"_ _7\"></span>ulation of<span class=\"_ _7\"></span> ECLs  ECLs <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _10\"></span>calculat<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>scenario<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expected <span class=\"_ _10\"></span>cash <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hortfall<span class=\"_ _7\"></span>s, <span class=\"_ _2\"></span>discounte<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>an <span class=\"_ _2\"></span>appro<span class=\"_ _7\"></span>priat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>EIR. <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>cash shortfall<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>bet<span class=\"_ _7\"></span>ween <span class=\"_ _2\"></span>the c<span class=\"_ _7\"></span>ash fl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ws <span class=\"_ _7\"></span>that <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>accorda<span class=\"_ _2\"></span>nce <span class=\"_ _7\"></span>with <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntract <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>cash <span class=\"_ _7\"></span>flo<span class=\"_ _2\"></span>ws t<span class=\"_ _7\"></span>hat th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> e<span class=\"_ _2\"></span>ntity expects to r<span class=\"_ _2\"></span>eceiv<span class=\"_ _7\"></span>e. The me<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>nics of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ECL cal<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>lati<span class=\"_ _7\"></span>ons a<span class=\"_ _2\"></span>re outli<span class=\"_ _7\"></span>ned belo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> and t<span class=\"_ _7\"></span>he key el<span class=\"_ _2\"></span>ements ar<span class=\"_ _7\"></span>e, as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows:  \u2022<span class=\"ff4a\"> </span>Probabi<span class=\"_ _7\"></span>lity of D<span class=\"_ _7\"></span>efault (PD): T<span class=\"_ _7\"></span>he PD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> esti<span class=\"_ _7\"></span>mate of<span class=\"_ _7\"></span> the li<span class=\"_ _7\"></span>kelihood of <span class=\"_ _7\"></span>default o<span class=\"_ _2\"></span>ver a give<span class=\"_ _7\"></span>n time ho<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>izon. It is<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>estimated with co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sideratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of eco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>omic s<span class=\"_ _2\"></span>cenarios a<span class=\"_ _7\"></span>nd forwa<span class=\"_ _7\"></span>rd-loo<span class=\"_ _7\"></span>ki<span class=\"_ _7\"></span>ng inform<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n. VIG us<span class=\"_ _7\"></span>es the fol<span class=\"_ _7\"></span>lowing s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gme<span class=\"_ _7\"></span>nts for its <span class=\"_ _2\"></span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>o: <span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Corpor<span class=\"_ _7\"></span>ates<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>So<span class=\"_ _7\"></span>vereig<span class=\"_ _7\"></span>ns \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>The<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>segment <span class=\"_ _6\"></span>Sover<span class=\"_ _7\"></span>eigns<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>consists <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>all <span class=\"_ _1\"></span>bonds <span class=\"_ _1\"></span>issu<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>by <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>ublic <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>uthoriti<span class=\"_ _7\"></span>es, <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>central <span class=\"_ _1\"></span>go<span class=\"_ _7\"></span>vernments,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>supra-<span class=\"_ _3d5\"> </span>national <span class=\"_ _2\"></span>govern<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>instit<span class=\"_ _7\"></span>utions, <span class=\"_ _2\"></span>regional<span class=\"_ _7\"></span> g<span class=\"_ _7\"></span>overnments <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>lo<span class=\"_ _7\"></span>cal <span class=\"_ _7\"></span>authorities <span class=\"_ _2\"></span>and bo<span class=\"_ _2\"></span>nds t<span class=\"_ _7\"></span>hat <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>fully<span class=\"_ _e\"></span>, u<span class=\"_ _7\"></span>ncondi<span class=\"_ _7\"></span>tionall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> and irre<span class=\"_ _7\"></span>vocably g<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>arant<span class=\"_ _7\"></span>eed b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> these i<span class=\"_ _7\"></span>nstitutio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. All<span class=\"_ _2\"></span> oth<span class=\"_ _6\"></span>er ex<span class=\"_ _7\"></span>pos<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e tr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ated <span class=\"_ _7\"></span>within t<span class=\"_ _7\"></span>he corpo<span class=\"_ _7\"></span>rates s<span class=\"_ _7\"></span>egme<span class=\"_ _7\"></span>nt. \u2022<span class=\"ff4a\"> </span>Exposur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> at D<span class=\"_ _7\"></span>efault (EAD<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>: The EAD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> estim<span class=\"_ _7\"></span>ate of<span class=\"_ _7\"></span> the ex<span class=\"_ _7\"></span>posur<span class=\"_ _7\"></span>e at a fu<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>e defa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt date, <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>aki<span class=\"_ _7\"></span>ng into ac<span class=\"_ _7\"></span>count expecte<span class=\"_ _7\"></span>d chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s in t<span class=\"_ _7\"></span>he expos<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> after t<span class=\"_ _7\"></span>he repo<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng date, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uding r<span class=\"_ _7\"></span>epaym<span class=\"_ _7\"></span>ents of<span class=\"_ _7\"></span> princip<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l a<span class=\"_ _7\"></span>nd inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st, <span class=\"_ _7\"></span>whether sched<span class=\"_ _7\"></span>uled by co<span class=\"_ _7\"></span>ntract o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ot<span class=\"_ _7\"></span>herwise, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d acc<span class=\"_ _7\"></span>rued i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t fr<span class=\"_ _7\"></span>om mi<span class=\"_ _7\"></span>ssed payme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts.  \u2022<span class=\"ff4a\"> </span>Loss Give<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Defa<span class=\"_ _7\"></span>ult (LGD): T<span class=\"_ _2\"></span>he LGD is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> esti<span class=\"_ _7\"></span>mate of t<span class=\"_ _7\"></span>he los<span class=\"_ _7\"></span>s arising in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he c<span class=\"_ _7\"></span>ase w<span class=\"_ _7\"></span>here a <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>fa<span class=\"_ _7\"></span>ult occ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rs at a gi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en time. It is base<span class=\"_ _7\"></span>d on th<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ference b<span class=\"_ _2\"></span>etween the co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>ctual cash fl<span class=\"_ _2\"></span>ows due <span class=\"_ _7\"></span>and t<span class=\"_ _7\"></span>hose th<span class=\"_ _7\"></span>at are ex<span class=\"_ _2\"></span>pected to b<span class=\"_ _2\"></span>e recei<span class=\"_ _7\"></span>ved. It is<span class=\"_ _7\"></span> usually ex<span class=\"_ _7\"></span>press<span class=\"_ _2\"></span>ed as a p<span class=\"_ _7\"></span>erc<span class=\"_ _7\"></span>entage of<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he EAD. Conce<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>ning t<span class=\"_ _7\"></span>he segm<span class=\"_ _7\"></span>entatio<span class=\"_ _7\"></span>n of <span class=\"_ _7\"></span>LGDs, th<span class=\"_ _7\"></span>e foll<span class=\"_ _7\"></span>owing s<span class=\"_ _7\"></span>egme<span class=\"_ _7\"></span>nts will<span class=\"_ _7\"></span> be used:<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Subor<span class=\"_ _2\"></span>dinated de<span class=\"_ _2\"></span>bt \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Senior <span class=\"_ _7\"></span>unse<span class=\"_ _7\"></span>cure<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> debt<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>So<span class=\"_ _7\"></span>vereig<span class=\"_ _7\"></span>ns \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Sec<span class=\"_ _7\"></span>ured de<span class=\"_ _2\"></span>bt: The S<span class=\"_ _7\"></span>ecur<span class=\"_ _7\"></span>ed segm<span class=\"_ _2\"></span>ent at VIG <span class=\"_ _7\"></span>covers <span class=\"_ _7\"></span>all pos<span class=\"_ _7\"></span>itions se<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>ed by mo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tg<span class=\"_ _7\"></span>age as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as co<span class=\"_ _2\"></span>ve<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d bo<span class=\"_ _7\"></span>nds. \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>For <span class=\"_ _7\"></span>unsecur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>assets, <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>will apply p<span class=\"_ _2\"></span>redefine<span class=\"_ _7\"></span>d LGDs, <span class=\"_ _2\"></span>wh<span class=\"_ _6\"></span>ich ar<span class=\"_ _2\"></span>e not time<span class=\"_ _7\"></span>-depe<span class=\"_ _7\"></span>ndent (flat <span class=\"_ _2\"></span>LGD curv<span class=\"_ _7\"></span>es). Assets su<span class=\"_ _7\"></span>bject to <span class=\"_ _7\"></span>ECL <span class=\"_ _7\"></span>calcula<span class=\"_ _7\"></span>tions a<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>allocat<span class=\"_ _7\"></span>ed into o<span class=\"_ _7\"></span>ne of the fol<span class=\"_ _7\"></span>lowi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g catego<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> </span>12 mo<span class=\"_ _7\"></span>nth<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>ECL (Stage 1<span class=\"_ _2\"></span>): Stage 1 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llows a l<span class=\"_ _7\"></span>ow cr<span class=\"_ _7\"></span>edi<span class=\"_ _7\"></span>t risk o<span class=\"_ _7\"></span>r no si<span class=\"_ _7\"></span>gnifica<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t incr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e in cr<span class=\"_ _7\"></span>edit ris<span class=\"_ _7\"></span>k. It is c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulated as <span class=\"_ _7\"></span>the portio<span class=\"_ _7\"></span>n of the li<span class=\"_ _7\"></span>fetime EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>, th<span class=\"_ _7\"></span>at r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>esent t<span class=\"_ _7\"></span>he ECLs t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at r<span class=\"_ _7\"></span>esult f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>default <span class=\"_ _2\"></span>events on a fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial instr<span class=\"_ _7\"></span>ument <span class=\"_ _7\"></span>that ar<span class=\"_ _7\"></span>e possi<span class=\"_ _7\"></span>ble within 12 m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nths aft<span class=\"_ _7\"></span>er the r<span class=\"_ _2\"></span>eporting d<span class=\"_ _7\"></span>ate. Stag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 1 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llowa<span class=\"_ _7\"></span>nce is calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>on the ex<span class=\"_ _2\"></span>pectation of<span class=\"_ _7\"></span> a default oc<span class=\"_ _2\"></span>curr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng in th<span class=\"_ _7\"></span>e 12 mon<span class=\"_ _7\"></span>ths f<span class=\"_ _7\"></span>ollo<span class=\"_ _7\"></span>wing the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te.<span class=\"_ _3d5\"> </span>\u2022<span class=\"ff4a\"> </span>Stage 2<span class=\"_ _3d5\"> </span>: Asse<span class=\"_ _2\"></span>ts classified <span class=\"_ _2\"></span>under Stage 2 s<span class=\"_ _2\"></span>how a signif<span class=\"_ _7\"></span>icant i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cr<span class=\"_ _7\"></span>ease in <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>dit risk (<span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot low <span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>edit risk<span class=\"_ _7\"></span>), ther<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e lif<span class=\"_ _7\"></span>etime ECL must <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>calculated. <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> </span>Stage 3<span class=\"_ _3d5\"> </span>: Within <span class=\"_ _7\"></span>this st<span class=\"_ _7\"></span>age cr<span class=\"_ _7\"></span>edit l<span class=\"_ _7\"></span>osses h<span class=\"_ _7\"></span>ave alr<span class=\"_ _2\"></span>eady bee<span class=\"_ _7\"></span>n in<span class=\"_ _7\"></span>curre<span class=\"_ _7\"></span>d or ass<span class=\"_ _7\"></span>ets h<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ve act<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ally bee<span class=\"_ _7\"></span>n cr<span class=\"_ _7\"></span>edit i<span class=\"_ _7\"></span>mpair<span class=\"_ _7\"></span>ed. D<span class=\"_ _7\"></span>ue to that fact, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ference <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>twe<span class=\"_ _7\"></span>en t<span class=\"_ _7\"></span>he asset<span class=\"_ _7\"></span>\u2019<span class=\"_ _e\"></span>s gross<span class=\"_ _7\"></span> car<span class=\"_ _7\"></span>rying a<span class=\"_ _7\"></span>mount and <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he pr<span class=\"_ _2\"></span>esent val<span class=\"_ _7\"></span>ue of es<span class=\"_ _7\"></span>timat<span class=\"_ _7\"></span>ed futur<span class=\"_ _7\"></span>e cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows discou<span class=\"_ _7\"></span>nted at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial ass<span class=\"_ _7\"></span>et\u2019<span class=\"_ _e\"></span>s origi<span class=\"_ _7\"></span>nal ef<span class=\"_ _2\"></span>fective inter<span class=\"_ _2\"></span>est rate sho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld be <span class=\"_ _7\"></span>consider<span class=\"_ _2\"></span>ed.  In accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IF<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>S, d<span class=\"_ _7\"></span>ebt inst<span class=\"_ _2\"></span>ruments m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at AC<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>or measu<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> at F<span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>tOCI<span class=\"_ _7\"></span> mus<span class=\"_ _7\"></span>t foll<span class=\"_ _7\"></span>ow the<span class=\"_ _7\"></span> staged <span class=\"_ _2\"></span>approa<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>h. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> VIG appr<span class=\"_ _2\"></span>oach is se<span class=\"_ _7\"></span>t as fol<span class=\"_ _7\"></span>lows:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 1 \u2013 12<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ths EC<span class=\"_ _7\"></span>L \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>non-P<span class=\"_ _2\"></span>OCI a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts at i<span class=\"_ _7\"></span>nitial r<span class=\"_ _2\"></span>ecognition,<span class=\"_ _2\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets t<span class=\"_ _2\"></span>hat fall wit<span class=\"_ _7\"></span>hin the scop<span class=\"_ _2\"></span>e of the low <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit risk <span class=\"_ _2\"></span>exempt<span class=\"_ _7\"></span>ion, as <span class=\"_ _7\"></span>well as<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets t<span class=\"_ _2\"></span>hat are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot defa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lted, <span class=\"_ _7\"></span>not eli<span class=\"_ _7\"></span>gible f<span class=\"_ _7\"></span>or Stage 2 t<span class=\"_ _2\"></span>riggers and s<span class=\"_ _7\"></span>how <span class=\"_ _7\"></span>no signifi<span class=\"_ _7\"></span>cant ch<span class=\"_ _7\"></span>ange in <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atings<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 2 \u2013 <span class=\"_ _7\"></span>Lifetim<span class=\"_ _7\"></span>e ECLs (<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fective i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e on gr<span class=\"_ _7\"></span>oss c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ying amo<span class=\"_ _7\"></span>unt)<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>are p<span class=\"_ _2\"></span>ast due fo<span class=\"_ _7\"></span>r at leas<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> 30 da<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>s or \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>r<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nd to one of t<span class=\"_ _2\"></span>he pr<span class=\"_ _7\"></span>edefi<span class=\"_ _7\"></span>ned forw<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span>-looking i<span class=\"_ _7\"></span>ndica<span class=\"_ _7\"></span>tors \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 3 \u2013 <span class=\"_ _7\"></span>Lifetim<span class=\"_ _7\"></span>e ECLs (<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fective i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e on amo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tised<span class=\"_ _7\"></span> costs)<span class=\"_ _7\"></span> \u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets f<span class=\"_ _2\"></span>ulfill<span class=\"_ _7\"></span>ing the defa<span class=\"_ _7\"></span>ult defi<span class=\"_ _7\"></span>nition of VI<span class=\"_ _7\"></span>G \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 0 \u2013 <span class=\"_ _7\"></span>POCI<span class=\"_ _2\"></span> Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at FVtO<span class=\"_ _7\"></span>CI As the carr<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing amo<span class=\"_ _7\"></span>unt of the deb<span class=\"_ _7\"></span>t inst<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed at FVtOC<span class=\"_ _7\"></span>I corr<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nds to the fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> value, t<span class=\"_ _7\"></span>he risk pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vision to be<span class=\"_ _7\"></span> recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>do<span class=\"_ _7\"></span>es not <span class=\"_ _2\"></span>lead <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>a r<span class=\"_ _7\"></span>edu<span class=\"_ _7\"></span>ction o<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>asse<span class=\"_ _7\"></span>t si<span class=\"_ _7\"></span>de o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he b<span class=\"_ _7\"></span>alance s<span class=\"_ _2\"></span>heet. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>stead, <span class=\"_ _2\"></span>an amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _7\"></span>equal <span class=\"_ _2\"></span>to t<span class=\"_ _7\"></span>he allo<span class=\"_ _7\"></span>wance<span class=\"_ _7\"></span> that would arise i<span class=\"_ _7\"></span>f the assets w<span class=\"_ _7\"></span>ere me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured at amor<span class=\"_ _7\"></span>tised c<span class=\"_ _7\"></span>ost is <span class=\"_ _7\"></span>recognised in O<span class=\"_ _7\"></span>CI with a corr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>spo<span class=\"_ _7\"></span>nding charg<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> to pro<span class=\"_ _2\"></span>fit or loss<span class=\"_ _7\"></span>. The ac<span class=\"_ _7\"></span>cumula<span class=\"_ _7\"></span>ted gain <span class=\"_ _2\"></span>recognise<span class=\"_ _2\"></span>d in OCI is r<span class=\"_ _7\"></span>ecycl<span class=\"_ _7\"></span>ed to th<span class=\"_ _7\"></span>e prof<span class=\"_ _7\"></span>it o<span class=\"_ _7\"></span>r loss <span class=\"_ _7\"></span>upon der<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition of t<span class=\"_ _7\"></span>he assets. <span class=\"_ _2\"></span> Forw<span class=\"_ _7\"></span>ard looki<span class=\"_ _7\"></span>ng infor<span class=\"_ _7\"></span>mation In <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>Group-<span class=\"_ _7\"></span>wide <span class=\"_ _1\"></span>E<span class=\"_ _6\"></span>CL<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>mo<span class=\"_ _7\"></span>dels, <span class=\"_ _0\"></span>it<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>can <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>relied<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>broa<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nge <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>ward-looki<span class=\"_ _2\"></span>ng <span class=\"_ _0\"></span>informa<span class=\"_ _7\"></span>tion, <span class=\"_ _0\"></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>externa<span class=\"_ _6\"></span>l <span class=\"_ _1\"></span>and internal rati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gs, for<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>casts o<span class=\"_ _7\"></span>f ma<span class=\"_ _7\"></span>cro<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nomic <span class=\"_ _7\"></span>variables o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> qu<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>litative cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _7\"></span>k.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-523": {
   "value": "IMP<span class=\"_ _2\"></span>AIRMENT O<span class=\"_ _7\"></span>F FINANCIA<span class=\"_ _2\"></span>L ASS<span class=\"_ _2\"></span>ETS  Further discl<span class=\"_ _7\"></span>os<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es rela<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing to im<span class=\"_ _7\"></span>pairme<span class=\"_ _2\"></span>nt of fi<span class=\"_ _7\"></span>nancial ass<span class=\"_ _7\"></span>ets ar<span class=\"_ _7\"></span>e al<span class=\"_ _7\"></span>so pro<span class=\"_ _7\"></span>vided i<span class=\"_ _2\"></span>n the followi<span class=\"_ _7\"></span>ng not<span class=\"_ _7\"></span>es: <span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Incre<span class=\"_ _7\"></span>ases and <span class=\"_ _7\"></span>decr<span class=\"_ _7\"></span>eases i<span class=\"_ _2\"></span>n the pro<span class=\"_ _7\"></span>visions fo<span class=\"_ _2\"></span>r expected <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>it los<span class=\"_ _7\"></span>s for fi<span class=\"_ _7\"></span>nancial inst<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents Not<span class=\"_ _2\"></span>e 2.4. Expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted cr<span class=\"_ _2\"></span>edit loss<span class=\"_ _7\"></span> starting on <span class=\"_ _7\"></span>page 90<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>D<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>clo<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> fo<span class=\"_ _2\"></span>r si<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>t j<span class=\"_ _2\"></span>udg<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>nd<span class=\"_ _2\"></span> es<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>es <span class=\"_ _7\"></span>No<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span> 2<span class=\"_ _7\"></span>4.2<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>I<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ai<span class=\"_ _2\"></span>rme<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span> l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>ses<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>fin<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ci<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>ts s<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>rt<span class=\"_ _2\"></span>ing<span class=\"_ _7\"></span> o<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ag<span class=\"_ _2\"></span>e 1<span class=\"_ _7\"></span>45<span class=\"_ _2\"></span>. VIG <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ises <span class=\"_ _f\"> </span>an <span class=\"_ _f\"> </span>all<span class=\"_ _7\"></span>owance <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>ECLs <span class=\"_ _f\"> </span>for <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>ll <span class=\"_ _f\"> </span>debt <span class=\"_ _f\"> </span>instr<span class=\"_ _7\"></span>uments<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>AC <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>FVtOC<span class=\"_ _7\"></span>I, <span class=\"_ _f\"> </span>loan <span class=\"_ _f\"> </span>commi<span class=\"_ _7\"></span>tments <span class=\"_ _f\"> </span>and<span class=\"_ _7\"></span> guarant<span class=\"_ _7\"></span>ees as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as IF<span class=\"_ _7\"></span>RS 9 m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured r<span class=\"_ _7\"></span>ecei<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>abl<span class=\"_ _7\"></span>es.<span class=\"_ _3d5\"> </span><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e3\">ECLs <span class=\"_ _2\"></span>are <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed on <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>dif<span class=\"_ _2\"></span>ference <span class=\"_ _2\"></span>between <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntractual <span class=\"_ _2\"></span>cash f<span class=\"_ _7\"></span>lows <span class=\"_ _2\"></span>due <span class=\"_ _7\"></span>in a<span class=\"_ _2\"></span>cc<span class=\"_ _6\"></span>or<span class=\"_ _2\"></span>dance <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>contrac<span class=\"_ _7\"></span>t a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d al<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>cash </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e4\">flows th<span class=\"_ _7\"></span>at ar<span class=\"_ _7\"></span>e expe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted to b<span class=\"_ _2\"></span>e recei<span class=\"_ _7\"></span>ved, dis<span class=\"_ _7\"></span>counted <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t th<span class=\"_ _7\"></span>e eff<span class=\"_ _7\"></span>ective in<span class=\"_ _7\"></span>terest <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>te.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e5\">The amou<span class=\"_ _7\"></span>nt of the ECLs re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised depe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds on the dif<span class=\"_ _2\"></span>ferent impairm<span class=\"_ _2\"></span>ent model stages to w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich t<span class=\"_ _7\"></span>he financial<span class=\"_ _7\"></span> instrume<span class=\"_ _7\"></span>nts </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e6\">were <span class=\"_ _4\"></span>assig<span class=\"_ _7\"></span>ned. <span class=\"_ _4\"></span>For <span class=\"_ _4\"></span>financial <span class=\"_ _4\"></span>inst<span class=\"_ _7\"></span>rume<span class=\"_ _7\"></span>nts <span class=\"_ _4\"> </span>for <span class=\"_ _f\"> </span>w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ich <span class=\"_ _4\"></span>there <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>been <span class=\"_ _f\"> </span>a <span class=\"_ _4\"></span>sig<span class=\"_ _7\"></span>nifica<span class=\"_ _7\"></span>nt <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>se <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit <span class=\"_ _4\"> </span>risk <span class=\"_ _4\"> </span>since <span class=\"_ _4\"> </span>ini<span class=\"_ _7\"></span>tial </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e7\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span>ECLs ar<span class=\"_ _7\"></span>e pr<span class=\"_ _7\"></span>ovid<span class=\"_ _7\"></span>ed for cr<span class=\"_ _7\"></span>edit los<span class=\"_ _7\"></span>ses tha<span class=\"_ _7\"></span>t res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt fr<span class=\"_ _2\"></span>om default ev<span class=\"_ _7\"></span>ents t<span class=\"_ _7\"></span>hat are possi<span class=\"_ _7\"></span>ble <span class=\"_ _7\"></span>within t<span class=\"_ _7\"></span>he next 1<span class=\"_ _7\"></span>2 mont<span class=\"_ _7\"></span>hs </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e8\">(12-mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>th <span class=\"_ _2\"></span>ECL/Stag<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>1). <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>hose <span class=\"_ _10\"></span>credit <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>for <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>been <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>signifi<span class=\"_ _7\"></span>cant <span class=\"_ _2\"></span>incre<span class=\"_ _7\"></span>ase <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>credit <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>since <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ial </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29e9\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ition, <span class=\"_ _7\"></span>a loss<span class=\"_ _7\"></span> allowa<span class=\"_ _7\"></span>nce is r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ed for cr<span class=\"_ _7\"></span>edi<span class=\"_ _7\"></span>t losses <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed ove<span class=\"_ _7\"></span>r the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>aining life o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he expos<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>(lifetim<span class=\"_ _7\"></span>e ECL<span class=\"_ _7\"></span>).  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ea\">VIG co<span class=\"_ _7\"></span>nsiders a f<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nancial <span class=\"_ _7\"></span>asset to b<span class=\"_ _2\"></span>e in defa<span class=\"_ _7\"></span>ult (cr<span class=\"_ _2\"></span>edit imp<span class=\"_ _7\"></span>air<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d) w<span class=\"_ _7\"></span>hen con<span class=\"_ _7\"></span>tractu<span class=\"_ _7\"></span>al pa<span class=\"_ _7\"></span>yments <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e 90 d<span class=\"_ _7\"></span>ays pas<span class=\"_ _2\"></span>t due or/a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>f </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29eb\">its rat<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>is stated as <span class=\"_ _6\"></span>C <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>D, unless VIG has reason<span class=\"_ _7\"></span>able and su<span class=\"_ _6\"></span>ppo<span class=\"_ _7\"></span>rtable informa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion to demonst<span class=\"_ _7\"></span>rate that a<span class=\"_ _6\"></span> mor<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>laggi<span class=\"_ _7\"></span>ng </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ec\">default c<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iterion is<span class=\"_ _7\"></span> mor<span class=\"_ _7\"></span>e app<span class=\"_ _2\"></span>ropriate. <span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs29ed\">The calc<span class=\"_ _7\"></span>ulation of<span class=\"_ _7\"></span> ECLs  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ee\">ECLs <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _10\"></span>calculat<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>based <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>scenario<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expected <span class=\"_ _10\"></span>cash <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hortfall<span class=\"_ _7\"></span>s, <span class=\"_ _2\"></span>discounte<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>an <span class=\"_ _2\"></span>appro<span class=\"_ _7\"></span>priat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>EIR. <span class=\"_ _2\"></span>A <span class=\"_ _2\"></span>cash </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ef\">shortfall<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>bet<span class=\"_ _7\"></span>ween <span class=\"_ _2\"></span>the c<span class=\"_ _7\"></span>ash fl<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ws <span class=\"_ _7\"></span>that <span class=\"_ _2\"></span>are i<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>accorda<span class=\"_ _2\"></span>nce <span class=\"_ _7\"></span>with <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntract <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>cash <span class=\"_ _7\"></span>flo<span class=\"_ _2\"></span>ws t<span class=\"_ _7\"></span>hat th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> e<span class=\"_ _2\"></span>ntity </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29f0\">expects to r<span class=\"_ _2\"></span>eceiv<span class=\"_ _7\"></span>e. The me<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ha<span class=\"_ _7\"></span>nics of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ECL cal<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>lati<span class=\"_ _7\"></span>ons a<span class=\"_ _2\"></span>re outli<span class=\"_ _7\"></span>ned belo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> and t<span class=\"_ _7\"></span>he key el<span class=\"_ _2\"></span>ements ar<span class=\"_ _7\"></span>e, as f<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ows:  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29f1\">\u2022<span class=\"ff4a\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc1 ls5 ws2 gs29f2\">Probabi<span class=\"_ _7\"></span>lity of D<span class=\"_ _7\"></span>efault (PD): </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29f3\">T<span class=\"_ _7\"></span>he </div><div class=\"t mf hc8 ff47 fs2c fc3 sc0 ls5 ws2 gs29f4\">PD</div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29f5\"> is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> esti<span class=\"_ _7\"></span>mate of<span class=\"_ _7\"></span> the li<span class=\"_ _7\"></span>kelihood of <span class=\"_ _7\"></span>default o<span class=\"_ _2\"></span>ver a give<span class=\"_ _7\"></span>n time ho<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>izon. It is<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>estimated </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29f6\">with co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sideratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of eco<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>omic s<span class=\"_ _2\"></span>cenarios a<span class=\"_ _7\"></span>nd forwa<span class=\"_ _7\"></span>rd-loo<span class=\"_ _7\"></span>ki<span class=\"_ _7\"></span>ng inform<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29f7\">VIG us<span class=\"_ _7\"></span>es the fol<span class=\"_ _7\"></span>lowing s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gme<span class=\"_ _7\"></span>nts for its <span class=\"_ _2\"></span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>o: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29f8\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Corpor<span class=\"_ _7\"></span>ates<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29f9\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>So<span class=\"_ _7\"></span>vereig<span class=\"_ _7\"></span>ns </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29fa\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>The<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>segment <span class=\"_ _6\"></span>Sover<span class=\"_ _7\"></span>eigns<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>consists <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>all <span class=\"_ _1\"></span>bonds <span class=\"_ _1\"></span>issu<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>by <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>ublic <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>uthoriti<span class=\"_ _7\"></span>es, <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>central <span class=\"_ _1\"></span>go<span class=\"_ _7\"></span>vernments,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>supra-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29fb\">national <span class=\"_ _2\"></span>govern<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>instit<span class=\"_ _7\"></span>utions, <span class=\"_ _2\"></span>regional<span class=\"_ _7\"></span> g<span class=\"_ _7\"></span>overnments <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>lo<span class=\"_ _7\"></span>cal <span class=\"_ _7\"></span>authorities <span class=\"_ _2\"></span>and bo<span class=\"_ _2\"></span>nds t<span class=\"_ _7\"></span>hat <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>fully<span class=\"_ _e\"></span>, u<span class=\"_ _7\"></span>ncondi<span class=\"_ _7\"></span>tionall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29fc\">irre<span class=\"_ _7\"></span>vocably g<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>arant<span class=\"_ _7\"></span>eed b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> these i<span class=\"_ _7\"></span>nstitutio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. All<span class=\"_ _2\"></span> oth<span class=\"_ _6\"></span>er ex<span class=\"_ _7\"></span>pos<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e tr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ated <span class=\"_ _7\"></span>within t<span class=\"_ _7\"></span>he corpo<span class=\"_ _7\"></span>rates s<span class=\"_ _7\"></span>egme<span class=\"_ _7\"></span>nt. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29fd\">\u2022<span class=\"ff4a\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc1 ls5 ws2 gs29fe\">Exposur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> at D<span class=\"_ _7\"></span>efault (EAD<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>:</div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs29ff\"> The </div><div class=\"t mf hc8 ff47 fs2c fc3 sc0 ls5 ws2 gs2a00\">EAD </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a01\">is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> estim<span class=\"_ _7\"></span>ate of<span class=\"_ _7\"></span> the ex<span class=\"_ _7\"></span>posur<span class=\"_ _7\"></span>e at a fu<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>e defa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt date, <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>aki<span class=\"_ _7\"></span>ng into ac<span class=\"_ _7\"></span>count </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a02\">expecte<span class=\"_ _7\"></span>d chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s in t<span class=\"_ _7\"></span>he expos<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> after t<span class=\"_ _7\"></span>he repo<span class=\"_ _2\"></span>rt<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng date, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cl<span class=\"_ _7\"></span>uding r<span class=\"_ _7\"></span>epaym<span class=\"_ _7\"></span>ents of<span class=\"_ _7\"></span> princip<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l a<span class=\"_ _7\"></span>nd inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st, <span class=\"_ _7\"></span>whether </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a03\">sched<span class=\"_ _7\"></span>uled by co<span class=\"_ _7\"></span>ntract o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> ot<span class=\"_ _7\"></span>herwise, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d acc<span class=\"_ _7\"></span>rued i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t fr<span class=\"_ _7\"></span>om mi<span class=\"_ _7\"></span>ssed payme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a04\">\u2022<span class=\"ff4a\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc1 ls5 ws2 gs2a05\">Loss Give<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Defa<span class=\"_ _7\"></span>ult (LGD)</div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a06\">: T<span class=\"_ _2\"></span>he </div><div class=\"t mf hc8 ff47 fs2c fc3 sc0 ls5 ws2 gs2a07\">LGD</div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a08\"> is a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> esti<span class=\"_ _7\"></span>mate of t<span class=\"_ _7\"></span>he los<span class=\"_ _7\"></span>s arising in <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he c<span class=\"_ _7\"></span>ase w<span class=\"_ _7\"></span>here a <span class=\"_ _2\"></span>de<span class=\"_ _6\"></span>fa<span class=\"_ _7\"></span>ult occ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rs at a gi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en time. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a09\">It is base<span class=\"_ _7\"></span>d on th<span class=\"_ _7\"></span>e dif<span class=\"_ _2\"></span>ference b<span class=\"_ _2\"></span>etween the co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tra<span class=\"_ _7\"></span>ctual cash fl<span class=\"_ _2\"></span>ows due <span class=\"_ _7\"></span>and t<span class=\"_ _7\"></span>hose th<span class=\"_ _7\"></span>at are ex<span class=\"_ _2\"></span>pected to b<span class=\"_ _2\"></span>e recei<span class=\"_ _7\"></span>ved. It is<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a0a\">usually ex<span class=\"_ _7\"></span>press<span class=\"_ _2\"></span>ed as a p<span class=\"_ _7\"></span>erc<span class=\"_ _7\"></span>entage of<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he EAD. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a0b\">Conce<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>ning t<span class=\"_ _7\"></span>he segm<span class=\"_ _7\"></span>entatio<span class=\"_ _7\"></span>n of <span class=\"_ _7\"></span>LGDs, th<span class=\"_ _7\"></span>e foll<span class=\"_ _7\"></span>owing s<span class=\"_ _7\"></span>egme<span class=\"_ _7\"></span>nts will<span class=\"_ _7\"></span> be used:<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a0c\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Subor<span class=\"_ _2\"></span>dinated de<span class=\"_ _2\"></span>bt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a0d\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Senior <span class=\"_ _7\"></span>unse<span class=\"_ _7\"></span>cure<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> debt<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a0e\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>So<span class=\"_ _7\"></span>vereig<span class=\"_ _7\"></span>ns </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a0f\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>Sec<span class=\"_ _7\"></span>ured de<span class=\"_ _2\"></span>bt: The S<span class=\"_ _7\"></span>ecur<span class=\"_ _7\"></span>ed segm<span class=\"_ _2\"></span>ent at VIG <span class=\"_ _7\"></span>covers <span class=\"_ _7\"></span>all pos<span class=\"_ _7\"></span>itions se<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ur<span class=\"_ _7\"></span>ed by mo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tg<span class=\"_ _7\"></span>age as w<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ll as co<span class=\"_ _2\"></span>ve<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d bo<span class=\"_ _7\"></span>nds. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a10\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>For <span class=\"_ _7\"></span>unsecur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _7\"></span>assets, <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>will apply p<span class=\"_ _2\"></span>redefine<span class=\"_ _7\"></span>d LGDs, <span class=\"_ _2\"></span>wh<span class=\"_ _6\"></span>ich ar<span class=\"_ _2\"></span>e not time<span class=\"_ _7\"></span>-depe<span class=\"_ _7\"></span>ndent (flat <span class=\"_ _2\"></span>LGD curv<span class=\"_ _7\"></span>es). </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a11\">Assets su<span class=\"_ _7\"></span>bject to <span class=\"_ _7\"></span>ECL <span class=\"_ _7\"></span>calcula<span class=\"_ _7\"></span>tions a<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>allocat<span class=\"_ _7\"></span>ed into o<span class=\"_ _7\"></span>ne of the fol<span class=\"_ _7\"></span>lowi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g catego<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies: <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a12\">\u2022<span class=\"ff4a\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc1 ls5 ws2 gs2a13\">12 mo<span class=\"_ _7\"></span>nth<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>ECL </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a14\">(Stage 1<span class=\"_ _2\"></span>): Stage 1 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llows a l<span class=\"_ _7\"></span>ow cr<span class=\"_ _7\"></span>edi<span class=\"_ _7\"></span>t risk o<span class=\"_ _7\"></span>r no si<span class=\"_ _7\"></span>gnifica<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t incr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e in cr<span class=\"_ _7\"></span>edit ris<span class=\"_ _7\"></span>k. It is c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulated as <span class=\"_ _7\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a15\">portio<span class=\"_ _7\"></span>n of the li<span class=\"_ _7\"></span>fetime EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>, th<span class=\"_ _7\"></span>at r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>esent t<span class=\"_ _7\"></span>he ECLs t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at r<span class=\"_ _7\"></span>esult f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>default <span class=\"_ _2\"></span>events on a fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>ncial instr<span class=\"_ _7\"></span>ument <span class=\"_ _7\"></span>that ar<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a16\">possi<span class=\"_ _7\"></span>ble within 12 m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nths aft<span class=\"_ _7\"></span>er the r<span class=\"_ _2\"></span>eporting d<span class=\"_ _7\"></span>ate. Stag<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> 1 <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>llowa<span class=\"_ _7\"></span>nce is calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _2\"></span>ba<span class=\"_ _6\"></span>sed <span class=\"_ _7\"></span>on the ex<span class=\"_ _2\"></span>pectation of<span class=\"_ _7\"></span> a </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a17\">default oc<span class=\"_ _2\"></span>curr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng in th<span class=\"_ _7\"></span>e 12 mon<span class=\"_ _7\"></span>ths f<span class=\"_ _7\"></span>ollo<span class=\"_ _7\"></span>wing the r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting d<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te.<span class=\"_ _3d5\"> </span> <span class=\"ff4a\"> <span class=\"_ _1dc\"> </span></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a19\">\u2022<span class=\"ff4a\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc1 ls5 ws2 gs2a1a\">Stage 2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a1b\">: Asse<span class=\"_ _2\"></span>ts classified <span class=\"_ _2\"></span>under Stage 2 s<span class=\"_ _2\"></span>how a signif<span class=\"_ _7\"></span>icant i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cr<span class=\"_ _7\"></span>ease in <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>dit risk (<span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot low <span class=\"_ _7\"></span>cr<span class=\"_ _7\"></span>edit risk<span class=\"_ _7\"></span>), ther<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a1c\">lif<span class=\"_ _7\"></span>etime ECL must <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>calculated. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a1d\">\u2022<span class=\"ff4a\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc1 ls5 ws2 gs2a1e\">Stage 3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a1f\">: Within <span class=\"_ _7\"></span>this st<span class=\"_ _7\"></span>age cr<span class=\"_ _7\"></span>edit l<span class=\"_ _7\"></span>osses h<span class=\"_ _7\"></span>ave alr<span class=\"_ _2\"></span>eady bee<span class=\"_ _7\"></span>n in<span class=\"_ _7\"></span>curre<span class=\"_ _7\"></span>d or ass<span class=\"_ _7\"></span>ets h<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ve act<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ally bee<span class=\"_ _7\"></span>n cr<span class=\"_ _7\"></span>edit i<span class=\"_ _7\"></span>mpair<span class=\"_ _7\"></span>ed. D<span class=\"_ _7\"></span>ue to </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a20\">that fact, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>ference <span class=\"_ _2\"></span>be<span class=\"_ _6\"></span>twe<span class=\"_ _7\"></span>en t<span class=\"_ _7\"></span>he asset<span class=\"_ _7\"></span>\u2019<span class=\"_ _e\"></span>s gross<span class=\"_ _7\"></span> car<span class=\"_ _7\"></span>rying a<span class=\"_ _7\"></span>mount and <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he pr<span class=\"_ _2\"></span>esent val<span class=\"_ _7\"></span>ue of es<span class=\"_ _7\"></span>timat<span class=\"_ _7\"></span>ed futur<span class=\"_ _7\"></span>e cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> flows </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a21\">discou<span class=\"_ _7\"></span>nted at t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial ass<span class=\"_ _7\"></span>et\u2019<span class=\"_ _e\"></span>s origi<span class=\"_ _7\"></span>nal ef<span class=\"_ _2\"></span>fective inter<span class=\"_ _2\"></span>est rate sho<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ld be <span class=\"_ _7\"></span>consider<span class=\"_ _2\"></span>ed.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a22\">In accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IF<span class=\"_ _2\"></span>R<span class=\"_ _6\"></span>S, d<span class=\"_ _7\"></span>ebt inst<span class=\"_ _2\"></span>ruments m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at AC<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>or measu<span class=\"_ _7\"></span>red<span class=\"_ _7\"></span> at F<span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>tOCI<span class=\"_ _7\"></span> mus<span class=\"_ _7\"></span>t foll<span class=\"_ _7\"></span>ow the<span class=\"_ _7\"></span> staged <span class=\"_ _2\"></span>approa<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>h. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a23\">VIG appr<span class=\"_ _2\"></span>oach is se<span class=\"_ _7\"></span>t as fol<span class=\"_ _7\"></span>lows:<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a24\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 1 \u2013 12<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ths EC<span class=\"_ _7\"></span>L </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a25\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>non-P<span class=\"_ _2\"></span>OCI a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts at i<span class=\"_ _7\"></span>nitial r<span class=\"_ _2\"></span>ecognition,<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a26\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets t<span class=\"_ _2\"></span>hat fall wit<span class=\"_ _7\"></span>hin the scop<span class=\"_ _2\"></span>e of the low <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit risk <span class=\"_ _2\"></span>exempt<span class=\"_ _7\"></span>ion, as <span class=\"_ _7\"></span>well as<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a27\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets t<span class=\"_ _2\"></span>hat are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot defa<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lted, <span class=\"_ _7\"></span>not eli<span class=\"_ _7\"></span>gible f<span class=\"_ _7\"></span>or Stage 2 t<span class=\"_ _2\"></span>riggers and s<span class=\"_ _7\"></span>how <span class=\"_ _7\"></span>no signifi<span class=\"_ _7\"></span>cant ch<span class=\"_ _7\"></span>ange in <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atings<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a28\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 2 \u2013 <span class=\"_ _7\"></span>Lifetim<span class=\"_ _7\"></span>e ECLs (<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fective i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e on gr<span class=\"_ _7\"></span>oss c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rr<span class=\"_ _7\"></span>ying amo<span class=\"_ _7\"></span>unt)<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a29\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>are p<span class=\"_ _2\"></span>ast due fo<span class=\"_ _7\"></span>r at leas<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> 30 da<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>s or </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a2a\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>r<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nd to one of t<span class=\"_ _2\"></span>he pr<span class=\"_ _7\"></span>edefi<span class=\"_ _7\"></span>ned forw<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span>-looking i<span class=\"_ _7\"></span>ndica<span class=\"_ _7\"></span>tors </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a2b\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 3 \u2013 <span class=\"_ _7\"></span>Lifetim<span class=\"_ _7\"></span>e ECLs (<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>fective i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e on amo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tised<span class=\"_ _7\"></span> costs)<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a2c\">\u2013<span class=\"ff4a\"> <span class=\"_ _4\"> </span></span>assets f<span class=\"_ _2\"></span>ulfill<span class=\"_ _7\"></span>ing the defa<span class=\"_ _7\"></span>ult defi<span class=\"_ _7\"></span>nition of VI<span class=\"_ _7\"></span>G </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a2d\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Stage 0 \u2013 <span class=\"_ _7\"></span>POCI<span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs2a2e\">Debt instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ments <span class=\"_ _7\"></span>measured<span class=\"_ _7\"></span> at FVtO<span class=\"_ _7\"></span>CI </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a2f\">As the carr<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing amo<span class=\"_ _7\"></span>unt of the deb<span class=\"_ _7\"></span>t inst<span class=\"_ _7\"></span>ru<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ed at FVtOC<span class=\"_ _7\"></span>I corr<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nds to the fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> value, t<span class=\"_ _7\"></span>he risk pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>vision to be<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a30\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _7\"></span>do<span class=\"_ _7\"></span>es not <span class=\"_ _2\"></span>lead <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>a r<span class=\"_ _7\"></span>edu<span class=\"_ _7\"></span>ction o<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>asse<span class=\"_ _7\"></span>t si<span class=\"_ _7\"></span>de o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he b<span class=\"_ _7\"></span>alance s<span class=\"_ _2\"></span>heet. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>stead, <span class=\"_ _2\"></span>an amo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt <span class=\"_ _7\"></span>equal <span class=\"_ _2\"></span>to t<span class=\"_ _7\"></span>he allo<span class=\"_ _7\"></span>wance<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a31\">that would arise i<span class=\"_ _7\"></span>f the assets w<span class=\"_ _7\"></span>ere me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured at amor<span class=\"_ _7\"></span>tised c<span class=\"_ _7\"></span>ost is <span class=\"_ _7\"></span>recognised in O<span class=\"_ _7\"></span>CI with a corr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>spo<span class=\"_ _7\"></span>nding charg<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> to pro<span class=\"_ _2\"></span>fit </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a32\">or loss<span class=\"_ _7\"></span>. The ac<span class=\"_ _7\"></span>cumula<span class=\"_ _7\"></span>ted gain <span class=\"_ _2\"></span>recognise<span class=\"_ _2\"></span>d in OCI is r<span class=\"_ _7\"></span>ecycl<span class=\"_ _7\"></span>ed to th<span class=\"_ _7\"></span>e prof<span class=\"_ _7\"></span>it o<span class=\"_ _7\"></span>r loss <span class=\"_ _7\"></span>upon der<span class=\"_ _7\"></span>ecog<span class=\"_ _2\"></span>nition of t<span class=\"_ _7\"></span>he assets. <span class=\"_ _2\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs2a33\">Forw<span class=\"_ _7\"></span>ard looki<span class=\"_ _7\"></span>ng infor<span class=\"_ _7\"></span>mation </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a34\">In <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>Group-<span class=\"_ _7\"></span>wide <span class=\"_ _1\"></span>E<span class=\"_ _6\"></span>CL<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>mo<span class=\"_ _7\"></span>dels, <span class=\"_ _0\"></span>it<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>can <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>relied<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>broa<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nge <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>for<span class=\"_ _2\"></span>ward-looki<span class=\"_ _2\"></span>ng <span class=\"_ _0\"></span>informa<span class=\"_ _7\"></span>tion, <span class=\"_ _0\"></span>suc<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>externa<span class=\"_ _6\"></span>l <span class=\"_ _1\"></span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a35\">internal rati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gs, for<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>casts o<span class=\"_ _7\"></span>f ma<span class=\"_ _7\"></span>cro<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nomic <span class=\"_ _7\"></span>variables o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> qu<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>litative cr<span class=\"_ _2\"></span>edit ris<span class=\"_ _7\"></span>k. </div>Impairm<span class=\"_ _7\"></span>ents Fo<span class=\"_ _2\"></span>r <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>urp<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>of<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>te<span class=\"_ _2\"></span>sti<span class=\"_ _2\"></span>ng <span class=\"_ _4\"> </span>goo<span class=\"_ _2\"></span>dwi<span class=\"_ _2\"></span>ll,<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>the<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ari<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>ned<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>fo<span class=\"_ _2\"></span>rm <span class=\"_ _4\"> </span>ca<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>h-<span class=\"_ _7\"></span>ge<span class=\"_ _2\"></span>ner<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>un<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>(<span class=\"_ _7\"></span>C<span class=\"_ _7\"></span>GU<span class=\"_ _2\"></span>s)<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>the<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>l<span class=\"_ _2\"></span>eve<span class=\"_ _7\"></span>l <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>f g<span class=\"_ _7\"></span>eo<span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>hi<span class=\"_ _7\"></span>cal<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span>ri<span class=\"_ _2\"></span>es.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>C<span class=\"_ _7\"></span>GUs<span class=\"_ _2\"></span>, <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>basi<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>whi<span class=\"_ _2\"></span>ch <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>te<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>con<span class=\"_ _2\"></span>duc<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _7\"></span>rr<span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>op<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> s<span class=\"_ _7\"></span>eg<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>re<span class=\"_ _2\"></span>cove<span class=\"_ _2\"></span>rab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty <span class=\"_ _10\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>tra<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>k <span class=\"_ _e\"></span>rig<span class=\"_ _2\"></span>hts <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>ad<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nal<span class=\"_ _2\"></span>ly <span class=\"_ _e\"></span>tes<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>vi<span class=\"_ _2\"></span>dual<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>by<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ap<span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _e\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>-f<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>m-<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>yal<span class=\"_ _2\"></span>ty <span class=\"_ _10\"></span>me<span class=\"_ _7\"></span>th<span class=\"_ _2\"></span>od. In<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nta<span class=\"_ _7\"></span>ngi<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ets<span class=\"_ _2\"></span> wi<span class=\"_ _2\"></span>th<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nde<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> l<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>(go<span class=\"_ _2\"></span>odw<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>ll <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>it<span class=\"_ _7\"></span>ali<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>k <span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span>), <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>mp<span class=\"_ _7\"></span>ai<span class=\"_ _7\"></span>rm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>st<span class=\"_ _7\"></span> is al<span class=\"_ _2\"></span>so<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>dur<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>yea<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>espo<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>e to<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>tri<span class=\"_ _2\"></span>gge<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g e<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>ut <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>end<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> e<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ry<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>nana<span class=\"_ _2\"></span>ci<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> y<span class=\"_ _2\"></span>ear<span class=\"_ _5\"></span>. As a g<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>neral<span class=\"_ _7\"></span> rule, <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>value i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> use<span class=\"_ _7\"></span> dete<span class=\"_ _7\"></span>rmined b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> appl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n of<span class=\"_ _7\"></span> the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come-b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sh f<span class=\"_ _7\"></span>low m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thod is<span class=\"_ _7\"></span> appl<span class=\"_ _7\"></span>ied as the<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>coverabl<span class=\"_ _7\"></span>e amo<span class=\"_ _2\"></span>unt of <span class=\"_ _7\"></span>the C<span class=\"_ _7\"></span>GU. <span class=\"_ _7\"></span>In t<span class=\"_ _7\"></span>hose cas<span class=\"_ _2\"></span>es in <span class=\"_ _7\"></span>which th<span class=\"_ _7\"></span>e val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e in <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se i<span class=\"_ _7\"></span>s less <span class=\"_ _2\"></span>than t<span class=\"_ _7\"></span>he car<span class=\"_ _7\"></span>rying <span class=\"_ _7\"></span>amount,<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he bo<span class=\"_ _7\"></span>ok value less <span class=\"_ _6\"></span>cos<span class=\"_ _7\"></span>ts t<span class=\"_ _6\"></span>o sell is de<span class=\"_ _6\"></span>termin<span class=\"_ _7\"></span>ed additional<span class=\"_ _7\"></span>ly<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>T<span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>ailing stock exch<span class=\"_ _7\"></span>ange multiples ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ied to <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ne the <span class=\"_ _6\"></span>fair value less costs<span class=\"_ _7\"></span> to sell.<span class=\"_ _2\"></span> For <span class=\"_ _0\"></span>determining<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>value <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>use, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>availabl<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>fl<span class=\"_ _7\"></span>ows <span class=\"_ _0\"></span>over <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>ve <span class=\"_ _0\"></span>p<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>ears<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>fter <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rpetu<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _0\"></span>annuity <span class=\"_ _0\"></span>are discou<span class=\"_ _7\"></span>nted <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>esent <span class=\"_ _0\"></span>value. <span class=\"_ _4\"></span>D<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nversio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>as <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Jan<span class=\"_ _7\"></span>uary <span class=\"_ _4\"></span>2<span class=\"_ _7\"></span>023, <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>budget <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span>ecasts <span class=\"_ _0\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>also adapted to the <span class=\"_ _6\"></span>IFRS 1<span class=\"_ _7\"></span>7 struct<span class=\"_ _7\"></span>ure. <span class=\"_ _6\"></span>All subsidi<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ies prep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> detailed budget for<span class=\"_ _2\"></span>ecasts <span class=\"_ _6\"></span>for thr<span class=\"_ _7\"></span>ee years <span class=\"_ _6\"></span>in the respe<span class=\"_ _7\"></span>ctive local curre<span class=\"_ _7\"></span>ncy<span class=\"_ _e\"></span>, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>discusse<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>meetings <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>S<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>per<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>subje<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>plausibil<span class=\"_ _7\"></span>ity <span class=\"_ _0\"></span>check <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>part <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the planning<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntrol <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>cess. <span class=\"_ _4\"></span>Th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>budget <span class=\"_ _4\"></span>for<span class=\"_ _2\"></span>ecast <span class=\"_ _4\"> </span>for <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>next <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>wo <span class=\"_ _4\"></span>yea<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>perpetu<span class=\"_ _7\"></span>al <span class=\"_ _4\"> </span>ann<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ity <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>prep<span class=\"_ _2\"></span>ared <span class=\"_ _0\"></span>by<span class=\"_ _6\"></span> for<span class=\"_ _7\"></span>ecasting <span class=\"_ _4\"> </span>key <span class=\"_ _f\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>amet<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs <span class=\"_ _4\"> </span>(c<span class=\"_ _6\"></span>ombi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>ratios, <span class=\"_ _4\"> </span>premi<span class=\"_ _7\"></span>um <span class=\"_ _4\"> </span>developm<span class=\"_ _7\"></span>ent, <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncome) <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>basis <span class=\"_ _4\"> </span>of <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>eir <span class=\"_ _4\"> </span>h<span class=\"_ _6\"></span>istoric<span class=\"_ _7\"></span>al developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ectatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>future <span class=\"_ _10\"></span>developm<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>markets. <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>re, <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>forec<span class=\"_ _7\"></span>ast <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flows <span class=\"_ _2\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>perpet<span class=\"_ _7\"></span>ual annuity <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>deeme<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>sustai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>able. <span class=\"_ _1\"></span>The <span class=\"_ _0\"></span>closi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>exchange <span class=\"_ _1\"></span>rate <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>D<span class=\"_ _7\"></span>ecembe<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nanacial <span class=\"_ _1\"></span>year <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for converti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the <span class=\"_ _7\"></span>amounts i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to eur<span class=\"_ _7\"></span>os.<span class=\"_ _7\"></span> Clim<span class=\"_ _7\"></span>ate <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isks <span class=\"_ _2\"></span>are<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>take<span class=\"_ _7\"></span>n i<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>consider<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n in<span class=\"_ _2\"></span> the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>best <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>under<span class=\"_ _7\"></span>writing <span class=\"_ _2\"></span>provis<span class=\"_ _7\"></span>ions<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>efore<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expected <span class=\"_ _10\"></span>cash flows <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>pplie<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>for <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>purpose <span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment <span class=\"_ _1\"></span>testi<span class=\"_ _7\"></span>ng. <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>of<span class=\"_ _7\"></span>fers <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>gai<span class=\"_ _7\"></span>nst <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>jor <span class=\"_ _6\"></span>weather <span class=\"_ _6\"></span>events, <span class=\"_ _1\"></span>subje<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>strict<span class=\"_ _7\"></span> reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e guidel<span class=\"_ _7\"></span>ines.<span class=\"_ _3d5\"> </span>All <span class=\"_ _4\"> </span>insurance <span class=\"_ _4\"> </span>service<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>ass<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>s <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>ttributed<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>CG<span class=\"_ _6\"></span>Us.<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>Th<span class=\"_ _6\"></span>ese <span class=\"_ _4\"></span>assets<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nclude <span class=\"_ _4\"></span>all <span class=\"_ _4\"> </span>capitalised<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _4\"> </span>portfoli<span class=\"_ _7\"></span>os <span class=\"_ _4\"> </span>and customer  bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s,  capital  investm<span class=\"_ _7\"></span>ents,  r<span class=\"_ _7\"></span>eceivabl<span class=\"_ _7\"></span>es  and <span class=\"_ _12\"> </span>o<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her  a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts,  in  addition  to  goodwil<span class=\"_ _7\"></span>l  an<span class=\"_ _6\"></span>d  tradem<span class=\"_ _7\"></span>ark  right<span class=\"_ _7\"></span>s. Under<span class=\"_ _7\"></span>writing <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isions and <span class=\"_ _6\"></span>curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>ded<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cted from <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>book <span class=\"_ _6\"></span>valu<span class=\"_ _7\"></span>es. <span class=\"_ _6\"></span>Assets <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g, <span class=\"_ _6\"></span>but used by the <span class=\"_ _6\"></span>oper<span class=\"_ _7\"></span>ating companies are att<span class=\"_ _7\"></span>ribute<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>CGU<span class=\"_ _2\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the form <span class=\"_ _6\"></span>of corpo<span class=\"_ _7\"></span>rate a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts. Thus, <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e cash <span class=\"_ _6\"></span>flows of the CGUs ar<span class=\"_ _2\"></span>e adjusted f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e depr<span class=\"_ _7\"></span>eciatio<span class=\"_ _2\"></span>n and amor<span class=\"_ _7\"></span>tisation of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e at<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ribut<span class=\"_ _7\"></span>ed corpo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts.<span class=\"_ _7\"></span> A capi<span class=\"_ _7\"></span>tal cos<span class=\"_ _7\"></span>t ra<span class=\"_ _7\"></span>te (b<span class=\"_ _7\"></span>efore<span class=\"_ _2\"></span> taxes) d<span class=\"_ _2\"></span>etermined o<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>basis of<span class=\"_ _2\"></span> the C<span class=\"_ _2\"></span>apital Ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t P<span class=\"_ _7\"></span>ricing M<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>del <span class=\"_ _7\"></span>(CAPM) <span class=\"_ _7\"></span>is a<span class=\"_ _7\"></span>pplied <span class=\"_ _2\"></span>to calc<span class=\"_ _7\"></span>ulate the disco<span class=\"_ _2\"></span>unt rates. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at p<span class=\"_ _7\"></span>urpose, <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>untry-spe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ifi<span class=\"_ _7\"></span>c i<span class=\"_ _7\"></span>nflation di<span class=\"_ _7\"></span>f<span class=\"_ _2\"></span>ferences a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d risk <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>emiums, <span class=\"_ _2\"></span>as wel<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>the sector<span class=\"_ _e\"></span>-<span class=\"_ _6\"></span>speci<span class=\"_ _7\"></span>fic market <span class=\"_ _7\"></span>risk, <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>added <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>risk-fre<span class=\"_ _2\"></span>e inter<span class=\"_ _7\"></span>est <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>te <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>equ<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>etu<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>n o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Ge<span class=\"_ _7\"></span>rman <span class=\"_ _7\"></span>gove<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t bon<span class=\"_ _7\"></span>ds <span class=\"_ _7\"></span>at th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>eporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>date accor<span class=\"_ _7\"></span>ding <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the S<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ensso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ethod). <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>beta <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>actor <span class=\"_ _2\"></span>applied <span class=\"_ _10\"></span>at t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting <span class=\"_ _2\"></span>date <span class=\"_ _2\"></span>was d<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>ermin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> basi<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>a d<span class=\"_ _7\"></span>efine<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> peer gro<span class=\"_ _2\"></span>up. The <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g-term <span class=\"_ _1\"></span>gro<span class=\"_ _2\"></span>wth <span class=\"_ _1\"></span>rates <span class=\"_ _1\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>calculated <span class=\"_ _6\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>reporti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>riod <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>basis <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Compou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>A<span class=\"_ _2\"></span>nn<span class=\"_ _6\"></span>ual <span class=\"_ _1\"></span>Gro<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>th <span class=\"_ _6\"></span>Rate (CAGR) <span class=\"_ _6\"></span>under <span class=\"_ _0\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>pen<span class=\"_ _7\"></span>etrati<span class=\"_ _7\"></span>on <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>espectiv<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>untries <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>be<span class=\"_ _6\"></span>gin <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nverge <span class=\"_ _6\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the curre<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>G<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>pe<span class=\"_ _7\"></span>netratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ate <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>70 <span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>ears <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>m <span class=\"_ _4\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>yea<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>201<span class=\"_ _7\"></span>3. <span class=\"_ _4\"></span>A<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nflation <span class=\"_ _0\"></span>premi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _4\"></span>e<span class=\"_ _7\"></span>qual <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>alf <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>inflatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> included i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>capital cos<span class=\"_ _7\"></span>ts is a<span class=\"_ _2\"></span>dded to the <span class=\"_ _7\"></span>CAGR.<span class=\"_ _3d5\"> </span>IMP<span class=\"_ _2\"></span>AIRMENTS O<span class=\"_ _7\"></span>F REAL ES<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>TE Owner<span class=\"_ _10\"></span>-occupied <span class=\"_ _10\"></span>real <span class=\"_ _e\"></span>estate <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>inves<span class=\"_ _7\"></span>tme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ppraised<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>regula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>intervals <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>by <span class=\"_ _2\"></span>generall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>sworn <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>urt-<span class=\"_ _3d5\"> </span>certifi<span class=\"_ _7\"></span>ed buildi<span class=\"_ _7\"></span>ng and r<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>l es<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ate a<span class=\"_ _7\"></span>ppraisal <span class=\"_ _7\"></span>exper<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span> An <span class=\"_ _0\"></span>impai<span class=\"_ _7\"></span>rment <span class=\"_ _0\"></span>must <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _0\"></span>if <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>air <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>less <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>han <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>carr<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _0\"></span>amou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>(acq<span class=\"_ _7\"></span>uisition <span class=\"_ _0\"></span>cos<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>less <span class=\"_ _0\"></span>acc<span class=\"_ _7\"></span>umulat<span class=\"_ _7\"></span>ed depr<span class=\"_ _7\"></span>eciatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>and <span class=\"_ _1\"></span>impai<span class=\"_ _7\"></span>rments<span class=\"_ _7\"></span>). <span class=\"_ _1\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>case, <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>book <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>written <span class=\"_ _0\"></span>do<span class=\"_ _7\"></span>wn <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>lower <span class=\"_ _1\"></span>fair <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>ference<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>is recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>profit or<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>loss. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>same <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ethod as <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>determin<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fair value <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>propert<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>exceeds <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>book <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>It <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>be <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ermi<span class=\"_ _7\"></span>ned <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>every <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>alance <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>heet <span class=\"_ _0\"></span>da<span class=\"_ _6\"></span>te <span class=\"_ _0\"></span>whe<span class=\"_ _7\"></span>ther <span class=\"_ _0\"></span>there <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>any indicatio<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roperty <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>risen <span class=\"_ _2\"></span>above <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>value. <span class=\"_ _7\"></span>In <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>case, <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>carryi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>amount <span class=\"_ _2\"></span>after <span class=\"_ _2\"></span>revers<span class=\"_ _2\"></span>al<span class=\"_ _6\"></span> of <span class=\"_ _f\"> </span>an <span class=\"_ _f\"> </span>earlie<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ment <span class=\"_ _f\"> </span>m<span class=\"_ _7\"></span>ay <span class=\"_ _f\"> </span>not <span class=\"_ _4\"> </span>e<span class=\"_ _6\"></span>xcee<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>book<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>less<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>accum<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ci<span class=\"_ _7\"></span>ation <span class=\"_ _f\"> </span>befor<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>ea<span class=\"_ _7\"></span>rlier impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. Bo<span class=\"_ _2\"></span>th i<span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> an<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>sal<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ai<span class=\"_ _2\"></span>rm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> ar<span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ed i<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e st<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t. T<span class=\"_ _2\"></span>hey<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>e pr<span class=\"_ _2\"></span>ese<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>d i<span class=\"_ _2\"></span>n No<span class=\"_ _2\"></span>te 9<span class=\"_ _2\"></span>. Note<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> to<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e con<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ol<span class=\"_ _2\"></span>ida<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>me st<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>nt st<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>on<span class=\"_ _7\"></span> pag<span class=\"_ _2\"></span>e 1<span class=\"_ _2\"></span>09. The<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>fai<span class=\"_ _2\"></span>r valu<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the l<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span> hie<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>chy<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>acc<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>din<span class=\"_ _7\"></span>g to IFR<span class=\"_ _2\"></span>S <span class=\"_ _6\"></span>13 ar<span class=\"_ _2\"></span>e pr<span class=\"_ _10\"></span>ese<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>n 1<span class=\"_ _2\"></span>6. <span class=\"_ _2\"></span>Cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>of f<span class=\"_ _2\"></span>air<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>va<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>sta<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>pag<span class=\"_ _2\"></span>e 1<span class=\"_ _2\"></span>19.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-511": {
   "value": "<div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs4ab\">COLLA<span class=\"_ _10\"></span>TERAL <span class=\"_ _2\"></span>V<span class=\"_ _7\"></span>ALUA<span class=\"_ _2\"></span>TION<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>AND <span class=\"_ _7\"></span>REPOSSES<span class=\"_ _7\"></span>SED </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ac\">T<span class=\"_ _e\"></span>o <span class=\"_ _2\"></span>mitigate <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _10\"></span>risks <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>fin<span class=\"_ _7\"></span>ancial <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts, <span class=\"_ _2\"></span>collat<span class=\"_ _7\"></span>eral <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>sought <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>be <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>sed, <span class=\"_ _10\"></span>wher<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>possible. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>collate<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>comes <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>var<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ad\">forms, <span class=\"_ _6\"></span>su<span class=\"_ _6\"></span>ch <span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>mortg<span class=\"_ _7\"></span>ages, <span class=\"_ _1\"></span>sec<span class=\"_ _7\"></span>urities <span class=\"_ _6\"></span>or<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>other <span class=\"_ _1\"></span>types <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>ollate<span class=\"_ _7\"></span>ral. <span class=\"_ _1\"></span>Collater<span class=\"_ _7\"></span>al, <span class=\"_ _1\"></span>unless <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>epossess<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d, <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>recor<span class=\"_ _7\"></span>ded <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ae\">VIG\u2019<span class=\"_ _e\"></span>s <span class=\"_ _3\"> </span>stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nt <span class=\"_ _3\"> </span>of <span class=\"_ _f\"> </span>financial<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>positio<span class=\"_ _7\"></span>n. <span class=\"_ _f\"> </span>Cash <span class=\"_ _3\"> </span>flows<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ecte<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>from<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _f\"> </span>enha<span class=\"_ _7\"></span>ncements<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>which <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>requir<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a37\">recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>separ<span class=\"_ _7\"></span>ately by IFRS sta<span class=\"_ _7\"></span>ndards <span class=\"_ _7\"></span>and which are<span class=\"_ _7\"></span> c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsider<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tegral<span class=\"_ _7\"></span> t<span class=\"_ _6\"></span>o the contra<span class=\"_ _7\"></span>ctual terms<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of a debt instrum<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4af\">which i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>subject <span class=\"_ _2\"></span>to EC<span class=\"_ _7\"></span>L, a<span class=\"_ _2\"></span>re in<span class=\"_ _7\"></span>cluded <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>easurem<span class=\"_ _2\"></span>ent of<span class=\"_ _7\"></span> those <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>C<span class=\"_ _7\"></span>L. <span class=\"_ _2\"></span>O<span class=\"_ _6\"></span>n t<span class=\"_ _7\"></span>his <span class=\"_ _7\"></span>basis, <span class=\"_ _2\"></span>the fai<span class=\"_ _7\"></span>r v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>collateral <span class=\"_ _7\"></span>af<span class=\"_ _7\"></span>fects t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b0\">calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span>.  </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b2\">T<span class=\"_ _e\"></span>o <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>extent<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>possibl<span class=\"_ _7\"></span>e, <span class=\"_ _0\"></span>data <span class=\"_ _1\"></span>from <span class=\"_ _0\"></span>an <span class=\"_ _1\"></span>active <span class=\"_ _1\"></span>market <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>sed<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>valuing <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>eld <span class=\"_ _1\"></span>as <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>olla<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>ral. <span class=\"_ _6\"></span>O<span class=\"_ _6\"></span>ther <span class=\"_ _0\"></span>fina<span class=\"_ _7\"></span>ncial </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs127b\">assets <span class=\"_ _7\"></span>that do<span class=\"_ _7\"></span> not <span class=\"_ _2\"></span>have r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>adil<span class=\"_ _7\"></span>y availa<span class=\"_ _7\"></span>ble ma<span class=\"_ _7\"></span>rket <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ata <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> valued <span class=\"_ _2\"></span>using mo<span class=\"_ _7\"></span>dels. No<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>-fin<span class=\"_ _7\"></span>ancial <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ollate<span class=\"_ _7\"></span>ral, s<span class=\"_ _7\"></span>uch as r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _7\"></span>estate,<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b3\">is valued eit<span class=\"_ _2\"></span>her internally o<span class=\"_ _7\"></span>r based o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> thir<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>parties\u2019 a<span class=\"_ _7\"></span>ppraisal<span class=\"_ _2\"></span>s. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4b5\">The EC<span class=\"_ _2\"></span>L<span class=\"_ _6\"></span> measu<span class=\"_ _7\"></span>reme<span class=\"_ _7\"></span>nt also<span class=\"_ _7\"></span> incl<span class=\"_ _7\"></span>udes irr<span class=\"_ _2\"></span>ev<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>cable a<span class=\"_ _7\"></span>nd u<span class=\"_ _7\"></span>ncondi<span class=\"_ _7\"></span>tional g<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>arantees.<span class=\"_ _3d5\"> </span><span class=\"_ _2\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-534": {
   "value": "Financial<span class=\"_ _7\"></span> liabiliti<span class=\"_ _7\"></span>es MEASUR<span class=\"_ _7\"></span>EMENT C<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>TEGORI<span class=\"_ _7\"></span>ES OF FINANCI<span class=\"_ _2\"></span>AL LIABILI<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>IES Financial l<span class=\"_ _2\"></span>iabilities, oth<span class=\"_ _7\"></span>er than loa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> com<span class=\"_ _7\"></span>mitme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts an<span class=\"_ _7\"></span>d financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l guara<span class=\"_ _7\"></span>ntees, <span class=\"_ _7\"></span>are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>ured a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> AC or <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t FV<span class=\"_ _7\"></span>tPL if t<span class=\"_ _7\"></span>hey ar<span class=\"_ _7\"></span>e hel<span class=\"_ _7\"></span>d for <span class=\"_ _2\"></span>trading <span class=\"_ _2\"></span>or <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _10\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>instr<span class=\"_ _7\"></span>uments <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>if <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. <span class=\"_ _2\"></span>VIG <span class=\"_ _10\"></span>has <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>aterial <span class=\"_ _10\"></span>portfoli<span class=\"_ _7\"></span>o <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>financ<span class=\"_ _7\"></span>ial liabil<span class=\"_ _7\"></span>ities desi<span class=\"_ _7\"></span>gnated m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at FV<span class=\"_ _7\"></span>tPL. All d<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>vatives <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>a nega<span class=\"_ _7\"></span>tive fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue (accordi<span class=\"_ _2\"></span>ng to IF<span class=\"_ _7\"></span>RS 13; d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he basis <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>so-called <span class=\"_ _0\"></span>\u201cdirty <span class=\"_ _0\"></span>fair <span class=\"_ _4\"></span>val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e\u201d, <span class=\"_ _4\"></span>i.e., <span class=\"_ _0\"></span>incl<span class=\"_ _7\"></span>uding <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _2\"></span>est <span class=\"_ _4\"> </span>acc<span class=\"_ _7\"></span>ruals) <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>re <span class=\"_ _0\"></span>prese<span class=\"_ _7\"></span>nted <span class=\"_ _0\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>at <span class=\"_ _0\"></span>FVtPL. Analogo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>assets, <span class=\"_ _f\"> </span>subor<span class=\"_ _2\"></span>dinated <span class=\"_ _f\"> </span>liabiliti<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>\u201cdirty <span class=\"_ _f\"> </span>value\u201d <span class=\"_ _f\"> </span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>with <span class=\"_ _3\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>initial applicati<span class=\"_ _7\"></span>on of I<span class=\"_ _7\"></span>FRS 9.<span class=\"_ _3d5\"> </span>Liabilitie<span class=\"_ _7\"></span>s The liabili<span class=\"_ _7\"></span>ties pr<span class=\"_ _2\"></span>esented in <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>alance s<span class=\"_ _7\"></span>heet consi<span class=\"_ _7\"></span>st of l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties and ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>measur<span class=\"_ _2\"></span>ed in accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IFRS<span class=\"_ _7\"></span> 9<span class=\"_ _7\"></span>. For <span class=\"_ _0\"></span>items <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed <span class=\"_ _4\"></span>ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>IFRS 9,<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>pl<span class=\"_ _7\"></span>ease <span class=\"_ _0\"></span>refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>sta<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>hapter <span class=\"_ _0\"></span>25.4.<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>Fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> instrume<span class=\"_ _7\"></span>nts sta<span class=\"_ _7\"></span>rting on p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ge 163. <span class=\"_ _7\"></span>Th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ot<span class=\"_ _7\"></span>her liabil<span class=\"_ _7\"></span>ities items<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>account<span class=\"_ _7\"></span>ed for <span class=\"_ _7\"></span>at AC.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-524": {
   "value": "Financial<span class=\"_ _7\"></span> liabiliti<span class=\"_ _7\"></span>es MEASUR<span class=\"_ _7\"></span>EMENT C<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>TEGORI<span class=\"_ _7\"></span>ES OF FINANCI<span class=\"_ _2\"></span>AL LIABILI<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>IES Financial l<span class=\"_ _2\"></span>iabilities, oth<span class=\"_ _7\"></span>er than loa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> com<span class=\"_ _7\"></span>mitme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts an<span class=\"_ _7\"></span>d financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l guara<span class=\"_ _7\"></span>ntees, <span class=\"_ _7\"></span>are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>ured a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> AC or <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t FV<span class=\"_ _7\"></span>tPL if t<span class=\"_ _7\"></span>hey ar<span class=\"_ _7\"></span>e hel<span class=\"_ _7\"></span>d for <span class=\"_ _2\"></span>trading <span class=\"_ _2\"></span>or <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _10\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>instr<span class=\"_ _7\"></span>uments <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>if <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. <span class=\"_ _2\"></span>VIG <span class=\"_ _10\"></span>has <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>aterial <span class=\"_ _10\"></span>portfoli<span class=\"_ _7\"></span>o <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>financ<span class=\"_ _7\"></span>ial liabil<span class=\"_ _7\"></span>ities desi<span class=\"_ _7\"></span>gnated m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at FV<span class=\"_ _7\"></span>tPL. All d<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>vatives <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>a nega<span class=\"_ _7\"></span>tive fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue (accordi<span class=\"_ _2\"></span>ng to IF<span class=\"_ _7\"></span>RS 13; d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he basis <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>so-called <span class=\"_ _0\"></span>\u201cdirty <span class=\"_ _0\"></span>fair <span class=\"_ _4\"></span>val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e\u201d, <span class=\"_ _4\"></span>i.e., <span class=\"_ _0\"></span>incl<span class=\"_ _7\"></span>uding <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _2\"></span>est <span class=\"_ _4\"> </span>acc<span class=\"_ _7\"></span>ruals) <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>re <span class=\"_ _0\"></span>prese<span class=\"_ _7\"></span>nted <span class=\"_ _0\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>at <span class=\"_ _0\"></span>FVtPL. Analogo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>assets, <span class=\"_ _f\"> </span>subor<span class=\"_ _2\"></span>dinated <span class=\"_ _f\"> </span>liabiliti<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>\u201cdirty <span class=\"_ _f\"> </span>value\u201d <span class=\"_ _f\"> </span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>with <span class=\"_ _3\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>initial applicati<span class=\"_ _7\"></span>on of I<span class=\"_ _7\"></span>FRS 9.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-486": {
   "value": "Financial<span class=\"_ _7\"></span> liabiliti<span class=\"_ _7\"></span>es MEASUR<span class=\"_ _7\"></span>EMENT C<span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>TEGORI<span class=\"_ _7\"></span>ES OF FINANCI<span class=\"_ _2\"></span>AL LIABILI<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>IES Financial l<span class=\"_ _2\"></span>iabilities, oth<span class=\"_ _7\"></span>er than loa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> com<span class=\"_ _7\"></span>mitme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts an<span class=\"_ _7\"></span>d financi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l guara<span class=\"_ _7\"></span>ntees, <span class=\"_ _7\"></span>are m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>ured a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> AC or <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t FV<span class=\"_ _7\"></span>tPL if t<span class=\"_ _7\"></span>hey ar<span class=\"_ _7\"></span>e hel<span class=\"_ _7\"></span>d for <span class=\"_ _2\"></span>trading <span class=\"_ _2\"></span>or <span class=\"_ _e\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _10\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _2\"></span>instr<span class=\"_ _7\"></span>uments <span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>if <span class=\"_ _2\"></span>they <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>derivati<span class=\"_ _7\"></span>ve <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. <span class=\"_ _2\"></span>VIG <span class=\"_ _10\"></span>has <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>aterial <span class=\"_ _10\"></span>portfoli<span class=\"_ _7\"></span>o <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>financ<span class=\"_ _7\"></span>ial liabil<span class=\"_ _7\"></span>ities desi<span class=\"_ _7\"></span>gnated m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at FV<span class=\"_ _7\"></span>tPL. All d<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>vatives <span class=\"_ _7\"></span>with <span class=\"_ _7\"></span>a nega<span class=\"_ _7\"></span>tive fair <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ue (accordi<span class=\"_ _2\"></span>ng to IF<span class=\"_ _7\"></span>RS 13; d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>termi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he basis <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>so-called <span class=\"_ _0\"></span>\u201cdirty <span class=\"_ _0\"></span>fair <span class=\"_ _4\"></span>val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e\u201d, <span class=\"_ _4\"></span>i.e., <span class=\"_ _0\"></span>incl<span class=\"_ _7\"></span>uding <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ter<span class=\"_ _2\"></span>est <span class=\"_ _4\"> </span>acc<span class=\"_ _7\"></span>ruals) <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>re <span class=\"_ _0\"></span>prese<span class=\"_ _7\"></span>nted <span class=\"_ _0\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>easure<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>at <span class=\"_ _0\"></span>FVtPL. Analogo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>assets, <span class=\"_ _f\"> </span>subor<span class=\"_ _2\"></span>dinated <span class=\"_ _f\"> </span>liabiliti<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>\u201cdirty <span class=\"_ _f\"> </span>value\u201d <span class=\"_ _f\"> </span>starti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>with <span class=\"_ _3\"> </span>th<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>initial applicati<span class=\"_ _7\"></span>on of I<span class=\"_ _7\"></span>FRS 9.<span class=\"_ _3d5\"> </span>DERECOGNI<span class=\"_ _2\"></span>TION <span class=\"_ _7\"></span>AND SI<span class=\"_ _7\"></span>GNIFICAN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span> MODI<span class=\"_ _7\"></span>FICA<span class=\"_ _10\"></span>T<span class=\"_ _6\"></span>ION<span class=\"_ _7\"></span> OF FINANCI<span class=\"_ _2\"></span>AL LIAB<span class=\"_ _7\"></span>ILITIES<span class=\"_ _7\"></span> A <span class=\"_ _0\"></span>financial <span class=\"_ _1\"></span>liability <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>derecog<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>when <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>obligatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>under <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>discharged, <span class=\"_ _1\"></span>cancelled <span class=\"_ _0\"></span>or <span class=\"_ _0\"></span>expi<span class=\"_ _7\"></span>res. <span class=\"_ _0\"></span>Wher<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>an existing <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _1\"></span>liability<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pla<span class=\"_ _7\"></span>ced <span class=\"_ _0\"></span>by <span class=\"_ _1\"></span>another <span class=\"_ _1\"></span>from <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ame <span class=\"_ _1\"></span>lender <span class=\"_ _1\"></span>on <span class=\"_ _0\"></span>substa<span class=\"_ _7\"></span>ntiall<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>terms<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>terms <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>n existing <span class=\"_ _1\"></span>liabil<span class=\"_ _7\"></span>ity <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>subs<span class=\"_ _7\"></span>tantially <span class=\"_ _1\"></span>mo<span class=\"_ _7\"></span>difi<span class=\"_ _7\"></span>ed, <span class=\"_ _1\"></span>such <span class=\"_ _1\"></span>an <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span>chang<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>or <span class=\"_ _0\"></span>modif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>treated<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>derecog<span class=\"_ _7\"></span>nitio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>riginal liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nition <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>ne<span class=\"_ _7\"></span>w <span class=\"_ _1\"></span>liabil<span class=\"_ _7\"></span>ity<span class=\"_ _10\"></span>. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ference between<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>carryi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>value <span class=\"_ _1\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>riginal<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>financial liability <span class=\"_ _6\"></span>and the co<span class=\"_ _7\"></span>nsideratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> paid <span class=\"_ _7\"></span>is r<span class=\"_ _7\"></span>ecognised i<span class=\"_ _2\"></span>n profit o<span class=\"_ _2\"></span>r loss.<span class=\"_ _3d5\"> </span>Liabilitie<span class=\"_ _7\"></span>s The liabili<span class=\"_ _7\"></span>ties pr<span class=\"_ _2\"></span>esented in <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>alance s<span class=\"_ _7\"></span>heet consi<span class=\"_ _7\"></span>st of l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties and ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>measur<span class=\"_ _2\"></span>ed in accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IFRS<span class=\"_ _7\"></span> 9<span class=\"_ _7\"></span>. For <span class=\"_ _0\"></span>items <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed <span class=\"_ _4\"></span>ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>IFRS 9,<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>pl<span class=\"_ _7\"></span>ease <span class=\"_ _0\"></span>refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>sta<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>hapter <span class=\"_ _0\"></span>25.4.<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>Fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> instrume<span class=\"_ _7\"></span>nts sta<span class=\"_ _7\"></span>rting on p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ge 163. <span class=\"_ _7\"></span>Th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ot<span class=\"_ _7\"></span>her liabil<span class=\"_ _7\"></span>ities items<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>account<span class=\"_ _7\"></span>ed for <span class=\"_ _7\"></span>at AC.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-512": {
   "value": "Recogni<span class=\"_ _7\"></span>tion of<span class=\"_ _7\"></span> interest incom<span class=\"_ _2\"></span>e Accor<span class=\"_ _2\"></span>din<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>to <span class=\"_ _4\"> </span>IFRS 9<span class=\"_ _7\"></span>, <span class=\"_ _4\"> </span>inter<span class=\"_ _2\"></span>est <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncome <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>all<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>financial <span class=\"_ _4\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>nder <span class=\"_ _4\"> </span>IFRS 9 <span class=\"_ _4\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>at <span class=\"_ _4\"> </span>AC <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _0\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>FVtOCI<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>is recor<span class=\"_ _2\"></span>ded <span class=\"_ _4\"></span>usi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>ef<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ve <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>nter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>ethod. <span class=\"_ _4\"></span>T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>EIR <span class=\"_ _4\"></span>is <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ate <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>exactly <span class=\"_ _0\"></span>disco<span class=\"_ _7\"></span>unts <span class=\"_ _4\"></span>es<span class=\"_ _2\"></span>timated <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>uture <span class=\"_ _0\"></span>cash <span class=\"_ _0\"></span>recei<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>s thro<span class=\"_ _7\"></span>ugh <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>life <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>or<span class=\"_ _10\"></span>, <span class=\"_ _10\"></span>when <span class=\"_ _2\"></span>appr<span class=\"_ _7\"></span>opriate, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>horter <span class=\"_ _2\"></span>period, <span class=\"_ _e\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>gross <span class=\"_ _e\"></span>book <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ancial<span class=\"_ _7\"></span> asset. <span class=\"_ _7\"></span> The EI<span class=\"_ _7\"></span>R and th<span class=\"_ _7\"></span>erefor<span class=\"_ _2\"></span>e, the <span class=\"_ _7\"></span>amortis<span class=\"_ _7\"></span>ed cost o<span class=\"_ _7\"></span>f the fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> ass<span class=\"_ _7\"></span>et, is calc<span class=\"_ _7\"></span>ulated <span class=\"_ _7\"></span>by taki<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g into <span class=\"_ _7\"></span>acco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt tra<span class=\"_ _7\"></span>nsaction <span class=\"_ _7\"></span>costs a<span class=\"_ _7\"></span>nd any disco<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nt or premi<span class=\"_ _2\"></span>um on acquisi<span class=\"_ _7\"></span>tion of the fin<span class=\"_ _7\"></span>ancial asse<span class=\"_ _2\"></span>t a<span class=\"_ _6\"></span>s well as f<span class=\"_ _7\"></span>ees and costs t<span class=\"_ _7\"></span>hat are a<span class=\"_ _7\"></span>n integ<span class=\"_ _7\"></span>ral part of the <span class=\"_ _7\"></span>EIR. Interes<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> income is recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised using a rate <span class=\"_ _6\"></span>of ret<span class=\"_ _7\"></span>urn<span class=\"_ _6\"></span> that <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sents the best estimate of a constant rate of <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>turn <span class=\"_ _6\"></span>ove<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>the expecte<span class=\"_ _7\"></span>d lif<span class=\"_ _7\"></span>e of the deb<span class=\"_ _7\"></span>t instr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ment.<span class=\"_ _7\"></span> For fl<span class=\"_ _7\"></span>oati<span class=\"_ _7\"></span>ng-rate <span class=\"_ _2\"></span>financial <span class=\"_ _2\"></span>instrum<span class=\"_ _2\"></span>ents, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>periodic <span class=\"_ _2\"></span>re-fix<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>coupon <span class=\"_ _2\"></span>rates <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>flecti<span class=\"_ _7\"></span>ng t<span class=\"_ _2\"></span>he mo<span class=\"_ _7\"></span>veme<span class=\"_ _7\"></span>nts <span class=\"_ _2\"></span>in i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>terest <span class=\"_ _10\"></span>rates <span class=\"_ _2\"></span>alters the ef<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ve inter<span class=\"_ _7\"></span>est <span class=\"_ _7\"></span>rate. The item <span class=\"_ _2\"></span>inter<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>venues <span class=\"_ _7\"></span>usi<span class=\"_ _7\"></span>ng th<span class=\"_ _7\"></span>e ef<span class=\"_ _2\"></span>fective i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t rate <span class=\"_ _7\"></span>method <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly <span class=\"_ _7\"></span>includ<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>interes<span class=\"_ _2\"></span>t on <span class=\"_ _7\"></span>financial <span class=\"_ _2\"></span>instrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ed at AC or <span class=\"_ _7\"></span>measur<span class=\"_ _2\"></span>ed at <span class=\"_ _7\"></span>FVtOCI. The <span class=\"_ _6\"></span>item inter<span class=\"_ _7\"></span>est <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>venue other inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>udes interest from<span class=\"_ _7\"></span> financial assets measur<span class=\"_ _7\"></span>ed at <span class=\"_ _6\"></span>FVtP<span class=\"_ _7\"></span>L, <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>is also measure<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>based on the de<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ivatio<span class=\"_ _7\"></span>n of t<span class=\"_ _7\"></span>he ef<span class=\"_ _7\"></span>fective in<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>e.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-488": {
   "value": "Repur<span class=\"_ _7\"></span>chase and r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>vers<span class=\"_ _7\"></span>e repur<span class=\"_ _7\"></span>chase agr<span class=\"_ _7\"></span>eem<span class=\"_ _7\"></span>ents Securities <span class=\"_ _1\"></span>sold <span class=\"_ _6\"></span>under <span class=\"_ _1\"></span>agreem<span class=\"_ _2\"></span>ents <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>repur<span class=\"_ _2\"></span>chase <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>dere<span class=\"_ _7\"></span>cognise<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>from <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>balance <span class=\"_ _1\"></span>sheet <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>substan<span class=\"_ _7\"></span>tially <span class=\"_ _1\"></span>all <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>e risks an<span class=\"_ _6\"></span>d rew<span class=\"_ _7\"></span>ards of ownership are retain<span class=\"_ _7\"></span>ed. <span class=\"_ _6\"></span>The correspo<span class=\"_ _2\"></span>nding c<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>receiv<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>is recog<span class=\"_ _7\"></span>nised in<span class=\"_ _6\"></span> the <span class=\"_ _6\"></span>consoli<span class=\"_ _7\"></span>dated balanc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> sheet as an asset with a c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rr<span class=\"_ _7\"></span>esponding<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>obligation<span class=\"_ _7\"></span> t<span class=\"_ _6\"></span>o ret<span class=\"_ _2\"></span>ur<span class=\"_ _6\"></span>n it, including accr<span class=\"_ _7\"></span>ued inter<span class=\"_ _7\"></span>est as a <span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ity within cash coll<span class=\"_ _7\"></span>ater<span class=\"_ _7\"></span>al on <span class=\"_ _1\"></span>securities<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lent <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>rep<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>chase <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>gr<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ents. <span class=\"_ _1\"></span>This<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>refl<span class=\"_ _7\"></span>ects <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>tran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action\u2019<span class=\"_ _e\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>economic<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>subst<span class=\"_ _7\"></span>ance <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>loan<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>VIG. <span class=\"_ _1\"></span>The dif<span class=\"_ _2\"></span>ference bet<span class=\"_ _7\"></span>ween th<span class=\"_ _7\"></span>e sale <span class=\"_ _7\"></span>and r<span class=\"_ _2\"></span>epurch<span class=\"_ _7\"></span>ase price is<span class=\"_ _7\"></span> tr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ate<span class=\"_ _7\"></span>d as <span class=\"_ _7\"></span>interes<span class=\"_ _2\"></span>t expense a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d is d<span class=\"_ _7\"></span>eferr<span class=\"_ _7\"></span>ed o<span class=\"_ _7\"></span>ver th<span class=\"_ _7\"></span>e life of<span class=\"_ _7\"></span> agre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ment. <span class=\"_ _2\"></span> By <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trast, <span class=\"_ _0\"></span>securities <span class=\"_ _0\"></span>pur<span class=\"_ _7\"></span>chas<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>under <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>everse <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ep<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rc<span class=\"_ _7\"></span>hase <span class=\"_ _4\"></span>agr<span class=\"_ _2\"></span>eements <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ecognised <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>ba<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>nce <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eet. <span class=\"_ _0\"></span>The amount <span class=\"_ _1\"></span>paid, <span class=\"_ _0\"></span>includi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>defe<span class=\"_ _7\"></span>rred <span class=\"_ _1\"></span>inter<span class=\"_ _7\"></span>est, <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>cord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>balance <span class=\"_ _0\"></span>shee<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>within <span class=\"_ _1\"></span>loans <span class=\"_ _0\"></span>meas<span class=\"_ _7\"></span>ured <span class=\"_ _1\"></span>at <span class=\"_ _0\"></span>AC. <span class=\"_ _0\"></span>The <span class=\"_ _1\"></span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nce between <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>urch<span class=\"_ _7\"></span>ase an<span class=\"_ _7\"></span>d res<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>le p<span class=\"_ _7\"></span>rice is s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>own i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the corr<span class=\"_ _2\"></span>esponding <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>urr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt in<span class=\"_ _7\"></span>come posi<span class=\"_ _7\"></span>tio<span class=\"_ _7\"></span>n using t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e EI<span class=\"_ _7\"></span>R.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-487": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2a65\">25.5.<span class=\"ff4a\"> </span>Goodwill<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a66\">Go<span class=\"_ _2\"></span>od<span class=\"_ _2\"></span>wil<span class=\"_ _2\"></span>l <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>re<span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _e\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>fu<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>cur<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>y <span class=\"_ _e\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _e\"></span>re<span class=\"_ _2\"></span>sp<span class=\"_ _7\"></span>ec<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>uni<span class=\"_ _2\"></span>t.<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>It<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>at<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>AC<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>nus<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ac<span class=\"_ _7\"></span>cu<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>lo<span class=\"_ _7\"></span>ss<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a67\">In<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> in<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> eq<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>ty<span class=\"_ _2\"></span> co<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>oli<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>ni<span class=\"_ _7\"></span>es,<span class=\"_ _2\"></span> go<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>dw<span class=\"_ _7\"></span>il<span class=\"_ _2\"></span>l i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>n t<span class=\"_ _2\"></span>he <span class=\"_ _7\"></span>am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>rt<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>boo<span class=\"_ _2\"></span>k <span class=\"_ _2\"></span>valu<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> in<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>. </div>Impairm<span class=\"_ _7\"></span>ents Fo<span class=\"_ _2\"></span>r <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>urp<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>of<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>te<span class=\"_ _2\"></span>sti<span class=\"_ _2\"></span>ng <span class=\"_ _4\"> </span>goo<span class=\"_ _2\"></span>dwi<span class=\"_ _2\"></span>ll,<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>the<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ari<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>ned<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>fo<span class=\"_ _2\"></span>rm <span class=\"_ _4\"> </span>ca<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>h-<span class=\"_ _7\"></span>ge<span class=\"_ _2\"></span>ner<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>un<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>(<span class=\"_ _7\"></span>C<span class=\"_ _7\"></span>GU<span class=\"_ _2\"></span>s)<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>the<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>l<span class=\"_ _2\"></span>eve<span class=\"_ _7\"></span>l <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>f g<span class=\"_ _7\"></span>eo<span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>hi<span class=\"_ _7\"></span>cal<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span>ri<span class=\"_ _2\"></span>es.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>C<span class=\"_ _7\"></span>GUs<span class=\"_ _2\"></span>, <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>basi<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>whi<span class=\"_ _2\"></span>ch <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>te<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>con<span class=\"_ _2\"></span>duc<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _7\"></span>rr<span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>op<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> s<span class=\"_ _7\"></span>eg<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>re<span class=\"_ _2\"></span>cove<span class=\"_ _2\"></span>rab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty <span class=\"_ _10\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>tra<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>k <span class=\"_ _e\"></span>rig<span class=\"_ _2\"></span>hts <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>ad<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nal<span class=\"_ _2\"></span>ly <span class=\"_ _e\"></span>tes<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>vi<span class=\"_ _2\"></span>dual<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>by<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ap<span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _e\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>-f<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>m-<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>yal<span class=\"_ _2\"></span>ty <span class=\"_ _10\"></span>me<span class=\"_ _7\"></span>th<span class=\"_ _2\"></span>od. In<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nta<span class=\"_ _7\"></span>ngi<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ets<span class=\"_ _2\"></span> wi<span class=\"_ _2\"></span>th<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nde<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> l<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>(go<span class=\"_ _2\"></span>odw<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>ll <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>it<span class=\"_ _7\"></span>ali<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>k <span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span>), <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>mp<span class=\"_ _7\"></span>ai<span class=\"_ _7\"></span>rm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>st<span class=\"_ _7\"></span> is al<span class=\"_ _2\"></span>so<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>dur<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>yea<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>espo<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>e to<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>tri<span class=\"_ _2\"></span>gge<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g e<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>ut <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>end<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> e<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ry<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>nana<span class=\"_ _2\"></span>ci<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> y<span class=\"_ _2\"></span>ear<span class=\"_ _5\"></span>. As a g<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>neral<span class=\"_ _7\"></span> rule, <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>value i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> use<span class=\"_ _7\"></span> dete<span class=\"_ _7\"></span>rmined b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> appl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n of<span class=\"_ _7\"></span> the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come-b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sh f<span class=\"_ _7\"></span>low m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thod is<span class=\"_ _7\"></span> appl<span class=\"_ _7\"></span>ied as the<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>coverabl<span class=\"_ _7\"></span>e amo<span class=\"_ _2\"></span>unt of <span class=\"_ _7\"></span>the C<span class=\"_ _7\"></span>GU. <span class=\"_ _7\"></span>In t<span class=\"_ _7\"></span>hose cas<span class=\"_ _2\"></span>es in <span class=\"_ _7\"></span>which th<span class=\"_ _7\"></span>e val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e in <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se i<span class=\"_ _7\"></span>s less <span class=\"_ _2\"></span>than t<span class=\"_ _7\"></span>he car<span class=\"_ _7\"></span>rying <span class=\"_ _7\"></span>amount,<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he bo<span class=\"_ _7\"></span>ok value less <span class=\"_ _6\"></span>cos<span class=\"_ _7\"></span>ts t<span class=\"_ _6\"></span>o sell is de<span class=\"_ _6\"></span>termin<span class=\"_ _7\"></span>ed additional<span class=\"_ _7\"></span>ly<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>T<span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>ailing stock exch<span class=\"_ _7\"></span>ange multiples ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ied to <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ne the <span class=\"_ _6\"></span>fair value less costs<span class=\"_ _7\"></span> to sell.<span class=\"_ _2\"></span> For <span class=\"_ _0\"></span>determining<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>value <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>use, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>availabl<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>fl<span class=\"_ _7\"></span>ows <span class=\"_ _0\"></span>over <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>ve <span class=\"_ _0\"></span>p<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>ears<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>fter <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rpetu<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _0\"></span>annuity <span class=\"_ _0\"></span>are discou<span class=\"_ _7\"></span>nted <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>esent <span class=\"_ _0\"></span>value. <span class=\"_ _4\"></span>D<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nversio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>as <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Jan<span class=\"_ _7\"></span>uary <span class=\"_ _4\"></span>2<span class=\"_ _7\"></span>023, <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>budget <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span>ecasts <span class=\"_ _0\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>also adapted to the <span class=\"_ _6\"></span>IFRS 1<span class=\"_ _7\"></span>7 struct<span class=\"_ _7\"></span>ure. <span class=\"_ _6\"></span>All subsidi<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ies prep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> detailed budget for<span class=\"_ _2\"></span>ecasts <span class=\"_ _6\"></span>for thr<span class=\"_ _7\"></span>ee years <span class=\"_ _6\"></span>in the respe<span class=\"_ _7\"></span>ctive local curre<span class=\"_ _7\"></span>ncy<span class=\"_ _e\"></span>, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>discusse<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>meetings <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>S<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>per<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>subje<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>plausibil<span class=\"_ _7\"></span>ity <span class=\"_ _0\"></span>check <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>part <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the planning<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntrol <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>cess. <span class=\"_ _4\"></span>Th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>budget <span class=\"_ _4\"></span>for<span class=\"_ _2\"></span>ecast <span class=\"_ _4\"> </span>for <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>next <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>wo <span class=\"_ _4\"></span>yea<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>perpetu<span class=\"_ _7\"></span>al <span class=\"_ _4\"> </span>ann<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ity <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>prep<span class=\"_ _2\"></span>ared <span class=\"_ _0\"></span>by<span class=\"_ _6\"></span> for<span class=\"_ _7\"></span>ecasting <span class=\"_ _4\"> </span>key <span class=\"_ _f\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>amet<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs <span class=\"_ _4\"> </span>(c<span class=\"_ _6\"></span>ombi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>ratios, <span class=\"_ _4\"> </span>premi<span class=\"_ _7\"></span>um <span class=\"_ _4\"> </span>developm<span class=\"_ _7\"></span>ent, <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncome) <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>basis <span class=\"_ _4\"> </span>of <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>eir <span class=\"_ _4\"> </span>h<span class=\"_ _6\"></span>istoric<span class=\"_ _7\"></span>al developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ectatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>future <span class=\"_ _10\"></span>developm<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>markets. <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>re, <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>forec<span class=\"_ _7\"></span>ast <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flows <span class=\"_ _2\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>perpet<span class=\"_ _7\"></span>ual annuity <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>deeme<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>sustai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>able. <span class=\"_ _1\"></span>The <span class=\"_ _0\"></span>closi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>exchange <span class=\"_ _1\"></span>rate <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>D<span class=\"_ _7\"></span>ecembe<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nanacial <span class=\"_ _1\"></span>year <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for converti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the <span class=\"_ _7\"></span>amounts i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to eur<span class=\"_ _7\"></span>os.<span class=\"_ _7\"></span> Clim<span class=\"_ _7\"></span>ate <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isks <span class=\"_ _2\"></span>are<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>take<span class=\"_ _7\"></span>n i<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>consider<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n in<span class=\"_ _2\"></span> the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>best <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>under<span class=\"_ _7\"></span>writing <span class=\"_ _2\"></span>provis<span class=\"_ _7\"></span>ions<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>efore<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expected <span class=\"_ _10\"></span>cash flows <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>pplie<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>for <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>purpose <span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment <span class=\"_ _1\"></span>testi<span class=\"_ _7\"></span>ng. <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>of<span class=\"_ _7\"></span>fers <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>gai<span class=\"_ _7\"></span>nst <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>jor <span class=\"_ _6\"></span>weather <span class=\"_ _6\"></span>events, <span class=\"_ _1\"></span>subje<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>strict<span class=\"_ _7\"></span> reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e guidel<span class=\"_ _7\"></span>ines.<span class=\"_ _3d5\"> </span>All <span class=\"_ _4\"> </span>insurance <span class=\"_ _4\"> </span>service<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>ass<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>s <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>ttributed<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>CG<span class=\"_ _6\"></span>Us.<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>Th<span class=\"_ _6\"></span>ese <span class=\"_ _4\"></span>assets<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nclude <span class=\"_ _4\"></span>all <span class=\"_ _4\"> </span>capitalised<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _4\"> </span>portfoli<span class=\"_ _7\"></span>os <span class=\"_ _4\"> </span>and customer  bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s,  capital  investm<span class=\"_ _7\"></span>ents,  r<span class=\"_ _7\"></span>eceivabl<span class=\"_ _7\"></span>es  and <span class=\"_ _12\"> </span>o<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her  a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts,  in  addition  to  goodwil<span class=\"_ _7\"></span>l  an<span class=\"_ _6\"></span>d  tradem<span class=\"_ _7\"></span>ark  right<span class=\"_ _7\"></span>s. Under<span class=\"_ _7\"></span>writing <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isions and <span class=\"_ _6\"></span>curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>ded<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cted from <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>book <span class=\"_ _6\"></span>valu<span class=\"_ _7\"></span>es. <span class=\"_ _6\"></span>Assets <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g, <span class=\"_ _6\"></span>but used by the <span class=\"_ _6\"></span>oper<span class=\"_ _7\"></span>ating companies are att<span class=\"_ _7\"></span>ribute<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>CGU<span class=\"_ _2\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the form <span class=\"_ _6\"></span>of corpo<span class=\"_ _7\"></span>rate a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts. Thus, <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e cash <span class=\"_ _6\"></span>flows of the CGUs ar<span class=\"_ _2\"></span>e adjusted f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e depr<span class=\"_ _7\"></span>eciatio<span class=\"_ _2\"></span>n and amor<span class=\"_ _7\"></span>tisation of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e at<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ribut<span class=\"_ _7\"></span>ed corpo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts.<span class=\"_ _7\"></span> A capi<span class=\"_ _7\"></span>tal cos<span class=\"_ _7\"></span>t ra<span class=\"_ _7\"></span>te (b<span class=\"_ _7\"></span>efore<span class=\"_ _2\"></span> taxes) d<span class=\"_ _2\"></span>etermined o<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>basis of<span class=\"_ _2\"></span> the C<span class=\"_ _2\"></span>apital Ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t P<span class=\"_ _7\"></span>ricing M<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>del <span class=\"_ _7\"></span>(CAPM) <span class=\"_ _7\"></span>is a<span class=\"_ _7\"></span>pplied <span class=\"_ _2\"></span>to calc<span class=\"_ _7\"></span>ulate the disco<span class=\"_ _2\"></span>unt rates. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at p<span class=\"_ _7\"></span>urpose, <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>untry-spe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ifi<span class=\"_ _7\"></span>c i<span class=\"_ _7\"></span>nflation di<span class=\"_ _7\"></span>f<span class=\"_ _2\"></span>ferences a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d risk <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>emiums, <span class=\"_ _2\"></span>as wel<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>the sector<span class=\"_ _e\"></span>-<span class=\"_ _6\"></span>speci<span class=\"_ _7\"></span>fic market <span class=\"_ _7\"></span>risk, <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>added <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>risk-fre<span class=\"_ _2\"></span>e inter<span class=\"_ _7\"></span>est <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>te <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>equ<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>etu<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>n o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Ge<span class=\"_ _7\"></span>rman <span class=\"_ _7\"></span>gove<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t bon<span class=\"_ _7\"></span>ds <span class=\"_ _7\"></span>at th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>eporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>date accor<span class=\"_ _7\"></span>ding <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the S<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ensso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ethod). <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>beta <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>actor <span class=\"_ _2\"></span>applied <span class=\"_ _10\"></span>at t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting <span class=\"_ _2\"></span>date <span class=\"_ _2\"></span>was d<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>ermin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> basi<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>a d<span class=\"_ _7\"></span>efine<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> peer gro<span class=\"_ _2\"></span>up. The <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g-term <span class=\"_ _1\"></span>gro<span class=\"_ _2\"></span>wth <span class=\"_ _1\"></span>rates <span class=\"_ _1\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>calculated <span class=\"_ _6\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>reporti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>riod <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>basis <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Compou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>A<span class=\"_ _2\"></span>nn<span class=\"_ _6\"></span>ual <span class=\"_ _1\"></span>Gro<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>th <span class=\"_ _6\"></span>Rate (CAGR) <span class=\"_ _6\"></span>under <span class=\"_ _0\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>pen<span class=\"_ _7\"></span>etrati<span class=\"_ _7\"></span>on <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>espectiv<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>untries <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>be<span class=\"_ _6\"></span>gin <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nverge <span class=\"_ _6\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the curre<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>G<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>pe<span class=\"_ _7\"></span>netratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ate <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>70 <span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>ears <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>m <span class=\"_ _4\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>yea<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>201<span class=\"_ _7\"></span>3. <span class=\"_ _4\"></span>A<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nflation <span class=\"_ _0\"></span>premi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _4\"></span>e<span class=\"_ _7\"></span>qual <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>alf <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>inflatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> included i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>capital cos<span class=\"_ _7\"></span>ts is a<span class=\"_ _2\"></span>dded to the <span class=\"_ _7\"></span>CAGR.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-460": {
   "value": "25.5.<span class=\"ff4a\"> </span>Goodwill<span class=\"_ _7\"></span> Go<span class=\"_ _2\"></span>od<span class=\"_ _2\"></span>wil<span class=\"_ _2\"></span>l <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>re<span class=\"_ _2\"></span>co<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _e\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>fu<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>cur<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>y <span class=\"_ _e\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _e\"></span>re<span class=\"_ _2\"></span>sp<span class=\"_ _7\"></span>ec<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>uni<span class=\"_ _2\"></span>t.<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>It<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>me<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _2\"></span>ed<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>at<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>AC<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>nus<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ac<span class=\"_ _7\"></span>cu<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>lo<span class=\"_ _7\"></span>ss<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>. In<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>of s<span class=\"_ _2\"></span>har<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> in<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> eq<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>ty<span class=\"_ _2\"></span> co<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>oli<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>ted<span class=\"_ _2\"></span> co<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>ni<span class=\"_ _7\"></span>es,<span class=\"_ _2\"></span> go<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>dw<span class=\"_ _7\"></span>il<span class=\"_ _2\"></span>l i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>ncl<span class=\"_ _2\"></span>ude<span class=\"_ _2\"></span>d i<span class=\"_ _2\"></span>n t<span class=\"_ _2\"></span>he <span class=\"_ _7\"></span>am<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>rt<span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>boo<span class=\"_ _2\"></span>k <span class=\"_ _2\"></span>valu<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> in<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>.<div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2973\">Impairm<span class=\"_ _7\"></span>ents </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4df\">Fo<span class=\"_ _2\"></span>r <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>urp<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>of<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>te<span class=\"_ _2\"></span>sti<span class=\"_ _2\"></span>ng <span class=\"_ _4\"> </span>goo<span class=\"_ _2\"></span>dwi<span class=\"_ _2\"></span>ll,<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>the<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ari<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>ned<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>fo<span class=\"_ _2\"></span>rm <span class=\"_ _4\"> </span>ca<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>h-<span class=\"_ _7\"></span>ge<span class=\"_ _2\"></span>ner<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>un<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>(<span class=\"_ _7\"></span>C<span class=\"_ _7\"></span>GU<span class=\"_ _2\"></span>s)<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>the<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>l<span class=\"_ _2\"></span>eve<span class=\"_ _7\"></span>l <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>f </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e0\">g<span class=\"_ _7\"></span>eo<span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>hi<span class=\"_ _7\"></span>cal<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span>ri<span class=\"_ _2\"></span>es.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>C<span class=\"_ _7\"></span>GUs<span class=\"_ _2\"></span>, <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>basi<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>whi<span class=\"_ _2\"></span>ch <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>te<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>con<span class=\"_ _2\"></span>duc<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _7\"></span>rr<span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>op<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e1\">s<span class=\"_ _7\"></span>eg<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>re<span class=\"_ _2\"></span>cove<span class=\"_ _2\"></span>rab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty <span class=\"_ _10\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>tra<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>k <span class=\"_ _e\"></span>rig<span class=\"_ _2\"></span>hts <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>ad<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nal<span class=\"_ _2\"></span>ly <span class=\"_ _e\"></span>tes<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>vi<span class=\"_ _2\"></span>dual<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>by<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ap<span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _e\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>-f<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>m-<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>yal<span class=\"_ _2\"></span>ty <span class=\"_ _10\"></span>me<span class=\"_ _7\"></span>th<span class=\"_ _2\"></span>od. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e2\">In<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nta<span class=\"_ _7\"></span>ngi<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ets<span class=\"_ _2\"></span> wi<span class=\"_ _2\"></span>th<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nde<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> l<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>(go<span class=\"_ _2\"></span>odw<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>ll <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>it<span class=\"_ _7\"></span>ali<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>k <span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span>), <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>mp<span class=\"_ _7\"></span>ai<span class=\"_ _7\"></span>rm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>st<span class=\"_ _7\"></span> is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e3\">al<span class=\"_ _2\"></span>so<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>dur<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>yea<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>espo<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>e to<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>tri<span class=\"_ _2\"></span>gge<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g e<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>ut <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>end<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> e<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ry<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>nana<span class=\"_ _2\"></span>ci<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> y<span class=\"_ _2\"></span>ear<span class=\"_ _5\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2974\">As a g<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>neral<span class=\"_ _7\"></span> rule, <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>value i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> use<span class=\"_ _7\"></span> dete<span class=\"_ _7\"></span>rmined b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> appl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n of<span class=\"_ _7\"></span> the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come-b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sh f<span class=\"_ _7\"></span>low m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thod is<span class=\"_ _7\"></span> appl<span class=\"_ _7\"></span>ied </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e5\">as the<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>coverabl<span class=\"_ _7\"></span>e amo<span class=\"_ _2\"></span>unt of <span class=\"_ _7\"></span>the C<span class=\"_ _7\"></span>GU. <span class=\"_ _7\"></span>In t<span class=\"_ _7\"></span>hose cas<span class=\"_ _2\"></span>es in <span class=\"_ _7\"></span>which th<span class=\"_ _7\"></span>e val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e in <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se i<span class=\"_ _7\"></span>s less <span class=\"_ _2\"></span>than t<span class=\"_ _7\"></span>he car<span class=\"_ _7\"></span>rying <span class=\"_ _7\"></span>amount,<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he bo<span class=\"_ _7\"></span>ok </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e6\">value less <span class=\"_ _6\"></span>cos<span class=\"_ _7\"></span>ts t<span class=\"_ _6\"></span>o sell is de<span class=\"_ _6\"></span>termin<span class=\"_ _7\"></span>ed additional<span class=\"_ _7\"></span>ly<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>T<span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>ailing stock exch<span class=\"_ _7\"></span>ange multiples ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ied to <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ne the <span class=\"_ _6\"></span>fair value </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e7\">less costs<span class=\"_ _7\"></span> to sell.<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4e9\">For <span class=\"_ _0\"></span>determining<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>value <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>use, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>availabl<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>fl<span class=\"_ _7\"></span>ows <span class=\"_ _0\"></span>over <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>ve <span class=\"_ _0\"></span>p<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>ears<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>fter <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rpetu<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _0\"></span>annuity <span class=\"_ _0\"></span>are </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ea\">discou<span class=\"_ _7\"></span>nted <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>esent <span class=\"_ _0\"></span>value. <span class=\"_ _4\"></span>D<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nversio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>as <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Jan<span class=\"_ _7\"></span>uary <span class=\"_ _4\"></span>2<span class=\"_ _7\"></span>023, <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>budget <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span>ecasts <span class=\"_ _0\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>also </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4eb\">adapted to the <span class=\"_ _6\"></span>IFRS 1<span class=\"_ _7\"></span>7 struct<span class=\"_ _7\"></span>ure. <span class=\"_ _6\"></span>All subsidi<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ies prep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> detailed budget for<span class=\"_ _2\"></span>ecasts <span class=\"_ _6\"></span>for thr<span class=\"_ _7\"></span>ee years <span class=\"_ _6\"></span>in the respe<span class=\"_ _7\"></span>ctive local </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ec\">curre<span class=\"_ _7\"></span>ncy<span class=\"_ _e\"></span>, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>discusse<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>meetings <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>S<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>per<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>subje<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>plausibil<span class=\"_ _7\"></span>ity <span class=\"_ _0\"></span>check <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>part <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a69\">planning<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntrol <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>cess. <span class=\"_ _4\"></span>Th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>budget <span class=\"_ _4\"></span>for<span class=\"_ _2\"></span>ecast <span class=\"_ _4\"> </span>for <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>next <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>wo <span class=\"_ _4\"></span>yea<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>perpetu<span class=\"_ _7\"></span>al <span class=\"_ _4\"> </span>ann<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ity <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>prep<span class=\"_ _2\"></span>ared <span class=\"_ _0\"></span>by<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ed\">for<span class=\"_ _7\"></span>ecasting <span class=\"_ _4\"> </span>key <span class=\"_ _f\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>amet<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs <span class=\"_ _4\"> </span>(c<span class=\"_ _6\"></span>ombi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>ratios, <span class=\"_ _4\"> </span>premi<span class=\"_ _7\"></span>um <span class=\"_ _4\"> </span>developm<span class=\"_ _7\"></span>ent, <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncome) <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>basis <span class=\"_ _4\"> </span>of <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>eir <span class=\"_ _4\"> </span>h<span class=\"_ _6\"></span>istoric<span class=\"_ _7\"></span>al </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ee\">developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ectatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>future <span class=\"_ _10\"></span>developm<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>markets. <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>re, <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>forec<span class=\"_ _7\"></span>ast <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flows <span class=\"_ _2\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>perpet<span class=\"_ _7\"></span>ual </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4ef\">annuity <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>deeme<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>sustai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>able. <span class=\"_ _1\"></span>The <span class=\"_ _0\"></span>closi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>exchange <span class=\"_ _1\"></span>rate <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>D<span class=\"_ _7\"></span>ecembe<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nanacial <span class=\"_ _1\"></span>year <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f0\">converti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the <span class=\"_ _7\"></span>amounts i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to eur<span class=\"_ _7\"></span>os.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f2\">Clim<span class=\"_ _7\"></span>ate <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isks <span class=\"_ _2\"></span>are<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>take<span class=\"_ _7\"></span>n i<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>consider<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n in<span class=\"_ _2\"></span> the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>best <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>under<span class=\"_ _7\"></span>writing <span class=\"_ _2\"></span>provis<span class=\"_ _7\"></span>ions<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>efore<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expected <span class=\"_ _10\"></span>cash </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f3\">flows <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>pplie<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>for <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>purpose <span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment <span class=\"_ _1\"></span>testi<span class=\"_ _7\"></span>ng. <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>of<span class=\"_ _7\"></span>fers <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>gai<span class=\"_ _7\"></span>nst <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>jor <span class=\"_ _6\"></span>weather <span class=\"_ _6\"></span>events, <span class=\"_ _1\"></span>subje<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>strict<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4f4\">reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e guidel<span class=\"_ _7\"></span>ines.<span class=\"_ _3d5\"> </span><span class=\"ff4a\"> <span class=\"_ _1dc\"> </span></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a6b\">All <span class=\"_ _4\"> </span>insurance <span class=\"_ _4\"> </span>service<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>ass<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>s <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>ttributed<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>CG<span class=\"_ _6\"></span>Us.<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>Th<span class=\"_ _6\"></span>ese <span class=\"_ _4\"></span>assets<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nclude <span class=\"_ _4\"></span>all <span class=\"_ _4\"> </span>capitalised<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _4\"> </span>portfoli<span class=\"_ _7\"></span>os <span class=\"_ _4\"> </span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2951\">customer  bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s,  capital  investm<span class=\"_ _7\"></span>ents,  r<span class=\"_ _7\"></span>eceivabl<span class=\"_ _7\"></span>es  and <span class=\"_ _12\"> </span>o<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her  a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts,  in  addition  to  goodwil<span class=\"_ _7\"></span>l  an<span class=\"_ _6\"></span>d  tradem<span class=\"_ _7\"></span>ark  right<span class=\"_ _7\"></span>s. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a6c\">Under<span class=\"_ _7\"></span>writing <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isions and <span class=\"_ _6\"></span>curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>ded<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cted from <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>book <span class=\"_ _6\"></span>valu<span class=\"_ _7\"></span>es. <span class=\"_ _6\"></span>Assets <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g, <span class=\"_ _6\"></span>but </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2952\">used by the <span class=\"_ _6\"></span>oper<span class=\"_ _7\"></span>ating companies are att<span class=\"_ _7\"></span>ribute<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>CGU<span class=\"_ _2\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the form <span class=\"_ _6\"></span>of corpo<span class=\"_ _7\"></span>rate a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts. Thus, <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e cash <span class=\"_ _6\"></span>flows of the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a6d\">CGUs ar<span class=\"_ _2\"></span>e adjusted f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e depr<span class=\"_ _7\"></span>eciatio<span class=\"_ _2\"></span>n and amor<span class=\"_ _7\"></span>tisation of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e at<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ribut<span class=\"_ _7\"></span>ed corpo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a6e\">A capi<span class=\"_ _7\"></span>tal cos<span class=\"_ _7\"></span>t ra<span class=\"_ _7\"></span>te (b<span class=\"_ _7\"></span>efore<span class=\"_ _2\"></span> taxes) d<span class=\"_ _2\"></span>etermined o<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>basis of<span class=\"_ _2\"></span> the C<span class=\"_ _2\"></span>apital Ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t P<span class=\"_ _7\"></span>ricing M<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>del <span class=\"_ _7\"></span>(CAPM) <span class=\"_ _7\"></span>is a<span class=\"_ _7\"></span>pplied <span class=\"_ _2\"></span>to calc<span class=\"_ _7\"></span>ulate </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a6f\">the disco<span class=\"_ _2\"></span>unt rates. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at p<span class=\"_ _7\"></span>urpose, <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>untry-spe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ifi<span class=\"_ _7\"></span>c i<span class=\"_ _7\"></span>nflation di<span class=\"_ _7\"></span>f<span class=\"_ _2\"></span>ferences a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d risk <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>emiums, <span class=\"_ _2\"></span>as wel<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>the sector<span class=\"_ _e\"></span>-<span class=\"_ _6\"></span>speci<span class=\"_ _7\"></span>fic </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2956\">market <span class=\"_ _7\"></span>risk, <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>added <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>risk-fre<span class=\"_ _2\"></span>e inter<span class=\"_ _7\"></span>est <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>te <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>equ<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>etu<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>n o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Ge<span class=\"_ _7\"></span>rman <span class=\"_ _7\"></span>gove<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t bon<span class=\"_ _7\"></span>ds <span class=\"_ _7\"></span>at th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>eporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>date </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2978\">accor<span class=\"_ _7\"></span>ding <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the S<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ensso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ethod). <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>beta <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>actor <span class=\"_ _2\"></span>applied <span class=\"_ _10\"></span>at t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting <span class=\"_ _2\"></span>date <span class=\"_ _2\"></span>was d<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>ermin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> basi<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>a d<span class=\"_ _7\"></span>efine<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a70\">peer gro<span class=\"_ _2\"></span>up. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2959\">The <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g-term <span class=\"_ _1\"></span>gro<span class=\"_ _2\"></span>wth <span class=\"_ _1\"></span>rates <span class=\"_ _1\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>calculated <span class=\"_ _6\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>reporti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>riod <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>basis <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Compou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>A<span class=\"_ _2\"></span>nn<span class=\"_ _6\"></span>ual <span class=\"_ _1\"></span>Gro<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>th <span class=\"_ _6\"></span>Rate </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a71\">(CAGR) <span class=\"_ _6\"></span>under <span class=\"_ _0\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>pen<span class=\"_ _7\"></span>etrati<span class=\"_ _7\"></span>on <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>espectiv<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>untries <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>be<span class=\"_ _6\"></span>gin <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nverge <span class=\"_ _6\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295a\">curre<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>G<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>pe<span class=\"_ _7\"></span>netratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ate <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>70 <span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>ears <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>m <span class=\"_ _4\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>yea<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>201<span class=\"_ _7\"></span>3. <span class=\"_ _4\"></span>A<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nflation <span class=\"_ _0\"></span>premi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _4\"></span>e<span class=\"_ _7\"></span>qual <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>alf <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>inflatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs295b\">included i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>capital cos<span class=\"_ _7\"></span>ts is a<span class=\"_ _2\"></span>dded to the <span class=\"_ _7\"></span>CAGR.<span class=\"_ _3d5\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2a72\">25.6.<span class=\"ff4a\"> </span>In<span class=\"_ _7\"></span>tangible assets<span class=\"_ _7\"></span> </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2a73\">Other inta<span class=\"_ _7\"></span>ngibl<span class=\"_ _7\"></span>e assets </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a74\">Pur<span class=\"_ _7\"></span>chased <span class=\"_ _1\"></span>intangibl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>bala<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>sh<span class=\"_ _6\"></span>eet <span class=\"_ _1\"></span>at <span class=\"_ _0\"></span>acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>less <span class=\"_ _1\"></span>ac<span class=\"_ _6\"></span>cum<span class=\"_ _7\"></span>ulated <span class=\"_ _1\"></span>amortis<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a75\">impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>losses. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>anies <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>scope<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>datio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>did <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>any <span class=\"_ _1\"></span>material <span class=\"_ _6\"></span>internally <span class=\"_ _6\"></span>generat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a76\">intangible <span class=\"_ _2\"></span>assets. <span class=\"_ _2\"></span>All <span class=\"_ _7\"></span>intangible <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h t<span class=\"_ _7\"></span>he ex<span class=\"_ _7\"></span>ceptio<span class=\"_ _7\"></span>n of <span class=\"_ _2\"></span>tradema<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>k rig<span class=\"_ _2\"></span>hts ha<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e d<span class=\"_ _2\"></span>efinite <span class=\"_ _7\"></span>useful <span class=\"_ _2\"></span>lives. T<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>intangib<span class=\"_ _7\"></span>le </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a77\">assets <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>amorti<span class=\"_ _7\"></span>sed o<span class=\"_ _7\"></span>ver the period <span class=\"_ _7\"></span>of t<span class=\"_ _7\"></span>heir <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se. </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2a78\">Average<span class=\"_ _6\"></span> useful life i<span class=\"_ _6\"></span>n yea<span class=\"_ _6\"></span>rs <span class=\"_ _335\"> </span><span class=\"fsf\">fro<span class=\"_ _6\"></span>m<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2a79\">to<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a7a\">Sof<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>e <span class=\"_ _32c\"> </span>2<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a7b\">13<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a7c\">Softwar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>mortise<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>accordi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>str<span class=\"_ _6\"></span>aig<span class=\"_ _7\"></span>ht-line <span class=\"_ _6\"></span>metho<span class=\"_ _7\"></span>d. <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>urthermo<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>it <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>ecked <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>d-ho<span class=\"_ _7\"></span>c <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>sis <span class=\"_ _6\"></span>wheth<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2968\">respe<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>ve softwar<span class=\"_ _2\"></span>e compon<span class=\"_ _7\"></span>ents c<span class=\"_ _7\"></span>an stil<span class=\"_ _7\"></span>l be used. If<span class=\"_ _7\"></span> it is <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed with <span class=\"_ _7\"></span>a high d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of pr<span class=\"_ _7\"></span>ob<span class=\"_ _7\"></span>ability <span class=\"_ _7\"></span>that cer<span class=\"_ _7\"></span>tain IT s<span class=\"_ _7\"></span>yste<span class=\"_ _7\"></span>ms </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2981\">or <span class=\"_ _6\"></span>program <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>nents <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>no <span class=\"_ _1\"></span>lo<span class=\"_ _7\"></span>nger <span class=\"_ _6\"></span>be<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>sed <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>full <span class=\"_ _6\"></span>extent, <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>impairm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>recognised. <span class=\"_ _6\"></span>If <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>chang<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2969\">useful l<span class=\"_ _7\"></span>ife of<span class=\"_ _7\"></span> full use is<span class=\"_ _7\"></span> found, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e amor<span class=\"_ _7\"></span>tisation <span class=\"_ _2\"></span>period is c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>ed to m<span class=\"_ _7\"></span>atch the <span class=\"_ _7\"></span>new us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ful li<span class=\"_ _7\"></span>fe. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a7d\">In <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>cou<span class=\"_ _7\"></span>rse <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>pur<span class=\"_ _7\"></span>chase price alloc<span class=\"_ _7\"></span>ations conduct<span class=\"_ _7\"></span>ed with <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>espect to <span class=\"_ _6\"></span>the acquisiti<span class=\"_ _7\"></span>ons <span class=\"_ _6\"></span>of the c<span class=\"_ _6\"></span>om<span class=\"_ _7\"></span>panies Asir<span class=\"_ _7\"></span>om, BT<span class=\"_ _e\"></span>A<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a7e\">Baltic <span class=\"_ _6\"></span>and <span class=\"_ _0\"></span>S<span class=\"_ _7\"></span>eesam, t<span class=\"_ _6\"></span>radem<span class=\"_ _7\"></span>ark <span class=\"_ _1\"></span>rights <span class=\"_ _6\"></span>with <span class=\"_ _1\"></span>indefi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ite <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>eful <span class=\"_ _1\"></span>lives <span class=\"_ _1\"></span>were<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>identifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ious<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>years. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>indefinite u<span class=\"_ _6\"></span>seful <span class=\"_ _6\"></span>life </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a7f\">results<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>from the<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>fact th<span class=\"_ _7\"></span>at no <span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>eseeable end of the economi<span class=\"_ _2\"></span>c useful <span class=\"_ _6\"></span>life ca<span class=\"_ _7\"></span>n be <span class=\"_ _6\"></span>ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tified. The<span class=\"_ _7\"></span> fair v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ues of the tradema<span class=\"_ _7\"></span>rk </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a80\">rights <span class=\"_ _2\"></span>we<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _7\"></span>by a<span class=\"_ _2\"></span>pp<span class=\"_ _6\"></span>licatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he r<span class=\"_ _2\"></span>elief-fro<span class=\"_ _7\"></span>m-ro<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ty met<span class=\"_ _7\"></span>hod <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>n initi<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idation. <span class=\"_ _7\"></span>A <span class=\"_ _7\"></span>tax amo<span class=\"_ _2\"></span>rtisatio<span class=\"_ _7\"></span>n b<span class=\"_ _7\"></span>ene<span class=\"_ _7\"></span>fit </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a81\">was i<span class=\"_ _7\"></span>ncluded i<span class=\"_ _7\"></span>n the r<span class=\"_ _7\"></span>elief-fr<span class=\"_ _2\"></span>om-ro<span class=\"_ _7\"></span>yalty m<span class=\"_ _7\"></span>ethod. <span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a82\">Regardi<span class=\"_ _7\"></span>ng impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nts of tradema<span class=\"_ _7\"></span>rk rights wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> unlimi<span class=\"_ _7\"></span>ted useful life, please<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>refer<span class=\"_ _7\"></span> to the statem<span class=\"_ _7\"></span>ents in Note 25<span class=\"_ _7\"></span>.5. Good<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a83\">starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>71.<span class=\"ff4a\"> <span class=\"_ _1dc\"> </span></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-535": {
   "value": "Impairm<span class=\"_ _7\"></span>ents Fo<span class=\"_ _2\"></span>r <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>p<span class=\"_ _2\"></span>urp<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>of<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>te<span class=\"_ _2\"></span>sti<span class=\"_ _2\"></span>ng <span class=\"_ _4\"> </span>goo<span class=\"_ _2\"></span>dwi<span class=\"_ _2\"></span>ll,<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>the<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>ubs<span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ari<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>ned<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>fo<span class=\"_ _2\"></span>rm <span class=\"_ _4\"> </span>ca<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>h-<span class=\"_ _7\"></span>ge<span class=\"_ _2\"></span>ner<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>un<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>(<span class=\"_ _7\"></span>C<span class=\"_ _7\"></span>GU<span class=\"_ _2\"></span>s)<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>t <span class=\"_ _4\"> </span>the<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>l<span class=\"_ _2\"></span>eve<span class=\"_ _7\"></span>l <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>f g<span class=\"_ _7\"></span>eo<span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>hi<span class=\"_ _7\"></span>cal<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>unt<span class=\"_ _7\"></span>ri<span class=\"_ _2\"></span>es.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>C<span class=\"_ _7\"></span>GUs<span class=\"_ _2\"></span>, <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>basi<span class=\"_ _2\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>whi<span class=\"_ _2\"></span>ch <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>im<span class=\"_ _2\"></span>pai<span class=\"_ _2\"></span>rme<span class=\"_ _2\"></span>nt <span class=\"_ _1\"></span>te<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>con<span class=\"_ _2\"></span>duc<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d,<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _7\"></span>rr<span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>op<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> s<span class=\"_ _7\"></span>eg<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nts<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>re<span class=\"_ _2\"></span>cove<span class=\"_ _2\"></span>rab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ty <span class=\"_ _10\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>tra<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>k <span class=\"_ _e\"></span>rig<span class=\"_ _2\"></span>hts <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>ad<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>nal<span class=\"_ _2\"></span>ly <span class=\"_ _e\"></span>tes<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>vi<span class=\"_ _2\"></span>dual<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>by<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ap<span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>cati<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _e\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ef<span class=\"_ _7\"></span>-f<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>m-<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>yal<span class=\"_ _2\"></span>ty <span class=\"_ _10\"></span>me<span class=\"_ _7\"></span>th<span class=\"_ _2\"></span>od. In<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nta<span class=\"_ _7\"></span>ngi<span class=\"_ _2\"></span>ble<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ets<span class=\"_ _2\"></span> wi<span class=\"_ _2\"></span>th<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>nde<span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>us<span class=\"_ _2\"></span>eful<span class=\"_ _2\"></span> l<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>(go<span class=\"_ _2\"></span>odw<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>ll <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>it<span class=\"_ _7\"></span>ali<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>dem<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>k <span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span>), <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>h <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>mp<span class=\"_ _7\"></span>ai<span class=\"_ _7\"></span>rm<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>st<span class=\"_ _7\"></span> is al<span class=\"_ _2\"></span>so<span class=\"_ _7\"></span> c<span class=\"_ _2\"></span>ond<span class=\"_ _2\"></span>uct<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>dur<span class=\"_ _2\"></span>ing<span class=\"_ _2\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>yea<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span> r<span class=\"_ _10\"></span>espo<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>e to<span class=\"_ _2\"></span> a<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>tri<span class=\"_ _2\"></span>gge<span class=\"_ _2\"></span>rin<span class=\"_ _2\"></span>g e<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>ut <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>at <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>end<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> e<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ry<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>fi<span class=\"_ _2\"></span>nana<span class=\"_ _2\"></span>ci<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> y<span class=\"_ _2\"></span>ear<span class=\"_ _5\"></span>. As a g<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>neral<span class=\"_ _7\"></span> rule, <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>value i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> use<span class=\"_ _7\"></span> dete<span class=\"_ _7\"></span>rmined b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> appl<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n of<span class=\"_ _7\"></span> the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>come-b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sed di<span class=\"_ _7\"></span>sco<span class=\"_ _7\"></span>unted c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sh f<span class=\"_ _7\"></span>low m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>thod is<span class=\"_ _7\"></span> appl<span class=\"_ _7\"></span>ied as the<span class=\"_ _7\"></span> re<span class=\"_ _7\"></span>coverabl<span class=\"_ _7\"></span>e amo<span class=\"_ _2\"></span>unt of <span class=\"_ _7\"></span>the C<span class=\"_ _7\"></span>GU. <span class=\"_ _7\"></span>In t<span class=\"_ _7\"></span>hose cas<span class=\"_ _2\"></span>es in <span class=\"_ _7\"></span>which th<span class=\"_ _7\"></span>e val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e in <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se i<span class=\"_ _7\"></span>s less <span class=\"_ _2\"></span>than t<span class=\"_ _7\"></span>he car<span class=\"_ _7\"></span>rying <span class=\"_ _7\"></span>amount,<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he bo<span class=\"_ _7\"></span>ok value less <span class=\"_ _6\"></span>cos<span class=\"_ _7\"></span>ts t<span class=\"_ _6\"></span>o sell is de<span class=\"_ _6\"></span>termin<span class=\"_ _7\"></span>ed additional<span class=\"_ _7\"></span>ly<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>T<span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>ailing stock exch<span class=\"_ _7\"></span>ange multiples ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>ppl<span class=\"_ _7\"></span>ied to <span class=\"_ _6\"></span>determi<span class=\"_ _7\"></span>ne the <span class=\"_ _6\"></span>fair value less costs<span class=\"_ _7\"></span> to sell.<span class=\"_ _2\"></span> For <span class=\"_ _0\"></span>determining<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>value <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>use, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>availabl<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>cas<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>fl<span class=\"_ _7\"></span>ows <span class=\"_ _0\"></span>over <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>ve <span class=\"_ _0\"></span>p<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>ears<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>fter <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rpetu<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _0\"></span>annuity <span class=\"_ _0\"></span>are discou<span class=\"_ _7\"></span>nted <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>esent <span class=\"_ _0\"></span>value. <span class=\"_ _4\"></span>D<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nversio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>FRS 17<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>as <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Jan<span class=\"_ _7\"></span>uary <span class=\"_ _4\"></span>2<span class=\"_ _7\"></span>023, <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>budget <span class=\"_ _0\"></span>for<span class=\"_ _7\"></span>ecasts <span class=\"_ _0\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>also adapted to the <span class=\"_ _6\"></span>IFRS 1<span class=\"_ _7\"></span>7 struct<span class=\"_ _7\"></span>ure. <span class=\"_ _6\"></span>All subsidi<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ies prep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> detailed budget for<span class=\"_ _2\"></span>ecasts <span class=\"_ _6\"></span>for thr<span class=\"_ _7\"></span>ee years <span class=\"_ _6\"></span>in the respe<span class=\"_ _7\"></span>ctive local curre<span class=\"_ _7\"></span>ncy<span class=\"_ _e\"></span>, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _0\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>discusse<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>meetings <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>S<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>per<span class=\"_ _7\"></span>visor<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>subje<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ted <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>plausibil<span class=\"_ _7\"></span>ity <span class=\"_ _0\"></span>check <span class=\"_ _0\"></span>as <span class=\"_ _1\"></span>part <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the planning<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>co<span class=\"_ _7\"></span>ntrol <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>cess. <span class=\"_ _4\"></span>Th<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>budget <span class=\"_ _4\"></span>for<span class=\"_ _2\"></span>ecast <span class=\"_ _4\"> </span>for <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>next <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>wo <span class=\"_ _4\"></span>yea<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>perpetu<span class=\"_ _7\"></span>al <span class=\"_ _4\"> </span>ann<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ity <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>prep<span class=\"_ _2\"></span>ared <span class=\"_ _0\"></span>by<span class=\"_ _6\"></span> for<span class=\"_ _7\"></span>ecasting <span class=\"_ _4\"> </span>key <span class=\"_ _f\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>amet<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs <span class=\"_ _4\"> </span>(c<span class=\"_ _6\"></span>ombi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _4\"> </span>ratios, <span class=\"_ _4\"> </span>premi<span class=\"_ _7\"></span>um <span class=\"_ _4\"> </span>developm<span class=\"_ _7\"></span>ent, <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>inan<span class=\"_ _7\"></span>cial <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>ncome) <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>basis <span class=\"_ _4\"> </span>of <span class=\"_ _f\"> </span>th<span class=\"_ _7\"></span>eir <span class=\"_ _4\"> </span>h<span class=\"_ _6\"></span>istoric<span class=\"_ _7\"></span>al developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xp<span class=\"_ _7\"></span>ectatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>future <span class=\"_ _10\"></span>developm<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>markets. <span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>re, <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>forec<span class=\"_ _7\"></span>ast <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flows <span class=\"_ _2\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>perpet<span class=\"_ _7\"></span>ual annuity <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>deeme<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>sustai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>able. <span class=\"_ _1\"></span>The <span class=\"_ _0\"></span>closi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>exchange <span class=\"_ _1\"></span>rate <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>D<span class=\"_ _7\"></span>ecembe<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>fi<span class=\"_ _7\"></span>nanacial <span class=\"_ _1\"></span>year <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>for converti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the <span class=\"_ _7\"></span>amounts i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>to eur<span class=\"_ _7\"></span>os.<span class=\"_ _7\"></span> Clim<span class=\"_ _7\"></span>ate <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isks <span class=\"_ _2\"></span>are<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>take<span class=\"_ _7\"></span>n i<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>consider<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n in<span class=\"_ _2\"></span> the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>best <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>stimat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>under<span class=\"_ _7\"></span>writing <span class=\"_ _2\"></span>provis<span class=\"_ _7\"></span>ions<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>ther<span class=\"_ _7\"></span>efore<span class=\"_ _2\"></span> in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>expected <span class=\"_ _10\"></span>cash flows <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>pplie<span class=\"_ _2\"></span>d <span class=\"_ _0\"></span>for <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>purpose <span class=\"_ _6\"></span>of <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment <span class=\"_ _1\"></span>testi<span class=\"_ _7\"></span>ng. <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>of<span class=\"_ _7\"></span>fers <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>gai<span class=\"_ _7\"></span>nst <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>jor <span class=\"_ _6\"></span>weather <span class=\"_ _6\"></span>events, <span class=\"_ _1\"></span>subje<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _1\"></span>strict<span class=\"_ _7\"></span> reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e guidel<span class=\"_ _7\"></span>ines.<span class=\"_ _3d5\"> </span>All <span class=\"_ _4\"> </span>insurance <span class=\"_ _4\"> </span>service<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>ass<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>s <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>ttributed<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>CG<span class=\"_ _6\"></span>Us.<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>Th<span class=\"_ _6\"></span>ese <span class=\"_ _4\"></span>assets<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nclude <span class=\"_ _4\"></span>all <span class=\"_ _4\"> </span>capitalised<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _4\"> </span>portfoli<span class=\"_ _7\"></span>os <span class=\"_ _4\"> </span>and customer  bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s,  capital  investm<span class=\"_ _7\"></span>ents,  r<span class=\"_ _7\"></span>eceivabl<span class=\"_ _7\"></span>es  and <span class=\"_ _12\"> </span>o<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her  a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts,  in  addition  to  goodwil<span class=\"_ _7\"></span>l  an<span class=\"_ _6\"></span>d  tradem<span class=\"_ _7\"></span>ark  right<span class=\"_ _7\"></span>s. Under<span class=\"_ _7\"></span>writing <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isions and <span class=\"_ _6\"></span>curre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>ded<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cted from <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>book <span class=\"_ _6\"></span>valu<span class=\"_ _7\"></span>es. <span class=\"_ _6\"></span>Assets <span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised b<span class=\"_ _6\"></span>y <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g, <span class=\"_ _6\"></span>but used by the <span class=\"_ _6\"></span>oper<span class=\"_ _7\"></span>ating companies are att<span class=\"_ _7\"></span>ribute<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>to the <span class=\"_ _6\"></span>CGU<span class=\"_ _2\"></span>s <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the form <span class=\"_ _6\"></span>of corpo<span class=\"_ _7\"></span>rate a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts. Thus, <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e cash <span class=\"_ _6\"></span>flows of the CGUs ar<span class=\"_ _2\"></span>e adjusted f<span class=\"_ _7\"></span>or th<span class=\"_ _7\"></span>e depr<span class=\"_ _7\"></span>eciatio<span class=\"_ _2\"></span>n and amor<span class=\"_ _7\"></span>tisation of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e at<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ribut<span class=\"_ _7\"></span>ed corpo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ate ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts.<span class=\"_ _7\"></span> A capi<span class=\"_ _7\"></span>tal cos<span class=\"_ _7\"></span>t ra<span class=\"_ _7\"></span>te (b<span class=\"_ _7\"></span>efore<span class=\"_ _2\"></span> taxes) d<span class=\"_ _2\"></span>etermined o<span class=\"_ _2\"></span>n the <span class=\"_ _7\"></span>basis of<span class=\"_ _2\"></span> the C<span class=\"_ _2\"></span>apital Ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>t P<span class=\"_ _7\"></span>ricing M<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>del <span class=\"_ _7\"></span>(CAPM) <span class=\"_ _7\"></span>is a<span class=\"_ _7\"></span>pplied <span class=\"_ _2\"></span>to calc<span class=\"_ _7\"></span>ulate the disco<span class=\"_ _2\"></span>unt rates. <span class=\"_ _10\"></span>F<span class=\"_ _6\"></span>or t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at p<span class=\"_ _7\"></span>urpose, <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>untry-spe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ifi<span class=\"_ _7\"></span>c i<span class=\"_ _7\"></span>nflation di<span class=\"_ _7\"></span>f<span class=\"_ _2\"></span>ferences a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d risk <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>emiums, <span class=\"_ _2\"></span>as wel<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>the sector<span class=\"_ _e\"></span>-<span class=\"_ _6\"></span>speci<span class=\"_ _7\"></span>fic market <span class=\"_ _7\"></span>risk, <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>added <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>risk-fre<span class=\"_ _2\"></span>e inter<span class=\"_ _7\"></span>est <span class=\"_ _2\"></span>ra<span class=\"_ _6\"></span>te <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>equ<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>etu<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>n o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> Ge<span class=\"_ _7\"></span>rman <span class=\"_ _7\"></span>gove<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t bon<span class=\"_ _7\"></span>ds <span class=\"_ _7\"></span>at th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>eporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _7\"></span>date accor<span class=\"_ _7\"></span>ding <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the S<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ensso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ethod). <span class=\"_ _2\"></span>The <span class=\"_ _2\"></span>beta <span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>actor <span class=\"_ _2\"></span>applied <span class=\"_ _10\"></span>at t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rting <span class=\"_ _2\"></span>date <span class=\"_ _2\"></span>was d<span class=\"_ _2\"></span>et<span class=\"_ _6\"></span>ermin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> basi<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>a d<span class=\"_ _7\"></span>efine<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> peer gro<span class=\"_ _2\"></span>up. The <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g-term <span class=\"_ _1\"></span>gro<span class=\"_ _2\"></span>wth <span class=\"_ _1\"></span>rates <span class=\"_ _1\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>calculated <span class=\"_ _6\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>reporti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>pe<span class=\"_ _6\"></span>riod <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>basis <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Compou<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>A<span class=\"_ _2\"></span>nn<span class=\"_ _6\"></span>ual <span class=\"_ _1\"></span>Gro<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>th <span class=\"_ _6\"></span>Rate (CAGR) <span class=\"_ _6\"></span>under <span class=\"_ _0\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>pen<span class=\"_ _7\"></span>etrati<span class=\"_ _7\"></span>on <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>espectiv<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>untries <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>be<span class=\"_ _6\"></span>gin <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nverge <span class=\"_ _6\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the curre<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>G<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>pe<span class=\"_ _7\"></span>netratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>ate <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>70 <span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>ears <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>m <span class=\"_ _4\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>yea<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>201<span class=\"_ _7\"></span>3. <span class=\"_ _4\"></span>A<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>i<span class=\"_ _7\"></span>nflation <span class=\"_ _0\"></span>premi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _4\"></span>e<span class=\"_ _7\"></span>qual <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>alf <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _4\"></span>inflatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> included i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>capital cos<span class=\"_ _7\"></span>ts is a<span class=\"_ _2\"></span>dded to the <span class=\"_ _7\"></span>CAGR.<span class=\"_ _3d5\"> </span>IMP<span class=\"_ _2\"></span>AIRMENTS O<span class=\"_ _7\"></span>F REAL ES<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>TE Owner<span class=\"_ _10\"></span>-occupied <span class=\"_ _10\"></span>real <span class=\"_ _e\"></span>estate <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>inves<span class=\"_ _7\"></span>tme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ppraised<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>regula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>intervals <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>by <span class=\"_ _2\"></span>generall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>sworn <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>urt-<span class=\"_ _3d5\"> </span>certifi<span class=\"_ _7\"></span>ed buildi<span class=\"_ _7\"></span>ng and r<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>l es<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ate a<span class=\"_ _7\"></span>ppraisal <span class=\"_ _7\"></span>exper<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span> An <span class=\"_ _0\"></span>impai<span class=\"_ _7\"></span>rment <span class=\"_ _0\"></span>must <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _0\"></span>if <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>air <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>less <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>han <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>carr<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _0\"></span>amou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>(acq<span class=\"_ _7\"></span>uisition <span class=\"_ _0\"></span>cos<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>less <span class=\"_ _0\"></span>acc<span class=\"_ _7\"></span>umulat<span class=\"_ _7\"></span>ed depr<span class=\"_ _7\"></span>eciatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>and <span class=\"_ _1\"></span>impai<span class=\"_ _7\"></span>rments<span class=\"_ _7\"></span>). <span class=\"_ _1\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>case, <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>book <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>written <span class=\"_ _0\"></span>do<span class=\"_ _7\"></span>wn <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>lower <span class=\"_ _1\"></span>fair <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>ference<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>is recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>profit or<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>loss. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>same <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ethod as <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>determin<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fair value <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>propert<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>exceeds <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>book <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>It <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>be <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ermi<span class=\"_ _7\"></span>ned <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>every <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>alance <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>heet <span class=\"_ _0\"></span>da<span class=\"_ _6\"></span>te <span class=\"_ _0\"></span>whe<span class=\"_ _7\"></span>ther <span class=\"_ _0\"></span>there <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>any indicatio<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roperty <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>risen <span class=\"_ _2\"></span>above <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>value. <span class=\"_ _7\"></span>In <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>case, <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>carryi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>amount <span class=\"_ _2\"></span>after <span class=\"_ _2\"></span>revers<span class=\"_ _2\"></span>al<span class=\"_ _6\"></span> of <span class=\"_ _f\"> </span>an <span class=\"_ _f\"> </span>earlie<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ment <span class=\"_ _f\"> </span>m<span class=\"_ _7\"></span>ay <span class=\"_ _f\"> </span>not <span class=\"_ _4\"> </span>e<span class=\"_ _6\"></span>xcee<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>book<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>less<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>accum<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ci<span class=\"_ _7\"></span>ation <span class=\"_ _f\"> </span>befor<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>ea<span class=\"_ _7\"></span>rlier impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. Bo<span class=\"_ _2\"></span>th i<span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> an<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>sal<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ai<span class=\"_ _2\"></span>rm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> ar<span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ed i<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e st<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t. T<span class=\"_ _2\"></span>hey<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>e pr<span class=\"_ _2\"></span>ese<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>d i<span class=\"_ _2\"></span>n No<span class=\"_ _2\"></span>te 9<span class=\"_ _2\"></span>. Note<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> to<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e con<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ol<span class=\"_ _2\"></span>ida<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>me st<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>nt st<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>on<span class=\"_ _7\"></span> pag<span class=\"_ _2\"></span>e 1<span class=\"_ _2\"></span>09. The<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>fai<span class=\"_ _2\"></span>r valu<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the l<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span> hie<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>chy<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>acc<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>din<span class=\"_ _7\"></span>g to IFR<span class=\"_ _2\"></span>S <span class=\"_ _6\"></span>13 ar<span class=\"_ _2\"></span>e pr<span class=\"_ _10\"></span>ese<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>n 1<span class=\"_ _2\"></span>6. <span class=\"_ _2\"></span>Cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>of f<span class=\"_ _2\"></span>air<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>va<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>sta<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>pag<span class=\"_ _2\"></span>e 1<span class=\"_ _2\"></span>19.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-513": {
   "value": "25.6.<span class=\"ff4a\"> </span>In<span class=\"_ _7\"></span>tangible assets<span class=\"_ _7\"></span> Other inta<span class=\"_ _7\"></span>ngibl<span class=\"_ _7\"></span>e assets Pur<span class=\"_ _7\"></span>chased <span class=\"_ _1\"></span>intangibl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>bala<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>sh<span class=\"_ _6\"></span>eet <span class=\"_ _1\"></span>at <span class=\"_ _0\"></span>acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>less <span class=\"_ _1\"></span>ac<span class=\"_ _6\"></span>cum<span class=\"_ _7\"></span>ulated <span class=\"_ _1\"></span>amortis<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>and impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>losses. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>anies <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>scope<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>datio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>did <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>any <span class=\"_ _1\"></span>material <span class=\"_ _6\"></span>internally <span class=\"_ _6\"></span>generat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d intangible <span class=\"_ _2\"></span>assets. <span class=\"_ _2\"></span>All <span class=\"_ _7\"></span>intangible <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h t<span class=\"_ _7\"></span>he ex<span class=\"_ _7\"></span>ceptio<span class=\"_ _7\"></span>n of <span class=\"_ _2\"></span>tradema<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>k rig<span class=\"_ _2\"></span>hts ha<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e d<span class=\"_ _2\"></span>efinite <span class=\"_ _7\"></span>useful <span class=\"_ _2\"></span>lives. T<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>intangib<span class=\"_ _7\"></span>le assets <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>amorti<span class=\"_ _7\"></span>sed o<span class=\"_ _7\"></span>ver the period <span class=\"_ _7\"></span>of t<span class=\"_ _7\"></span>heir <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se. Average<span class=\"_ _6\"></span> useful life i<span class=\"_ _6\"></span>n yea<span class=\"_ _6\"></span>rs <span class=\"_ _335\"> </span><span class=\"fsf\">fro<span class=\"_ _6\"></span>m<span class=\"_ _3d5\"> </span></span>to<span class=\"_ _3d5\"> </span>Sof<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>e <span class=\"_ _32c\"> </span>2<span class=\"_ _3d5\"> </span>13<span class=\"_ _3d5\"> </span>Softwar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>mortise<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>accordi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>str<span class=\"_ _6\"></span>aig<span class=\"_ _7\"></span>ht-line <span class=\"_ _6\"></span>metho<span class=\"_ _7\"></span>d. <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>urthermo<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>it <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>ecked <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>d-ho<span class=\"_ _7\"></span>c <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>sis <span class=\"_ _6\"></span>wheth<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>the respe<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>ve softwar<span class=\"_ _2\"></span>e compon<span class=\"_ _7\"></span>ents c<span class=\"_ _7\"></span>an stil<span class=\"_ _7\"></span>l be used. If<span class=\"_ _7\"></span> it is <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed with <span class=\"_ _7\"></span>a high d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of pr<span class=\"_ _7\"></span>ob<span class=\"_ _7\"></span>ability <span class=\"_ _7\"></span>that cer<span class=\"_ _7\"></span>tain IT s<span class=\"_ _7\"></span>yste<span class=\"_ _7\"></span>ms or <span class=\"_ _6\"></span>program <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>nents <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>no <span class=\"_ _1\"></span>lo<span class=\"_ _7\"></span>nger <span class=\"_ _6\"></span>be<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>sed <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>full <span class=\"_ _6\"></span>extent, <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>impairm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>recognised. <span class=\"_ _6\"></span>If <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>chang<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the useful l<span class=\"_ _7\"></span>ife of<span class=\"_ _7\"></span> full use is<span class=\"_ _7\"></span> found, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e amor<span class=\"_ _7\"></span>tisation <span class=\"_ _2\"></span>period is c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>ed to m<span class=\"_ _7\"></span>atch the <span class=\"_ _7\"></span>new us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ful li<span class=\"_ _7\"></span>fe. In <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>cou<span class=\"_ _7\"></span>rse <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>pur<span class=\"_ _7\"></span>chase price alloc<span class=\"_ _7\"></span>ations conduct<span class=\"_ _7\"></span>ed with <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>espect to <span class=\"_ _6\"></span>the acquisiti<span class=\"_ _7\"></span>ons <span class=\"_ _6\"></span>of the c<span class=\"_ _6\"></span>om<span class=\"_ _7\"></span>panies Asir<span class=\"_ _7\"></span>om, BT<span class=\"_ _e\"></span>A<span class=\"_ _6\"></span> Baltic <span class=\"_ _6\"></span>and <span class=\"_ _0\"></span>S<span class=\"_ _7\"></span>eesam, t<span class=\"_ _6\"></span>radem<span class=\"_ _7\"></span>ark <span class=\"_ _1\"></span>rights <span class=\"_ _6\"></span>with <span class=\"_ _1\"></span>indefi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ite <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>eful <span class=\"_ _1\"></span>lives <span class=\"_ _1\"></span>were<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>identifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ious<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>years. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>indefinite u<span class=\"_ _6\"></span>seful <span class=\"_ _6\"></span>life results<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>from the<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>fact th<span class=\"_ _7\"></span>at no <span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>eseeable end of the economi<span class=\"_ _2\"></span>c useful <span class=\"_ _6\"></span>life ca<span class=\"_ _7\"></span>n be <span class=\"_ _6\"></span>ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tified. The<span class=\"_ _7\"></span> fair v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ues of the tradema<span class=\"_ _7\"></span>rk rights <span class=\"_ _2\"></span>we<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _7\"></span>by a<span class=\"_ _2\"></span>pp<span class=\"_ _6\"></span>licatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he r<span class=\"_ _2\"></span>elief-fro<span class=\"_ _7\"></span>m-ro<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ty met<span class=\"_ _7\"></span>hod <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>n initi<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idation. <span class=\"_ _7\"></span>A <span class=\"_ _7\"></span>tax amo<span class=\"_ _2\"></span>rtisatio<span class=\"_ _7\"></span>n b<span class=\"_ _7\"></span>ene<span class=\"_ _7\"></span>fit was i<span class=\"_ _7\"></span>ncluded i<span class=\"_ _7\"></span>n the r<span class=\"_ _7\"></span>elief-fr<span class=\"_ _2\"></span>om-ro<span class=\"_ _7\"></span>yalty m<span class=\"_ _7\"></span>ethod. <span class=\"_ _2\"></span> Regardi<span class=\"_ _7\"></span>ng impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nts of tradema<span class=\"_ _7\"></span>rk rights wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> unlimi<span class=\"_ _7\"></span>ted useful life, please<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>refer<span class=\"_ _7\"></span> to the statem<span class=\"_ _7\"></span>ents in Note 25<span class=\"_ _7\"></span>.5. Good<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>71.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-489": {
   "value": "25.6.<span class=\"ff4a\"> </span>In<span class=\"_ _7\"></span>tangible assets<span class=\"_ _7\"></span> Other inta<span class=\"_ _7\"></span>ngibl<span class=\"_ _7\"></span>e assets Pur<span class=\"_ _7\"></span>chased <span class=\"_ _1\"></span>intangibl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>og<span class=\"_ _7\"></span>nised <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>bala<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>sh<span class=\"_ _6\"></span>eet <span class=\"_ _1\"></span>at <span class=\"_ _0\"></span>acquisiti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>less <span class=\"_ _1\"></span>ac<span class=\"_ _6\"></span>cum<span class=\"_ _7\"></span>ulated <span class=\"_ _1\"></span>amortis<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>and impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>losses. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>anies <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>scope<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>con<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>datio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>did <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot h<span class=\"_ _6\"></span>ave <span class=\"_ _6\"></span>any <span class=\"_ _1\"></span>material <span class=\"_ _6\"></span>internally <span class=\"_ _6\"></span>generat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d intangible <span class=\"_ _2\"></span>assets. <span class=\"_ _2\"></span>All <span class=\"_ _7\"></span>intangible <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h t<span class=\"_ _7\"></span>he ex<span class=\"_ _7\"></span>ceptio<span class=\"_ _7\"></span>n of <span class=\"_ _2\"></span>tradema<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>k rig<span class=\"_ _2\"></span>hts ha<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e d<span class=\"_ _2\"></span>efinite <span class=\"_ _7\"></span>useful <span class=\"_ _2\"></span>lives. T<span class=\"_ _7\"></span>herefo<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>intangib<span class=\"_ _7\"></span>le assets <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>amorti<span class=\"_ _7\"></span>sed o<span class=\"_ _7\"></span>ver the period <span class=\"_ _7\"></span>of t<span class=\"_ _7\"></span>heir <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>se. Average<span class=\"_ _6\"></span> useful life i<span class=\"_ _6\"></span>n yea<span class=\"_ _6\"></span>rs <span class=\"_ _335\"> </span><span class=\"fsf\">fro<span class=\"_ _6\"></span>m<span class=\"_ _3d5\"> </span></span>to<span class=\"_ _3d5\"> </span>Sof<span class=\"_ _6\"></span>tw<span class=\"_ _6\"></span>ar<span class=\"_ _6\"></span>e <span class=\"_ _32c\"> </span>2<span class=\"_ _3d5\"> </span>13<span class=\"_ _3d5\"> </span>Softwar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>mortise<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>accordi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>str<span class=\"_ _6\"></span>aig<span class=\"_ _7\"></span>ht-line <span class=\"_ _6\"></span>metho<span class=\"_ _7\"></span>d. <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>urthermo<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>e, <span class=\"_ _6\"></span>it <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>ch<span class=\"_ _6\"></span>ecked <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>d-ho<span class=\"_ _7\"></span>c <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>sis <span class=\"_ _6\"></span>wheth<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>the respe<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>ve softwar<span class=\"_ _2\"></span>e compon<span class=\"_ _7\"></span>ents c<span class=\"_ _7\"></span>an stil<span class=\"_ _7\"></span>l be used. If<span class=\"_ _7\"></span> it is <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed with <span class=\"_ _7\"></span>a high d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gre<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> of pr<span class=\"_ _7\"></span>ob<span class=\"_ _7\"></span>ability <span class=\"_ _7\"></span>that cer<span class=\"_ _7\"></span>tain IT s<span class=\"_ _7\"></span>yste<span class=\"_ _7\"></span>ms or <span class=\"_ _6\"></span>program <span class=\"_ _6\"></span>compo<span class=\"_ _2\"></span>nents <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>no <span class=\"_ _1\"></span>lo<span class=\"_ _7\"></span>nger <span class=\"_ _6\"></span>be<span class=\"_ _6\"></span> u<span class=\"_ _6\"></span>sed <span class=\"_ _6\"></span>or <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>full <span class=\"_ _6\"></span>extent, <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>impairm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>recognised. <span class=\"_ _6\"></span>If <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>chang<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the useful l<span class=\"_ _7\"></span>ife of<span class=\"_ _7\"></span> full use is<span class=\"_ _7\"></span> found, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e amor<span class=\"_ _7\"></span>tisation <span class=\"_ _2\"></span>period is c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>ed to m<span class=\"_ _7\"></span>atch the <span class=\"_ _7\"></span>new us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ful li<span class=\"_ _7\"></span>fe. In <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>cou<span class=\"_ _7\"></span>rse <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>pur<span class=\"_ _7\"></span>chase price alloc<span class=\"_ _7\"></span>ations conduct<span class=\"_ _7\"></span>ed with <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>espect to <span class=\"_ _6\"></span>the acquisiti<span class=\"_ _7\"></span>ons <span class=\"_ _6\"></span>of the c<span class=\"_ _6\"></span>om<span class=\"_ _7\"></span>panies Asir<span class=\"_ _7\"></span>om, BT<span class=\"_ _e\"></span>A<span class=\"_ _6\"></span> Baltic <span class=\"_ _6\"></span>and <span class=\"_ _0\"></span>S<span class=\"_ _7\"></span>eesam, t<span class=\"_ _6\"></span>radem<span class=\"_ _7\"></span>ark <span class=\"_ _1\"></span>rights <span class=\"_ _6\"></span>with <span class=\"_ _1\"></span>indefi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ite <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>eful <span class=\"_ _1\"></span>lives <span class=\"_ _1\"></span>were<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>identifi<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pre<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ious<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>years. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>indefinite u<span class=\"_ _6\"></span>seful <span class=\"_ _6\"></span>life results<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>from the<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>fact th<span class=\"_ _7\"></span>at no <span class=\"_ _6\"></span>for<span class=\"_ _2\"></span>eseeable end of the economi<span class=\"_ _2\"></span>c useful <span class=\"_ _6\"></span>life ca<span class=\"_ _7\"></span>n be <span class=\"_ _6\"></span>ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tified. The<span class=\"_ _7\"></span> fair v<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ues of the tradema<span class=\"_ _7\"></span>rk rights <span class=\"_ _2\"></span>we<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _7\"></span>by a<span class=\"_ _2\"></span>pp<span class=\"_ _6\"></span>licatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he r<span class=\"_ _2\"></span>elief-fro<span class=\"_ _7\"></span>m-ro<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>al<span class=\"_ _7\"></span>ty met<span class=\"_ _7\"></span>hod <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>n initi<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>consol<span class=\"_ _7\"></span>idation. <span class=\"_ _7\"></span>A <span class=\"_ _7\"></span>tax amo<span class=\"_ _2\"></span>rtisatio<span class=\"_ _7\"></span>n b<span class=\"_ _7\"></span>ene<span class=\"_ _7\"></span>fit was i<span class=\"_ _7\"></span>ncluded i<span class=\"_ _7\"></span>n the r<span class=\"_ _7\"></span>elief-fr<span class=\"_ _2\"></span>om-ro<span class=\"_ _7\"></span>yalty m<span class=\"_ _7\"></span>ethod. <span class=\"_ _2\"></span> Regardi<span class=\"_ _7\"></span>ng impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>me<span class=\"_ _7\"></span>nts of tradema<span class=\"_ _7\"></span>rk rights wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> unlimi<span class=\"_ _7\"></span>ted useful life, please<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>refer<span class=\"_ _7\"></span> to the statem<span class=\"_ _7\"></span>ents in Note 25<span class=\"_ _7\"></span>.5. Good<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill starting o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 1<span class=\"_ _7\"></span>71.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-461": {
   "value": "25.7.<span class=\"ff4a\"> </span>In<span class=\"_ _7\"></span>vestment property<span class=\"_ _7\"></span> Prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty that is both <span class=\"_ _6\"></span>own<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>-occu<span class=\"_ _7\"></span>pied and investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t prop<span class=\"_ _2\"></span>erty <span class=\"_ _6\"></span>is divided. If the 20% <span class=\"_ _6\"></span>limi<span class=\"_ _7\"></span>t is <span class=\"_ _6\"></span>not exce<span class=\"_ _7\"></span>eded, the prop<span class=\"_ _7\"></span>erty is recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the la<span class=\"_ _7\"></span>rger cat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gor<span class=\"_ _7\"></span>y (80:20 <span class=\"_ _7\"></span>rule). Prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quisi<span class=\"_ _7\"></span>tion <span class=\"_ _4\"></span>or <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nstructio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>costs <span class=\"_ _0\"></span>minus <span class=\"_ _4\"></span>acc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mulat<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>sc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eduled <span class=\"_ _0\"></span>deprecia<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>impai<span class=\"_ _2\"></span>rment loss<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>Cost <span class=\"_ _2\"></span>comprises <span class=\"_ _10\"></span>all <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>incurr<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>putti<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>into <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>presen<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>location <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>esent <span class=\"_ _2\"></span>conditio<span class=\"_ _2\"></span>n. <span class=\"_ _7\"></span>Costs <span class=\"_ _10\"></span>incurr<span class=\"_ _2\"></span>ed in <span class=\"_ _6\"></span>later <span class=\"_ _6\"></span>periods are<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>if <span class=\"_ _6\"></span>they <span class=\"_ _6\"></span>lead to <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>significa<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>inc<span class=\"_ _7\"></span>reas<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>futu<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>opportunities<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>for <span class=\"_ _6\"></span>use <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>buildi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>(e.g. thro<span class=\"_ _7\"></span>ugh <span class=\"_ _7\"></span>res<span class=\"_ _2\"></span>pective <span class=\"_ _7\"></span>buil<span class=\"_ _7\"></span>ding <span class=\"_ _7\"></span>expa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sions <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r n<span class=\"_ _7\"></span>ew fi<span class=\"_ _7\"></span>tti<span class=\"_ _7\"></span>ngs). <span class=\"_ _2\"></span>T<span class=\"_ _10\"></span>ang<span class=\"_ _7\"></span>ible <span class=\"_ _2\"></span>assets <span class=\"_ _7\"></span>are <span class=\"_ _2\"></span>depr<span class=\"_ _7\"></span>eciate<span class=\"_ _7\"></span>d usi<span class=\"_ _2\"></span>ng t<span class=\"_ _7\"></span>he s<span class=\"_ _2\"></span>traight-line <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ethod <span class=\"_ _2\"></span>over the exp<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>economic <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sef<span class=\"_ _7\"></span>ul lif<span class=\"_ _7\"></span>e.  Average<span class=\"_ _6\"></span> useful life i<span class=\"_ _6\"></span>n yea<span class=\"_ _6\"></span>rs <span class=\"_ _2da\"> </span><span class=\"fsf\">f<span class=\"_ _6\"></span>rom<span class=\"_ _3d5\"> </span></span>to<span class=\"_ _3d5\"> </span>Buil<span class=\"_ _6\"></span>din<span class=\"_ _1\"></span>gs <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ateg<span class=\"_ _1\"></span>oris<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ty <span class=\"_ _cd\"> </span>28<span class=\"_ _3d5\"> </span>51<span class=\"_ _3d5\"> </span>Measurem<span class=\"_ _7\"></span>ent pro<span class=\"_ _2\"></span>ces<span class=\"_ _6\"></span>s The meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement p<span class=\"_ _7\"></span>roc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss fo<span class=\"_ _7\"></span>r derivi<span class=\"_ _7\"></span>ng the f<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ir valu<span class=\"_ _7\"></span>e of r<span class=\"_ _7\"></span>eal <span class=\"_ _2\"></span>estate that i<span class=\"_ _7\"></span>s held as <span class=\"_ _7\"></span>inv<span class=\"_ _7\"></span>estment <span class=\"_ _7\"></span>prop<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>ty <span class=\"_ _7\"></span>and ow<span class=\"_ _7\"></span>ner<span class=\"_ _10\"></span>-occupied prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty is di<span class=\"_ _7\"></span>sc<span class=\"_ _7\"></span>ussed in mo<span class=\"_ _7\"></span>re <span class=\"_ _7\"></span>detail<span class=\"_ _7\"></span> in Not<span class=\"_ _7\"></span>e 2<span class=\"_ _7\"></span>5.9. Cal<span class=\"_ _7\"></span>culation of f<span class=\"_ _7\"></span>air valu<span class=\"_ _7\"></span>e starti<span class=\"_ _7\"></span>ng o<span class=\"_ _7\"></span>n page 173<span class=\"_ _7\"></span>.<span class=\"_ _3d5\"> </span>IMP<span class=\"_ _2\"></span>AIRMENTS O<span class=\"_ _7\"></span>F REAL ES<span class=\"_ _2\"></span>T<span class=\"_ _2\"></span>A<span class=\"_ _7\"></span>TE Owner<span class=\"_ _10\"></span>-occupied <span class=\"_ _10\"></span>real <span class=\"_ _e\"></span>estate <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>inves<span class=\"_ _7\"></span>tme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ppraised<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>at <span class=\"_ _10\"></span>regula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>intervals <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>by <span class=\"_ _2\"></span>generall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>sworn <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>urt-<span class=\"_ _3d5\"> </span>certifi<span class=\"_ _7\"></span>ed buildi<span class=\"_ _7\"></span>ng and r<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>l es<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ate a<span class=\"_ _7\"></span>ppraisal <span class=\"_ _7\"></span>exper<span class=\"_ _7\"></span>ts. <span class=\"_ _7\"></span> An <span class=\"_ _0\"></span>impai<span class=\"_ _7\"></span>rment <span class=\"_ _0\"></span>must <span class=\"_ _0\"></span>b<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _0\"></span>if <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>air <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>less <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>han <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>carr<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ing <span class=\"_ _0\"></span>amou<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>(acq<span class=\"_ _7\"></span>uisition <span class=\"_ _0\"></span>cos<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>less <span class=\"_ _0\"></span>acc<span class=\"_ _7\"></span>umulat<span class=\"_ _7\"></span>ed depr<span class=\"_ _7\"></span>eciatio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>and <span class=\"_ _1\"></span>impai<span class=\"_ _7\"></span>rments<span class=\"_ _7\"></span>). <span class=\"_ _1\"></span>In<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>case, <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>book <span class=\"_ _6\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>is <span class=\"_ _1\"></span>written <span class=\"_ _0\"></span>do<span class=\"_ _7\"></span>wn <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>lower <span class=\"_ _1\"></span>fair <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>ference<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>is recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ised <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>profit or<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>loss. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>same <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>ethod as <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>determin<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>whether <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>fair value <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>propert<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>exceeds <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>book <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>It <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>be <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ermi<span class=\"_ _7\"></span>ned <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>every <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>alance <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>heet <span class=\"_ _0\"></span>da<span class=\"_ _6\"></span>te <span class=\"_ _0\"></span>whe<span class=\"_ _7\"></span>ther <span class=\"_ _0\"></span>there <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>any indicatio<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>that <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>fai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the p<span class=\"_ _2\"></span>roperty <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _2\"></span>risen <span class=\"_ _2\"></span>above <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>book <span class=\"_ _2\"></span>value. <span class=\"_ _7\"></span>In <span class=\"_ _2\"></span>that <span class=\"_ _2\"></span>case, <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>carryi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>amount <span class=\"_ _2\"></span>after <span class=\"_ _2\"></span>revers<span class=\"_ _2\"></span>al<span class=\"_ _6\"></span> of <span class=\"_ _f\"> </span>an <span class=\"_ _f\"> </span>earlie<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>impai<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ment <span class=\"_ _f\"> </span>m<span class=\"_ _7\"></span>ay <span class=\"_ _f\"> </span>not <span class=\"_ _4\"> </span>e<span class=\"_ _6\"></span>xcee<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>book<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>less<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>accum<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>ppr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ci<span class=\"_ _7\"></span>ation <span class=\"_ _f\"> </span>befor<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>recog<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>ea<span class=\"_ _7\"></span>rlier impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. Bo<span class=\"_ _2\"></span>th i<span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>pai<span class=\"_ _2\"></span>rm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> an<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>sal<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>p<span class=\"_ _7\"></span>ai<span class=\"_ _2\"></span>rm<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ts<span class=\"_ _7\"></span> ar<span class=\"_ _2\"></span>e r<span class=\"_ _2\"></span>eco<span class=\"_ _2\"></span>gni<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ed i<span class=\"_ _2\"></span>n t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> inc<span class=\"_ _2\"></span>om<span class=\"_ _2\"></span>e st<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>em<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t. T<span class=\"_ _2\"></span>hey<span class=\"_ _2\"></span> ar<span class=\"_ _2\"></span>e pr<span class=\"_ _2\"></span>ese<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>d i<span class=\"_ _2\"></span>n No<span class=\"_ _2\"></span>te 9<span class=\"_ _2\"></span>. Note<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> to<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e con<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ol<span class=\"_ _2\"></span>ida<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>in<span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>me st<span class=\"_ _2\"></span>ate<span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>nt st<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>on<span class=\"_ _7\"></span> pag<span class=\"_ _2\"></span>e 1<span class=\"_ _2\"></span>09. The<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>fai<span class=\"_ _2\"></span>r valu<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the l<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>el<span class=\"_ _7\"></span> hie<span class=\"_ _2\"></span>rar<span class=\"_ _2\"></span>chy<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>acc<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>din<span class=\"_ _7\"></span>g to IFR<span class=\"_ _2\"></span>S <span class=\"_ _6\"></span>13 ar<span class=\"_ _2\"></span>e pr<span class=\"_ _10\"></span>ese<span class=\"_ _2\"></span>nte<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> i<span class=\"_ _2\"></span>n 1<span class=\"_ _2\"></span>6. <span class=\"_ _2\"></span>Cal<span class=\"_ _2\"></span>cul<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>of f<span class=\"_ _2\"></span>air<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>va<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>sta<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>pag<span class=\"_ _2\"></span>e 1<span class=\"_ _2\"></span>19.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-490": {
   "value": "<div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a85\">Prope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ty <span class=\"_ _0\"></span>is <span class=\"_ _4\"></span>measur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>quisi<span class=\"_ _7\"></span>tion <span class=\"_ _4\"></span>or <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nstructio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>costs <span class=\"_ _0\"></span>minus <span class=\"_ _4\"></span>acc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mulat<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>sc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>eduled <span class=\"_ _0\"></span>deprecia<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>impai<span class=\"_ _2\"></span>rment </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a86\">loss<span class=\"_ _7\"></span>es. <span class=\"_ _2\"></span>Cost <span class=\"_ _2\"></span>comprises <span class=\"_ _10\"></span>all <span class=\"_ _2\"></span>costs <span class=\"_ _2\"></span>incurr<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>putti<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>asset <span class=\"_ _10\"></span>into <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>presen<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>location <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>pr<span class=\"_ _7\"></span>esent <span class=\"_ _2\"></span>conditio<span class=\"_ _2\"></span>n. <span class=\"_ _7\"></span>Costs <span class=\"_ _10\"></span>incurr<span class=\"_ _2\"></span>ed </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a87\">in <span class=\"_ _6\"></span>later <span class=\"_ _6\"></span>periods are<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>on<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>if <span class=\"_ _6\"></span>they <span class=\"_ _6\"></span>lead to <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>significa<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>inc<span class=\"_ _7\"></span>reas<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>futu<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>opportunities<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>for <span class=\"_ _6\"></span>use <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>buildi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>(e.g. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a88\">thro<span class=\"_ _7\"></span>ugh <span class=\"_ _7\"></span>res<span class=\"_ _2\"></span>pective <span class=\"_ _7\"></span>buil<span class=\"_ _7\"></span>ding <span class=\"_ _7\"></span>expa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sions <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r n<span class=\"_ _7\"></span>ew fi<span class=\"_ _7\"></span>tti<span class=\"_ _7\"></span>ngs). <span class=\"_ _2\"></span>T<span class=\"_ _10\"></span>ang<span class=\"_ _7\"></span>ible <span class=\"_ _2\"></span>assets <span class=\"_ _7\"></span>are <span class=\"_ _2\"></span>depr<span class=\"_ _7\"></span>eciate<span class=\"_ _7\"></span>d usi<span class=\"_ _2\"></span>ng t<span class=\"_ _7\"></span>he s<span class=\"_ _2\"></span>traight-line <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ethod <span class=\"_ _2\"></span>over </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a89\">the exp<span class=\"_ _7\"></span>ected <span class=\"_ _7\"></span>economic <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>sef<span class=\"_ _7\"></span>ul lif<span class=\"_ _7\"></span>e.  </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2a8a\">Average<span class=\"_ _6\"></span> useful life i<span class=\"_ _6\"></span>n yea<span class=\"_ _6\"></span>rs <span class=\"_ _2da\"> </span><span class=\"fsf\">f<span class=\"_ _6\"></span>rom<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2a8b\">to<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a8c\">Buil<span class=\"_ _6\"></span>din<span class=\"_ _1\"></span>gs <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ateg<span class=\"_ _1\"></span>oris<span class=\"_ _6\"></span>ed<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>in<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _6\"></span>t p<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ope<span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>ty <span class=\"_ _cd\"> </span>28<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a8d\">51<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a8f\">The <span class=\"_ _6\"></span>measur<span class=\"_ _2\"></span>ement <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>AC <span class=\"_ _6\"></span>minus accum<span class=\"_ _7\"></span>ulated <span class=\"_ _6\"></span>depr<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>iati<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>impai<span class=\"_ _7\"></span>rment <span class=\"_ _6\"></span>losses.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>Cost c<span class=\"_ _6\"></span>omp<span class=\"_ _7\"></span>rises all <span class=\"_ _6\"></span>costs <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>ncurred<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>in </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a90\">putting <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>ass<span class=\"_ _7\"></span>et <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span>to <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>prese<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>its <span class=\"_ _6\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nditio<span class=\"_ _7\"></span>n. <span class=\"_ _0\"></span>T<span class=\"_ _5\"></span>angible <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>depr<span class=\"_ _2\"></span>eciated <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>str<span class=\"_ _7\"></span>aight-l<span class=\"_ _7\"></span>ine </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2a91\">method ov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r thei<span class=\"_ _7\"></span>r expe<span class=\"_ _7\"></span>cted e<span class=\"_ _7\"></span>conomi<span class=\"_ _7\"></span>c useful l<span class=\"_ _7\"></span>ife.<span class=\"_ _2\"></span> </div><div class=\"t m0 h5c ff46 fs18 fc3 sc0 ls5 ws2 gs2a92\">Average<span class=\"_ _6\"></span> useful life i<span class=\"_ _6\"></span>n yea<span class=\"_ _6\"></span>rs <span class=\"_ _2da\"> </span><span class=\"fsf\">f<span class=\"_ _6\"></span>rom<span class=\"_ _3d5\"> </span></span></div><div class=\"t m0 h22 ff46 fsf fc3 sc0 ls5 ws2 gs2a93\">to<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a94\">Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> bu<span class=\"_ _1\"></span>ild<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span> <span class=\"_ _2f5\"> </span>27<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a95\">47<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a96\">Offi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ipm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _314\"> </span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a97\">12<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a98\">EDP <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2f0\"> </span>3<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a99\">6<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a9a\">Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r ve<span class=\"_ _6\"></span>hi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>les<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>4<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h29 ff48 fsf fc3 sc0 ls5 ws2 gs2a9b\">5<span class=\"_ _3d5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-462": {
   "value": "25.8.<span class=\"ff4a\"> </span>Own<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>-occupied<span class=\"_ _7\"></span> property and equ<span class=\"_ _7\"></span>ipment<span class=\"_ _2\"></span> Owner<span class=\"_ _2\"></span>-occupi<span class=\"_ _7\"></span>ed propert<span class=\"_ _2\"></span>y For <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ccou<span class=\"_ _7\"></span>nting <span class=\"_ _10\"></span>polici<span class=\"_ _7\"></span>es, <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>efer <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>statem<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted <span class=\"_ _e\"></span>un<span class=\"_ _6\"></span>der <span class=\"_ _10\"></span>25.7. <span class=\"_ _10\"></span>Investm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>operty <span class=\"_ _2\"></span>sta<span class=\"_ _7\"></span>rting <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>page 17<span class=\"_ _2\"></span>3. T<span class=\"_ _10\"></span>angible as<span class=\"_ _7\"></span>sets T<span class=\"_ _e\"></span>angible  ass<span class=\"_ _7\"></span>ets  ar<span class=\"_ _2\"></span>e  primaril<span class=\"_ _7\"></span>y  techni<span class=\"_ _7\"></span>cal  equipm<span class=\"_ _7\"></span>ent <span class=\"_ _d\"> </span>and <span class=\"_ _3\"> </span>machinery<span class=\"_ _10\"></span>,  o<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her  eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ipme<span class=\"_ _7\"></span>nt,  vehicl<span class=\"_ _7\"></span>e  fleet,  IT <span class=\"_ _3\"> </span>h<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>dwar<span class=\"_ _2\"></span>e/tele-<span class=\"_ _3d5\"> </span>commu<span class=\"_ _7\"></span>nication, of<span class=\"_ _2\"></span>fice eq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ipme<span class=\"_ _7\"></span>nt as w<span class=\"_ _7\"></span>ell as the a<span class=\"_ _2\"></span>dvance pa<span class=\"_ _7\"></span>yments for <span class=\"_ _2\"></span>these.  The <span class=\"_ _6\"></span>measur<span class=\"_ _2\"></span>ement <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>AC <span class=\"_ _6\"></span>minus accum<span class=\"_ _7\"></span>ulated <span class=\"_ _6\"></span>depr<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>iati<span class=\"_ _7\"></span>on <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>impai<span class=\"_ _7\"></span>rment <span class=\"_ _6\"></span>losses.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>Cost c<span class=\"_ _6\"></span>omp<span class=\"_ _7\"></span>rises all <span class=\"_ _6\"></span>costs <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>ncurred<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>in putting <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>ass<span class=\"_ _7\"></span>et <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span>to <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>prese<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>its <span class=\"_ _6\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nditio<span class=\"_ _7\"></span>n. <span class=\"_ _0\"></span>T<span class=\"_ _5\"></span>angible <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>depr<span class=\"_ _2\"></span>eciated <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>str<span class=\"_ _7\"></span>aight-l<span class=\"_ _7\"></span>ine method ov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r thei<span class=\"_ _7\"></span>r expe<span class=\"_ _7\"></span>cted e<span class=\"_ _7\"></span>conomi<span class=\"_ _7\"></span>c useful l<span class=\"_ _7\"></span>ife.<span class=\"_ _2\"></span> Average<span class=\"_ _6\"></span> useful life i<span class=\"_ _6\"></span>n yea<span class=\"_ _6\"></span>rs <span class=\"_ _2da\"> </span><span class=\"fsf\">f<span class=\"_ _6\"></span>rom<span class=\"_ _3d5\"> </span></span>to<span class=\"_ _3d5\"> </span>Own<span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>r-o<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>cup<span class=\"_ _6\"></span>ied<span class=\"_ _6\"></span> bu<span class=\"_ _1\"></span>ild<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>gs<span class=\"_ _6\"></span> <span class=\"_ _2f5\"> </span>27<span class=\"_ _3d5\"> </span>47<span class=\"_ _3d5\"> </span>Offi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>e eq<span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>ipm<span class=\"_ _6\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _314\"> </span>4<span class=\"_ _3d5\"> </span>12<span class=\"_ _3d5\"> </span>EDP <span class=\"_ _6\"></span>fa<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ilit<span class=\"_ _6\"></span>i<span class=\"_ _6\"></span>es<span class=\"_ _6\"></span> <span class=\"_ _2f0\"> </span>3<span class=\"_ _3d5\"> </span>6<span class=\"_ _3d5\"> </span>Mot<span class=\"_ _6\"></span>o<span class=\"_ _6\"></span>r ve<span class=\"_ _6\"></span>hi<span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>les<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>4<span class=\"_ _3d5\"> </span>5<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-514": {
   "value": "25.10.<span class=\"ff4a\"> </span>Consolid<span class=\"_ _7\"></span>ated sharehold<span class=\"_ _7\"></span>ers<span class=\"ff4a\">\u02be</span> equit<span class=\"_ _7\"></span>y The items shar<span class=\"_ _7\"></span>e capital<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ther capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l res<span class=\"_ _7\"></span>erves includ<span class=\"_ _7\"></span>e the a<span class=\"_ _6\"></span>mo<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> pa<span class=\"_ _6\"></span>id<span class=\"_ _7\"></span> in to <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>capital <span class=\"_ _7\"></span>by the share<span class=\"_ _7\"></span>hold<span class=\"_ _7\"></span>ers of VIG Holdi<span class=\"_ _7\"></span>ng. Ot<span class=\"_ _7\"></span>her c<span class=\"_ _2\"></span>apital r<span class=\"_ _2\"></span>eserves <span class=\"_ _2\"></span>report <span class=\"_ _2\"></span>the s<span class=\"_ _7\"></span>hare <span class=\"_ _2\"></span>of co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trib<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ons <span class=\"_ _7\"></span>paid t<span class=\"_ _2\"></span>hat is<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>n exc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss <span class=\"_ _2\"></span>of th<span class=\"_ _7\"></span>e sh<span class=\"_ _7\"></span>are <span class=\"_ _2\"></span>capital. <span class=\"_ _2\"></span>The r<span class=\"_ _2\"></span>eserves <span class=\"_ _2\"></span>are red<span class=\"_ _7\"></span>uced b<span class=\"_ _7\"></span>y exte<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>al costs <span class=\"_ _2\"></span>directly r<span class=\"_ _2\"></span>elated to <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>orpor<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te ac<span class=\"_ _7\"></span>tions af<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ng equit<span class=\"_ _7\"></span>y (aft<span class=\"_ _7\"></span>er taking <span class=\"_ _7\"></span>tax ef<span class=\"_ _2\"></span>fects into a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>cou<span class=\"_ _7\"></span>nt).<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-491": {
   "value": "Share cap<span class=\"_ _7\"></span>ital an<span class=\"_ _7\"></span>d voting r<span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>ghts<span class=\"_ _2\"></span> <span class=\"_ _1bc\"> </span> The <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>capital amou<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>EU<span class=\"_ _7\"></span>R 132,887<span class=\"_ _7\"></span>,468.2<span class=\"_ _7\"></span>0. It <span class=\"_ _6\"></span>is divided int<span class=\"_ _6\"></span>o 128,000,0<span class=\"_ _7\"></span>00 no-par<span class=\"_ _10\"></span>-value beare<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>es with v<span class=\"_ _6\"></span>oti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g rights, wi<span class=\"_ _7\"></span>th eac<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> shar<span class=\"_ _2\"></span>e repr<span class=\"_ _7\"></span>esen<span class=\"_ _7\"></span>ting an <span class=\"_ _7\"></span>equal po<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of shar<span class=\"_ _2\"></span>e capital. <span class=\"_ _7\"></span>The <span class=\"_ _7\"></span>numbe<span class=\"_ _7\"></span>r of shar<span class=\"_ _7\"></span>es iss<span class=\"_ _2\"></span>ue<span class=\"_ _6\"></span>d r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ained <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ncha<span class=\"_ _7\"></span>nged. The Ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>agi<span class=\"_ _7\"></span>ng Boar<span class=\"_ _2\"></span>d is <span class=\"_ _7\"></span>not aw<span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>of a<span class=\"_ _7\"></span>ny r<span class=\"_ _2\"></span>estr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ctions <span class=\"_ _7\"></span>on vo<span class=\"_ _7\"></span>ting <span class=\"_ _7\"></span>rights o<span class=\"_ _7\"></span>r the <span class=\"_ _2\"></span>transfer of s<span class=\"_ _2\"></span>hares. <span class=\"_ _2\"></span>E<span class=\"_ _6\"></span>mplo<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ees <span class=\"_ _2\"></span>wh<span class=\"_ _6\"></span>o <span class=\"_ _7\"></span>own s<span class=\"_ _2\"></span>hares exer<span class=\"_ _7\"></span>cise t<span class=\"_ _7\"></span>heir voti<span class=\"_ _7\"></span>ng rig<span class=\"_ _7\"></span>ht dir<span class=\"_ _7\"></span>ectly a<span class=\"_ _7\"></span>t the A<span class=\"_ _7\"></span>nnual G<span class=\"_ _7\"></span>eneral M<span class=\"_ _7\"></span>eeting. <span class=\"_ _2\"></span> The <span class=\"_ _6\"></span>Man<span class=\"_ _7\"></span>aging Boar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>must consist of at<span class=\"_ _6\"></span> least thr<span class=\"_ _7\"></span>ee but no more than eight membe<span class=\"_ _7\"></span>rs. The <span class=\"_ _6\"></span>S<span class=\"_ _7\"></span>uperviso<span class=\"_ _7\"></span>ry B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard has at <span class=\"_ _6\"></span>least three<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>but no more<span class=\"_ _7\"></span> than twelv<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>embers (shar<span class=\"_ _2\"></span>eholder re<span class=\"_ _2\"></span>presentati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>es). The<span class=\"_ _7\"></span> W<span class=\"_ _6\"></span>iener St\u00e4dtisc<span class=\"_ _2\"></span>he V<span class=\"_ _7\"></span>ersic<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>erungs<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>ein, whi<span class=\"_ _7\"></span>ch directl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dire<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tly <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>olds <span class=\"_ _0\"></span>arou<span class=\"_ _7\"></span>nd 72.47<span class=\"_ _2\"></span>% <span class=\"_ _4\"></span>(72.47<span class=\"_ _2\"></span>%) <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>capital, <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>ight <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>appoint <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ird<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>of <span class=\"_ _0\"></span>the membe<span class=\"_ _7\"></span>rs o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the S<span class=\"_ _7\"></span>upervis<span class=\"_ _7\"></span>ory <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>if, <span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>d as <span class=\"_ _2\"></span>long as, <span class=\"_ _2\"></span>it hol<span class=\"_ _7\"></span>ds<span class=\"_ _7\"></span> 5<span class=\"_ _7\"></span>0% o<span class=\"_ _7\"></span>r less<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he Compa<span class=\"_ _2\"></span>ny\u2019<span class=\"_ _10\"></span>s <span class=\"_ _7\"></span>voting <span class=\"_ _2\"></span>shar<span class=\"_ _7\"></span>es. <span class=\"_ _7\"></span>Ann<span class=\"_ _7\"></span>ual G<span class=\"_ _7\"></span>ene<span class=\"_ _7\"></span>ral Meeti<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>esolutions <span class=\"_ _4\"></span>are<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>dopted <span class=\"_ _4\"> </span>by <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>si<span class=\"_ _7\"></span>mple <span class=\"_ _4\"> </span>majority<span class=\"_ _e\"></span>, <span class=\"_ _4\"> </span>unless <span class=\"_ _4\"> </span>a <span class=\"_ _f\"> </span>di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _4\"> </span>majority <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"> </span>req<span class=\"_ _7\"></span>uire<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>b<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>w <span class=\"_ _4\"> </span>or <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>Art<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>cles <span class=\"_ _4\"> </span>of Associatio<span class=\"_ _7\"></span>n. There ar<span class=\"_ _2\"></span>e no shares wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> special<span class=\"_ _7\"></span> rights of contr<span class=\"_ _2\"></span>ol; refer<span class=\"_ _2\"></span>ence is<span class=\"_ _7\"></span> made to the previo<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>s paragr<span class=\"_ _7\"></span>aph with r<span class=\"_ _7\"></span>egar<span class=\"_ _7\"></span>d to the righ<span class=\"_ _7\"></span>ts of the shar<span class=\"_ _7\"></span>ehold<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Wiener S<span class=\"_ _7\"></span>t\u00e4dtis<span class=\"_ _7\"></span>che V<span class=\"_ _10\"></span>ersiche<span class=\"_ _7\"></span>rungsver<span class=\"_ _2\"></span>ein. At <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ep<span class=\"_ _6\"></span>orti<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>d<span class=\"_ _7\"></span>ate, <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>ny <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _6\"></span>party <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>an<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>ma<span class=\"_ _7\"></span>terial <span class=\"_ _1\"></span>agr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>em<span class=\"_ _7\"></span>ents <span class=\"_ _6\"></span>wh<span class=\"_ _6\"></span>ich <span class=\"_ _6\"></span>take <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fect, <span class=\"_ _6\"></span>alter <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>ermi<span class=\"_ _7\"></span>nate <span class=\"_ _1\"></span>upon<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>a change <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>control <span class=\"_ _4\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>com<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y <span class=\"_ _4\"> </span>following <span class=\"_ _4\"></span>a <span class=\"_ _4\"> </span>takeover <span class=\"_ _4\"> </span>bid, <span class=\"_ _4\"> </span>especi<span class=\"_ _7\"></span>ally <span class=\"_ _4\"> </span>none <span class=\"_ _4\"> </span>which <span class=\"_ _4\"> </span>concern <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>participatio<span class=\"_ _7\"></span>ns <span class=\"_ _4\"> </span>held <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> insuranc<span class=\"_ _7\"></span>e com<span class=\"_ _7\"></span>panies. <span class=\"_ _2\"></span> No <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ompe<span class=\"_ _7\"></span>nsation <span class=\"_ _10\"></span>agre<span class=\"_ _7\"></span>ements <span class=\"_ _10\"></span>exist <span class=\"_ _10\"></span>b<span class=\"_ _6\"></span>etw<span class=\"_ _7\"></span>een <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>company <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>its <span class=\"_ _2\"></span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _10\"></span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>members, <span class=\"_ _10\"></span>Super<span class=\"_ _7\"></span>visory <span class=\"_ _10\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>embe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s or emplo<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ees co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ering t<span class=\"_ _7\"></span>he cas<span class=\"_ _7\"></span>e of a p<span class=\"_ _7\"></span>ublic <span class=\"_ _7\"></span>takeover <span class=\"_ _2\"></span>bid.<span class=\"_ _3d5\"> </span>Anticipato<span class=\"_ _7\"></span>ry resolution<span class=\"_ _2\"></span>s P<span class=\"_ _7\"></span>urs<span class=\"_ _2\"></span>uan<span class=\"_ _2\"></span>t to<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>\u00a7<span class=\"_ _7\"></span> 169<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Ak<span class=\"_ _2\"></span>tG,<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>M<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ag<span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span> Boar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>s aut<span class=\"_ _7\"></span>ho<span class=\"_ _2\"></span>ris<span class=\"_ _2\"></span>ed unti<span class=\"_ _2\"></span>l<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>no l<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>er tha<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>20<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>Ma<span class=\"_ _7\"></span>y 20<span class=\"_ _7\"></span>26<span class=\"_ _7\"></span> to in<span class=\"_ _7\"></span>cr<span class=\"_ _2\"></span>ea<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e com<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>ny\u2019<span class=\"_ _5\"></span>s sh<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e ca<span class=\"_ _2\"></span>pi<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>l <span class=\"_ _1\"></span>\u2013 <span class=\"_ _6\"></span>also<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lt<span class=\"_ _2\"></span>ipl<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>tr<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u2013 <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>nom<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>al<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>amo<span class=\"_ _2\"></span>unt <span class=\"_ _6\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>u<span class=\"_ _7\"></span>p <span class=\"_ _6\"></span>to<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>EU<span class=\"_ _2\"></span>R 6<span class=\"_ _2\"></span>6,4<span class=\"_ _2\"></span>43<span class=\"_ _7\"></span>,7<span class=\"_ _7\"></span>3<span class=\"_ _7\"></span>4.<span class=\"_ _7\"></span>1<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>iss<span class=\"_ _2\"></span>ui<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>up<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>64<span class=\"_ _2\"></span>,00<span class=\"_ _2\"></span>0,0<span class=\"_ _2\"></span>00 <span class=\"_ _1\"></span>no<span class=\"_ _2\"></span>-par<span class=\"_ _7\"></span> be<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>sha<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>s <span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>n e<span class=\"_ _7\"></span>x<span class=\"_ _7\"></span>ch<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>e f<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> ca<span class=\"_ _2\"></span>sh <span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> no<span class=\"_ _2\"></span>n-c<span class=\"_ _7\"></span>as<span class=\"_ _2\"></span>h <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>ntri<span class=\"_ _2\"></span>but<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>ns o<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>nat<span class=\"_ _2\"></span>ion<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>b<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>. <span class=\"_ _7\"></span>Th<span class=\"_ _2\"></span>e M<span class=\"_ _2\"></span>ana<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> Bo<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>wi<span class=\"_ _2\"></span>th <span class=\"_ _2\"></span>the<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Sup<span class=\"_ _2\"></span>erv<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>sor<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>Bo<span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>d deci<span class=\"_ _2\"></span>de<span class=\"_ _7\"></span>s <span class=\"_ _6\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _7\"></span>nt<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>s<span class=\"_ _7\"></span>ha<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>rig<span class=\"_ _7\"></span>ht<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>, <span class=\"_ _6\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ex<span class=\"_ _7\"></span>cl<span class=\"_ _2\"></span>usio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of pr<span class=\"_ _2\"></span>e-em<span class=\"_ _2\"></span>pt<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>sub<span class=\"_ _2\"></span>sc<span class=\"_ _7\"></span>ri<span class=\"_ _7\"></span>pt<span class=\"_ _2\"></span>ion<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span> te<span class=\"_ _2\"></span>rms<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>co<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>iss<span class=\"_ _2\"></span>uan<span class=\"_ _7\"></span>ce<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Pr<span class=\"_ _2\"></span>ef<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>es <span class=\"_ _10\"></span>wi<span class=\"_ _2\"></span>thout<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>voti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>hts <span class=\"_ _10\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>nve<span class=\"_ _2\"></span>yin<span class=\"_ _2\"></span>g <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>sa<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>rig<span class=\"_ _2\"></span>hts<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>alr<span class=\"_ _2\"></span>ea<span class=\"_ _7\"></span>dy<span class=\"_ _2\"></span> is<span class=\"_ _2\"></span>sued<span class=\"_ _2\"></span> pr<span class=\"_ _10\"></span>ef<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>y al<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>be<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>ss<span class=\"_ _2\"></span>ued<span class=\"_ _7\"></span>.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is<span class=\"_ _2\"></span>sue<span class=\"_ _2\"></span> p<span class=\"_ _7\"></span>ric<span class=\"_ _2\"></span>es<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>co<span class=\"_ _2\"></span>mm<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>sha<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>pr<span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>err<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>e d<span class=\"_ _7\"></span>if<span class=\"_ _2\"></span>fe<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ent<span class=\"_ _7\"></span>. The Man<span class=\"_ _7\"></span>aging <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d was a<span class=\"_ _7\"></span>uthorise<span class=\"_ _7\"></span>d by the An<span class=\"_ _2\"></span>nua<span class=\"_ _6\"></span>l <span class=\"_ _7\"></span>General<span class=\"_ _2\"></span> Meet<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng on 21 Ma<span class=\"_ _7\"></span>y 2021 wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>conse<span class=\"_ _7\"></span>nt of t<span class=\"_ _7\"></span>he Super<span class=\"_ _7\"></span>visory Boar<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>issue <span class=\"_ _4\"> </span>con<span class=\"_ _7\"></span>vertible <span class=\"_ _4\"> </span>bonds <span class=\"_ _4\"> </span>accor<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>\u00a7 <span class=\"_ _4\"> </span>174 <span class=\"_ _f\"> </span>Akt<span class=\"_ _7\"></span>G, <span class=\"_ _4\"> </span>wh<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ch <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>nvey <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>rig<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>t <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>exchange <span class=\"_ _4\"> </span>or <span class=\"_ _f\"> </span>su<span class=\"_ _2\"></span>bscribe <span class=\"_ _4\"> </span>u<span class=\"_ _6\"></span>p <span class=\"_ _4\"> </span>to 30,00<span class=\"_ _7\"></span>0,000 of the <span class=\"_ _6\"></span>comp<span class=\"_ _7\"></span>any\u2019<span class=\"_ _5\"></span>s no-par beare<span class=\"_ _7\"></span>r common sh<span class=\"_ _7\"></span>ares<span class=\"_ _7\"></span> represe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>a propo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>nal <span class=\"_ _6\"></span>amo<span class=\"_ _7\"></span>unt <span class=\"_ _6\"></span>of sha<span class=\"_ _7\"></span>re capit<span class=\"_ _7\"></span>al of <span class=\"_ _6\"></span>up to EUR 31,145<span class=\"_ _7\"></span>,500.3<span class=\"_ _7\"></span>6, <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>a <span class=\"_ _4\"> </span>total <span class=\"_ _4\"> </span>n<span class=\"_ _6\"></span>omin<span class=\"_ _7\"></span>al <span class=\"_ _f\"> </span>amo<span class=\"_ _2\"></span>unt <span class=\"_ _f\"> </span>of <span class=\"_ _4\"></span>up <span class=\"_ _f\"> </span>to <span class=\"_ _4\"></span>EUR 2,000,0<span class=\"_ _7\"></span>00,00<span class=\"_ _7\"></span>0.00, <span class=\"_ _4\"></span>also <span class=\"_ _4\"> </span>under <span class=\"_ _4\"> </span>exclusio<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>pre-<span class=\"_ _7\"></span>empti<span class=\"_ _7\"></span>ve subscriptio<span class=\"_ _2\"></span>n r<span class=\"_ _6\"></span>ig<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ts, o<span class=\"_ _7\"></span>n one or mo<span class=\"_ _2\"></span>re occasio<span class=\"_ _2\"></span>ns in the tim<span class=\"_ _7\"></span>e u<span class=\"_ _7\"></span>ntil<span class=\"_ _7\"></span> 20 May 202<span class=\"_ _7\"></span>6.<span class=\"_ _7\"></span> In <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>\u00a7 <span class=\"_ _10\"></span>159 <span class=\"_ _10\"></span>(2) <span class=\"_ _10\"></span>Z1 <span class=\"_ _2\"></span>AktG, <span class=\"_ _e\"></span>therefo<span class=\"_ _7\"></span>re, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>capital <span class=\"_ _e\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _10\"></span>been <span class=\"_ _10\"></span>raised <span class=\"_ _e\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nditio<span class=\"_ _7\"></span>nally <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>EUR 31,145<span class=\"_ _7\"></span>,500.<span class=\"_ _2\"></span>36 by is<span class=\"_ _7\"></span>suing <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>30,000<span class=\"_ _7\"></span>,000 <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>-par <span class=\"_ _7\"></span>bear<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>commo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> s<span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s.<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>The co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ditio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al ca<span class=\"_ _2\"></span>pital inc<span class=\"_ _7\"></span>reas<span class=\"_ _7\"></span>e wil<span class=\"_ _7\"></span>l <span class=\"_ _2\"></span>on<span class=\"_ _6\"></span>ly b<span class=\"_ _2\"></span>e cond<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cted <span class=\"_ _7\"></span>insof<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span> as <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>beare<span class=\"_ _7\"></span>rs <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>con<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ertible <span class=\"_ _2\"></span>bonds <span class=\"_ _2\"></span>issued <span class=\"_ _2\"></span>on <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e b<span class=\"_ _2\"></span>asis o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>resol<span class=\"_ _2\"></span>ution <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Annual <span class=\"_ _2\"></span>General <span class=\"_ _2\"></span>Meeting <span class=\"_ _2\"></span>of 21<span class=\"_ _2\"></span> M<span class=\"_ _7\"></span>ay <span class=\"_ _7\"></span>20<span class=\"_ _2\"></span>21 exer<span class=\"_ _7\"></span>cise t<span class=\"_ _7\"></span>heir subs<span class=\"_ _7\"></span>criptio<span class=\"_ _7\"></span>n or exc<span class=\"_ _7\"></span>hange righ<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s. T<span class=\"_ _5\"></span>o date, th<span class=\"_ _7\"></span>e Managing <span class=\"_ _2\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d has adopte<span class=\"_ _7\"></span>d no r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>solu<span class=\"_ _7\"></span>tion o<span class=\"_ _7\"></span>n the issu<span class=\"_ _7\"></span>ance o<span class=\"_ _7\"></span>f convertible <span class=\"_ _2\"></span>bonds on <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>asis of<span class=\"_ _7\"></span> the aut<span class=\"_ _7\"></span>horisatio<span class=\"_ _7\"></span>n gra<span class=\"_ _7\"></span>nted <span class=\"_ _7\"></span>on 21 Ma<span class=\"_ _7\"></span>y 2021.<span class=\"_ _2\"></span> Furthermor<span class=\"_ _2\"></span>e, <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>M<span class=\"_ _2\"></span>anaging<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>Bo<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>as <span class=\"_ _0\"></span>authorised<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>by <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>Annual <span class=\"_ _1\"></span>G<span class=\"_ _6\"></span>ene<span class=\"_ _7\"></span>ral <span class=\"_ _4\"></span>M<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>eting <span class=\"_ _0\"></span>wit<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sen<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Super<span class=\"_ _7\"></span>visory Boar<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>to i<span class=\"_ _7\"></span>ssue <span class=\"_ _2\"></span>particip<span class=\"_ _7\"></span>ating bo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds <span class=\"_ _2\"></span>purs<span class=\"_ _7\"></span>uant to <span class=\"_ _2\"></span>\u00a7 17<span class=\"_ _7\"></span>4 <span class=\"_ _7\"></span>(2) <span class=\"_ _2\"></span>AktG i<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>otal <span class=\"_ _2\"></span>nominal <span class=\"_ _2\"></span>amount o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>up to <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>UR 2,000<span class=\"_ _7\"></span>,000,0<span class=\"_ _7\"></span>00.0<span class=\"_ _2\"></span>0, also <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>multiple <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>ranc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>es <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>also <span class=\"_ _2\"></span>under <span class=\"_ _2\"></span>exclusio<span class=\"_ _2\"></span>n <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>re-<span class=\"_ _7\"></span>empti<span class=\"_ _7\"></span>ve <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ubscriptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>rights, <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>time <span class=\"_ _2\"></span>until <span class=\"_ _2\"></span>20 <span class=\"_ _2\"></span>May <span class=\"_ _2\"></span>2026. <span class=\"_ _2\"></span>T<span class=\"_ _e\"></span>o <span class=\"_ _2\"></span>date, the M<span class=\"_ _2\"></span>anaging <span class=\"_ _2\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>ha<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>not a<span class=\"_ _7\"></span>dopted <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>solu<span class=\"_ _7\"></span>tion <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he iss<span class=\"_ _7\"></span>uance <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>participating <span class=\"_ _2\"></span>bonds <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>he b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sis <span class=\"_ _2\"></span>of <span class=\"_ _7\"></span>this a<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>thorisa<span class=\"_ _7\"></span>tion.<span class=\"_ _7\"></span> The <span class=\"_ _f\"> </span>Ann<span class=\"_ _7\"></span>ual <span class=\"_ _f\"> </span>General <span class=\"_ _f\"> </span>Me<span class=\"_ _7\"></span>eti<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>authorised <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _f\"> </span>Boar<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>26 <span class=\"_ _f\"> </span>Ma<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>2023 <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>acquir<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>ordi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ary <span class=\"_ _f\"> </span>bear<span class=\"_ _7\"></span>er <span class=\"_ _f\"> </span>s<span class=\"_ _7\"></span>hares<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>in<span class=\"_ _6\"></span> accor<span class=\"_ _7\"></span>dan<span class=\"_ _7\"></span>ce wit<span class=\"_ _7\"></span>h \u00a7 6<span class=\"_ _7\"></span>5 <span class=\"_ _7\"></span>(1) <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>o. <span class=\"_ _7\"></span>8, <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>1a) <span class=\"_ _2\"></span>and <span class=\"_ _7\"></span>(1b) Ak<span class=\"_ _2\"></span>tG<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the m<span class=\"_ _7\"></span>axi<span class=\"_ _7\"></span>mum <span class=\"_ _7\"></span>extent <span class=\"_ _2\"></span>permissi<span class=\"_ _7\"></span>ble <span class=\"_ _7\"></span>by l<span class=\"_ _7\"></span>aw <span class=\"_ _7\"></span>during <span class=\"_ _2\"></span>a pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iod <span class=\"_ _2\"></span>of 30<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>onths foll<span class=\"_ _7\"></span>owing <span class=\"_ _10\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Annual <span class=\"_ _10\"></span>General <span class=\"_ _e\"></span>Meeting <span class=\"_ _10\"></span>resol<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tion <span class=\"_ _e\"></span>wa<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>adopted. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>amount <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>upon <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>epur<span class=\"_ _2\"></span>chase <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>Compa<span class=\"_ _7\"></span>ny\u2019<span class=\"_ _e\"></span>s own <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>es <span class=\"_ _6\"></span>may n<span class=\"_ _6\"></span>ot b<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>mor<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>than <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>maxim<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m of <span class=\"_ _6\"></span>50% be<span class=\"_ _6\"></span>low and <span class=\"_ _6\"></span>not <span class=\"_ _6\"></span>more than a <span class=\"_ _6\"></span>maxim<span class=\"_ _7\"></span>um of <span class=\"_ _6\"></span>10% a<span class=\"_ _6\"></span>bove the <span class=\"_ _6\"></span>avera<span class=\"_ _7\"></span>ge unweight<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>closi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>price <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>Vienna <span class=\"_ _2\"></span>S<span class=\"_ _7\"></span>tock <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>xc<span class=\"_ _7\"></span>hange <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>ten <span class=\"_ _2\"></span>stock <span class=\"_ _10\"></span>exchang<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>trading <span class=\"_ _10\"></span>days <span class=\"_ _2\"></span>prec<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>rep<span class=\"_ _7\"></span>urch<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e.<span class=\"_ _6\"></span> The <span class=\"_ _2\"></span>Managing <span class=\"_ _e\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>may <span class=\"_ _10\"></span>de<span class=\"_ _6\"></span>cid<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>make <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>pur<span class=\"_ _7\"></span>chase <span class=\"_ _10\"></span>via <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>sto<span class=\"_ _7\"></span>ck <span class=\"_ _2\"></span>excha<span class=\"_ _7\"></span>nge, <span class=\"_ _2\"></span>thro<span class=\"_ _7\"></span>ugh <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>public <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>any <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>legal<span class=\"_ _7\"></span>ly permissibl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>expedi<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>manner<span class=\"_ _10\"></span>. <span class=\"_ _1\"></span>If <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>repur<span class=\"_ _2\"></span>chase <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>perfo<span class=\"_ _7\"></span>rmed <span class=\"_ _0\"></span>vi<span class=\"_ _7\"></span>a <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>public <span class=\"_ _1\"></span>of<span class=\"_ _7\"></span>fer<span class=\"_ _e\"></span>, <span class=\"_ _0\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>end <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lation <span class=\"_ _1\"></span>period <span class=\"_ _6\"></span>is<span class=\"_ _6\"></span> determin<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>based on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>date on which t<span class=\"_ _6\"></span>he intention to <span class=\"_ _6\"></span>make a <span class=\"_ _6\"></span>public <span class=\"_ _6\"></span>of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span> is <span class=\"_ _6\"></span>announced (\u00a7 <span class=\"_ _6\"></span>5 <span class=\"_ _6\"></span>(2) <span class=\"_ _6\"></span>and (<span class=\"_ _6\"></span>3<span class=\"_ _7\"></span>) <span class=\"_ _6\"></span>of th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Austria<span class=\"_ _7\"></span>n T<span class=\"_ _e\"></span>akeover A<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t (\u00dcbe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>nahmegese<span class=\"_ _2\"></span>tz))<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> The <span class=\"_ _6\"></span>An<span class=\"_ _7\"></span>nual General M<span class=\"_ _7\"></span>eeting also<span class=\"_ _7\"></span> authorised the Ma<span class=\"_ _7\"></span>naging Boar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>for a <span class=\"_ _6\"></span>period of five ye<span class=\"_ _7\"></span>ars <span class=\"_ _6\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the date of the resol<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>on to use ac<span class=\"_ _7\"></span>quir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d o<span class=\"_ _7\"></span>wn shar<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>while excl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng share<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>old<span class=\"_ _7\"></span>er pr<span class=\"_ _7\"></span>e-emptio<span class=\"_ _2\"></span>n r<span class=\"_ _6\"></span>ig<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ts \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>f<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>er<span class=\"_ _7\"></span>vi<span class=\"_ _2\"></span>ci<span class=\"_ _10\"></span>ng <span class=\"_ _10\"></span>co<span class=\"_ _2\"></span>nv<span class=\"_ _2\"></span>ert<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e b<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nds<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ss<span class=\"_ _10\"></span>ue<span class=\"_ _2\"></span>d <span class=\"_ _7\"></span>b<span class=\"_ _2\"></span>as<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> o<span class=\"_ _10\"></span>n <span class=\"_ _2\"></span>th<span class=\"_ _2\"></span>e r<span class=\"_ _10\"></span>es<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>u<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>on<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ad<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _7\"></span>A<span class=\"_ _2\"></span>n<span class=\"_ _7\"></span>n<span class=\"_ _2\"></span>ual<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>Ge<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>ral<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>M<span class=\"_ _2\"></span>ee<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _10\"></span>n <span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>1<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>M<span class=\"_ _2\"></span>ay<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1;<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>for sales in <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> ma<span class=\"_ _7\"></span>nner permi<span class=\"_ _7\"></span>tted b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> law ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er t<span class=\"_ _7\"></span>han via t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e sto<span class=\"_ _2\"></span>ck market or b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>eans of a p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>blic of<span class=\"_ _2\"></span>fer<span class=\"_ _10\"></span>. <span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> M<span class=\"_ _2\"></span>an<span class=\"_ _7\"></span>ag<span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>g <span class=\"_ _7\"></span>Bo<span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>has <span class=\"_ _2\"></span>not<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>ade <span class=\"_ _2\"></span>use<span class=\"_ _2\"></span> of<span class=\"_ _2\"></span> t<span class=\"_ _2\"></span>hes<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> a<span class=\"_ _2\"></span>uth<span class=\"_ _7\"></span>or<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>ati<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ns <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>dat<span class=\"_ _2\"></span>e. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> G<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>up <span class=\"_ _2\"></span>hol<span class=\"_ _2\"></span>ds <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>ow<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>sha<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>s a<span class=\"_ _7\"></span>t <span class=\"_ _2\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>epo<span class=\"_ _7\"></span>rt<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>da<span class=\"_ _7\"></span>te.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-464": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2afe\">25.11.<span class=\"ff4a\"> </span>Provisi<span class=\"_ _7\"></span>ons </div><div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2aff\">General<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b00\">Provis<span class=\"_ _7\"></span>ions <span class=\"_ _7\"></span>will <span class=\"_ _7\"></span>be recog<span class=\"_ _7\"></span>nised i<span class=\"_ _7\"></span>f </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b01\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>a legal or <span class=\"_ _7\"></span>constr<span class=\"_ _7\"></span>uctive obl<span class=\"_ _7\"></span>igation <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xists to<span class=\"_ _7\"></span> a thir<span class=\"_ _2\"></span>d party as <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> r<span class=\"_ _2\"></span>esu<span class=\"_ _6\"></span>lt of a <span class=\"_ _2\"></span>past eve<span class=\"_ _7\"></span>nt, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b02\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is pr<span class=\"_ _7\"></span>obable <span class=\"_ _7\"></span>that th<span class=\"_ _7\"></span>e oblig<span class=\"_ _7\"></span>ation wil<span class=\"_ _7\"></span>l r<span class=\"_ _7\"></span>esult i<span class=\"_ _7\"></span>n an outfl<span class=\"_ _7\"></span>ow of r<span class=\"_ _2\"></span>esourc<span class=\"_ _2\"></span>es and </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b03\">\u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is pos<span class=\"_ _7\"></span>sible to <span class=\"_ _7\"></span>make a r<span class=\"_ _2\"></span>eliable estim<span class=\"_ _2\"></span>ate<span class=\"_ _6\"></span> of t<span class=\"_ _2\"></span>he extent of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>oblig<span class=\"_ _7\"></span>ation. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b04\">The <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isions <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cognise<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>esenti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>best <span class=\"_ _6\"></span>possible estimate <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dit<span class=\"_ _7\"></span>ure <span class=\"_ _6\"></span>needed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>f<span class=\"_ _7\"></span>ulfil t<span class=\"_ _6\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b05\">oblig<span class=\"_ _7\"></span>ation. If the cas<span class=\"_ _7\"></span>h va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue of the pro<span class=\"_ _2\"></span>vision determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed on t<span class=\"_ _7\"></span>he basis<span class=\"_ _7\"></span> of pr<span class=\"_ _7\"></span>evailing ma<span class=\"_ _7\"></span>rket inter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>es dif<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span>s subst<span class=\"_ _7\"></span>antia<span class=\"_ _7\"></span>lly </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b06\">fro<span class=\"_ _7\"></span>m <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>nominal value, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>cash value <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>obli<span class=\"_ _7\"></span>gation<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised. <span class=\"_ _6\"></span>Pro<span class=\"_ _7\"></span>visions<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>also <span class=\"_ _6\"></span>include <span class=\"_ _6\"></span>perso<span class=\"_ _2\"></span>nne<span class=\"_ _6\"></span>l pro<span class=\"_ _7\"></span>visions <span class=\"_ _6\"></span>oth<span class=\"_ _7\"></span>er </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b07\">than the pr<span class=\"_ _2\"></span>ovisions f<span class=\"_ _7\"></span>or pe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sions <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd si<span class=\"_ _7\"></span>milar obli<span class=\"_ _7\"></span>gations. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is<span class=\"_ _2\"></span> pa<span class=\"_ _6\"></span>rticul<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rly co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cerns pr<span class=\"_ _7\"></span>ovisions f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r anniversa<span class=\"_ _2\"></span>ry benefi<span class=\"_ _7\"></span>ts. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-493": {
   "value": "25.11.<span class=\"ff4a\"> </span>Provisi<span class=\"_ _7\"></span>ons General<span class=\"_ _2\"></span> Provis<span class=\"_ _7\"></span>ions <span class=\"_ _7\"></span>will <span class=\"_ _7\"></span>be recog<span class=\"_ _7\"></span>nised i<span class=\"_ _7\"></span>f \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>a legal or <span class=\"_ _7\"></span>constr<span class=\"_ _7\"></span>uctive obl<span class=\"_ _7\"></span>igation <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xists to<span class=\"_ _7\"></span> a thir<span class=\"_ _2\"></span>d party as <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> r<span class=\"_ _2\"></span>esu<span class=\"_ _6\"></span>lt of a <span class=\"_ _2\"></span>past eve<span class=\"_ _7\"></span>nt, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is pr<span class=\"_ _7\"></span>obable <span class=\"_ _7\"></span>that th<span class=\"_ _7\"></span>e oblig<span class=\"_ _7\"></span>ation wil<span class=\"_ _7\"></span>l r<span class=\"_ _7\"></span>esult i<span class=\"_ _7\"></span>n an outfl<span class=\"_ _7\"></span>ow of r<span class=\"_ _2\"></span>esourc<span class=\"_ _2\"></span>es and \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>it is pos<span class=\"_ _7\"></span>sible to <span class=\"_ _7\"></span>make a r<span class=\"_ _2\"></span>eliable estim<span class=\"_ _2\"></span>ate<span class=\"_ _6\"></span> of t<span class=\"_ _2\"></span>he extent of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>oblig<span class=\"_ _7\"></span>ation. The <span class=\"_ _6\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isions <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>cognise<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>value <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>esenti<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>best <span class=\"_ _6\"></span>possible estimate <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>expe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dit<span class=\"_ _7\"></span>ure <span class=\"_ _6\"></span>needed<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>f<span class=\"_ _7\"></span>ulfil t<span class=\"_ _6\"></span>he oblig<span class=\"_ _7\"></span>ation. If the cas<span class=\"_ _7\"></span>h va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue of the pro<span class=\"_ _2\"></span>vision determi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed on t<span class=\"_ _7\"></span>he basis<span class=\"_ _7\"></span> of pr<span class=\"_ _7\"></span>evailing ma<span class=\"_ _7\"></span>rket inter<span class=\"_ _7\"></span>est rat<span class=\"_ _7\"></span>es dif<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span>s subst<span class=\"_ _7\"></span>antia<span class=\"_ _7\"></span>lly fro<span class=\"_ _7\"></span>m <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>nominal value, <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>cash value <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>obli<span class=\"_ _7\"></span>gation<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cog<span class=\"_ _7\"></span>nised. <span class=\"_ _6\"></span>Pro<span class=\"_ _7\"></span>visions<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>also <span class=\"_ _6\"></span>include <span class=\"_ _6\"></span>perso<span class=\"_ _2\"></span>nne<span class=\"_ _6\"></span>l pro<span class=\"_ _7\"></span>visions <span class=\"_ _6\"></span>oth<span class=\"_ _7\"></span>er than the pr<span class=\"_ _2\"></span>ovisions f<span class=\"_ _7\"></span>or pe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sions <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd si<span class=\"_ _7\"></span>milar obli<span class=\"_ _7\"></span>gations. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>is<span class=\"_ _2\"></span> pa<span class=\"_ _6\"></span>rticul<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rly co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cerns pr<span class=\"_ _7\"></span>ovisions f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r anniversa<span class=\"_ _2\"></span>ry benefi<span class=\"_ _7\"></span>ts.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-515": {
   "value": "25.12.<span class=\"ff4a\"> </span>Receiv<span class=\"_ _7\"></span>ables and Li<span class=\"_ _7\"></span>abilities Receiv<span class=\"_ _7\"></span>ables The <span class=\"_ _2\"></span>rec<span class=\"_ _7\"></span>eivables <span class=\"_ _10\"></span>prese<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>bala<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>sheet <span class=\"_ _10\"></span>particularl<span class=\"_ _7\"></span>y <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>nsist <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>rec<span class=\"_ _7\"></span>eivables <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>other <span class=\"_ _2\"></span>assets <span class=\"_ _10\"></span>measur<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>accor<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>nce with IFRS 9<span class=\"_ _7\"></span>. As r<span class=\"_ _7\"></span>eceiv<span class=\"_ _7\"></span>ables fro<span class=\"_ _2\"></span>m poli<span class=\"_ _7\"></span>cyhold<span class=\"_ _7\"></span>ers, i<span class=\"_ _7\"></span>ntermedi<span class=\"_ _7\"></span>aries o<span class=\"_ _2\"></span>r insura<span class=\"_ _7\"></span>nce com<span class=\"_ _7\"></span>panies<span class=\"_ _2\"></span> are dir<span class=\"_ _2\"></span>ectly s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>own<span class=\"_ _7\"></span> in th<span class=\"_ _7\"></span>e fai<span class=\"_ _7\"></span>r val<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e of f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ca<span class=\"_ _2\"></span>sh<span class=\"_ _6\"></span> flows u<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>der IFRS 17, <span class=\"_ _2\"></span>this bala<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce sh<span class=\"_ _7\"></span>eet item <span class=\"_ _2\"></span>concerns re<span class=\"_ _7\"></span>ceivabl<span class=\"_ _7\"></span>es that <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>not asso<span class=\"_ _7\"></span>ciated <span class=\"_ _7\"></span>with t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance b<span class=\"_ _7\"></span>usiness.<span class=\"_ _2\"></span> Non-i<span class=\"_ _7\"></span>nsurance <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>eceiv<span class=\"_ _7\"></span>ables <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>at <span class=\"_ _1\"></span>the tran<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>action<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _6\"></span>ice. V<span class=\"_ _2\"></span>aluation <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>base<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>underlyi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nsaction, whi<span class=\"_ _7\"></span>le<span class=\"_ _6\"></span> only th<span class=\"_ _7\"></span>e impairm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt re<span class=\"_ _2\"></span>quireme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng to IFRS 9<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e appl<span class=\"_ _7\"></span>icable fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> re<span class=\"_ _7\"></span>ceivables.<span class=\"_ _2\"></span> VIG <span class=\"_ _1\"></span>In<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>Group <span class=\"_ _6\"></span>applies <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>simplif<span class=\"_ _7\"></span>ied <span class=\"_ _1\"></span>approa<span class=\"_ _2\"></span>ch <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ligi<span class=\"_ _7\"></span>ble <span class=\"_ _1\"></span>financial <span class=\"_ _6\"></span>assets <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>ion <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>trad<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>&amp; <span class=\"_ _6\"></span>lea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>recei<span class=\"_ _7\"></span>vables accor<span class=\"_ _7\"></span>ding <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>IFRS 9.5<span class=\"_ _7\"></span>.5.15. <span class=\"_ _10\"></span>In <span class=\"_ _2\"></span>or<span class=\"_ _7\"></span>der <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>fulfil <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _e\"></span>require<span class=\"_ _2\"></span>ment, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>so-<span class=\"_ _7\"></span>called <span class=\"_ _10\"></span>Impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>Provision<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Matrix <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>used <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>receiv<span class=\"_ _7\"></span>ables<span class=\"_ _7\"></span>. Details r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ardi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the Im<span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>irm<span class=\"_ _7\"></span>ent Pro<span class=\"_ _2\"></span>vision Ma<span class=\"_ _7\"></span>trix can <span class=\"_ _7\"></span>be fo<span class=\"_ _7\"></span>und in <span class=\"_ _7\"></span>Note 2<span class=\"_ _7\"></span>.6. Cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>risk st<span class=\"_ _7\"></span>arting on <span class=\"_ _7\"></span>page 9<span class=\"_ _7\"></span>4.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-525": {
   "value": "VIG <span class=\"_ _1\"></span>In<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>Group <span class=\"_ _6\"></span>applies <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>simplif<span class=\"_ _7\"></span>ied <span class=\"_ _1\"></span>approa<span class=\"_ _2\"></span>ch <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>ligi<span class=\"_ _7\"></span>ble <span class=\"_ _1\"></span>financial <span class=\"_ _6\"></span>assets <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>pt<span class=\"_ _6\"></span>ion <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>trad<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>&amp; <span class=\"_ _6\"></span>lea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>recei<span class=\"_ _7\"></span>vables accor<span class=\"_ _7\"></span>ding <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>IFRS 9.5<span class=\"_ _7\"></span>.5.15. <span class=\"_ _10\"></span>In <span class=\"_ _2\"></span>or<span class=\"_ _7\"></span>der <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>fulfil <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _e\"></span>require<span class=\"_ _2\"></span>ment, <span class=\"_ _10\"></span>a <span class=\"_ _7\"></span>so-<span class=\"_ _7\"></span>called <span class=\"_ _10\"></span>Impairme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _10\"></span>Provision<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Matrix <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>used <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>receiv<span class=\"_ _7\"></span>ables<span class=\"_ _7\"></span>. Details r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ardi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g the Im<span class=\"_ _2\"></span>pa<span class=\"_ _6\"></span>irm<span class=\"_ _7\"></span>ent Pro<span class=\"_ _2\"></span>vision Ma<span class=\"_ _7\"></span>trix can <span class=\"_ _7\"></span>be fo<span class=\"_ _7\"></span>und in <span class=\"_ _7\"></span>Note 2<span class=\"_ _7\"></span>.6. Cr<span class=\"_ _7\"></span>edit <span class=\"_ _7\"></span>risk st<span class=\"_ _7\"></span>arting on <span class=\"_ _7\"></span>page 9<span class=\"_ _7\"></span>4.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-516": {
   "value": "Liabilitie<span class=\"_ _7\"></span>s The liabili<span class=\"_ _7\"></span>ties pr<span class=\"_ _2\"></span>esented in <span class=\"_ _7\"></span>the b<span class=\"_ _7\"></span>alance s<span class=\"_ _7\"></span>heet consi<span class=\"_ _7\"></span>st of l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties and ot<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>er li<span class=\"_ _7\"></span>abilities <span class=\"_ _7\"></span>measur<span class=\"_ _2\"></span>ed in accor<span class=\"_ _2\"></span>dance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> IFRS<span class=\"_ _7\"></span> 9<span class=\"_ _7\"></span>. For <span class=\"_ _0\"></span>items <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>asur<span class=\"_ _2\"></span>ed <span class=\"_ _4\"></span>ac<span class=\"_ _7\"></span>cordi<span class=\"_ _2\"></span>ng <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>IFRS 9,<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>pl<span class=\"_ _7\"></span>ease <span class=\"_ _0\"></span>refe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>sta<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>emen<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>fi<span class=\"_ _7\"></span>nancial <span class=\"_ _0\"></span>liabili<span class=\"_ _7\"></span>ties <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>hapter <span class=\"_ _0\"></span>25.4.<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>Fi<span class=\"_ _7\"></span>nancial<span class=\"_ _7\"></span> instrume<span class=\"_ _7\"></span>nts sta<span class=\"_ _7\"></span>rting on p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ge 163. <span class=\"_ _7\"></span>Th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ot<span class=\"_ _7\"></span>her liabil<span class=\"_ _7\"></span>ities items<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>account<span class=\"_ _7\"></span>ed for <span class=\"_ _7\"></span>at AC.<span class=\"_ _3d5\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-463": {
   "value": "<div class=\"t m0 h3f ff46 fs10 fc3 sc0 ls5 ws2 gs2765\">25.13.<span class=\"ff4a\"> </span>T<span class=\"_ _e\"></span>axes </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b15\">Income <span class=\"_ _3\"> </span>tax <span class=\"_ _3\"> </span>expenses  i<span class=\"_ _2\"></span>nclude  c<span class=\"_ _2\"></span>urrent <span class=\"_ _3\"> </span>and <span class=\"_ _3\"> </span>de<span class=\"_ _6\"></span>fe<span class=\"_ _7\"></span>rred <span class=\"_ _3\"> </span>taxe<span class=\"_ _7\"></span>s. <span class=\"_ _3\"> </span>When  tr<span class=\"_ _7\"></span>ansactio<span class=\"_ _7\"></span>ns  a<span class=\"_ _2\"></span>re  r<span class=\"_ _2\"></span>ecognis<span class=\"_ _7\"></span>ed  di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ctly <span class=\"_ _3\"> </span>in  eq<span class=\"_ _7\"></span>uity<span class=\"_ _10\"></span>,  t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b16\">corr<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nding <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _7\"></span>e t<span class=\"_ _2\"></span>ax is<span class=\"_ _7\"></span> l<span class=\"_ _7\"></span>ikewise<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fect o<span class=\"_ _2\"></span>n the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>income <span class=\"_ _2\"></span>stat<span class=\"_ _7\"></span>ement. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>curr<span class=\"_ _2\"></span>ent taxes <span class=\"_ _2\"></span>fo<span class=\"_ _7\"></span>r t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b17\">individ<span class=\"_ _7\"></span>ual com<span class=\"_ _2\"></span>panies <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _2\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>calcula<span class=\"_ _7\"></span>ted o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>basis <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>nies\u2019 <span class=\"_ _2\"></span>taxable <span class=\"_ _2\"></span>net <span class=\"_ _7\"></span>incom<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b18\">tax rate appl<span class=\"_ _7\"></span>icabl<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>n a give<span class=\"_ _7\"></span>n cou<span class=\"_ _7\"></span>ntry<span class=\"_ _10\"></span>. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b19\">Deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d taxes ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated in accord<span class=\"_ _2\"></span>ance w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>the balan<span class=\"_ _7\"></span>ce sheet liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>metho<span class=\"_ _7\"></span>d in respect<span class=\"_ _7\"></span> of <span class=\"_ _6\"></span>all temporar<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b1a\">between <span class=\"_ _7\"></span>the st<span class=\"_ _7\"></span>ated <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alues of <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets and <span class=\"_ _7\"></span>liabil<span class=\"_ _7\"></span>ities i<span class=\"_ _7\"></span>n the IFR<span class=\"_ _2\"></span>S con<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated<span class=\"_ _7\"></span> fina<span class=\"_ _7\"></span>ncial s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nts a<span class=\"_ _7\"></span>nd the cor<span class=\"_ _7\"></span>respo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng tax<span class=\"_ _3d5\"> </span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4fb\">values <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _2\"></span>individual <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>panies. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>accord<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nce <span class=\"_ _10\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>IAS 1<span class=\"_ _7\"></span>2.47, <span class=\"_ _10\"></span>deferred <span class=\"_ _2\"></span>taxes <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>basis <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>tax <span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>es </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b1c\">to be i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> eff<span class=\"_ _7\"></span>ect whe<span class=\"_ _7\"></span>n the di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ces r<span class=\"_ _2\"></span>everse. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pr<span class=\"_ _7\"></span>obabl<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>ecov<span class=\"_ _7\"></span>erable t<span class=\"_ _7\"></span>ax ben<span class=\"_ _7\"></span>efit of<span class=\"_ _7\"></span> acc<span class=\"_ _7\"></span>umulated l<span class=\"_ _2\"></span>osses carried f<span class=\"_ _7\"></span>orw<span class=\"_ _7\"></span>ard <span class=\"_ _2\"></span>is<span class=\"_ _6\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4fc\">also <span class=\"_ _1\"></span>included <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>ca<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulatio<span class=\"_ _7\"></span>n. <span class=\"_ _0\"></span>Dif<span class=\"_ _2\"></span>ferences <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>on-<span class=\"_ _7\"></span>tax-de<span class=\"_ _7\"></span>ductibl<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>goodwill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>def<span class=\"_ _7\"></span>err<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>tax <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nces <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>participa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b1d\">repr<span class=\"_ _2\"></span>esent <span class=\"_ _1\"></span>exce<span class=\"_ _7\"></span>ptions <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>this general <span class=\"_ _6\"></span>definitio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>liabiliti<span class=\"_ _7\"></span>es. <span class=\"_ _6\"></span>Deferred <span class=\"_ _6\"></span>tax <span class=\"_ _1\"></span>dif<span class=\"_ _2\"></span>ferences <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>if <span class=\"_ _6\"></span>it <span class=\"_ _1\"></span>is </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs4fe\">not pr<span class=\"_ _7\"></span>obabl<span class=\"_ _7\"></span>e that t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e tax be<span class=\"_ _2\"></span>nefit can be r<span class=\"_ _2\"></span>ecover<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d.<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fcb sc0 ls5 ws2 gs2b1e\">Group taxati<span class=\"_ _7\"></span>on </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs500\">A tax gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up p<span class=\"_ _7\"></span>ursuant to<span class=\"_ _7\"></span> \u00a7 9 K<span class=\"_ _2\"></span>StG is i<span class=\"_ _7\"></span>n effe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t wi<span class=\"_ _7\"></span>th t<span class=\"_ _7\"></span>he tax gr<span class=\"_ _2\"></span>oup\u2019<span class=\"_ _10\"></span>s <span class=\"_ _7\"></span>par<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>compan<span class=\"_ _7\"></span>y W<span class=\"_ _6\"></span>ie<span class=\"_ _7\"></span>ner St\u00e4d<span class=\"_ _2\"></span>tische V<span class=\"_ _10\"></span>ersicheru<span class=\"_ _7\"></span>ngsver<span class=\"_ _2\"></span>ein. </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b1f\">The <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>res<span class=\"_ _7\"></span>ults<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the ta<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>members<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>are attribute<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>par<span class=\"_ _7\"></span>ent c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>any<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>Agre<span class=\"_ _7\"></span>ements<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>have b<span class=\"_ _6\"></span>een<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-<span class=\"_ _3d5\"> </span></div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b20\">cluded <span class=\"_ _2\"></span>bet<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>een <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _e\"></span>s <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _2\"></span>comp<span class=\"_ _7\"></span>any <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ndividu<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _10\"></span>members <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>regulat<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>positive <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>negati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b21\">intragro<span class=\"_ _2\"></span>up <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>charges <span class=\"_ _6\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>purpo<span class=\"_ _7\"></span>se <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>apportio<span class=\"_ _2\"></span>nin<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>corporate <span class=\"_ _6\"></span>incom<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>tax <span class=\"_ _6\"></span>bur<span class=\"_ _7\"></span>den <span class=\"_ _6\"></span>on the <span class=\"_ _6\"></span>basis <span class=\"_ _6\"></span>of causation. <span class=\"_ _6\"></span>If the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs503\">tax g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p m<span class=\"_ _2\"></span>ember <span class=\"_ _7\"></span>ge<span class=\"_ _7\"></span>nerates <span class=\"_ _2\"></span>positive<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>income, <span class=\"_ _2\"></span>24% <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _2\"></span>positi<span class=\"_ _7\"></span>ve in<span class=\"_ _7\"></span>come <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>paid <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e tax <span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _5\"></span>s p<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pany<span class=\"_ _e\"></span>. If <span class=\"_ _2\"></span>the </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b22\">tax <span class=\"_ _1\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>emb<span class=\"_ _7\"></span>er <span class=\"_ _0\"></span>g<span class=\"_ _7\"></span>enerat<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>egativ<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>income, <span class=\"_ _1\"></span>21.6<span class=\"_ _7\"></span>% <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _6\"></span>membe<span class=\"_ _7\"></span>r\u2019<span class=\"_ _10\"></span>s <span class=\"_ _6\"></span>tax <span class=\"_ _0\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>paid <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>tax <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>parent </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b23\">company<span class=\"_ _e\"></span>. Because the intragro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p tax <span class=\"_ _6\"></span>charge is 24% on <span class=\"_ _6\"></span>posi<span class=\"_ _7\"></span>tive <span class=\"_ _6\"></span>income, the head of the <span class=\"_ _6\"></span>tax group bears 10% of the <span class=\"_ _6\"></span>tax </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b24\">benefit fr<span class=\"_ _2\"></span>om g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p taxatio<span class=\"_ _2\"></span>n cre<span class=\"_ _7\"></span>ated b<span class=\"_ _7\"></span>y th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>especti<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e gr<span class=\"_ _2\"></span>oup m<span class=\"_ _7\"></span>ember\u2019<span class=\"_ _e\"></span>s i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clusi<span class=\"_ _7\"></span>on in t<span class=\"_ _2\"></span>he tax gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up. I<span class=\"_ _7\"></span>n terms of<span class=\"_ _2\"></span> cash flo<span class=\"_ _2\"></span>w<span class=\"_ _7\"></span>, t<span class=\"_ _7\"></span>he </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b25\">tax ben<span class=\"_ _7\"></span>efit is <span class=\"_ _7\"></span>neutralised o<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er a <span class=\"_ _7\"></span>perio<span class=\"_ _7\"></span>d of thr<span class=\"_ _2\"></span>ee years.<span class=\"_ _2\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-492": {
   "value": "25.13.<span class=\"ff4a\"> </span>T<span class=\"_ _e\"></span>axes Income <span class=\"_ _3\"> </span>tax <span class=\"_ _3\"> </span>expenses  i<span class=\"_ _2\"></span>nclude  c<span class=\"_ _2\"></span>urrent <span class=\"_ _3\"> </span>and <span class=\"_ _3\"> </span>de<span class=\"_ _6\"></span>fe<span class=\"_ _7\"></span>rred <span class=\"_ _3\"> </span>taxe<span class=\"_ _7\"></span>s. <span class=\"_ _3\"> </span>When  tr<span class=\"_ _7\"></span>ansactio<span class=\"_ _7\"></span>ns  a<span class=\"_ _2\"></span>re  r<span class=\"_ _2\"></span>ecognis<span class=\"_ _7\"></span>ed  di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ctly <span class=\"_ _3\"> </span>in  eq<span class=\"_ _7\"></span>uity<span class=\"_ _10\"></span>,  t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e corr<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nding <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>com<span class=\"_ _7\"></span>e t<span class=\"_ _2\"></span>ax is<span class=\"_ _7\"></span> l<span class=\"_ _7\"></span>ikewise<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>cognis<span class=\"_ _7\"></span>ed i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fect o<span class=\"_ _2\"></span>n the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>income <span class=\"_ _2\"></span>stat<span class=\"_ _7\"></span>ement. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>curr<span class=\"_ _2\"></span>ent taxes <span class=\"_ _2\"></span>fo<span class=\"_ _7\"></span>r t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e individ<span class=\"_ _7\"></span>ual com<span class=\"_ _2\"></span>panies <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _2\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>calcula<span class=\"_ _7\"></span>ted o<span class=\"_ _2\"></span>n the <span class=\"_ _2\"></span>basis <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>nies\u2019 <span class=\"_ _2\"></span>taxable <span class=\"_ _2\"></span>net <span class=\"_ _7\"></span>incom<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>the tax rate appl<span class=\"_ _7\"></span>icabl<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>n a give<span class=\"_ _7\"></span>n cou<span class=\"_ _7\"></span>ntry<span class=\"_ _10\"></span>. Deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d taxes ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lated in accord<span class=\"_ _2\"></span>ance w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>the balan<span class=\"_ _7\"></span>ce sheet liabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>metho<span class=\"_ _7\"></span>d in respect<span class=\"_ _7\"></span> of <span class=\"_ _6\"></span>all temporar<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ference<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span> between <span class=\"_ _7\"></span>the st<span class=\"_ _7\"></span>ated <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alues of <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets and <span class=\"_ _7\"></span>liabil<span class=\"_ _7\"></span>ities i<span class=\"_ _7\"></span>n the IFR<span class=\"_ _2\"></span>S con<span class=\"_ _6\"></span>soli<span class=\"_ _7\"></span>dated<span class=\"_ _7\"></span> fina<span class=\"_ _7\"></span>ncial s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nts a<span class=\"_ _7\"></span>nd the cor<span class=\"_ _7\"></span>respo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng tax<span class=\"_ _3d5\"> </span>values <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _2\"></span>individual <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>panies. <span class=\"_ _2\"></span>In <span class=\"_ _2\"></span>accord<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nce <span class=\"_ _10\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>IAS 1<span class=\"_ _7\"></span>2.47, <span class=\"_ _10\"></span>deferred <span class=\"_ _2\"></span>taxes <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>mea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>basis <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>tax <span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>at<span class=\"_ _7\"></span>es to be i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> eff<span class=\"_ _7\"></span>ect whe<span class=\"_ _7\"></span>n the di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ces r<span class=\"_ _2\"></span>everse. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pr<span class=\"_ _7\"></span>obabl<span class=\"_ _7\"></span>y r<span class=\"_ _7\"></span>ecov<span class=\"_ _7\"></span>erable t<span class=\"_ _7\"></span>ax ben<span class=\"_ _7\"></span>efit of<span class=\"_ _7\"></span> acc<span class=\"_ _7\"></span>umulated l<span class=\"_ _2\"></span>osses carried f<span class=\"_ _7\"></span>orw<span class=\"_ _7\"></span>ard <span class=\"_ _2\"></span>is<span class=\"_ _6\"></span> also <span class=\"_ _1\"></span>included <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>ca<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulatio<span class=\"_ _7\"></span>n. <span class=\"_ _0\"></span>Dif<span class=\"_ _2\"></span>ferences <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>on-<span class=\"_ _7\"></span>tax-de<span class=\"_ _7\"></span>ductibl<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>goodwill<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _0\"></span>def<span class=\"_ _7\"></span>err<span class=\"_ _7\"></span>ed <span class=\"_ _0\"></span>tax <span class=\"_ _1\"></span>dif<span class=\"_ _7\"></span>fere<span class=\"_ _7\"></span>nces <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>participa<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ions repr<span class=\"_ _2\"></span>esent <span class=\"_ _1\"></span>exce<span class=\"_ _7\"></span>ptions <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>this general <span class=\"_ _6\"></span>definitio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>deferr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>liabiliti<span class=\"_ _7\"></span>es. <span class=\"_ _6\"></span>Deferred <span class=\"_ _6\"></span>tax <span class=\"_ _1\"></span>dif<span class=\"_ _2\"></span>ferences <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>re<span class=\"_ _7\"></span>cog<span class=\"_ _7\"></span>nised <span class=\"_ _6\"></span>if <span class=\"_ _6\"></span>it <span class=\"_ _1\"></span>is not pr<span class=\"_ _7\"></span>obabl<span class=\"_ _7\"></span>e that t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e tax be<span class=\"_ _2\"></span>nefit can be r<span class=\"_ _2\"></span>ecover<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d.<span class=\"_ _7\"></span> Group taxati<span class=\"_ _7\"></span>on A tax gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up p<span class=\"_ _7\"></span>ursuant to<span class=\"_ _7\"></span> \u00a7 9 K<span class=\"_ _2\"></span>StG is i<span class=\"_ _7\"></span>n effe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t wi<span class=\"_ _7\"></span>th t<span class=\"_ _7\"></span>he tax gr<span class=\"_ _2\"></span>oup\u2019<span class=\"_ _10\"></span>s <span class=\"_ _7\"></span>par<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>compan<span class=\"_ _7\"></span>y W<span class=\"_ _6\"></span>ie<span class=\"_ _7\"></span>ner St\u00e4d<span class=\"_ _2\"></span>tische V<span class=\"_ _10\"></span>ersicheru<span class=\"_ _7\"></span>ngsver<span class=\"_ _2\"></span>ein. The <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>res<span class=\"_ _7\"></span>ults<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the ta<span class=\"_ _6\"></span>x<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _6\"></span>members<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>are attribute<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>par<span class=\"_ _7\"></span>ent c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>any<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>Agre<span class=\"_ _7\"></span>ements<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>have b<span class=\"_ _6\"></span>een<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-<span class=\"_ _3d5\"> </span>cluded <span class=\"_ _2\"></span>bet<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>een <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _e\"></span>s <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _2\"></span>comp<span class=\"_ _7\"></span>any <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ndividu<span class=\"_ _7\"></span>al <span class=\"_ _2\"></span>tax <span class=\"_ _2\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _10\"></span>members <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>regulat<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>positive <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>negati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e intragro<span class=\"_ _2\"></span>up <span class=\"_ _6\"></span>tax <span class=\"_ _6\"></span>charges <span class=\"_ _6\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>purpo<span class=\"_ _7\"></span>se <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>apportio<span class=\"_ _2\"></span>nin<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>corporate <span class=\"_ _6\"></span>incom<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>tax <span class=\"_ _6\"></span>bur<span class=\"_ _7\"></span>den <span class=\"_ _6\"></span>on the <span class=\"_ _6\"></span>basis <span class=\"_ _6\"></span>of causation. <span class=\"_ _6\"></span>If the tax g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p m<span class=\"_ _2\"></span>ember <span class=\"_ _7\"></span>ge<span class=\"_ _7\"></span>nerates <span class=\"_ _2\"></span>positive<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>income, <span class=\"_ _2\"></span>24% <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _2\"></span>positi<span class=\"_ _7\"></span>ve in<span class=\"_ _7\"></span>come <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>paid <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e tax <span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _5\"></span>s p<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _7\"></span>com<span class=\"_ _7\"></span>pany<span class=\"_ _e\"></span>. If <span class=\"_ _2\"></span>the tax <span class=\"_ _1\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>m<span class=\"_ _7\"></span>emb<span class=\"_ _7\"></span>er <span class=\"_ _0\"></span>g<span class=\"_ _7\"></span>enerat<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>egativ<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>income, <span class=\"_ _1\"></span>21.6<span class=\"_ _7\"></span>% <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>gr<span class=\"_ _7\"></span>oup <span class=\"_ _6\"></span>membe<span class=\"_ _7\"></span>r\u2019<span class=\"_ _10\"></span>s <span class=\"_ _6\"></span>tax <span class=\"_ _0\"></span>loss<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>paid <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>tax <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>roup\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>parent company<span class=\"_ _e\"></span>. Because the intragro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p tax <span class=\"_ _6\"></span>charge is 24% on <span class=\"_ _6\"></span>posi<span class=\"_ _7\"></span>tive <span class=\"_ _6\"></span>income, the head of the <span class=\"_ _6\"></span>tax group bears 10% of the <span class=\"_ _6\"></span>tax benefit fr<span class=\"_ _2\"></span>om g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p taxatio<span class=\"_ _2\"></span>n cre<span class=\"_ _7\"></span>ated b<span class=\"_ _7\"></span>y th<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>especti<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e gr<span class=\"_ _2\"></span>oup m<span class=\"_ _7\"></span>ember\u2019<span class=\"_ _e\"></span>s i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clusi<span class=\"_ _7\"></span>on in t<span class=\"_ _2\"></span>he tax gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up. I<span class=\"_ _7\"></span>n terms of<span class=\"_ _2\"></span> cash flo<span class=\"_ _2\"></span>w<span class=\"_ _7\"></span>, t<span class=\"_ _7\"></span>he tax ben<span class=\"_ _7\"></span>efit is <span class=\"_ _7\"></span>neutralised o<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er a <span class=\"_ _7\"></span>perio<span class=\"_ _7\"></span>d of thr<span class=\"_ _2\"></span>ee years.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-24": {
   "value": "27.<span class=\"ff4a\"> </span>SIGNIFICANT EVENTS <span class=\"_ _10\"></span>AFTER <span class=\"_ _7\"></span>THE<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>BALANCE S<span class=\"_ _7\"></span>HEET DA<span class=\"_ _10\"></span>TE Signif<span class=\"_ _7\"></span>icant <span class=\"_ _7\"></span>events <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>p to <span class=\"_ _2\"></span>26 <span class=\"_ _7\"></span>Mar<span class=\"_ _2\"></span>ch 202<span class=\"_ _7\"></span>4 <span class=\"_ _7\"></span>were <span class=\"_ _2\"></span>taken <span class=\"_ _7\"></span>into <span class=\"_ _2\"></span>con<span class=\"_ _7\"></span>sideration. <span class=\"_ _2\"></span>This <span class=\"_ _2\"></span>is the <span class=\"_ _7\"></span>date <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n w<span class=\"_ _7\"></span>hich <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>pres<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>Ann<span class=\"_ _7\"></span>ual R<span class=\"_ _7\"></span>eport was r<span class=\"_ _7\"></span>eleased f<span class=\"_ _7\"></span>or pu<span class=\"_ _7\"></span>blicatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> by t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e Man<span class=\"_ _7\"></span>aging <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d. No <span class=\"_ _1\"></span>events <span class=\"_ _1\"></span>acco<span class=\"_ _7\"></span>rding <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>IAS 10 <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>could <span class=\"_ _6\"></span>have <span class=\"_ _1\"></span>had <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>mat<span class=\"_ _7\"></span>erial <span class=\"_ _1\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fect <span class=\"_ _6\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Group<span class=\"_ _7\"></span>\u2019<span class=\"_ _e\"></span>s <span class=\"_ _1\"></span>results <span class=\"_ _6\"></span>occurr<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>fter <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>reporti<span class=\"_ _7\"></span>ng date a<span class=\"_ _7\"></span>nd befor<span class=\"_ _7\"></span>e th<span class=\"_ _7\"></span>e appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>val of t<span class=\"_ _7\"></span>he consoli<span class=\"_ _7\"></span>dated fin<span class=\"_ _2\"></span>ancial statem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> the M<span class=\"_ _7\"></span>anaging <span class=\"_ _2\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-25": {
   "value": "RISK STRA<span class=\"_ _2\"></span>TEGY <span class=\"_ _2\"></span>AND RI<span class=\"_ _6\"></span>SK<span class=\"_ _7\"></span> MANAGEMENT GOVERNA<span class=\"_ _7\"></span>NCE SYSTEM<span class=\"_ _7\"></span> Gove<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nanc<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>efers to<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>all pro<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ess<span class=\"_ _7\"></span>es invol<span class=\"_ _7\"></span>ved in the manage<span class=\"_ _2\"></span>ment <span class=\"_ _6\"></span>and in the<span class=\"_ _7\"></span> e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ve and eff<span class=\"_ _7\"></span>icie<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>sup<span class=\"_ _7\"></span>ervision of<span class=\"_ _7\"></span> the gro<span class=\"_ _7\"></span>up. The <span class=\"_ _10\"></span>governance <span class=\"_ _e\"></span>sy<span class=\"_ _6\"></span>stem <span class=\"_ _10\"></span>com<span class=\"_ _7\"></span>prises <span class=\"_ _e\"></span>not <span class=\"_ _2\"></span>only <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>inte<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>al <span class=\"_ _10\"></span>organisatio<span class=\"_ _2\"></span>n, <span class=\"_ _2\"></span>structur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>mechanisms<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>within <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>insur<span class=\"_ _7\"></span>ance <span class=\"_ _10\"></span>gro<span class=\"_ _7\"></span>up, but also <span class=\"_ _7\"></span>the gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _e\"></span>s legal a<span class=\"_ _7\"></span>nd fact<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al i<span class=\"_ _7\"></span>nteraction <span class=\"_ _7\"></span>with t<span class=\"_ _7\"></span>he ext<span class=\"_ _7\"></span>ern<span class=\"_ _6\"></span>al <span class=\"_ _7\"></span>(market) <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nviro<span class=\"_ _2\"></span>nment. The <span class=\"_ _0\"></span>M<span class=\"_ _2\"></span>anaging <span class=\"_ _1\"></span>Board <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _1\"></span>Holding <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nsible <span class=\"_ _1\"></span>for <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>mpliance <span class=\"_ _6\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>legal <span class=\"_ _1\"></span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latio<span class=\"_ _7\"></span>ns <span class=\"_ _1\"></span>applicabl<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce gro<span class=\"_ _7\"></span>up and t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>ecognise<span class=\"_ _2\"></span>d pr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nciples fo<span class=\"_ _2\"></span>r the pro<span class=\"_ _7\"></span>per co<span class=\"_ _7\"></span>nduct <span class=\"_ _2\"></span>of business ac<span class=\"_ _7\"></span>tivities.<span class=\"_ _2\"></span> The <span class=\"_ _0\"></span>VIG <span class=\"_ _0\"></span>Insurance <span class=\"_ _1\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>has <span class=\"_ _0\"></span>instituted <span class=\"_ _0\"></span>an <span class=\"_ _0\"></span>ef<span class=\"_ _7\"></span>ficien<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>governance <span class=\"_ _0\"></span>system <span class=\"_ _0\"></span>desig<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ed <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _0\"></span>meet <span class=\"_ _0\"></span>its <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>eeds <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>quir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>men<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s, which <span class=\"_ _0\"></span>enables <span class=\"_ _0\"></span>sound <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>prude<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>m<span class=\"_ _7\"></span>anagem<span class=\"_ _7\"></span>ent. <span class=\"_ _4\"></span>As<span class=\"_ _7\"></span>id<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>fr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>establi<span class=\"_ _7\"></span>shment <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _4\"></span>go<span class=\"_ _2\"></span>vernance <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>unctions <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>ther <span class=\"_ _0\"></span>key functions <span class=\"_ _7\"></span>at the le<span class=\"_ _7\"></span>vel of the i<span class=\"_ _7\"></span>nsurance gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up, all other r<span class=\"_ _2\"></span>elevant pro<span class=\"_ _2\"></span>cesses h<span class=\"_ _7\"></span>ave been impl<span class=\"_ _7\"></span>emen<span class=\"_ _7\"></span>ted to ens<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>e the dete<span class=\"_ _7\"></span>ctio<span class=\"_ _7\"></span>n, meas<span class=\"_ _7\"></span>ureme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t, mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itori<span class=\"_ _7\"></span>ng, manag<span class=\"_ _7\"></span>ement <span class=\"_ _7\"></span>and re<span class=\"_ _2\"></span>porting of ris<span class=\"_ _2\"></span>ks, with d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e r<span class=\"_ _7\"></span>egar<span class=\"_ _7\"></span>d to t<span class=\"_ _7\"></span>he inter<span class=\"_ _7\"></span>depe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>de<span class=\"_ _7\"></span>ncies bet<span class=\"_ _7\"></span>wee<span class=\"_ _7\"></span>n risks.<span class=\"_ _7\"></span>  The <span class=\"_ _6\"></span>inte<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nal process<span class=\"_ _7\"></span>es ensure that <span class=\"_ _6\"></span>due <span class=\"_ _6\"></span>co<span class=\"_ _7\"></span>nsider<span class=\"_ _7\"></span>ation <span class=\"_ _6\"></span>is given <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>assessm<span class=\"_ _2\"></span>ents <span class=\"_ _6\"></span>of th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gov<span class=\"_ _7\"></span>ernance functio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>and oth<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span> key fu<span class=\"_ _7\"></span>nctions, as <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ell as <span class=\"_ _2\"></span>all results of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>risk ma<span class=\"_ _2\"></span>nagement <span class=\"_ _2\"></span>process<span class=\"_ _7\"></span>es, in <span class=\"_ _7\"></span>the co<span class=\"_ _7\"></span>ur<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e of co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ducti<span class=\"_ _7\"></span>ng busin<span class=\"_ _7\"></span>ess a<span class=\"_ _7\"></span>ctivities.<span class=\"_ _7\"></span> The gove<span class=\"_ _7\"></span>rnance s<span class=\"_ _7\"></span>ystem is <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>haract<span class=\"_ _7\"></span>erised b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> the fol<span class=\"_ _7\"></span>lowing <span class=\"_ _7\"></span>att<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ibutes:<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Eff<span class=\"_ _7\"></span>ective ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt by th<span class=\"_ _7\"></span>e Man<span class=\"_ _7\"></span>aging <span class=\"_ _7\"></span>Boar<span class=\"_ _7\"></span>d,<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>T<span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>anspar<span class=\"_ _2\"></span>ent supervisi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n by the S<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>pervis<span class=\"_ _7\"></span>ory Bo<span class=\"_ _7\"></span>ard,<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Alignment o<span class=\"_ _7\"></span>f ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ageme<span class=\"_ _7\"></span>nt decisi<span class=\"_ _7\"></span>ons wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> the go<span class=\"_ _2\"></span>al of long-t<span class=\"_ _7\"></span>erm v<span class=\"_ _7\"></span>alue cr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>tio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Purposive <span class=\"_ _7\"></span>coop<span class=\"_ _7\"></span>eration <span class=\"_ _7\"></span>betwee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> corpor<span class=\"_ _7\"></span>ate ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ageme<span class=\"_ _7\"></span>nt a<span class=\"_ _7\"></span>nd sup<span class=\"_ _7\"></span>ervisio<span class=\"_ _7\"></span>n, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Approp<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iate tr<span class=\"_ _2\"></span>eatme<span class=\"_ _7\"></span>nt and ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t of risks,<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>T<span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>anspar<span class=\"_ _2\"></span>ent comm<span class=\"_ _7\"></span>unicatio<span class=\"_ _7\"></span>n wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>in the com<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>y and w<span class=\"_ _7\"></span>ell-fu<span class=\"_ _7\"></span>nctioning <span class=\"_ _2\"></span>reporti<span class=\"_ _7\"></span>ng paths, <span class=\"_ _2\"></span>and \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Safeguardi<span class=\"_ _2\"></span>ng the i<span class=\"_ _7\"></span>nteres<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s of <span class=\"_ _7\"></span>policy<span class=\"_ _7\"></span>holders, sh<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>holders <span class=\"_ _2\"></span>and employees.<span class=\"_ _2\"></span> During <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>y<span class=\"_ _6\"></span>ear<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>there<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>wer<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>organis<span class=\"_ _7\"></span>ational <span class=\"_ _1\"></span>ch<span class=\"_ _7\"></span>ange<span class=\"_ _7\"></span>s <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>risk <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nagem<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ystem <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>an <span class=\"_ _1\"></span>essenti<span class=\"_ _7\"></span>al part <span class=\"_ _3\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>governance <span class=\"_ _f\"> </span>system.<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>T<span class=\"_ _e\"></span>o <span class=\"_ _3\"> </span>s<span class=\"_ _7\"></span>tre<span class=\"_ _7\"></span>ngthen<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>and <span class=\"_ _f\"> </span>enha<span class=\"_ _7\"></span>nce <span class=\"_ _3\"> </span>the <span class=\"_ _f\"> </span>eff<span class=\"_ _7\"></span>icienc<span class=\"_ _7\"></span>y <span class=\"_ _3\"> </span>of <span class=\"_ _f\"> </span>risk <span class=\"_ _3\"> </span>ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt, <span class=\"_ _f\"> </span>the <span class=\"_ _3\"> </span>Ent<span class=\"_ _7\"></span>erprise <span class=\"_ _f\"> </span>Ris<span class=\"_ _7\"></span>k<span class=\"_ _6\"></span> Managem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _2\"></span>Departme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>the Ass<span class=\"_ _2\"></span>et <span class=\"_ _7\"></span>Risk <span class=\"_ _7\"></span>Ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>Departme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>were <span class=\"_ _2\"></span>combi<span class=\"_ _7\"></span>ned <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>form <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>si<span class=\"_ _7\"></span>ngle <span class=\"_ _2\"></span>Risk <span class=\"_ _7\"></span>Manag<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>ent Departme<span class=\"_ _7\"></span>nt, ef<span class=\"_ _2\"></span>fective 1 J<span class=\"_ _7\"></span>uly 2023. <span class=\"_ _2\"></span> General inform<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>ion about<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the<span class=\"_ _7\"></span> gove<span class=\"_ _6\"></span>rna<span class=\"_ _2\"></span>nce system<span class=\"_ _2\"></span> The <span class=\"_ _3\"> </span>gove<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nance <span class=\"_ _3\"> </span>system<span class=\"_ _2\"></span>  e<span class=\"_ _7\"></span>ncompasses<span class=\"_ _2\"></span>  all<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>areas<span class=\"_ _7\"></span> <span class=\"_ _d\"> </span>and<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>d<span class=\"_ _6\"></span>ecis<span class=\"_ _7\"></span>ion-maki<span class=\"_ _7\"></span>ng <span class=\"_ _3\"> </span>committ<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>es <span class=\"_ _d\"> </span>i<span class=\"_ _2\"></span>nvolved <span class=\"_ _d\"> </span>in <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>risk <span class=\"_ _3\"> </span>ma<span class=\"_ _7\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt process<span class=\"_ _2\"></span>es. It comp<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ises t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e follo<span class=\"_ _7\"></span>wing eleme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Key<span class=\"_ _6\"></span> f<span class=\"_ _2\"></span>unc<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>ns and go<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ernance f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nctio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s,<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Eligibi<span class=\"_ _7\"></span>lity req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ireme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts fo<span class=\"_ _7\"></span>r manag<span class=\"_ _7\"></span>ement s<span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>f, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Risk ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt system<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Internal contro<span class=\"_ _7\"></span>l sys<span class=\"_ _7\"></span>tem, <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Provisi<span class=\"_ _7\"></span>ons appl<span class=\"_ _7\"></span>icabl<span class=\"_ _7\"></span>e to th<span class=\"_ _7\"></span>e outsour<span class=\"_ _2\"></span>cing of f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nctio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s or acti<span class=\"_ _2\"></span>vities. RISK STRA<span class=\"_ _e\"></span>T<span class=\"_ _6\"></span>EGY<span class=\"_ _7\"></span> AND<span class=\"_ _2\"></span> OBJECTI<span class=\"_ _7\"></span>VES The <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _2\"></span>In<span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _2\"></span>has est<span class=\"_ _2\"></span>ablished <span class=\"_ _7\"></span>clear <span class=\"_ _2\"></span>principles <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>objectives <span class=\"_ _2\"></span>for m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>naging <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isks <span class=\"_ _2\"></span>to w<span class=\"_ _7\"></span>hich <span class=\"_ _7\"></span>it <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>xpose<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he impl<span class=\"_ _7\"></span>ementatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>these <span class=\"_ _0\"></span>pr<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nciples <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>attai<span class=\"_ _7\"></span>nment <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>objec<span class=\"_ _7\"></span>tives <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ppo<span class=\"_ _7\"></span>rted <span class=\"_ _4\"></span>by<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>a <span class=\"_ _4\"></span>defined <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _4\"></span>ma<span class=\"_ _7\"></span>nagem<span class=\"_ _2\"></span>ent organisatio<span class=\"_ _2\"></span>n. The risk st<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ateg<span class=\"_ _7\"></span>y of VIG I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ance Gro<span class=\"_ _2\"></span>up is ba<span class=\"_ _2\"></span>sed on the fol<span class=\"_ _7\"></span>lowing gr<span class=\"_ _2\"></span>oup-wid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> prin<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>iples:<span class=\"_ _2\"></span> Assumed<span class=\"_ _7\"></span> and expe<span class=\"_ _7\"></span>cted risks<span class=\"_ _2\"></span> All <span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>isks <span class=\"_ _1\"></span>directly <span class=\"_ _0\"></span>rela<span class=\"_ _2\"></span>te<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>perfo<span class=\"_ _7\"></span>rman<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>insuran<span class=\"_ _2\"></span>ce <span class=\"_ _0\"></span>business <span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>acce<span class=\"_ _7\"></span>pted <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sust<span class=\"_ _7\"></span>ainable <span class=\"_ _1\"></span>extent. <span class=\"_ _0\"></span>Su<span class=\"_ _7\"></span>ch <span class=\"_ _0\"></span>risks comprise <span class=\"_ _7\"></span>und<span class=\"_ _7\"></span>erwriting ris<span class=\"_ _7\"></span>ks <span class=\"_ _7\"></span>and to a li<span class=\"_ _7\"></span>mited <span class=\"_ _7\"></span>exten<span class=\"_ _7\"></span>t, marke<span class=\"_ _7\"></span>t ris<span class=\"_ _7\"></span>ks as well.<span class=\"_ _2\"></span> Conditionally<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>ccept<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d risks<span class=\"_ _7\"></span> Operatio<span class=\"_ _7\"></span>nal <span class=\"_ _1\"></span>risks <span class=\"_ _1\"></span>are <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>be <span class=\"_ _1\"></span>av<span class=\"_ _6\"></span>oid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>muc<span class=\"_ _7\"></span>h <span class=\"_ _0\"></span>as <span class=\"_ _6\"></span>possible. <span class=\"_ _6\"></span>However<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>they <span class=\"_ _1\"></span>must <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>accept<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>cer<span class=\"_ _7\"></span>tain <span class=\"_ _1\"></span>exte<span class=\"_ _7\"></span>nt <span class=\"_ _0\"></span>bec<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>use operation<span class=\"_ _7\"></span>al r<span class=\"_ _6\"></span>isks ca<span class=\"_ _2\"></span>nnot <span class=\"_ _6\"></span>be c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>plete<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>elimi<span class=\"_ _7\"></span>nated or the c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>sts of e<span class=\"_ _6\"></span>limi<span class=\"_ _7\"></span>nating these risks wo<span class=\"_ _7\"></span>uld <span class=\"_ _6\"></span>be dispro<span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>rtionate to any potential l<span class=\"_ _7\"></span>osses t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at wo<span class=\"_ _7\"></span>uld arise i<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he give<span class=\"_ _7\"></span>n risk <span class=\"_ _7\"></span>were to m<span class=\"_ _2\"></span>aterialise. <span class=\"_ _2\"></span> Asset <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>anagem<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>ucted <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>accor<span class=\"_ _2\"></span>dance <span class=\"_ _10\"></span>with <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>reg<span class=\"_ _7\"></span>ulatory <span class=\"_ _10\"></span>\u201cprudent<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>perso<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>principl<span class=\"_ _7\"></span>e\u201d. <span class=\"_ _10\"></span>The <span class=\"_ _2\"></span>conser<span class=\"_ _7\"></span>vative <span class=\"_ _10\"></span>investm<span class=\"_ _2\"></span>en<span class=\"_ _6\"></span>t strateg<span class=\"_ _7\"></span>y is defin<span class=\"_ _7\"></span>ed by in<span class=\"_ _7\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t guideli<span class=\"_ _2\"></span>nes and limi<span class=\"_ _7\"></span>ts, taki<span class=\"_ _7\"></span>ng s<span class=\"_ _7\"></span>ustainabi<span class=\"_ _7\"></span>lity asp<span class=\"_ _7\"></span>ects into <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ccou<span class=\"_ _7\"></span>nt.  Risk mini<span class=\"_ _7\"></span>misation m<span class=\"_ _7\"></span>easures<span class=\"_ _7\"></span> Risk <span class=\"_ _0\"></span>minimi<span class=\"_ _7\"></span>satio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>assure<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>all <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>as <span class=\"_ _0\"></span>by <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>ongoing <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>intena<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _0\"></span>and <span class=\"_ _1\"></span>promoti<span class=\"_ _7\"></span>on <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>ighl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>developed <span class=\"_ _1\"></span>level <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>risk aware<span class=\"_ _2\"></span>ness, coupled <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h the defi<span class=\"_ _7\"></span>ned risk go<span class=\"_ _2\"></span>vernance.  Under<span class=\"_ _7\"></span>writing pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>visions ar<span class=\"_ _2\"></span>e calculat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d with <span class=\"_ _7\"></span>due r<span class=\"_ _7\"></span>egar<span class=\"_ _7\"></span>d to<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e possibi<span class=\"_ _7\"></span>lity of wi<span class=\"_ _7\"></span>de fl<span class=\"_ _7\"></span>uctuations of<span class=\"_ _7\"></span> in<span class=\"_ _7\"></span>dividual p<span class=\"_ _2\"></span>arameters. <span class=\"_ _7\"></span> Reinsura<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>crucial <span class=\"_ _1\"></span>in<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>rument <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>ensuring <span class=\"_ _0\"></span>stabl<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>res<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lts; <span class=\"_ _0\"></span>it <span class=\"_ _0\"></span>serv<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>pro<span class=\"_ _7\"></span>tect <span class=\"_ _0\"></span>agai<span class=\"_ _7\"></span>nst <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>adv<span class=\"_ _7\"></span>erse <span class=\"_ _0\"></span>eff<span class=\"_ _7\"></span>ects <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>maj<span class=\"_ _7\"></span>or loss<span class=\"_ _7\"></span>es (tail risks), <span class=\"_ _2\"></span>particularly in <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>on-li<span class=\"_ _7\"></span>fe ins<span class=\"_ _7\"></span>urance l<span class=\"_ _7\"></span>ines of b<span class=\"_ _2\"></span>usiness. <span class=\"_ _7\"></span> The definiti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n of lim<span class=\"_ _7\"></span>its fo<span class=\"_ _7\"></span>r mark<span class=\"_ _7\"></span>et ris<span class=\"_ _7\"></span>ks and i<span class=\"_ _2\"></span>nvestments, <span class=\"_ _7\"></span>con<span class=\"_ _7\"></span>sidering<span class=\"_ _7\"></span> the fe<span class=\"_ _7\"></span>asibil<span class=\"_ _7\"></span>ity of g<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>arant<span class=\"_ _7\"></span>ees a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d liquidit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> (ass<span class=\"_ _2\"></span>et-<span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ity managem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt), <span class=\"_ _7\"></span>also con<span class=\"_ _7\"></span>tribut<span class=\"_ _7\"></span>es to risk mi<span class=\"_ _7\"></span>tiga<span class=\"_ _7\"></span>tion. <span class=\"_ _7\"></span> Not accept<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d risks<span class=\"_ _7\"></span> Risks <span class=\"_ _0\"></span>are <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>accep<span class=\"_ _7\"></span>ted <span class=\"_ _0\"></span>if <span class=\"_ _0\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>experti<span class=\"_ _7\"></span>se <span class=\"_ _0\"></span>or <span class=\"_ _0\"></span>resour<span class=\"_ _2\"></span>ces <span class=\"_ _0\"></span>requir<span class=\"_ _2\"></span>ed <span class=\"_ _4\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>given <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _0\"></span>are <span class=\"_ _0\"></span>not <span class=\"_ _0\"></span>avail<span class=\"_ _7\"></span>able, <span class=\"_ _0\"></span>but <span class=\"_ _0\"></span>also <span class=\"_ _0\"></span>if <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>apital resou<span class=\"_ _7\"></span>rc<span class=\"_ _7\"></span>es ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> not s<span class=\"_ _7\"></span>uffi<span class=\"_ _7\"></span>cient to <span class=\"_ _2\"></span>cover the risk i<span class=\"_ _2\"></span>n questio<span class=\"_ _7\"></span>n.  Under<span class=\"_ _7\"></span>writing <span class=\"_ _0\"></span>risks <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _1\"></span>accepte<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>if <span class=\"_ _0\"></span>they <span class=\"_ _0\"></span>can<span class=\"_ _7\"></span>not <span class=\"_ _0\"></span>be <span class=\"_ _0\"></span>mea<span class=\"_ _7\"></span>sure<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>if <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>pr<span class=\"_ _6\"></span>ic<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>cannot <span class=\"_ _1\"></span>be <span class=\"_ _0\"></span>determi<span class=\"_ _7\"></span>ned. <span class=\"_ _0\"></span>S<span class=\"_ _7\"></span>uch <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>isks <span class=\"_ _6\"></span>are particul<span class=\"_ _7\"></span>arly fou<span class=\"_ _7\"></span>nd in the f<span class=\"_ _7\"></span>ields o<span class=\"_ _7\"></span>f ge<span class=\"_ _7\"></span>netic e<span class=\"_ _7\"></span>ngineering <span class=\"_ _2\"></span>and atomi<span class=\"_ _7\"></span>c energy for l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ty ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance.<span class=\"_ _7\"></span> No <span class=\"_ _6\"></span>risks are <span class=\"_ _6\"></span>accept<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _6\"></span>if <span class=\"_ _6\"></span>they <span class=\"_ _6\"></span>contra<span class=\"_ _7\"></span>dict t<span class=\"_ _6\"></span>he principl<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>sustai<span class=\"_ _7\"></span>nabili<span class=\"_ _7\"></span>ty <span class=\"_ _1\"></span>or <span class=\"_ _6\"></span>if <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>expertise<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>req<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ired<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>assess these <span class=\"_ _7\"></span>risks <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ppro<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>iately <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot <span class=\"_ _7\"></span>availa<span class=\"_ _2\"></span>ble. Su<span class=\"_ _7\"></span>ch <span class=\"_ _7\"></span>risks <span class=\"_ _2\"></span>include <span class=\"_ _2\"></span>weathe<span class=\"_ _7\"></span>r de<span class=\"_ _7\"></span>rivativ<span class=\"_ _7\"></span>es o<span class=\"_ _7\"></span>r f<span class=\"_ _2\"></span>utures <span class=\"_ _2\"></span>contracts <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n com<span class=\"_ _2\"></span>modity i<span class=\"_ _2\"></span>ndices. Financial ris<span class=\"_ _7\"></span>ks (e.g<span class=\"_ _7\"></span>. cr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce) ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> ge<span class=\"_ _7\"></span>nerally not <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>cce<span class=\"_ _7\"></span>pted i<span class=\"_ _7\"></span>n the ins<span class=\"_ _2\"></span>urance b<span class=\"_ _7\"></span>usiness.<span class=\"_ _2\"></span> Organisat<span class=\"_ _7\"></span>ion of th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> risk<span class=\"_ _7\"></span> manag<span class=\"_ _7\"></span>ement sy<span class=\"_ _2\"></span>s<span class=\"_ _6\"></span>tem The risk <span class=\"_ _2\"></span>managem<span class=\"_ _7\"></span>ent o<span class=\"_ _2\"></span>rganisatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the VIG <span class=\"_ _2\"></span>In<span class=\"_ _6\"></span>su<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p i<span class=\"_ _7\"></span>s <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>tegrated <span class=\"_ _2\"></span>into t<span class=\"_ _7\"></span>he st<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>uctu<span class=\"_ _7\"></span>ral o<span class=\"_ _7\"></span>rganisatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG Hol<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span>. Organis<span class=\"_ _7\"></span>ational <span class=\"_ _7\"></span>units of <span class=\"_ _7\"></span>central im<span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>rtance to <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he risk m<span class=\"_ _2\"></span>anageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t system <span class=\"_ _2\"></span>are sho<span class=\"_ _7\"></span>wn in t<span class=\"_ _7\"></span>he gr<span class=\"_ _7\"></span>aph belo<span class=\"_ _2\"></span>w. <span class=\"_ _2\"></span> MANAGIN<span class=\"_ _7\"></span>G BOA<span class=\"_ _7\"></span>RD<span class=\"ff45\"> </span>The full<span class=\"_ _7\"></span> Managing <span class=\"_ _2\"></span>Board be<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rs r<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nsibili<span class=\"_ _7\"></span>ty for th<span class=\"_ _7\"></span>e risk m<span class=\"_ _2\"></span>anageme<span class=\"_ _7\"></span>nt syst<span class=\"_ _7\"></span>em and p<span class=\"_ _7\"></span>artic<span class=\"_ _7\"></span>ularly for t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e follo<span class=\"_ _7\"></span>wing topi<span class=\"_ _7\"></span>cs:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Developm<span class=\"_ _7\"></span>ent and <span class=\"_ _7\"></span>prom<span class=\"_ _7\"></span>otio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> of the risk <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>anagem<span class=\"_ _7\"></span>ent s<span class=\"_ _7\"></span>ystem, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Definition a<span class=\"_ _7\"></span>nd comm<span class=\"_ _2\"></span>un<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>cation of<span class=\"_ _7\"></span> the risk s<span class=\"_ _2\"></span>trategy<span class=\"_ _e\"></span>, includi<span class=\"_ _7\"></span>ng ris<span class=\"_ _7\"></span>k tolerances a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d ris<span class=\"_ _7\"></span>k appe<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ite,<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Appro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>al of ce<span class=\"_ _7\"></span>ntral <span class=\"_ _7\"></span>risk ma<span class=\"_ _7\"></span>nageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t guideli<span class=\"_ _7\"></span>nes, a<span class=\"_ _7\"></span>nd \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Considera<span class=\"_ _7\"></span>tion of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e risk s<span class=\"_ _7\"></span>ituation i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> st<span class=\"_ _7\"></span>rategic d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cisions.<span class=\"_ _2\"></span> RISK MANA<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>EMEN<span class=\"_ _2\"></span>T This unit <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>ports t<span class=\"_ _6\"></span>o the Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>Boar<span class=\"_ _7\"></span>d membe<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>Liane Hirner<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>The unit <span class=\"_ _6\"></span>man<span class=\"_ _7\"></span>ager exercis<span class=\"_ _7\"></span>es the r<span class=\"_ _6\"></span>isk manag<span class=\"_ _7\"></span>ement functio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> presc<span class=\"_ _7\"></span>ribed b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> Solve<span class=\"_ _7\"></span>ncy II a<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> the gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up lev<span class=\"_ _7\"></span>el and indi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>id<span class=\"_ _7\"></span>ual level.<span class=\"_ _2\"></span> The most impo<span class=\"_ _7\"></span>rta<span class=\"_ _7\"></span>nt tasks of<span class=\"_ _7\"></span> this unit incl<span class=\"_ _7\"></span>ude the compl<span class=\"_ _7\"></span>ete iden<span class=\"_ _7\"></span>tificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, assessm<span class=\"_ _7\"></span>ent an<span class=\"_ _7\"></span>d ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt of the gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _e\"></span>s ri<span class=\"_ _7\"></span>sk prof<span class=\"_ _7\"></span>ile <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>so<span class=\"_ _7\"></span>lven<span class=\"_ _7\"></span>cy <span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lc<span class=\"_ _7\"></span>ulation. <span class=\"_ _0\"></span>For <span class=\"_ _0\"></span>this <span class=\"_ _0\"></span>purpos<span class=\"_ _7\"></span>e, <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>u<span class=\"_ _6\"></span>nit <span class=\"_ _0\"></span>pro<span class=\"_ _7\"></span>vides <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>group<span class=\"_ _7\"></span>-wide <span class=\"_ _0\"></span>risk <span class=\"_ _0\"></span>aggr<span class=\"_ _2\"></span>egation <span class=\"_ _0\"></span>solution <span class=\"_ _1\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>an extensiv<span class=\"_ _7\"></span>e repo<span class=\"_ _7\"></span>rting s<span class=\"_ _7\"></span>ystem a<span class=\"_ _7\"></span>nd parti<span class=\"_ _7\"></span>al modell<span class=\"_ _7\"></span>ing appr<span class=\"_ _2\"></span>oache<span class=\"_ _7\"></span>s for calc<span class=\"_ _7\"></span>ulating so<span class=\"_ _7\"></span>lvency c<span class=\"_ _7\"></span>apital. <span class=\"_ _7\"></span>Other im<span class=\"_ _7\"></span>portant tasks o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>his unit <span class=\"_ _0\"></span>includ<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>sol<span class=\"_ _7\"></span>vency <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>api<span class=\"_ _7\"></span>tal <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>emen<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>during <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>ear<span class=\"_ _e\"></span>, <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>analysis <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _1\"></span>risk-bearing<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pacity<span class=\"_ _7\"></span> using an i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ternall<span class=\"_ _7\"></span>y develop<span class=\"_ _7\"></span>ed analysi<span class=\"_ _7\"></span>s tool <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>the re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>iew of<span class=\"_ _7\"></span> the i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ternal co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>trol s<span class=\"_ _7\"></span>ystem.<span class=\"_ _2\"></span> This unit als<span class=\"_ _7\"></span>o suppo<span class=\"_ _7\"></span>rts the Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g Bo<span class=\"_ _7\"></span>ard in t<span class=\"_ _7\"></span>he updating <span class=\"_ _2\"></span>of the<span class=\"_ _6\"></span> central ris<span class=\"_ _7\"></span>k strat<span class=\"_ _7\"></span>egy<span class=\"_ _10\"></span>, the fu<span class=\"_ _7\"></span>rther de<span class=\"_ _7\"></span>velopme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t of the risk organisatio<span class=\"_ _2\"></span>n and oth<span class=\"_ _7\"></span>er risk m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ement to<span class=\"_ _7\"></span>pics. <span class=\"_ _2\"></span> ASSET MANA<span class=\"_ _2\"></span>GEMENT (INC<span class=\"_ _7\"></span>L.<span class=\"_ _2\"></span> REAL EST<span class=\"_ _10\"></span>A<span class=\"_ _2\"></span>TE) This <span class=\"_ _2\"></span>unit <span class=\"_ _2\"></span>repo<span class=\"_ _7\"></span>rts <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>Ma<span class=\"_ _7\"></span>naging <span class=\"_ _10\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>memb<span class=\"_ _7\"></span>er <span class=\"_ _2\"></span>Gerhard <span class=\"_ _e\"></span>L<span class=\"_ _6\"></span>ahner<span class=\"_ _e\"></span>. <span class=\"_ _7\"></span>On<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>main <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>asks <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>his <span class=\"_ _2\"></span>unit <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>define <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>stra<span class=\"_ _7\"></span>tegi<span class=\"_ _7\"></span>c objecti<span class=\"_ _7\"></span>ves <span class=\"_ _0\"></span>of c<span class=\"_ _6\"></span>apital <span class=\"_ _6\"></span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts, <span class=\"_ _6\"></span>both <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _1\"></span>separate<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>pany <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Ins<span class=\"_ _7\"></span>urance <span class=\"_ _1\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _1\"></span>as <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>whole. Another <span class=\"_ _6\"></span>key <span class=\"_ _6\"></span>task <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>adopt <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>investme<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>strateg<span class=\"_ _2\"></span>y <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>investm<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>pro<span class=\"_ _7\"></span>cesses w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>goal <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>ensuring <span class=\"_ _6\"></span>maxi<span class=\"_ _7\"></span>mum, <span class=\"_ _6\"></span>but also <span class=\"_ _10\"></span>secur<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>on<span class=\"_ _6\"></span>goi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>nvestm<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>income,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>wh<span class=\"_ _6\"></span>ile<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>also <span class=\"_ _10\"></span>making<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>use <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>opportu<span class=\"_ _7\"></span>nities <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>incr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ase <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _2\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>capital <span class=\"_ _10\"></span>investm<span class=\"_ _2\"></span>ents. Capital <span class=\"_ _0\"></span>investme<span class=\"_ _7\"></span>nts <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>aged <span class=\"_ _0\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>me<span class=\"_ _2\"></span>ans <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>guidelines <span class=\"_ _0\"></span>an<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>lim<span class=\"_ _7\"></span>its. <span class=\"_ _0\"></span>The<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>un<span class=\"_ _6\"></span>it <span class=\"_ _4\"></span>also<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>epares <span class=\"_ _0\"></span>regula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>eports <span class=\"_ _0\"></span>on <span class=\"_ _4\"></span>capit<span class=\"_ _7\"></span>al investme<span class=\"_ _7\"></span>nts, limi<span class=\"_ _7\"></span>ts a<span class=\"_ _7\"></span>nd income.<span class=\"_ _7\"></span> GROUP<span class=\"_ _2\"></span> TREASUR<span class=\"_ _2\"></span>Y &amp; CAPI<span class=\"_ _2\"></span>TAL<span class=\"_ _7\"></span> MANA<span class=\"_ _7\"></span>GEMENT<span class=\"_ _7\"></span> This unit repo<span class=\"_ _7\"></span>rts to the Managi<span class=\"_ _7\"></span>ng Boar<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>mem<span class=\"_ _7\"></span>ber Gerhar<span class=\"_ _7\"></span>d Lahne<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>. Importan<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>tasks<span class=\"_ _7\"></span> of <span class=\"_ _6\"></span>this unit<span class=\"_ _7\"></span> include the manag<span class=\"_ _7\"></span>ement <span class=\"_ _7\"></span>of liquidity and the planning and conceptio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of capital<span class=\"_ _7\"></span> r<span class=\"_ _6\"></span>aising and capital manag<span class=\"_ _7\"></span>ement meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es, inc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>uding the <span class=\"_ _6\"></span>exec<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>n of the comp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ny\u2019<span class=\"_ _e\"></span>s ow<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> capital m<span class=\"_ _7\"></span>arket tr<span class=\"_ _2\"></span>ansactions, <span class=\"_ _7\"></span>as wel<span class=\"_ _7\"></span>l as the man<span class=\"_ _7\"></span>agemen<span class=\"_ _7\"></span>t of the por<span class=\"_ _2\"></span>tfolio of<span class=\"_ _7\"></span> subordi<span class=\"_ _7\"></span>nated c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>pital bo<span class=\"_ _2\"></span>nds and ot<span class=\"_ _7\"></span>her debt i<span class=\"_ _7\"></span>nstrume<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. SUBSIDIA<span class=\"_ _7\"></span>RIES<span class=\"_ _7\"></span> AND<span class=\"_ _7\"></span> M&amp;A<span class=\"_ _2\"></span> This <span class=\"_ _4\"></span>un<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>r<span class=\"_ _7\"></span>eports<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>M<span class=\"_ _2\"></span>anaging <span class=\"_ _4\"> </span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>mem<span class=\"_ _2\"></span>ber <span class=\"_ _f\"> </span>Ha<span class=\"_ _7\"></span>rtwi<span class=\"_ _2\"></span>g <span class=\"_ _f\"> </span>L\u00f6ger<span class=\"_ _e\"></span>. <span class=\"_ _f\"> </span>I<span class=\"_ _7\"></span>t <span class=\"_ _f\"> </span>is<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>f<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ndame<span class=\"_ _7\"></span>ntally <span class=\"_ _4\"></span>respo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sible<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>afeguar<span class=\"_ _7\"></span>ding <span class=\"_ _4\"> </span>the inter<span class=\"_ _7\"></span>ests o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>compan<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _2\"></span>respec<span class=\"_ _7\"></span>t to<span class=\"_ _2\"></span> all<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>particip<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tions<span class=\"_ _7\"></span> a<span class=\"_ _2\"></span>nd f<span class=\"_ _7\"></span>or p<span class=\"_ _2\"></span>rovidi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>pro<span class=\"_ _7\"></span>cessing<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nform<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n a<span class=\"_ _7\"></span>bout <span class=\"_ _2\"></span>participatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s and particip<span class=\"_ _2\"></span>ation pro<span class=\"_ _7\"></span>jects i<span class=\"_ _7\"></span>n a ma<span class=\"_ _2\"></span>nner suited to <span class=\"_ _2\"></span>the given de<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>isi<span class=\"_ _7\"></span>on-making si<span class=\"_ _7\"></span>tuatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>.  ACTUARIAL<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>SER<span class=\"_ _7\"></span>VICES This unit <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>ports to the <span class=\"_ _6\"></span>full<span class=\"_ _7\"></span> Managing Boar<span class=\"_ _7\"></span>d. The <span class=\"_ _6\"></span>act<span class=\"_ _7\"></span>uarial function requir<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>by Solve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cy I<span class=\"_ _6\"></span>I is <span class=\"_ _6\"></span>exer<span class=\"_ _7\"></span>cise<span class=\"_ _7\"></span>d b<span class=\"_ _6\"></span>y the <span class=\"_ _6\"></span>ma<span class=\"_ _7\"></span>nage<span class=\"_ _7\"></span>r of this <span class=\"_ _10\"></span>unit. <span class=\"_ _2\"></span>Thus,<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>unit <span class=\"_ _7\"></span>is<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>partic<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>larly <span class=\"_ _10\"></span>respo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sible<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>for <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>tasks<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>rela<span class=\"_ _7\"></span>ted <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>ac<span class=\"_ _6\"></span>tu<span class=\"_ _7\"></span>arial <span class=\"_ _2\"></span>f<span class=\"_ _7\"></span>unction. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>unit <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>lso <span class=\"_ _e\"></span>h<span class=\"_ _6\"></span>andles<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>act<span class=\"_ _7\"></span>uarial modell<span class=\"_ _7\"></span>ing <span class=\"_ _4\"></span>in <span class=\"_ _0\"></span>Pro<span class=\"_ _7\"></span>phet <span class=\"_ _4\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>the <span class=\"_ _4\"> </span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _5\"></span>s <span class=\"_ _4\"></span>li<span class=\"_ _7\"></span>fe <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _0\"></span>h<span class=\"_ _6\"></span>ealth <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>nsurance <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>ResQ <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _5\"></span>s <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>on-li<span class=\"_ _7\"></span>fe <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>nsurance<span class=\"_ _2\"></span> business. <span class=\"_ _6\"></span>The <span class=\"_ _1\"></span>models <span class=\"_ _1\"></span>generate <span class=\"_ _6\"></span>cash <span class=\"_ _1\"></span>flow <span class=\"_ _1\"></span>proje<span class=\"_ _7\"></span>ctions <span class=\"_ _1\"></span>for <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>purpose <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>measu<span class=\"_ _7\"></span>ring <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>va<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>ue <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>unde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>writing <span class=\"_ _1\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>ns pursuant to Solvency II<span class=\"_ _6\"></span> a<span class=\"_ _6\"></span>nd IFRS 17. The unit <span class=\"_ _6\"></span>supports the analysis of IF<span class=\"_ _6\"></span>RS 17 reser<span class=\"_ _7\"></span>ves, <span class=\"_ _6\"></span>as well as <span class=\"_ _6\"></span>actuarial cooperatio<span class=\"_ _7\"></span>n and net<span class=\"_ _7\"></span>working wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>n the VI<span class=\"_ _7\"></span>G Insura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up.<span class=\"ff4e\"> </span>COMPLIAN<span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>E This <span class=\"_ _1\"></span>unit <span class=\"_ _6\"></span>reports<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>full <span class=\"_ _1\"></span>Managi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>Boar<span class=\"_ _7\"></span>d. <span class=\"_ _6\"></span>It<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>coordi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ates<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>upports <span class=\"_ _6\"></span>all <span class=\"_ _1\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _1\"></span>Ins<span class=\"_ _7\"></span>urance <span class=\"_ _6\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _1\"></span>and their <span class=\"_ _4\"> </span>complia<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _4\"> </span>departme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _4\"> </span>in <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>pliance-rel<span class=\"_ _7\"></span>ated <span class=\"_ _4\"> </span>m<span class=\"_ _7\"></span>atte<span class=\"_ _7\"></span>rs. <span class=\"_ _4\"> </span>The<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>man<span class=\"_ _7\"></span>ager <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>this <span class=\"_ _4\"> </span>unit <span class=\"_ _4\"> </span>also <span class=\"_ _4\"> </span>exer<span class=\"_ _7\"></span>cises <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>complia<span class=\"_ _7\"></span>nce function <span class=\"_ _7\"></span>req<span class=\"_ _7\"></span>uir<span class=\"_ _7\"></span>ed by Sol<span class=\"_ _7\"></span>venc<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> II. T<span class=\"_ _7\"></span>hu<span class=\"_ _6\"></span>s, <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>unit is p<span class=\"_ _7\"></span>articul<span class=\"_ _7\"></span>arly respo<span class=\"_ _2\"></span>nsible for t<span class=\"_ _7\"></span>asks r<span class=\"_ _2\"></span>elated to th<span class=\"_ _7\"></span>e compli<span class=\"_ _7\"></span>ance fu<span class=\"_ _2\"></span>nction. REINSURAN<span class=\"_ _2\"></span>CE This <span class=\"_ _0\"></span>unit <span class=\"_ _0\"></span>re<span class=\"_ _7\"></span>ports <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>Managi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _7\"></span>d <span class=\"_ _0\"></span>mem<span class=\"_ _7\"></span>ber <span class=\"_ _0\"></span>Peter <span class=\"_ _0\"></span>H\u00f6<span class=\"_ _7\"></span>finger<span class=\"_ _e\"></span>. <span class=\"_ _4\"></span>It <span class=\"_ _1\"></span>coordi<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>tes <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>supports <span class=\"_ _1\"></span>all <span class=\"_ _0\"></span>compa<span class=\"_ _7\"></span>nies <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>VIG<span class=\"_ _7\"></span> Insurance Gro<span class=\"_ _2\"></span>up, <span class=\"_ _6\"></span>includi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>their reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance departm<span class=\"_ _7\"></span>ents, in <span class=\"_ _6\"></span>matte<span class=\"_ _7\"></span>rs related to <span class=\"_ _6\"></span>rei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the non-lif<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>lines of <span class=\"_ _2\"></span>bu<span class=\"_ _6\"></span>siness <span class=\"_ _7\"></span>(pr<span class=\"_ _7\"></span>op<span class=\"_ _7\"></span>erty i<span class=\"_ _7\"></span>nsura<span class=\"_ _7\"></span>nce, <span class=\"_ _7\"></span>liabil<span class=\"_ _7\"></span>ity i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>and c<span class=\"_ _7\"></span>asua<span class=\"_ _7\"></span>lty i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce) <span class=\"_ _7\"></span>by is<span class=\"_ _7\"></span>suing <span class=\"_ _2\"></span>and ap<span class=\"_ _7\"></span>plying <span class=\"_ _7\"></span>g<span class=\"_ _7\"></span>uidelines. <span class=\"_ _2\"></span>The <span class=\"_ _7\"></span>unit <span class=\"_ _7\"></span>als<span class=\"_ _7\"></span>o administ<span class=\"_ _7\"></span>ers all<span class=\"_ _7\"></span> gr<span class=\"_ _7\"></span>oup-<span class=\"_ _7\"></span>wide r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>insu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ance pr<span class=\"_ _7\"></span>og<span class=\"_ _7\"></span>ramm<span class=\"_ _7\"></span>es in no<span class=\"_ _2\"></span>n-life insu<span class=\"_ _7\"></span>rance li<span class=\"_ _7\"></span>nes of<span class=\"_ _7\"></span> busin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss. Th<span class=\"_ _7\"></span>e hig<span class=\"_ _7\"></span>hest go<span class=\"_ _2\"></span>al is to est<span class=\"_ _7\"></span>abli<span class=\"_ _2\"></span>sh<span class=\"_ _6\"></span> a secu<span class=\"_ _7\"></span>rity netwo<span class=\"_ _7\"></span>rk thro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>h which <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ll com<span class=\"_ _7\"></span>panies of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p ar<span class=\"_ _7\"></span>e s<span class=\"_ _7\"></span>ustainabl<span class=\"_ _7\"></span>y pr<span class=\"_ _7\"></span>otect<span class=\"_ _7\"></span>ed against <span class=\"_ _2\"></span>the advers<span class=\"_ _7\"></span>e ef<span class=\"_ _7\"></span>fects of n<span class=\"_ _7\"></span>atural di<span class=\"_ _7\"></span>sasters, m<span class=\"_ _2\"></span>ajor losses a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d th<span class=\"_ _7\"></span>e nega<span class=\"_ _7\"></span>tive d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>velopm<span class=\"_ _7\"></span>ents of e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tir<span class=\"_ _2\"></span>e insura<span class=\"_ _7\"></span>nce<span class=\"_ _6\"></span> po<span class=\"_ _7\"></span>rtfol<span class=\"_ _7\"></span>ios.<span class=\"_ _7\"></span>  VIG IT This <span class=\"_ _6\"></span>unit <span class=\"_ _6\"></span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ts t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>Board<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>member<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>Gerhard Lahner<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>It <span class=\"_ _1\"></span>is <span class=\"_ _6\"></span>respo<span class=\"_ _2\"></span>nsible <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>IT <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>anagem<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>level <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>VIG Holdi<span class=\"_ _7\"></span>ng. <span class=\"_ _0\"></span>It <span class=\"_ _4\"></span>com<span class=\"_ _7\"></span>prises <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>departm<span class=\"_ _7\"></span>ents <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _0\"></span>Inform<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>&amp; <span class=\"_ _0\"></span>Cyber <span class=\"_ _0\"></span>Securit<span class=\"_ _7\"></span>y<span class=\"_ _10\"></span>, <span class=\"_ _0\"></span>Proc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement, <span class=\"_ _0\"></span>Ar<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>hitec<span class=\"_ _7\"></span>ture <span class=\"_ _1\"></span>&amp; <span class=\"_ _0\"></span>Innovation, International B<span class=\"_ _2\"></span>ank Coopera<span class=\"_ _7\"></span>tion M<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nagem<span class=\"_ _7\"></span>ent a<span class=\"_ _7\"></span>nd IT Str<span class=\"_ _7\"></span>ateg<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> &amp; Go<span class=\"_ _7\"></span>vernance.<span class=\"_ _7\"></span> PLANNING<span class=\"_ _7\"></span> AND<span class=\"_ _2\"></span> CONT<span class=\"_ _7\"></span>ROLLING<span class=\"_ _7\"></span> This <span class=\"_ _0\"></span>unit <span class=\"_ _1\"></span>repo<span class=\"_ _7\"></span>rts <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>Managi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>mem<span class=\"_ _7\"></span>ber <span class=\"_ _1\"></span>Liane <span class=\"_ _0\"></span>Hirner <span class=\"_ _0\"></span>and <span class=\"_ _1\"></span>is <span class=\"_ _0\"></span>an <span class=\"_ _0\"></span>impo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tant <span class=\"_ _0\"></span>part <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _0\"></span>o<span class=\"_ _7\"></span>verall <span class=\"_ _0\"></span>risk<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>manag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> appro<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ch. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>nit <span class=\"_ _1\"></span>coordi<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>tes <span class=\"_ _6\"></span>business <span class=\"_ _1\"></span>planni<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>over <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>3-year <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rizon. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>standardi<span class=\"_ _7\"></span>sed <span class=\"_ _6\"></span>reporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>system <span class=\"_ _1\"></span>covers <span class=\"_ _1\"></span>the analysis <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>key <span class=\"_ _2\"></span>ratios <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>budget<span class=\"_ _7\"></span>-act<span class=\"_ _7\"></span>ual <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>ariances <span class=\"_ _e\"></span>related <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>budgets, <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>casts <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>cur<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>ent <span class=\"_ _7\"></span>perfo<span class=\"_ _2\"></span>rmance <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _2\"></span>Holdi<span class=\"_ _2\"></span>ng and  its  insura<span class=\"_ _7\"></span>nce  particip<span class=\"_ _2\"></span>at<span class=\"_ _6\"></span>ions.<span class=\"_ _2\"></span> <span class=\"_ _12\"> </span>The  u<span class=\"_ _7\"></span>nit <span class=\"_ _12\"> </span>p<span class=\"_ _2\"></span>repares<span class=\"_ _2\"></span> <span class=\"_ _12\"> </span>mo<span class=\"_ _2\"></span>nthly  premi<span class=\"_ _7\"></span>um  re<span class=\"_ _7\"></span>ports,<span class=\"_ _7\"></span>  quarterly<span class=\"_ _7\"></span>  repor<span class=\"_ _7\"></span>ts  for  each  compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y (aggr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gated <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t the <span class=\"_ _7\"></span>countr<span class=\"_ _7\"></span>y level a<span class=\"_ _7\"></span>nd at t<span class=\"_ _7\"></span>he level<span class=\"_ _7\"></span> of the VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> Insura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up) a<span class=\"_ _7\"></span>nd cost r<span class=\"_ _7\"></span>epor<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s on <span class=\"_ _7\"></span>a reg<span class=\"_ _7\"></span>ular b<span class=\"_ _7\"></span>asis.  PROCESS &amp;<span class=\"_ _7\"></span> PROJE<span class=\"_ _2\"></span>C<span class=\"_ _6\"></span>T MANA<span class=\"_ _7\"></span>GEM<span class=\"_ _7\"></span>ENT This <span class=\"_ _f\"> </span>un<span class=\"_ _6\"></span>it <span class=\"_ _f\"> </span>repo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ts <span class=\"_ _f\"> </span>to <span class=\"_ _3\"> </span>the <span class=\"_ _f\"> </span>Managi<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>Board <span class=\"_ _f\"> </span>memb<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _f\"> </span>Gerhard <span class=\"_ _f\"> </span>Lah<span class=\"_ _7\"></span>ner<span class=\"_ _10\"></span>. <span class=\"_ _f\"> </span>It<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>works <span class=\"_ _3\"> </span>to<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>ens<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>the <span class=\"_ _f\"> </span>clarity<span class=\"_ _e\"></span>, <span class=\"_ _3\"> </span>transp<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>ency <span class=\"_ _f\"> </span>and understa<span class=\"_ _7\"></span>nding <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>business <span class=\"_ _6\"></span>proc<span class=\"_ _7\"></span>esses <span class=\"_ _1\"></span>so <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>indi<span class=\"_ _7\"></span>vidual<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>companies<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce <span class=\"_ _6\"></span>Group <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>their <span class=\"_ _1\"></span>emplo<span class=\"_ _7\"></span>ye<span class=\"_ _7\"></span>es can <span class=\"_ _0\"></span>better <span class=\"_ _0\"></span>ac<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ieve <span class=\"_ _0\"></span>thei<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>goals. <span class=\"_ _0\"></span>T<span class=\"_ _e\"></span>o <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _0\"></span>end, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>u<span class=\"_ _6\"></span>nit <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>id<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>coordi<span class=\"_ _2\"></span>nation <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _0\"></span>suppor<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>thre<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>mai<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>topi<span class=\"_ _2\"></span>c <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>as <span class=\"_ _1\"></span>of<span class=\"_ _6\"></span> proj<span class=\"_ _7\"></span>ect ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t, pr<span class=\"_ _7\"></span>ocess<span class=\"_ _7\"></span> ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt and pr<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>uctivit<span class=\"_ _7\"></span>y managem<span class=\"_ _7\"></span>ent. <span class=\"_ _7\"></span> INTERNAL<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>AU<span class=\"_ _6\"></span>DI<span class=\"_ _7\"></span>T This <span class=\"_ _1\"></span>unit <span class=\"_ _1\"></span>reports <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>full <span class=\"_ _1\"></span>Managing <span class=\"_ _6\"></span>Board. <span class=\"_ _6\"></span>The <span class=\"_ _0\"></span>Inte<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>al <span class=\"_ _1\"></span>Audit <span class=\"_ _1\"></span>Depar<span class=\"_ _7\"></span>tment <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>egularl<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>monito<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>operatio<span class=\"_ _7\"></span>nal <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>busi<span class=\"_ _7\"></span>nes<span class=\"_ _7\"></span>s process<span class=\"_ _2\"></span>es, the inte<span class=\"_ _7\"></span>rna<span class=\"_ _6\"></span>l co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tro<span class=\"_ _7\"></span>l system of<span class=\"_ _7\"></span> all ope<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ating <span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>nits o<span class=\"_ _7\"></span>f the compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>y<span class=\"_ _10\"></span>, i<span class=\"_ _7\"></span>ncluding <span class=\"_ _7\"></span>compli<span class=\"_ _7\"></span>ance wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> legal r<span class=\"_ _7\"></span>equir<span class=\"_ _2\"></span>ements<span class=\"_ _7\"></span>, and <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>effec<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>iven<span class=\"_ _7\"></span>ess <span class=\"_ _4\"> </span>and <span class=\"_ _4\"> </span>appro<span class=\"_ _7\"></span>priat<span class=\"_ _7\"></span>eness <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt. <span class=\"_ _4\"> </span>The <span class=\"_ _4\"> </span>Internal <span class=\"_ _4\"></span>Audit <span class=\"_ _4\"> </span>functio<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quir<span class=\"_ _2\"></span>ed <span class=\"_ _4\"> </span>by <span class=\"_ _4\"> </span>Solvency <span class=\"_ _4\"> </span>II<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>s exer<span class=\"_ _7\"></span>cised b<span class=\"_ _7\"></span>y the m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>er of this <span class=\"_ _7\"></span>unit. <span class=\"_ _7\"></span> GROUP <span class=\"_ _7\"></span>FINANCE &amp;<span class=\"_ _7\"></span> REGU<span class=\"_ _7\"></span>LA<span class=\"_ _10\"></span>T<span class=\"_ _6\"></span>OR<span class=\"_ _2\"></span>Y<span class=\"_ _6\"></span> REPOR<span class=\"_ _2\"></span>TING This <span class=\"_ _f\"> </span>unit <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>eports <span class=\"_ _4\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>agi<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>Boar<span class=\"_ _2\"></span>d <span class=\"_ _f\"> </span>memb<span class=\"_ _7\"></span>er <span class=\"_ _f\"> </span>Liane <span class=\"_ _4\"> </span>Hir<span class=\"_ _6\"></span>ner<span class=\"_ _10\"></span>. <span class=\"_ _f\"> </span>O<span class=\"_ _7\"></span>ne <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>f <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>mai<span class=\"_ _2\"></span>n <span class=\"_ _f\"> </span>tasks <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>this <span class=\"_ _f\"> </span>unit <span class=\"_ _4\"> </span>is <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>prepare <span class=\"_ _4\"> </span>the consolida<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed <span class=\"_ _0\"></span>fina<span class=\"_ _7\"></span>ncial <span class=\"_ _0\"></span>statem<span class=\"_ _7\"></span>ents <span class=\"_ _0\"></span>accor<span class=\"_ _2\"></span>ding <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>elated <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egu<span class=\"_ _6\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tory <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>eports. <span class=\"_ _1\"></span>Th<span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>unit <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>also <span class=\"_ _1\"></span>responsibl<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>for supporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>domesti<span class=\"_ _7\"></span>c <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"></span>for<span class=\"_ _7\"></span>eig<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>VIG <span class=\"_ _0\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _0\"></span>companies <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>all<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>matt<span class=\"_ _7\"></span>ers <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>accounti<span class=\"_ _7\"></span>ng, <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"></span>pr<span class=\"_ _7\"></span>epa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>special analysis <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>eports <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _7\"></span>eporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _0\"></span>actual <span class=\"_ _0\"></span>perform<span class=\"_ _7\"></span>ance <span class=\"_ _0\"></span>numbers <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>Managi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>Board, <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Super<span class=\"_ _7\"></span>visory <span class=\"_ _0\"></span>B<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>ard<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nd Investor <span class=\"_ _6\"></span>Relatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. <span class=\"_ _6\"></span>Other c<span class=\"_ _6\"></span>or<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>tasks <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nclude <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>calculatio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>own<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _7\"></span>unds <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>supervision <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>subsidi<span class=\"_ _7\"></span>ary <span class=\"_ _6\"></span>ledge<span class=\"_ _7\"></span>rs <span class=\"_ _1\"></span>rol<span class=\"_ _7\"></span>le<span class=\"_ _7\"></span>d<span class=\"_ _6\"></span> out to all<span class=\"_ _2\"></span> group comp<span class=\"_ _2\"></span>an<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>es and t<span class=\"_ _7\"></span>he cent<span class=\"_ _7\"></span>ral g<span class=\"_ _7\"></span>eneral l<span class=\"_ _7\"></span>edger<span class=\"_ _10\"></span>. Risk manag<span class=\"_ _2\"></span>ement proc<span class=\"_ _7\"></span>esses<span class=\"_ _7\"></span> The <span class=\"_ _2\"></span>graph <span class=\"_ _10\"></span>below <span class=\"_ _10\"></span>shows <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>main <span class=\"_ _2\"></span>risk <span class=\"_ _2\"></span>m<span class=\"_ _7\"></span>anagem<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ess, <span class=\"_ _10\"></span>wh<span class=\"_ _6\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>h <span class=\"_ _2\"></span>consi<span class=\"_ _7\"></span>sts <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ess <span class=\"_ _2\"></span>s<span class=\"_ _7\"></span>teps <span class=\"_ _10\"></span>described <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>follo<span class=\"_ _7\"></span>wing, which ar<span class=\"_ _7\"></span>e to <span class=\"_ _7\"></span>be r<span class=\"_ _7\"></span>epea<span class=\"_ _7\"></span>ted on <span class=\"_ _7\"></span>a reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lar a<span class=\"_ _7\"></span>nd ad-<span class=\"_ _7\"></span>hoc basis<span class=\"_ _7\"></span>: <span class=\"_ _7\"></span> RISK IDEN<span class=\"_ _2\"></span>T<span class=\"_ _6\"></span>IFICA<span class=\"_ _10\"></span>T<span class=\"_ _6\"></span>ION<span class=\"_ _7\"></span> Risk ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tifica<span class=\"_ _7\"></span>tion is <span class=\"_ _2\"></span>the starti<span class=\"_ _7\"></span>ng poi<span class=\"_ _7\"></span>nt a<span class=\"_ _7\"></span>nd t<span class=\"_ _7\"></span>he basis<span class=\"_ _7\"></span> for<span class=\"_ _7\"></span> all su<span class=\"_ _7\"></span>bseque<span class=\"_ _7\"></span>nt ste<span class=\"_ _7\"></span>ps. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pu<span class=\"_ _7\"></span>rpose of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>risk ide<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tifica<span class=\"_ _7\"></span>tion is <span class=\"_ _2\"></span>to detec<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>, identif<span class=\"_ _7\"></span>y and do<span class=\"_ _7\"></span>cume<span class=\"_ _7\"></span>nt all po<span class=\"_ _7\"></span>tential ma<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>erial <span class=\"_ _7\"></span>risks. <span class=\"_ _2\"></span> Generally<span class=\"_ _e\"></span>, risk identifica<span class=\"_ _7\"></span>tion takes pla<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>on multipl<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>le<span class=\"_ _7\"></span>vels: inte<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>nal control<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ystem, risk inve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tory<span class=\"_ _e\"></span>, <span class=\"_ _6\"></span>etc. ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> characterise<span class=\"_ _2\"></span>d by<span class=\"_ _6\"></span> clearly <span class=\"_ _4\"> </span>defi<span class=\"_ _7\"></span>ned <span class=\"_ _4\"> </span>pro<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ess<span class=\"_ _7\"></span>es <span class=\"_ _4\"> </span>based <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>guid<span class=\"_ _7\"></span>elines <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>form<span class=\"_ _2\"></span>alised <span class=\"_ _4\"> </span>pro<span class=\"_ _7\"></span>cedur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s. <span class=\"_ _4\"></span>M<span class=\"_ _7\"></span>eetings, <span class=\"_ _4\"></span>comm<span class=\"_ _7\"></span>it<span class=\"_ _7\"></span>tees, <span class=\"_ _4\"></span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>rly <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>chedule<span class=\"_ _7\"></span>d meeti<span class=\"_ _7\"></span>ngs and o<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her m<span class=\"_ _7\"></span>ore o<span class=\"_ _2\"></span>r less fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>malised f<span class=\"_ _7\"></span>orms<span class=\"_ _7\"></span> of com<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>un<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>catio<span class=\"_ _7\"></span>n and i<span class=\"_ _7\"></span>nformatio<span class=\"_ _7\"></span>n exc<span class=\"_ _7\"></span>hange a<span class=\"_ _2\"></span>re a fu<span class=\"_ _7\"></span>rther so<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e of <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk identifica<span class=\"_ _7\"></span>tion.  Fi<span class=\"_ _7\"></span>nally<span class=\"_ _10\"></span>,  the  acti<span class=\"_ _7\"></span>vities  and  expe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>tise  of  the  Risk  Ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt  Departme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t  re<span class=\"_ _7\"></span>pres<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt  ano<span class=\"_ _7\"></span>ther  essen<span class=\"_ _7\"></span>tial compo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ent for <span class=\"_ _7\"></span>the ide<span class=\"_ _7\"></span>ntificati<span class=\"_ _7\"></span>on of r<span class=\"_ _7\"></span>elev<span class=\"_ _7\"></span>ant risks.<span class=\"_ _2\"></span> RISK MEA<span class=\"_ _7\"></span>SUREM<span class=\"_ _7\"></span>ENT<span class=\"_ _7\"></span> After risk ide<span class=\"_ _7\"></span>ntifica<span class=\"_ _7\"></span>tion, the <span class=\"_ _7\"></span>ensuing st<span class=\"_ _7\"></span>eps of risk <span class=\"_ _7\"></span>measur<span class=\"_ _2\"></span>ement and ass<span class=\"_ _7\"></span>essme<span class=\"_ _7\"></span>nt are ess<span class=\"_ _2\"></span>ential pre<span class=\"_ _2\"></span>requisites f<span class=\"_ _7\"></span>or deali<span class=\"_ _7\"></span>ng with<span class=\"_ _7\"></span> risks a<span class=\"_ _7\"></span>nd maki<span class=\"_ _7\"></span>ng decisi<span class=\"_ _7\"></span>ons o<span class=\"_ _7\"></span>n that basis<span class=\"_ _7\"></span>. <span class=\"_ _7\"></span> Risks <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ssesse<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>a <span class=\"_ _0\"></span>quantit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tive <span class=\"_ _6\"></span>and/or <span class=\"_ _6\"></span>qualitati<span class=\"_ _7\"></span>ve <span class=\"_ _1\"></span>basis<span class=\"_ _7\"></span>, <span class=\"_ _1\"></span>de<span class=\"_ _6\"></span>pendi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>on <span class=\"_ _6\"></span>the <span class=\"_ _0\"></span>typ<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>isk. <span class=\"_ _1\"></span>In <span class=\"_ _6\"></span>addition <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>scena<span class=\"_ _7\"></span>rio <span class=\"_ _1\"></span>and factor<span class=\"_ _10\"></span>-<span class=\"_ _6\"></span>based <span class=\"_ _2\"></span>approa<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>hes, i<span class=\"_ _7\"></span>t may also<span class=\"_ _7\"></span> be app<span class=\"_ _2\"></span>ropriate <span class=\"_ _7\"></span>to co<span class=\"_ _7\"></span>nduct str<span class=\"_ _2\"></span>ess tests <span class=\"_ _7\"></span>and/or <span class=\"_ _7\"></span>expert <span class=\"_ _7\"></span>assessme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts o<span class=\"_ _7\"></span>n the subje<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>t o<span class=\"_ _7\"></span>f risk meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ement.<span class=\"_ _7\"></span> RISK CONT<span class=\"_ _7\"></span>ROL The princi<span class=\"_ _7\"></span>pal <span class=\"_ _7\"></span>risk ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt pr<span class=\"_ _7\"></span>ocess<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e: Planning<span class=\"_ _7\"></span> The <span class=\"_ _0\"></span>pl<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nning <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>rizon <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>at<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>least <span class=\"_ _1\"></span>thre<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>years. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>planning <span class=\"_ _6\"></span>data <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>included <span class=\"_ _6\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>Own<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>R<span class=\"_ _6\"></span>isk <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>Solve<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cy <span class=\"_ _1\"></span>Assessm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt (ORSA) <span class=\"_ _7\"></span>and form t<span class=\"_ _2\"></span>he basis for <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he pro<span class=\"_ _7\"></span>je<span class=\"_ _7\"></span>ctio<span class=\"_ _7\"></span>n of the sol<span class=\"_ _7\"></span>vency <span class=\"_ _7\"></span>capital r<span class=\"_ _7\"></span>equir<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>ent. <span class=\"_ _7\"></span> Risk strategy<span class=\"_ _2\"></span> The risk s<span class=\"_ _7\"></span>trategy is<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>viewe<span class=\"_ _7\"></span>d by t<span class=\"_ _7\"></span>he Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g Boa<span class=\"_ _2\"></span>rd o<span class=\"_ _7\"></span>n an ann<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al basi<span class=\"_ _7\"></span>s and w<span class=\"_ _7\"></span>hen ne<span class=\"_ _7\"></span>cessar<span class=\"_ _7\"></span>y adjust<span class=\"_ _7\"></span>ed on t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e basis<span class=\"_ _7\"></span> of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e results fr<span class=\"_ _2\"></span>om th<span class=\"_ _7\"></span>e ORSA. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span> Ri<span class=\"_ _7\"></span>sk Ma<span class=\"_ _7\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt Dep<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rtme<span class=\"_ _7\"></span>nt assi<span class=\"_ _7\"></span>sts the Ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>agi<span class=\"_ _7\"></span>ng Board <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>n this r<span class=\"_ _7\"></span>evie<span class=\"_ _7\"></span>w<span class=\"_ _2\"></span>.  Risk-bea<span class=\"_ _7\"></span>ring capacit<span class=\"_ _7\"></span>y Risk <span class=\"_ _1\"></span>man<span class=\"_ _7\"></span>agemen<span class=\"_ _7\"></span>t <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nducte<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _1\"></span>due<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>regar<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>risk<span class=\"_ _7\"></span>-beari<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>c<span class=\"_ _7\"></span>apacit<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts. <span class=\"_ _6\"></span>Operatio<span class=\"_ _7\"></span>nally<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>entail<span class=\"_ _7\"></span>s <span class=\"_ _1\"></span>the need <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>meet <span class=\"_ _6\"></span>risk <span class=\"_ _6\"></span>bu<span class=\"_ _6\"></span>dgets, <span class=\"_ _6\"></span>attain <span class=\"_ _6\"></span>key <span class=\"_ _1\"></span>ratios and <span class=\"_ _1\"></span>generally pursue <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>risk-oriented <span class=\"_ _6\"></span>appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>sense <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>susta<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nably value-dri<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>en st<span class=\"_ _7\"></span>rategy i<span class=\"_ _7\"></span>n the co<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rse of r<span class=\"_ _2\"></span>egular busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess <span class=\"_ _7\"></span>activit<span class=\"_ _2\"></span>ies. Reinsuran<span class=\"_ _7\"></span>ce pro<span class=\"_ _7\"></span>gramme<span class=\"_ _2\"></span> The <span class=\"_ _10\"></span>Reinsura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>Depar<span class=\"_ _7\"></span>tment<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>coor<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>inates<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _10\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p-wide<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>rei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>p<span class=\"_ _6\"></span>rog<span class=\"_ _2\"></span>ramme <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>man<span class=\"_ _7\"></span>ages <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>annual <span class=\"_ _10\"></span>natural <span class=\"_ _10\"></span>disaster prote<span class=\"_ _7\"></span>ction r<span class=\"_ _2\"></span>enewal pr<span class=\"_ _2\"></span>ocess. Th<span class=\"_ _7\"></span>e Ris<span class=\"_ _7\"></span>k Ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt Depa<span class=\"_ _7\"></span>rtment ass<span class=\"_ _7\"></span>ists t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e R<span class=\"_ _7\"></span>einsuran<span class=\"_ _7\"></span>ce Dep<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>tme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t both i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>valida<span class=\"_ _2\"></span>tion of <span class=\"_ _6\"></span>external <span class=\"_ _6\"></span>natur<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>disaster models<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>u<span class=\"_ _6\"></span>sed and a<span class=\"_ _6\"></span>ssessm<span class=\"_ _2\"></span>ent <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>f <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>eff<span class=\"_ _7\"></span>icacy <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>prote<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tion using t<span class=\"_ _6\"></span>he <span class=\"_ _6\"></span>internal<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n-<span class=\"_ _3d5\"> </span>lif<span class=\"_ _7\"></span>e model. Risk mo<span class=\"_ _7\"></span>nitoring The <span class=\"_ _4\"></span>solv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nc<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>corridor <span class=\"_ _0\"></span>defined <span class=\"_ _0\"></span>at <span class=\"_ _4\"> </span>the <span class=\"_ _0\"></span>group <span class=\"_ _0\"></span>level <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _0\"></span>the <span class=\"_ _4\"> </span>group<span class=\"_ _7\"></span>-wide <span class=\"_ _0\"></span>limit <span class=\"_ _0\"></span>system <span class=\"_ _4\"></span>appli<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>fo<span class=\"_ _7\"></span>r <span class=\"_ _4\"></span>purpos<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>risk-b<span class=\"_ _2\"></span>earing capacit<span class=\"_ _7\"></span>y fo<span class=\"_ _7\"></span>rm t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e b<span class=\"_ _2\"></span>asis <span class=\"_ _7\"></span>for <span class=\"_ _7\"></span>the co<span class=\"_ _2\"></span>nt<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nuous <span class=\"_ _7\"></span>mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itori<span class=\"_ _7\"></span>ng of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>solvency <span class=\"_ _2\"></span>situation o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>its subsidi<span class=\"_ _7\"></span>arie<span class=\"_ _2\"></span>s.<span class=\"_ _6\"></span> Compl<span class=\"_ _7\"></span>iance with the sec<span class=\"_ _2\"></span>urities direc<span class=\"_ _7\"></span>tives an<span class=\"_ _7\"></span>d the attainm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt<span class=\"_ _7\"></span> of key ratios are als<span class=\"_ _7\"></span>o re<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>iewe<span class=\"_ _7\"></span>d and monitor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>d on an ongoi<span class=\"_ _2\"></span>ng basis. <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>or <span class=\"_ _0\"></span>monito<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ing <span class=\"_ _1\"></span>purposes, <span class=\"_ _6\"></span>regula<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _1\"></span>measur<span class=\"_ _7\"></span>emen<span class=\"_ _7\"></span>ts, <span class=\"_ _1\"></span>V<span class=\"_ _7\"></span>aR <span class=\"_ _1\"></span>calculatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>detail<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>sensitivit<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>analys<span class=\"_ _7\"></span>es <span class=\"_ _1\"></span>an<span class=\"_ _6\"></span>d stress t<span class=\"_ _2\"></span>ests are co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>du<span class=\"_ _7\"></span>cted a<span class=\"_ _7\"></span>nd the s<span class=\"_ _7\"></span>olven<span class=\"_ _7\"></span>cy capi<span class=\"_ _7\"></span>tal re<span class=\"_ _7\"></span>quir<span class=\"_ _2\"></span>ement is <span class=\"_ _7\"></span>calculated d<span class=\"_ _2\"></span>uring the co<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rse of<span class=\"_ _7\"></span> eve<span class=\"_ _7\"></span>ry year<span class=\"_ _e\"></span>.  Liquidity risk <span class=\"_ _6\"></span>is <span class=\"_ _1\"></span>m<span class=\"_ _7\"></span>anage<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>monitor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>the basis <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>concil<span class=\"_ _7\"></span>iation of <span class=\"_ _1\"></span>capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _6\"></span>investm<span class=\"_ _7\"></span>ents and <span class=\"_ _1\"></span>i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _1\"></span>obl<span class=\"_ _7\"></span>igations.<span class=\"_ _2\"></span> Operatio<span class=\"_ _7\"></span>nal <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>isks, <span class=\"_ _1\"></span>w<span class=\"_ _6\"></span>hich<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>ca<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>be <span class=\"_ _0\"></span>cause<span class=\"_ _7\"></span>d <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>d<span class=\"_ _7\"></span>efectiv<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>int<span class=\"_ _7\"></span>ernal <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>rocesses,<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>d<span class=\"_ _7\"></span>efectiv<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tr<span class=\"_ _7\"></span>ols, <span class=\"_ _0\"></span>erron<span class=\"_ _7\"></span>eous <span class=\"_ _0\"></span>assessm<span class=\"_ _7\"></span>ents <span class=\"_ _0\"></span>or defectiv<span class=\"_ _7\"></span>e models, <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e like<span class=\"_ _7\"></span>wise s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bjecte<span class=\"_ _7\"></span>d to co<span class=\"_ _7\"></span>nstant mo<span class=\"_ _2\"></span>nitoring withi<span class=\"_ _7\"></span>n the scope o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he inte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>nal control<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ystem. RISK PROFILE<span class=\"_ _7\"></span> The risk <span class=\"_ _2\"></span>profil<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>V<span class=\"_ _6\"></span>IG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>su<span class=\"_ _6\"></span>b-di<span class=\"_ _7\"></span>vided <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>to <span class=\"_ _7\"></span>ten <span class=\"_ _7\"></span>principal <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _2\"></span>categories, <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>se<span class=\"_ _7\"></span>nted a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d des<span class=\"_ _2\"></span>cr<span class=\"_ _6\"></span>ib<span class=\"_ _7\"></span>ed in the fol<span class=\"_ _7\"></span>lowing. <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Life insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce und<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rwriti<span class=\"_ _7\"></span>ng risk<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Non-life ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e under<span class=\"_ _7\"></span>writing risk<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Health ins<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e underw<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iting risk<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Market <span class=\"_ _7\"></span>risk \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Credit <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk / cou<span class=\"_ _2\"></span>nterparty d<span class=\"_ _7\"></span>efault ris<span class=\"_ _7\"></span>k \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Operation<span class=\"_ _7\"></span>al risk<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Liquidity <span class=\"_ _7\"></span>risk \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Strategic <span class=\"_ _7\"></span>risk<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Reputatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> risk and<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Risk fr<span class=\"_ _7\"></span>om int<span class=\"_ _7\"></span>angible <span class=\"_ _7\"></span>assets<span class=\"_ _2\"></span> The risks in the individ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al catego<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies of the risk pr<span class=\"_ _7\"></span>ofil<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e ass<span class=\"_ _7\"></span>essed on a quantit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>tive and/o<span class=\"_ _7\"></span>r qualitati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e basis. Q<span class=\"_ _7\"></span>uantitativ<span class=\"_ _7\"></span>e assessme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>per<span class=\"_ _6\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>med <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>basis <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>uniform <span class=\"_ _10\"></span>calculat<span class=\"_ _2\"></span>ion <span class=\"_ _7\"></span>appro<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ch <span class=\"_ _2\"></span>pres<span class=\"_ _7\"></span>cribed <span class=\"_ _10\"></span>by <span class=\"_ _2\"></span>Solvency <span class=\"_ _2\"></span>II <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>stan<span class=\"_ _7\"></span>dar<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>formula) <span class=\"_ _10\"></span>only in those a<span class=\"_ _2\"></span>reas in <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>hich a pr<span class=\"_ _2\"></span>eceding <span class=\"_ _7\"></span>appr<span class=\"_ _7\"></span>opria<span class=\"_ _7\"></span>teness <span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>view <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as confirm<span class=\"_ _2\"></span>ed the val<span class=\"_ _7\"></span>idity of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e sta<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dard <span class=\"_ _7\"></span>met<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>od. <span class=\"_ _7\"></span> The <span class=\"_ _1\"></span>stan<span class=\"_ _7\"></span>dar<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>formula <span class=\"_ _6\"></span>substantiall<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>verestim<span class=\"_ _2\"></span>ates <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>risk <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>VI<span class=\"_ _6\"></span>G <span class=\"_ _1\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>non-life <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>pro<span class=\"_ _7\"></span>perty/r<span class=\"_ _7\"></span>eal<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>stat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> are<span class=\"_ _7\"></span>as. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>herefor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>,<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>solvenc<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>capital <span class=\"_ _2\"></span>req<span class=\"_ _7\"></span>uireme<span class=\"_ _7\"></span>nt <span class=\"_ _2\"></span>for <span class=\"_ _7\"></span>thes<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>areas<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>calc<span class=\"_ _7\"></span>ulated <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _2\"></span>basis <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>a <span class=\"_ _7\"></span>partial <span class=\"_ _2\"></span>internal<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>odel<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>(PIM), which h<span class=\"_ _7\"></span>as been <span class=\"_ _7\"></span>appr<span class=\"_ _7\"></span>oved b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e FMA. The <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>artial <span class=\"_ _1\"></span>internal <span class=\"_ _0\"></span>mod<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>for <span class=\"_ _1\"></span>prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty/cas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>alty <span class=\"_ _1\"></span>(ariSE<span class=\"_ _7\"></span>) <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>pplied <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>compa<span class=\"_ _7\"></span>nies <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>ount<span class=\"_ _7\"></span>ries <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Au<span class=\"_ _6\"></span>stria <span class=\"_ _1\"></span>(VI<span class=\"_ _7\"></span>G <span class=\"_ _0\"></span>Hol<span class=\"_ _7\"></span>ding, Wiener St\u00e4d<span class=\"_ _7\"></span>tische, Do<span class=\"_ _2\"></span>nau V<span class=\"_ _2\"></span>ersich<span class=\"_ _7\"></span>erung), <span class=\"_ _7\"></span>Czec<span class=\"_ _7\"></span>h Republi<span class=\"_ _7\"></span>c (K<span class=\"_ _7\"></span>ooperativ<span class=\"_ _7\"></span>a, \u010cPP<span class=\"_ _44\"></span>, VI<span class=\"_ _7\"></span>G Re), <span class=\"_ _7\"></span>Slovaki<span class=\"_ _7\"></span>a (Koo<span class=\"_ _7\"></span>perati<span class=\"_ _7\"></span>va, Kom<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>n\u00e1ln<span class=\"_ _7\"></span>a), Poland (Comp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nsa, Inter<span class=\"_ _7\"></span>Risk) and Roma<span class=\"_ _7\"></span>nia <span class=\"_ _6\"></span>(Om<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>iasig, Asir<span class=\"_ _2\"></span>om). The <span class=\"_ _6\"></span>parti<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l internal model for <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>opert<span class=\"_ _7\"></span>y/re<span class=\"_ _7\"></span>al estate is u<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ed in all Aust<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ian comp<span class=\"_ _2\"></span>anies of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e VIG Ins<span class=\"_ _2\"></span>urance Gr<span class=\"_ _7\"></span>oup.<span class=\"_ _2\"></span> The dat<span class=\"_ _7\"></span>a ar<span class=\"_ _7\"></span>e consol<span class=\"_ _7\"></span>idated i<span class=\"_ _2\"></span>n a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce wit<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span> Met<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>od 1 of <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>EC Dir<span class=\"_ _7\"></span>ectiv<span class=\"_ _7\"></span>e 2009/<span class=\"_ _7\"></span>138/EC. <span class=\"_ _2\"></span> IMPLEMEN<span class=\"_ _2\"></span>TA<span class=\"_ _e\"></span>T<span class=\"_ _6\"></span>ION O<span class=\"_ _7\"></span>F <span class=\"_ _7\"></span>TH<span class=\"_ _7\"></span>E PRU<span class=\"_ _6\"></span>D<span class=\"_ _7\"></span>ENT PER<span class=\"_ _7\"></span>SON PRIN<span class=\"_ _7\"></span>CIPL<span class=\"_ _7\"></span>E  Solve<span class=\"_ _7\"></span>ncy <span class=\"_ _0\"></span>II <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>ge<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>eral <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>prud<span class=\"_ _7\"></span>ent <span class=\"_ _0\"></span>perso<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>principl<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>particul<span class=\"_ _7\"></span>ar <span class=\"_ _0\"></span>demand<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>more <span class=\"_ _1\"></span>self-r<span class=\"_ _7\"></span>espo<span class=\"_ _7\"></span>nsibili<span class=\"_ _7\"></span>ty <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _0\"></span>prudent <span class=\"_ _0\"></span>capi<span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span>l investme<span class=\"_ _7\"></span>nt on t<span class=\"_ _7\"></span>he part of<span class=\"_ _7\"></span> com<span class=\"_ _7\"></span>panies. T<span class=\"_ _2\"></span>he<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>for<span class=\"_ _7\"></span>e, th<span class=\"_ _7\"></span>e VIG I<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p h<span class=\"_ _7\"></span>as always <span class=\"_ _2\"></span>pursued a co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ser<span class=\"_ _7\"></span>vative appr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ach <span class=\"_ _7\"></span>in its investm<span class=\"_ _7\"></span>ent <span class=\"_ _7\"></span>activities. T<span class=\"_ _2\"></span>he reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>latory r<span class=\"_ _2\"></span>equirem<span class=\"_ _2\"></span>ents confir<span class=\"_ _2\"></span>m the business <span class=\"_ _2\"></span>policy applied <span class=\"_ _2\"></span>by<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e gro<span class=\"_ _2\"></span>up. Assessi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>risks <span class=\"_ _1\"></span>of <span class=\"_ _0\"></span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>onsta<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tly <span class=\"_ _0\"></span>cha<span class=\"_ _7\"></span>nging <span class=\"_ _1\"></span>regulatory <span class=\"_ _1\"></span>enviro<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ment <span class=\"_ _1\"></span>requir<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>high <span class=\"_ _0\"></span>degr<span class=\"_ _2\"></span>ee<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>experti<span class=\"_ _7\"></span>se within t<span class=\"_ _7\"></span>he individ<span class=\"_ _7\"></span>ual com<span class=\"_ _7\"></span>panies a<span class=\"_ _7\"></span>nd VI<span class=\"_ _7\"></span>G Holding <span class=\"_ _2\"></span>as the ce<span class=\"_ _7\"></span>ntral ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt entity<span class=\"_ _e\"></span>. T<span class=\"_ _e\"></span>o m<span class=\"_ _7\"></span>eet the r<span class=\"_ _2\"></span>equireme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t, it is <span class=\"_ _7\"></span>essen<span class=\"_ _7\"></span>tial that <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _1\"></span>ha<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>appropri<span class=\"_ _2\"></span>ate<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>train<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>mploy<span class=\"_ _7\"></span>ees <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>nec<span class=\"_ _7\"></span>essary <span class=\"_ _1\"></span>pro<span class=\"_ _7\"></span>fessio<span class=\"_ _7\"></span>nal <span class=\"_ _1\"></span>infrastr<span class=\"_ _7\"></span>ucture. V<span class=\"_ _6\"></span>IG <span class=\"_ _1\"></span>Insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p explicitl<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>accepts <span class=\"_ _6\"></span>th<span class=\"_ _7\"></span>ese <span class=\"_ _6\"></span>req<span class=\"_ _7\"></span>uirem<span class=\"_ _2\"></span>ents <span class=\"_ _1\"></span>and <span class=\"_ _6\"></span>fulfi<span class=\"_ _7\"></span>ls <span class=\"_ _6\"></span>them <span class=\"_ _1\"></span>by <span class=\"_ _6\"></span>im<span class=\"_ _7\"></span>plementing a <span class=\"_ _6\"></span>un<span class=\"_ _6\"></span>iform <span class=\"_ _6\"></span>soft<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>pr<span class=\"_ _2\"></span>ogramme <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>purpose of administ<span class=\"_ _7\"></span>ration a<span class=\"_ _7\"></span>nd risk ass<span class=\"_ _2\"></span>essme<span class=\"_ _7\"></span>nt of the m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>in capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l in<span class=\"_ _7\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t portfol<span class=\"_ _7\"></span>ios. <span class=\"_ _7\"></span> Key <span class=\"_ _2\"></span>principles <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>business <span class=\"_ _10\"></span>pruden<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>re <span class=\"_ _2\"></span>defi<span class=\"_ _7\"></span>ned <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>internal <span class=\"_ _10\"></span>corporate <span class=\"_ _2\"></span>g<span class=\"_ _7\"></span>uidelines, <span class=\"_ _10\"></span>which <span class=\"_ _2\"></span>apply <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>all <span class=\"_ _10\"></span>in<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _10\"></span>compani<span class=\"_ _7\"></span>es of the VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> Insura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up. C<span class=\"_ _7\"></span>ap<span class=\"_ _2\"></span>it<span class=\"_ _7\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>is<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>mb<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span>de<span class=\"_ _7\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>mu<span class=\"_ _2\"></span>lt<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>-s<span class=\"_ _2\"></span>te<span class=\"_ _7\"></span>p <span class=\"_ _1\"></span>pr<span class=\"_ _2\"></span>oc<span class=\"_ _7\"></span>es<span class=\"_ _2\"></span>s.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>The<span class=\"_ _10\"></span> <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>ver<span class=\"_ _7\"></span>ri<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ng<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>go<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>api<span class=\"_ _2\"></span>ta<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>nve<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>tm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>is<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>p<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>e<span class=\"_ _2\"></span>ntl<span class=\"_ _2\"></span>y <span class=\"_ _0\"></span>e<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>e f<span class=\"_ _7\"></span>ul<span class=\"_ _2\"></span>fi<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>t <span class=\"_ _e\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>gr<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>up<span class=\"_ _7\"></span>\u2019<span class=\"_ _5\"></span>s <span class=\"_ _e\"></span>in<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ura<span class=\"_ _10\"></span>nce<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>ob<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>ga<span class=\"_ _7\"></span>ti<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>. <span class=\"_ _10\"></span>On <span class=\"_ _e\"></span>thi<span class=\"_ _2\"></span>s <span class=\"_ _e\"></span>ba<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>due<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nsi<span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>rat<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>on <span class=\"_ _e\"></span>is<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>n <span class=\"_ _e\"></span>to<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>eq<span class=\"_ _10\"></span>ui<span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>em<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ts<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _10\"></span>the<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>gr<span class=\"_ _10\"></span>oup<span class=\"_ _2\"></span>\u2019<span class=\"_ _e\"></span>s <span class=\"_ _e\"></span>li<span class=\"_ _2\"></span>ab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>es.  Life insuran<span class=\"_ _2\"></span>ce underwri<span class=\"_ _7\"></span>ting risk<span class=\"_ _2\"></span> Besides <span class=\"_ _4\"> </span>demog<span class=\"_ _7\"></span>rap<span class=\"_ _7\"></span>hic <span class=\"_ _4\"> </span>r<span class=\"_ _6\"></span>isks, <span class=\"_ _4\"> </span>life <span class=\"_ _4\"> </span>insurance<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>und<span class=\"_ _7\"></span>erw<span class=\"_ _7\"></span>riting <span class=\"_ _4\"> </span>risk <span class=\"_ _f\"> </span>also <span class=\"_ _4\"> </span>inclu<span class=\"_ _7\"></span>des <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>dvers<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fects <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>change<span class=\"_ _7\"></span>d <span class=\"_ _f\"> </span>c<span class=\"_ _7\"></span>ancella<span class=\"_ _7\"></span>tion behavio<span class=\"_ _7\"></span>ur <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>r<span class=\"_ _6\"></span>isks. <span class=\"_ _10\"></span>It <span class=\"_ _2\"></span>compris<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>sub-m<span class=\"_ _7\"></span>odules <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>mo<span class=\"_ _7\"></span>rtality<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>lo<span class=\"_ _7\"></span>ngevity<span class=\"_ _e\"></span>, <span class=\"_ _2\"></span>disabili<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>, <span class=\"_ _2\"></span>costs, <span class=\"_ _10\"></span>amendm<span class=\"_ _7\"></span>ent <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>cancellati<span class=\"_ _2\"></span>on, as well<span class=\"_ _7\"></span> as disaste<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> risk. <span class=\"_ _7\"></span> RISK MINIMI<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>TION T<span class=\"_ _e\"></span>o m<span class=\"_ _7\"></span>inimis<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cancellation<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>risk, <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>VIG <span class=\"_ _7\"></span>Insura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>Gro<span class=\"_ _7\"></span>up <span class=\"_ _7\"></span>main<span class=\"_ _7\"></span>tains <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>n <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ve <span class=\"_ _7\"></span>complai<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t m<span class=\"_ _2\"></span>anagem<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>progr<span class=\"_ _7\"></span>amme,<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>qualif<span class=\"_ _7\"></span>ied adviso<span class=\"_ _7\"></span>rs <span class=\"_ _2\"></span>and <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>ustom<span class=\"_ _7\"></span>er <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>etentio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>prog<span class=\"_ _7\"></span>rammes <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>enhance <span class=\"_ _10\"></span>custom<span class=\"_ _7\"></span>er <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>atisfac<span class=\"_ _7\"></span>tion <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>prev<span class=\"_ _7\"></span>ent <span class=\"_ _10\"></span>cancellatio<span class=\"_ _7\"></span>ns. <span class=\"_ _2\"></span>The <span class=\"_ _10\"></span>cancellati<span class=\"_ _2\"></span>on<span class=\"_ _6\"></span> behavio<span class=\"_ _7\"></span>ur  of  po<span class=\"_ _7\"></span>licyhold<span class=\"_ _7\"></span>ers  is  co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>stantl<span class=\"_ _7\"></span>y  mo<span class=\"_ _7\"></span>nitore<span class=\"_ _7\"></span>d  so  that <span class=\"_ _d\"> </span>target<span class=\"_ _7\"></span>ed  meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>res <span class=\"_ _3\"> </span>can  be  implem<span class=\"_ _2\"></span>ented  in  r<span class=\"_ _7\"></span>eac<span class=\"_ _7\"></span>tion <span class=\"_ _d\"> </span>to unfavou<span class=\"_ _7\"></span>rable de<span class=\"_ _7\"></span>velopm<span class=\"_ _7\"></span>ents. <span class=\"_ _2\"></span> Costs <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>anal<span class=\"_ _7\"></span>ysed <span class=\"_ _10\"></span>on <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gular <span class=\"_ _10\"></span>basis <span class=\"_ _e\"></span>and <span class=\"_ _2\"></span>taken <span class=\"_ _10\"></span>into <span class=\"_ _10\"></span>consider<span class=\"_ _7\"></span>ation <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>prod<span class=\"_ _7\"></span>uct <span class=\"_ _10\"></span>design <span class=\"_ _10\"></span>pro<span class=\"_ _7\"></span>cess. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>Austria<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>compani<span class=\"_ _7\"></span>es, mor<span class=\"_ _7\"></span>eover<span class=\"_ _e\"></span>, insura<span class=\"_ _7\"></span>nce co<span class=\"_ _7\"></span>ntracts a<span class=\"_ _7\"></span>re p<span class=\"_ _2\"></span>rotect<span class=\"_ _7\"></span>ed agains<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> inflatio<span class=\"_ _2\"></span>n by means of <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>ndex adjus<span class=\"_ _7\"></span>tments.<span class=\"_ _2\"></span> Many <span class=\"_ _0\"></span>custome<span class=\"_ _7\"></span>rs <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cid<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>to<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>also<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>purc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ase <span class=\"_ _0\"></span>term <span class=\"_ _0\"></span>life <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>nsura<span class=\"_ _2\"></span>nce <span class=\"_ _4\"></span>w<span class=\"_ _7\"></span>hen <span class=\"_ _0\"></span>they <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>chase <span class=\"_ _0\"></span>pension<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>urance. <span class=\"_ _4\"></span>T<span class=\"_ _2\"></span>his <span class=\"_ _4\"></span>lesse<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>the longe<span class=\"_ _7\"></span>vity risk asso<span class=\"_ _7\"></span>ciate<span class=\"_ _7\"></span>d with p<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nsio<span class=\"_ _7\"></span>n insu<span class=\"_ _7\"></span>rance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts.<span class=\"_ _2\"></span> T<span class=\"_ _e\"></span>o <span class=\"_ _6\"></span>red<span class=\"_ _7\"></span>uce <span class=\"_ _6\"></span>mortalit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>rates, <span class=\"_ _6\"></span>it <span class=\"_ _6\"></span>is c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nstantly <span class=\"_ _6\"></span>mo<span class=\"_ _7\"></span>nitor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d and <span class=\"_ _1\"></span>saf<span class=\"_ _2\"></span>ety <span class=\"_ _1\"></span>margi<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>fa<span class=\"_ _7\"></span>ctor<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>into the <span class=\"_ _6\"></span>premi<span class=\"_ _7\"></span>ums.<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>F<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _1\"></span>large<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>insur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d sums, <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nsured <span class=\"_ _4\"></span>persons <span class=\"_ _4\"></span>und<span class=\"_ _7\"></span>ergo <span class=\"_ _f\"> </span>m<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dic<span class=\"_ _7\"></span>al <span class=\"_ _f\"> </span>exams <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>insurance <span class=\"_ _4\"> </span>benefit <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>s <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsure<span class=\"_ _2\"></span>d. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>ad<span class=\"_ _2\"></span>dition, <span class=\"_ _f\"> </span>d<span class=\"_ _7\"></span>emograp<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ic developme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts s<span class=\"_ _7\"></span>uggest t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at mo<span class=\"_ _7\"></span>rtality is <span class=\"_ _7\"></span>likely to <span class=\"_ _2\"></span>decline i<span class=\"_ _7\"></span>n the m<span class=\"_ _7\"></span>edium to l<span class=\"_ _7\"></span>ong <span class=\"_ _7\"></span>term.<span class=\"_ _2\"></span> In <span class=\"_ _2\"></span>life <span class=\"_ _2\"></span>insurance, <span class=\"_ _10\"></span>mor<span class=\"_ _7\"></span>eover<span class=\"_ _e\"></span>, <span class=\"_ _10\"></span>v<span class=\"_ _6\"></span>arious <span class=\"_ _10\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _10\"></span>contracts<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>are <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>eff<span class=\"_ _7\"></span>ect <span class=\"_ _10\"></span>which<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>erally <span class=\"_ _2\"></span>contrib<span class=\"_ _2\"></span>ut<span class=\"_ _6\"></span>e <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _2\"></span>minimi<span class=\"_ _7\"></span>satio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>. <span class=\"_ _2\"></span>Details<span class=\"_ _7\"></span> on the s<span class=\"_ _7\"></span>ubject of <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>einsur<span class=\"_ _7\"></span>ance ar<span class=\"_ _2\"></span>e pro<span class=\"_ _7\"></span>vided i<span class=\"_ _7\"></span>n the c<span class=\"_ _7\"></span>hapter of<span class=\"_ _7\"></span> the same <span class=\"_ _2\"></span>name begin<span class=\"_ _7\"></span>ning on p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ge 195.  <span class=\"_ _2\"></span> Non-life <span class=\"_ _7\"></span>insuranc<span class=\"_ _7\"></span>e und<span class=\"_ _7\"></span>erwriting<span class=\"_ _7\"></span> risk<span class=\"_ _7\"></span> Non-life <span class=\"_ _4\"> </span>insurance <span class=\"_ _4\"> </span>under<span class=\"_ _7\"></span>writing <span class=\"_ _4\"> </span>r<span class=\"_ _6\"></span>isk <span class=\"_ _4\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>r<span class=\"_ _6\"></span>isk <span class=\"_ _4\"> </span>t<span class=\"_ _6\"></span>hat <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nsur<span class=\"_ _2\"></span>ed <span class=\"_ _f\"> </span>lo<span class=\"_ _7\"></span>sses <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>nd <span class=\"_ _f\"> </span>cos<span class=\"_ _7\"></span>ts <span class=\"_ _f\"> </span>wil<span class=\"_ _7\"></span>l <span class=\"_ _f\"> </span>be <span class=\"_ _4\"> </span>h<span class=\"_ _6\"></span>ig<span class=\"_ _7\"></span>her <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>an <span class=\"_ _f\"> </span>inco<span class=\"_ _7\"></span>me. <span class=\"_ _f\"> </span>It <span class=\"_ _4\"> </span>is <span class=\"_ _f\"> </span>mai<span class=\"_ _2\"></span>nly<span class=\"_ _6\"></span> composed of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the foll<span class=\"_ _7\"></span>owing com<span class=\"_ _2\"></span>ponents:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Risk fr<span class=\"_ _7\"></span>om extr<span class=\"_ _2\"></span>eme loss e<span class=\"_ _7\"></span>vents,<span class=\"_ _7\"></span> partic<span class=\"_ _7\"></span>ularly <span class=\"_ _7\"></span>natural dis<span class=\"_ _7\"></span>aste<span class=\"_ _7\"></span>rs,<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Risk fr<span class=\"_ _7\"></span>om unp<span class=\"_ _7\"></span>rof<span class=\"_ _7\"></span>itable <span class=\"_ _7\"></span>contracts <span class=\"_ _2\"></span>due to inad<span class=\"_ _7\"></span>equate pr<span class=\"_ _2\"></span>emium<span class=\"_ _7\"></span> pricing, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Risk fr<span class=\"_ _7\"></span>om lo<span class=\"_ _7\"></span>ss events<span class=\"_ _7\"></span> that h<span class=\"_ _7\"></span>ave alr<span class=\"_ _2\"></span>eady occ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rred, <span class=\"_ _2\"></span>but ar<span class=\"_ _7\"></span>e not suf<span class=\"_ _7\"></span>fici<span class=\"_ _7\"></span>ently kno<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>n or pro<span class=\"_ _2\"></span>visioned,<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Cancellatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> risk <span class=\"_ _7\"></span>(decr<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>se i<span class=\"_ _7\"></span>n the co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tributio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ma<span class=\"_ _7\"></span>rgin du<span class=\"_ _7\"></span>e to a s<span class=\"_ _7\"></span>harp dr<span class=\"_ _7\"></span>op i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts <span class=\"_ _7\"></span>in for<span class=\"_ _2\"></span>ce)<span class=\"_ _6\"></span>, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Cost risk.<span class=\"_ _2\"></span> RISK MINIMI<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>TION Non-life <span class=\"_ _3\"> </span>insurance <span class=\"_ _3\"> </span>underw<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>iting <span class=\"_ _3\"> </span>r<span class=\"_ _6\"></span>isk <span class=\"_ _3\"> </span>is <span class=\"_ _3\"> </span>c<span class=\"_ _6\"></span>onsidera<span class=\"_ _7\"></span>bly <span class=\"_ _d\"> </span>red<span class=\"_ _7\"></span>uced <span class=\"_ _3\"> </span>by  tr<span class=\"_ _7\"></span>ansfer <span class=\"_ _3\"> </span>to  r<span class=\"_ _7\"></span>einsu<span class=\"_ _7\"></span>rance. <span class=\"_ _3\"> </span>In<span class=\"_ _6\"></span> <span class=\"_ _d\"> </span>sele<span class=\"_ _7\"></span>cting <span class=\"_ _3\"> </span>reins<span class=\"_ _7\"></span>urers, <span class=\"_ _3\"> </span>the companies <span class=\"_ _2\"></span>of <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>Insu<span class=\"_ _7\"></span>rance <span class=\"_ _7\"></span>Gr<span class=\"_ _7\"></span>oup <span class=\"_ _2\"></span>must <span class=\"_ _7\"></span>adher<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>a saf<span class=\"_ _2\"></span>e li<span class=\"_ _7\"></span>st <span class=\"_ _7\"></span>defined b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>Re<span class=\"_ _6\"></span>insu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ance <span class=\"_ _2\"></span>Security Co<span class=\"_ _7\"></span>mmit<span class=\"_ _2\"></span>tee. T<span class=\"_ _5\"></span>ransfer to a rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urer t<span class=\"_ _7\"></span>hat is not i<span class=\"_ _2\"></span>nc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>uded on <span class=\"_ _7\"></span>this lis<span class=\"_ _7\"></span>t re<span class=\"_ _7\"></span>quir<span class=\"_ _7\"></span>es indi<span class=\"_ _7\"></span>vidual permiss<span class=\"_ _7\"></span>ion <span class=\"_ _7\"></span>by the <span class=\"_ _2\"></span>Re<span class=\"_ _6\"></span>insu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ance Se<span class=\"_ _2\"></span>cur<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>y Commi<span class=\"_ _7\"></span>ttee. <span class=\"_ _7\"></span> The Reinsuranc<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>Secu<span class=\"_ _7\"></span>rity Committe<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>is compose<span class=\"_ _7\"></span>d of <span class=\"_ _6\"></span>selected, prof<span class=\"_ _2\"></span>essionally qualif<span class=\"_ _7\"></span>ied e<span class=\"_ _6\"></span>mploy<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>es of <span class=\"_ _6\"></span>the reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance and specialist d<span class=\"_ _2\"></span>epartments o<span class=\"_ _7\"></span>f a <span class=\"_ _7\"></span>numbe<span class=\"_ _7\"></span>r of comp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nies o<span class=\"_ _7\"></span>f the V<span class=\"_ _7\"></span>IG Ins<span class=\"_ _7\"></span>urance Gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up.  Details o<span class=\"_ _7\"></span>n the su<span class=\"_ _7\"></span>bject o<span class=\"_ _7\"></span>f rei<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance ar<span class=\"_ _2\"></span>e provid<span class=\"_ _2\"></span>ed in the c<span class=\"_ _7\"></span>hapter of <span class=\"_ _7\"></span>the sam<span class=\"_ _7\"></span>e name <span class=\"_ _7\"></span>begi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ning on <span class=\"_ _7\"></span>page 19<span class=\"_ _7\"></span>5.  <span class=\"_ _2\"></span> Underwrit<span class=\"_ _7\"></span>ing ri<span class=\"_ _7\"></span>sk of heal<span class=\"_ _7\"></span>th insur<span class=\"_ _7\"></span>ance<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span> inclu<span class=\"_ _2\"></span>di<span class=\"_ _6\"></span>ng <span class=\"_ _7\"></span>casualt<span class=\"_ _7\"></span>y insuran<span class=\"_ _7\"></span>ce Health insu<span class=\"_ _7\"></span>rance und<span class=\"_ _7\"></span>erwriti<span class=\"_ _7\"></span>ng risk is s<span class=\"_ _7\"></span>ub-divided b<span class=\"_ _7\"></span>y ty<span class=\"_ _6\"></span>pe o<span class=\"_ _7\"></span>f non-li<span class=\"_ _7\"></span>fe insuranc<span class=\"_ _7\"></span>e and by type of l<span class=\"_ _7\"></span>ife insurance, de<span class=\"_ _7\"></span>pendi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g on the <span class=\"_ _6\"></span>contract <span class=\"_ _6\"></span>desi<span class=\"_ _7\"></span>gn. <span class=\"_ _6\"></span>Health <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance underwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>isk by <span class=\"_ _6\"></span>type <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>non-life <span class=\"_ _6\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>calc<span class=\"_ _7\"></span>ulated <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>accord<span class=\"_ _2\"></span>ance <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>the partial inte<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>nal mod<span class=\"_ _7\"></span>el because the ass<span class=\"_ _7\"></span>umptio<span class=\"_ _7\"></span>ns applied<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>in the<span class=\"_ _7\"></span> standard<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>formula do not appro<span class=\"_ _2\"></span>priately refl<span class=\"_ _7\"></span>ect the risk pro<span class=\"_ _2\"></span>file of <span class=\"_ _6\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>VIG <span class=\"_ _1\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p <span class=\"_ _6\"></span>in<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>area <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>non-life <span class=\"_ _6\"></span>insurance. <span class=\"_ _6\"></span>The <span class=\"_ _6\"></span>risk <span class=\"_ _6\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>type <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>life <span class=\"_ _6\"></span>insur<span class=\"_ _6\"></span>ance <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>disaste<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>heal<span class=\"_ _7\"></span>th insuranc<span class=\"_ _7\"></span>e is calc<span class=\"_ _7\"></span>ulated i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> accor<span class=\"_ _2\"></span>dance <span class=\"_ _7\"></span>with the s<span class=\"_ _7\"></span>tandar<span class=\"_ _7\"></span>d fo<span class=\"_ _2\"></span>rmula.  HEAL<span class=\"_ _e\"></span>TH INSURANC<span class=\"_ _2\"></span>E BY <span class=\"_ _7\"></span>TYP<span class=\"_ _7\"></span>E OF LIF<span class=\"_ _7\"></span>E INSURAN<span class=\"_ _7\"></span>CE<span class=\"_ _7\"></span> The <span class=\"_ _2\"></span>underwriti<span class=\"_ _7\"></span>ng ris<span class=\"_ _7\"></span>k o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>healt<span class=\"_ _7\"></span>h i<span class=\"_ _7\"></span>nsura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>by <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ype <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>life <span class=\"_ _7\"></span>ins<span class=\"_ _7\"></span>urance b<span class=\"_ _2\"></span>asically <span class=\"_ _2\"></span>comprises <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lassi<span class=\"_ _7\"></span>c l<span class=\"_ _7\"></span>ife <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>underwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g risks. <span class=\"_ _6\"></span>With<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>respec<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>risk <span class=\"_ _6\"></span>exposur<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>of <span class=\"_ _6\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>VIG <span class=\"_ _6\"></span>Insur<span class=\"_ _7\"></span>ance <span class=\"_ _6\"></span>Gro<span class=\"_ _7\"></span>up, <span class=\"_ _1\"></span>cancell<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>risk <span class=\"_ _6\"></span>makes <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>gre<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>test <span class=\"_ _6\"></span>contrib<span class=\"_ _7\"></span>ution <span class=\"_ _6\"></span>to the capi<span class=\"_ _7\"></span>tal r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>quir<span class=\"_ _7\"></span>ement, <span class=\"_ _2\"></span>but disability/mo<span class=\"_ _2\"></span>rbidity risk <span class=\"_ _2\"></span>and cost ris<span class=\"_ _7\"></span>k ar<span class=\"_ _7\"></span>e also i<span class=\"_ _7\"></span>mporta<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t. HEAL<span class=\"_ _e\"></span>TH INSURANC<span class=\"_ _2\"></span>E BY <span class=\"_ _7\"></span>TYP<span class=\"_ _7\"></span>E OF NON-<span class=\"_ _7\"></span>LIFE INS<span class=\"_ _7\"></span>URANC<span class=\"_ _2\"></span>E Health <span class=\"_ _0\"></span>insurance <span class=\"_ _0\"></span>underwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"></span>ris<span class=\"_ _7\"></span>k <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>y <span class=\"_ _4\"></span>type <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>non-li<span class=\"_ _7\"></span>fe <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>urance <span class=\"_ _4\"></span>cor<span class=\"_ _7\"></span>respo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>cas<span class=\"_ _7\"></span>ualty <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>urance <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"></span>com<span class=\"_ _2\"></span>pr<span class=\"_ _6\"></span>ises <span class=\"_ _0\"></span>the classic <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>on-li<span class=\"_ _7\"></span>fe i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>underwriti<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isks.<span class=\"_ _7\"></span> C<span class=\"_ _7\"></span>asu<span class=\"_ _7\"></span>alty <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>assessed <span class=\"_ _2\"></span>as <span class=\"_ _7\"></span>bei<span class=\"_ _7\"></span>ng com<span class=\"_ _2\"></span>parativel<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> l<span class=\"_ _7\"></span>ow<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>F<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r ex<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mple,<span class=\"_ _2\"></span> loss<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>can arise fro<span class=\"_ _7\"></span>m <span class=\"_ _7\"></span>a large n<span class=\"_ _7\"></span>umbe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> of deaths <span class=\"_ _2\"></span>and injuries, <span class=\"_ _2\"></span>but they ar<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> adeq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ately r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>ured.<span class=\"_ _2\"></span> NA<span class=\"_ _2\"></span>TURAL DISA<span class=\"_ _2\"></span>STER RISK IN<span class=\"_ _7\"></span> HEAL<span class=\"_ _e\"></span>TH INSUR<span class=\"_ _7\"></span>ANC<span class=\"_ _7\"></span>E Three <span class=\"_ _6\"></span>dif<span class=\"_ _2\"></span>ferent <span class=\"_ _6\"></span>disaster <span class=\"_ _6\"></span>scenarios a<span class=\"_ _6\"></span>re <span class=\"_ _6\"></span>consid<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>disast<span class=\"_ _7\"></span>er <span class=\"_ _1\"></span>risk <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>health <span class=\"_ _6\"></span>insurance: <span class=\"_ _6\"></span>mass <span class=\"_ _6\"></span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ualty <span class=\"_ _6\"></span>acciden<span class=\"_ _7\"></span>ts, <span class=\"_ _6\"></span>accident concent<span class=\"_ _7\"></span>ration <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _4\"></span>pan<span class=\"_ _7\"></span>demic. <span class=\"_ _4\"></span>T<span class=\"_ _7\"></span>his <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>adequa<span class=\"_ _7\"></span>tely <span class=\"_ _4\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ured <span class=\"_ _4\"></span>and<span class=\"_ _2\"></span> <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>subor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>nate <span class=\"_ _4\"> </span>impo<span class=\"_ _7\"></span>rtance <span class=\"_ _4\"></span>du<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"> </span>lo<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>level <span class=\"_ _4\"></span>o<span class=\"_ _7\"></span>f materiali<span class=\"_ _7\"></span>ty<span class=\"_ _10\"></span>. RISK MINIMI<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>TION Extensiv<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>underwriti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _4\"> </span>guidelines <span class=\"_ _4\"></span>(crite<span class=\"_ _7\"></span>ria <span class=\"_ _4\"> </span>for <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>ass<span class=\"_ _7\"></span>umpti<span class=\"_ _2\"></span>on <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>risks) <span class=\"_ _4\"> </span>h<span class=\"_ _6\"></span>ave <span class=\"_ _4\"> </span>bee<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>implemented <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>minimise <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _f\"> </span>h<span class=\"_ _7\"></span>ealth insuranc<span class=\"_ _7\"></span>e unde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>writing <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk b<span class=\"_ _7\"></span>y type of l<span class=\"_ _7\"></span>ife ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance.<span class=\"_ _7\"></span> Health <span class=\"_ _10\"></span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>underw<span class=\"_ _7\"></span>riting <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>type <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>n<span class=\"_ _6\"></span>on-life <span class=\"_ _10\"></span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>lessened <span class=\"_ _10\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>transfer <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>rei<span class=\"_ _7\"></span>nsurance. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>select<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>reinsur<span class=\"_ _2\"></span>ers, subsidia<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>must <span class=\"_ _6\"></span>adher<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>to <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>safe <span class=\"_ _6\"></span>list <span class=\"_ _6\"></span>define<span class=\"_ _7\"></span>d <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>the Reinsurance<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Security Committee. A <span class=\"_ _1\"></span>r<span class=\"_ _7\"></span>einsur<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>does not <span class=\"_ _6\"></span>appear on this l<span class=\"_ _7\"></span>ist may o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly be sel<span class=\"_ _2\"></span>ected afte<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> indi<span class=\"_ _7\"></span>vidual pe<span class=\"_ _7\"></span>rmissi<span class=\"_ _7\"></span>on by t<span class=\"_ _7\"></span>he Reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance S<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cu<span class=\"_ _7\"></span>rity Commit<span class=\"_ _2\"></span>tee. Details o<span class=\"_ _7\"></span>n the su<span class=\"_ _7\"></span>bject o<span class=\"_ _7\"></span>f rei<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance ar<span class=\"_ _2\"></span>e provid<span class=\"_ _2\"></span>ed in the c<span class=\"_ _7\"></span>hapter of <span class=\"_ _7\"></span>the sam<span class=\"_ _7\"></span>e name <span class=\"_ _7\"></span>begi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ning on <span class=\"_ _7\"></span>page 19<span class=\"_ _7\"></span>5. <span class=\"_ _7\"></span> Market risk<span class=\"_ _2\"></span> Market <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>refe<span class=\"_ _7\"></span>rs <span class=\"_ _2\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>risk <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>losses <span class=\"_ _e\"></span>due <span class=\"_ _10\"></span>to <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>arket<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>price <span class=\"_ _10\"></span>changes.<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>Fluctu<span class=\"_ _7\"></span>ations <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>nterest<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>rates, <span class=\"_ _10\"></span>shar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>prices <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>exc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>e rates, <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>well <span class=\"_ _7\"></span>as c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ang<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>in t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e m<span class=\"_ _2\"></span>arket <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>real <span class=\"_ _2\"></span>estate <span class=\"_ _2\"></span>and p<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rticipatio<span class=\"_ _2\"></span>ns, c<span class=\"_ _7\"></span>an <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>dve<span class=\"_ _7\"></span>rsely <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fect t<span class=\"_ _2\"></span>he v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts and <span class=\"_ _1\"></span>liabili<span class=\"_ _7\"></span>ties. <span class=\"_ _1\"></span>This <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _1\"></span>com<span class=\"_ _7\"></span>prises<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>ub-mod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>les <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>inter<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>st <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>isk, <span class=\"_ _1\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>and<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>participatio<span class=\"_ _7\"></span>n <span class=\"_ _1\"></span>risk, <span class=\"_ _6\"></span>prop<span class=\"_ _7\"></span>erty/r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>al <span class=\"_ _6\"></span>estate <span class=\"_ _1\"></span>ris<span class=\"_ _7\"></span>k,<span class=\"_ _6\"></span> sprea<span class=\"_ _7\"></span>d risk, <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk of<span class=\"_ _7\"></span> conce<span class=\"_ _7\"></span>ntration <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd c<span class=\"_ _7\"></span>urre<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cy risk. <span class=\"_ _2\"></span> RISK MINIMI<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>TION Signif<span class=\"_ _7\"></span>icant <span class=\"_ _4\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>less<span class=\"_ _7\"></span>en <span class=\"_ _4\"> </span>m<span class=\"_ _7\"></span>arket <span class=\"_ _0\"></span>risk <span class=\"_ _4\"></span>in<span class=\"_ _7\"></span>clude <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>diversificatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>asse<span class=\"_ _2\"></span>ts <span class=\"_ _4\"> </span>and <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>e<span class=\"_ _6\"></span>xisti<span class=\"_ _7\"></span>ng <span class=\"_ _4\"></span>lim<span class=\"_ _7\"></span>it <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>ystem <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>api<span class=\"_ _7\"></span>tal investme<span class=\"_ _7\"></span>nts <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>level <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _10\"></span>individual<span class=\"_ _7\"></span> <span class=\"_ _10\"></span>companies. <span class=\"_ _e\"></span>Asset <span class=\"_ _2\"></span>diversif<span class=\"_ _7\"></span>icatio<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>reduces <span class=\"_ _e\"></span>the <span class=\"_ _2\"></span>risk <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _2\"></span>advers<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>market <span class=\"_ _10\"></span>developm<span class=\"_ _7\"></span>ent<span class=\"_ _7\"></span> of <span class=\"_ _0\"></span>an <span class=\"_ _4\"></span>indi<span class=\"_ _7\"></span>vidual <span class=\"_ _0\"></span>asset<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>or<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>cl<span class=\"_ _2\"></span>ass <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ssets.<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>The <span class=\"_ _4\"></span>l<span class=\"_ _7\"></span>imit <span class=\"_ _0\"></span>str<span class=\"_ _7\"></span>uctur<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>scribe<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>for <span class=\"_ _0\"></span>Asse<span class=\"_ _7\"></span>t <span class=\"_ _4\"></span>M<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nagem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _0\"></span>by <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>M<span class=\"_ _7\"></span>anagi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _0\"></span>Board defines <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>maximum<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>nves<span class=\"_ _7\"></span>tment<span class=\"_ _7\"></span> vol<span class=\"_ _2\"></span>umes <span class=\"_ _2\"></span>per ass<span class=\"_ _2\"></span>et cl<span class=\"_ _7\"></span>ass. <span class=\"_ _2\"></span>For <span class=\"_ _7\"></span>mor<span class=\"_ _2\"></span>e info<span class=\"_ _2\"></span>rmation <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ubject,<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>pleas<span class=\"_ _7\"></span>e r<span class=\"_ _2\"></span>efer <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _2\"></span>rem<span class=\"_ _7\"></span>arks on the s<span class=\"_ _7\"></span>ubject of <span class=\"_ _7\"></span>the pr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>dent pe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>so<span class=\"_ _7\"></span>n principle o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> page 18<span class=\"_ _7\"></span>8.<span class=\"_ _7\"></span>  The desire<span class=\"_ _7\"></span>d diversif<span class=\"_ _7\"></span>ication for the <span class=\"_ _6\"></span>ov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rall gro<span class=\"_ _7\"></span>up is add<span class=\"_ _6\"></span>itio<span class=\"_ _2\"></span>na<span class=\"_ _6\"></span>ll<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>giv<span class=\"_ _7\"></span>en by <span class=\"_ _6\"></span>the fact that the operating<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>compa<span class=\"_ _7\"></span>nies operate<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>wi<span class=\"_ _7\"></span>th dif<span class=\"_ _2\"></span>ferent <span class=\"_ _3\"> </span>prod<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>cts <span class=\"_ _f\"> </span>in <span class=\"_ _3\"> </span>diff<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>nt <span class=\"_ _3\"> </span>markets. <span class=\"_ _f\"> </span>Furthe<span class=\"_ _7\"></span>rmor<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>, <span class=\"_ _3\"> </span>car<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>is <span class=\"_ _3\"> </span>taken <span class=\"_ _3\"> </span>to <span class=\"_ _3\"> </span>ens<span class=\"_ _7\"></span>ure <span class=\"_ _3\"> </span>th<span class=\"_ _7\"></span>at <span class=\"_ _3\"> </span>the <span class=\"_ _f\"> </span>port<span class=\"_ _6\"></span>foli<span class=\"_ _7\"></span>os <span class=\"_ _f\"> </span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>hin <span class=\"_ _3\"> </span>the <span class=\"_ _f\"> </span>in<span class=\"_ _6\"></span>divid<span class=\"_ _7\"></span>ual companies <span class=\"_ _2\"></span>are app<span class=\"_ _2\"></span>ropriatel<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> diversif<span class=\"_ _7\"></span>ied. <span class=\"_ _7\"></span> Credit ri<span class=\"_ _7\"></span>sk / count<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rparty<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>def<span class=\"_ _7\"></span>ault risk<span class=\"_ _2\"></span> Counterp<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rty def<span class=\"_ _7\"></span>ault <span class=\"_ _7\"></span>risk is<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>risk of a l<span class=\"_ _7\"></span>oss o<span class=\"_ _2\"></span>r detrim<span class=\"_ _7\"></span>ental c<span class=\"_ _7\"></span>hange in <span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>alue of <span class=\"_ _2\"></span>assets a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>strum<span class=\"_ _7\"></span>ents a<span class=\"_ _7\"></span>rising fr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m an unexpecte<span class=\"_ _7\"></span>d defa<span class=\"_ _7\"></span>ult <span class=\"_ _6\"></span>of a count<span class=\"_ _7\"></span>erpart<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>r <span class=\"_ _6\"></span>debtor<span class=\"_ _e\"></span>. Cr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>dit ri<span class=\"_ _7\"></span>sk is prese<span class=\"_ _7\"></span>nt both in capital investm<span class=\"_ _2\"></span>ents <span class=\"_ _6\"></span>su<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>h as bonds, loa<span class=\"_ _7\"></span>ns and depo<span class=\"_ _7\"></span>sits a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d fund<span class=\"_ _7\"></span>amental<span class=\"_ _7\"></span>ly also in o<span class=\"_ _2\"></span>ther re<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eivables <span class=\"_ _2\"></span>and cash depos<span class=\"_ _7\"></span>its in <span class=\"_ _2\"></span>banks.  RISK MINIMI<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>TION The VIG Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up has impl<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span>ed suitable p<span class=\"_ _2\"></span>roced<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>res <span class=\"_ _7\"></span>and co<span class=\"_ _7\"></span>ntrols <span class=\"_ _7\"></span>to red<span class=\"_ _7\"></span>uce the <span class=\"_ _7\"></span>risk fr<span class=\"_ _7\"></span>om r<span class=\"_ _7\"></span>eceiva<span class=\"_ _7\"></span>bles due fr<span class=\"_ _2\"></span>om counter<span class=\"_ _7\"></span>parties. <span class=\"_ _f\"> </span>B<span class=\"_ _6\"></span>esides <span class=\"_ _3\"> </span>monito<span class=\"_ _2\"></span>rin<span class=\"_ _6\"></span>g <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>ratings <span class=\"_ _d\"> </span>of <span class=\"_ _f\"> </span>banks <span class=\"_ _3\"> </span>an<span class=\"_ _6\"></span>d <span class=\"_ _3\"> </span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sur<span class=\"_ _7\"></span>ers <span class=\"_ _3\"> </span>and  f<span class=\"_ _7\"></span>orm<span class=\"_ _7\"></span>ulating <span class=\"_ _3\"> </span>internal <span class=\"_ _3\"> </span>bank <span class=\"_ _3\"> </span>ratings,<span class=\"_ _7\"></span>  s<span class=\"_ _7\"></span>uc<span class=\"_ _7\"></span>h proce<span class=\"_ _7\"></span>dur<span class=\"_ _7\"></span>es  and  contr<span class=\"_ _7\"></span>ols  also  i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>clude  meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es  such  a<span class=\"_ _7\"></span>s  a  w<span class=\"_ _6\"></span>ell-alig<span class=\"_ _7\"></span>ned  rei<span class=\"_ _7\"></span>nsu<span class=\"_ _7\"></span>rance  pro<span class=\"_ _7\"></span>gramm<span class=\"_ _7\"></span>e,  coop<span class=\"_ _7\"></span>eration  wi<span class=\"_ _7\"></span>th prestigi<span class=\"_ _2\"></span>ou<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>br<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>kers <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>key <span class=\"_ _f\"> </span>acco<span class=\"_ _7\"></span>unt <span class=\"_ _f\"> </span>busi<span class=\"_ _7\"></span>ness, <span class=\"_ _f\"> </span>a <span class=\"_ _4\"> </span>lar<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>nu<span class=\"_ _7\"></span>mber <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>sales <span class=\"_ _f\"> </span>partn<span class=\"_ _7\"></span>ers, <span class=\"_ _f\"> </span>and <span class=\"_ _4\"> </span>gro<span class=\"_ _7\"></span>up-wid<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>transfe<span class=\"_ _7\"></span>r <span class=\"_ _f\"> </span>prici<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>and underwriti<span class=\"_ _7\"></span>ng  g<span class=\"_ _7\"></span>uideli<span class=\"_ _7\"></span>nes.  Also <span class=\"_ _d\"> </span>in  rel<span class=\"_ _2\"></span>ation  to  pol<span class=\"_ _7\"></span>icyholde<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s,<span class=\"_ _7\"></span>  the  gro<span class=\"_ _2\"></span>up  emplo<span class=\"_ _7\"></span>ys  a  larg<span class=\"_ _7\"></span>e  num<span class=\"_ _7\"></span>ber  of<span class=\"_ _7\"></span>  meas<span class=\"_ _7\"></span>ures <span class=\"_ _d\"> </span>to  li<span class=\"_ _7\"></span>mit counter<span class=\"_ _7\"></span>party <span class=\"_ _2\"></span>defa<span class=\"_ _7\"></span>ult <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk, <span class=\"_ _10\"></span>includi<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>payment <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>eminders, <span class=\"_ _10\"></span>coop<span class=\"_ _7\"></span>eration <span class=\"_ _10\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>colle<span class=\"_ _7\"></span>ction <span class=\"_ _10\"></span>agencies <span class=\"_ _10\"></span>and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ontr<span class=\"_ _7\"></span>act <span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>minati<span class=\"_ _7\"></span>on <span class=\"_ _10\"></span>u<span class=\"_ _6\"></span>pon payme<span class=\"_ _7\"></span>nt defa<span class=\"_ _7\"></span>ult. Furt<span class=\"_ _7\"></span>hermor<span class=\"_ _7\"></span>e, i<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce pro<span class=\"_ _7\"></span>tectio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> is us<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>all<span class=\"_ _7\"></span>y terminat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d or r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>du<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ed if pr<span class=\"_ _2\"></span>emium <span class=\"_ _7\"></span>payme<span class=\"_ _7\"></span>nts are <span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ot m<span class=\"_ _7\"></span>ade.<span class=\"_ _2\"></span> Liquidit<span class=\"_ _7\"></span>y risk The liq<span class=\"_ _7\"></span>uidity risk <span class=\"_ _7\"></span>is the ris<span class=\"_ _7\"></span>k arisi<span class=\"_ _7\"></span>ng fro<span class=\"_ _7\"></span>m t<span class=\"_ _7\"></span>he lac<span class=\"_ _7\"></span>k of mark<span class=\"_ _7\"></span>etabi<span class=\"_ _2\"></span>lity of investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts i<span class=\"_ _7\"></span>n ord<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r to m<span class=\"_ _7\"></span>eet c<span class=\"_ _7\"></span>urre<span class=\"_ _7\"></span>nt sho<span class=\"_ _7\"></span>rt-term o<span class=\"_ _7\"></span>r long<span class=\"_ _7\"></span>-<span class=\"_ _3d5\"> </span>term obl<span class=\"_ _7\"></span>igations. T<span class=\"_ _2\"></span>his includ<span class=\"_ _7\"></span>es, for ex<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>mple, l<span class=\"_ _7\"></span>osses <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rising d<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e to asse<span class=\"_ _2\"></span>t-<span class=\"_ _6\"></span>liabil<span class=\"_ _7\"></span>ity mism<span class=\"_ _7\"></span>atc<span class=\"_ _7\"></span>hes. RISK MINIMI<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>TION T<span class=\"_ _e\"></span>o <span class=\"_ _6\"></span>minimise <span class=\"_ _6\"></span>liq<span class=\"_ _7\"></span>uidity <span class=\"_ _6\"></span>risk,<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>liabili<span class=\"_ _7\"></span>ties are <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>egularly analysed<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>hin <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>scope <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>ALM<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>process. T<span class=\"_ _e\"></span>ogeth<span class=\"_ _7\"></span>er with <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lear <span class=\"_ _2\"></span>in<span class=\"_ _6\"></span>vestm<span class=\"_ _2\"></span>ent spe<span class=\"_ _7\"></span>cifi<span class=\"_ _7\"></span>cations (li<span class=\"_ _7\"></span>mit <span class=\"_ _2\"></span>sy<span class=\"_ _6\"></span>stems<span class=\"_ _7\"></span>) a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _2\"></span>a co<span class=\"_ _7\"></span>nservative <span class=\"_ _2\"></span>investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t pol<span class=\"_ _7\"></span>icy<span class=\"_ _e\"></span>, t<span class=\"_ _7\"></span>his <span class=\"_ _7\"></span>kind o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>analysis <span class=\"_ _2\"></span>contribut<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>to<span class=\"_ _6\"></span> the appr<span class=\"_ _2\"></span>opriate ma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t of li<span class=\"_ _7\"></span>quidit<span class=\"_ _7\"></span>y risk.  Additional d<span class=\"_ _2\"></span>etails on t<span class=\"_ _7\"></span>he subje<span class=\"_ _7\"></span>ct of li<span class=\"_ _7\"></span>quidit<span class=\"_ _7\"></span>y managem<span class=\"_ _7\"></span>ent ca<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> be fo<span class=\"_ _7\"></span>und o<span class=\"_ _7\"></span>n page 196<span class=\"_ _7\"></span>. <span class=\"_ _7\"></span> Operationa<span class=\"_ _7\"></span>l risk<span class=\"_ _2\"></span> Operatio<span class=\"_ _7\"></span>nal <span class=\"_ _6\"></span>risk <span class=\"_ _6\"></span>describes<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the r<span class=\"_ _6\"></span>isk <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>losses relat<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>busi<span class=\"_ _7\"></span>ness <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>peratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. <span class=\"_ _6\"></span>Such <span class=\"_ _6\"></span>losses<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>are caused <span class=\"_ _6\"></span>by <span class=\"_ _6\"></span>defec<span class=\"_ _7\"></span>tive <span class=\"_ _6\"></span>inte<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>al process<span class=\"_ _2\"></span>es, d<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>fe<span class=\"_ _7\"></span>ctive <span class=\"_ _2\"></span>control<span class=\"_ _7\"></span>s, <span class=\"_ _2\"></span>erro<span class=\"_ _7\"></span>neous <span class=\"_ _2\"></span>assessm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nts <span class=\"_ _2\"></span>or <span class=\"_ _7\"></span>de<span class=\"_ _2\"></span>fect<span class=\"_ _6\"></span>ive <span class=\"_ _2\"></span>models<span class=\"_ _7\"></span>. <span class=\"_ _7\"></span>Exampl<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>of <span class=\"_ _7\"></span>op<span class=\"_ _7\"></span>eration<span class=\"_ _7\"></span>al <span class=\"_ _7\"></span>risks<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>ud <span class=\"_ _2\"></span>by t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ird parties, t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e failu<span class=\"_ _7\"></span>re of IT<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ystems o<span class=\"_ _7\"></span>r huma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> erro<span class=\"_ _7\"></span>r<span class=\"_ _10\"></span>. <span class=\"_ _7\"></span> RISK MINIMI<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>TION For <span class=\"_ _2\"></span>monitoring <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>peratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>al <span class=\"_ _2\"></span>risks, <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>VIG I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance <span class=\"_ _2\"></span>Grou<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>aintains <span class=\"_ _2\"></span>an <span class=\"_ _7\"></span>adeq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ate <span class=\"_ _7\"></span>i<span class=\"_ _7\"></span>nterna<span class=\"_ _6\"></span>l <span class=\"_ _2\"></span>contro<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ystem <span class=\"_ _2\"></span>(ICS), <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>helps to lesse<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> existing <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isks a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d ens<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es ongoi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g mo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>itori<span class=\"_ _7\"></span>ng of ri<span class=\"_ _2\"></span>sks.  Strategi<span class=\"_ _7\"></span>c risk Strategic <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _2\"></span>is the ris<span class=\"_ _7\"></span>k <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>negative <span class=\"_ _2\"></span>bu<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ness de<span class=\"_ _2\"></span>velopme<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>due to <span class=\"_ _2\"></span>incorr<span class=\"_ _7\"></span>ect <span class=\"_ _7\"></span>busi<span class=\"_ _7\"></span>ness de<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>ns, po<span class=\"_ _7\"></span>or com<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>unicatio<span class=\"_ _7\"></span>n a<span class=\"_ _7\"></span>nd impl<span class=\"_ _7\"></span>ementatio<span class=\"_ _7\"></span>n <span class=\"_ _4\"> </span>of <span class=\"_ _4\"></span>corpo<span class=\"_ _7\"></span>rate <span class=\"_ _4\"> </span>objec<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ives, <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>comp<span class=\"_ _7\"></span>any\u2019<span class=\"_ _e\"></span>s <span class=\"_ _4\"></span>inadeq<span class=\"_ _2\"></span>uate <span class=\"_ _4\"> </span>ability <span class=\"_ _4\"></span>to <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span>dapt <span class=\"_ _0\"></span>to <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>econom<span class=\"_ _7\"></span>ic <span class=\"_ _4\"></span>e<span class=\"_ _7\"></span>nvir<span class=\"_ _7\"></span>onmen<span class=\"_ _7\"></span>t, <span class=\"_ _4\"> </span>and mutually <span class=\"_ _7\"></span>co<span class=\"_ _7\"></span>ntradictor<span class=\"_ _7\"></span>y busin<span class=\"_ _7\"></span>ess objec<span class=\"_ _7\"></span>tives. RISK MINIMI<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>TION The clear c<span class=\"_ _6\"></span>omm<span class=\"_ _2\"></span>unication of <span class=\"_ _6\"></span>corpor<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>te <span class=\"_ _6\"></span>obj<span class=\"_ _7\"></span>ectives ensur<span class=\"_ _2\"></span>es <span class=\"_ _6\"></span>that business decisi<span class=\"_ _7\"></span>ons that have <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>made ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>implem<span class=\"_ _2\"></span>ented thro<span class=\"_ _7\"></span>ugho<span class=\"_ _7\"></span>ut <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>gro<span class=\"_ _7\"></span>up. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>placem<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>Managing B<span class=\"_ _6\"></span>oar<span class=\"_ _2\"></span>d <span class=\"_ _1\"></span>members <span class=\"_ _6\"></span>and <span class=\"_ _1\"></span>exec<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tives <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>second <span class=\"_ _6\"></span>man<span class=\"_ _7\"></span>ageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t <span class=\"_ _1\"></span>le<span class=\"_ _7\"></span>vel <span class=\"_ _1\"></span>on the <span class=\"_ _1\"></span>superviso<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y <span class=\"_ _1\"></span>boar<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>s <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bsidi<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ries <span class=\"_ _6\"></span>ensures <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>gro<span class=\"_ _7\"></span>up <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>bjec<span class=\"_ _6\"></span>ti<span class=\"_ _7\"></span>ves <span class=\"_ _1\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>implement<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>locally<span class=\"_ _e\"></span>. <span class=\"_ _1\"></span>The <span class=\"_ _6\"></span>pursuit <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>mul<span class=\"_ _2\"></span>ti-<span class=\"_ _3d5\"> </span>brandi<span class=\"_ _7\"></span>ng <span class=\"_ _2\"></span>strategy <span class=\"_ _2\"></span>couple<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>with <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>igh <span class=\"_ _2\"></span>degr<span class=\"_ _7\"></span>ee <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>au<span class=\"_ _6\"></span>tonom<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>local <span class=\"_ _2\"></span>comp<span class=\"_ _7\"></span>anies <span class=\"_ _10\"></span>ensures <span class=\"_ _10\"></span>that <span class=\"_ _2\"></span>strategic <span class=\"_ _10\"></span>risk <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>diversifie<span class=\"_ _7\"></span>d. Reputation<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>risk<span class=\"_ _7\"></span> Reputatio<span class=\"_ _2\"></span>n r<span class=\"_ _6\"></span>isk is<span class=\"_ _7\"></span> the risk of<span class=\"_ _7\"></span> negativ<span class=\"_ _7\"></span>e changes in b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>si<span class=\"_ _7\"></span>ness due to d<span class=\"_ _7\"></span>amag<span class=\"_ _7\"></span>e to a com<span class=\"_ _7\"></span>pany\u2019<span class=\"_ _5\"></span>s repu<span class=\"_ _7\"></span>tation. R<span class=\"_ _7\"></span>eputati<span class=\"_ _7\"></span>on dama<span class=\"_ _2\"></span>ge can <span class=\"_ _4\"> </span>undermin<span class=\"_ _7\"></span>e <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>tr<span class=\"_ _7\"></span>ust <span class=\"_ _4\"> </span>that <span class=\"_ _f\"> </span>c<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>stom<span class=\"_ _7\"></span>ers, <span class=\"_ _4\"> </span>investors <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>compan<span class=\"_ _7\"></span>y\u2019<span class=\"_ _e\"></span>s <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>wn <span class=\"_ _f\"> </span>em<span class=\"_ _7\"></span>ployees <span class=\"_ _4\"></span>plac<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>in<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>c<span class=\"_ _6\"></span>om<span class=\"_ _2\"></span>pany <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>nd <span class=\"_ _4\"> </span>can therefor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> also l<span class=\"_ _7\"></span>ead to fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial los<span class=\"_ _7\"></span>ses. Pos<span class=\"_ _7\"></span>sible c<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>uses of<span class=\"_ _7\"></span> re<span class=\"_ _2\"></span>pu<span class=\"_ _6\"></span>tation <span class=\"_ _7\"></span>dam<span class=\"_ _7\"></span>age includ<span class=\"_ _7\"></span>e lack o<span class=\"_ _7\"></span>f advice <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>he<span class=\"_ _7\"></span>n selling pro<span class=\"_ _7\"></span>duc<span class=\"_ _7\"></span>ts, lack <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>custom<span class=\"_ _7\"></span>er <span class=\"_ _f\"> </span>se<span class=\"_ _7\"></span>rvice, <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>pro<span class=\"_ _7\"></span>vision <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>f <span class=\"_ _f\"> </span>f<span class=\"_ _7\"></span>alse <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nformation <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nvestors, <span class=\"_ _4\"> </span>ne<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>ative <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>po<span class=\"_ _7\"></span>rts <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _4\"> </span>media <span class=\"_ _f\"> </span>p<span class=\"_ _7\"></span>articularly <span class=\"_ _4\"> </span>in connectio<span class=\"_ _2\"></span>n w<span class=\"_ _6\"></span>it<span class=\"_ _7\"></span>h sustai<span class=\"_ _7\"></span>nabil<span class=\"_ _7\"></span>ity or oth<span class=\"_ _7\"></span>er no<span class=\"_ _7\"></span>n-financial <span class=\"_ _7\"></span>risks or <span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ep<span class=\"_ _6\"></span>uta<span class=\"_ _7\"></span>tion damag<span class=\"_ _2\"></span>e that spil<span class=\"_ _2\"></span>ls from<span class=\"_ _7\"></span> one compa<span class=\"_ _2\"></span>ny to anoth<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>. <span class=\"_ _7\"></span> RISK MINIMI<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>TION In <span class=\"_ _4\"> </span>the <span class=\"_ _f\"> </span>pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>cess <span class=\"_ _4\"> </span>of <span class=\"_ _4\"> </span>recr<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>iting <span class=\"_ _4\"></span>new <span class=\"_ _4\"></span>emplo<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ees, <span class=\"_ _4\"></span>car<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ful <span class=\"_ _4\"></span>atte<span class=\"_ _7\"></span>ntion <span class=\"_ _4\"> </span>is <span class=\"_ _4\"></span>alread<span class=\"_ _7\"></span>y <span class=\"_ _4\"> </span>given <span class=\"_ _4\"> </span>to <span class=\"_ _4\"> </span>their <span class=\"_ _f\"> </span>i<span class=\"_ _7\"></span>nteg<span class=\"_ _7\"></span>rity <span class=\"_ _f\"> </span>a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>perso<span class=\"_ _7\"></span>nal <span class=\"_ _4\"></span>reli<span class=\"_ _7\"></span>ability<span class=\"_ _e\"></span>. Employ<span class=\"_ _7\"></span>ees worki<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g in sales or r<span class=\"_ _7\"></span>epr<span class=\"_ _7\"></span>esent<span class=\"_ _7\"></span>ative activiti<span class=\"_ _7\"></span>es in pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ticular a<span class=\"_ _7\"></span>re suppo<span class=\"_ _2\"></span>rted by special tr<span class=\"_ _7\"></span>aining me<span class=\"_ _7\"></span>asures. <span class=\"_ _7\"></span>Mor<span class=\"_ _2\"></span>eover<span class=\"_ _10\"></span>, the <span class=\"_ _2\"></span>Code <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>Business <span class=\"_ _10\"></span>Ethics <span class=\"_ _2\"></span>sets <span class=\"_ _10\"></span>out <span class=\"_ _2\"></span>clear <span class=\"_ _10\"></span>rules <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>cond<span class=\"_ _7\"></span>uct <span class=\"_ _2\"></span>to <span class=\"_ _10\"></span>be <span class=\"_ _7\"></span>obse<span class=\"_ _7\"></span>rved <span class=\"_ _10\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>all <span class=\"_ _2\"></span>employees. <span class=\"_ _e\"></span>O<span class=\"_ _6\"></span>the<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk<span class=\"_ _2\"></span>-<span class=\"_ _6\"></span>lesse<span class=\"_ _7\"></span>ning <span class=\"_ _2\"></span>meas<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>es besides employee<span class=\"_ _7\"></span>-driven <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>include <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nvestments<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _6\"></span>advertising <span class=\"_ _6\"></span>to a<span class=\"_ _6\"></span>cquir<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>new <span class=\"_ _6\"></span>custome<span class=\"_ _7\"></span>rs <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>tain <span class=\"_ _6\"></span>existing<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>cus-<span class=\"_ _3d5\"> </span>tomers <span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>n <span class=\"_ _4\"> </span>the <span class=\"_ _0\"></span>long <span class=\"_ _0\"></span>term, <span class=\"_ _4\"></span>pr<span class=\"_ _7\"></span>of<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ssio<span class=\"_ _7\"></span>nal <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>omplai<span class=\"_ _2\"></span>nts <span class=\"_ _4\"> </span>man<span class=\"_ _7\"></span>agem<span class=\"_ _7\"></span>ent <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>ddr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss <span class=\"_ _0\"></span>customers\u2019<span class=\"_ _2\"></span> <span class=\"_ _4\"> </span>conce<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>n<span class=\"_ _6\"></span>s <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>st<span class=\"_ _2\"></span>rong <span class=\"_ _4\"></span>so<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ial <span class=\"_ _0\"></span>and cultural e<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gagem<span class=\"_ _7\"></span>ent (e.g. S<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>cial Acti<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e Day<span class=\"_ _e\"></span>, promo<span class=\"_ _2\"></span>tion of s<span class=\"_ _2\"></span>ocial events, s<span class=\"_ _7\"></span>ponsori<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g of <span class=\"_ _7\"></span>art and <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ultur<span class=\"_ _2\"></span>e)<span class=\"_ _6\"></span>. In <span class=\"_ _2\"></span>addi<span class=\"_ _7\"></span>tion, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Investor <span class=\"_ _e\"></span>R<span class=\"_ _6\"></span>elatio<span class=\"_ _7\"></span>ns <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>CO\u00b3 <span class=\"_ _2\"></span>Dep<span class=\"_ _7\"></span>artme<span class=\"_ _7\"></span>nts <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>respo<span class=\"_ _7\"></span>nsibl<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>clear <span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>xternal <span class=\"_ _10\"></span>comm<span class=\"_ _7\"></span>unicatio<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>orde<span class=\"_ _7\"></span>r <span class=\"_ _10\"></span>to <span class=\"_ _2\"></span>provi<span class=\"_ _2\"></span>de<span class=\"_ _6\"></span> informatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> to i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>vesto<span class=\"_ _7\"></span>rs and comm<span class=\"_ _2\"></span>ents o<span class=\"_ _7\"></span>n media r<span class=\"_ _7\"></span>eports. <span class=\"_ _2\"></span> Risk from <span class=\"_ _2\"></span>i<span class=\"_ _6\"></span>ntangib<span class=\"_ _7\"></span>le ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts The risk f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> inta<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gible asse<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>s ref<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>s to <span class=\"_ _2\"></span>the r<span class=\"_ _6\"></span>isk o<span class=\"_ _7\"></span>f a los<span class=\"_ _7\"></span>s o<span class=\"_ _7\"></span>r det<span class=\"_ _7\"></span>rimental c<span class=\"_ _2\"></span>han<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>es in th<span class=\"_ _7\"></span>e valu<span class=\"_ _7\"></span>e of int<span class=\"_ _7\"></span>angible ass<span class=\"_ _7\"></span>ets.<span class=\"_ _2\"></span> RISK MINIMI<span class=\"_ _2\"></span>SA<span class=\"_ _2\"></span>TION The r<span class=\"_ _7\"></span>ecovera<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty of intangibl<span class=\"_ _2\"></span>e assets i<span class=\"_ _7\"></span>s reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>larly tes<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ed. N<span class=\"_ _7\"></span>o <span class=\"_ _7\"></span>further <span class=\"_ _7\"></span>risk minim<span class=\"_ _7\"></span>isation m<span class=\"_ _2\"></span>ea<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ures <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e neede<span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>.<span class=\"_ _7\"></span> OTHER NOTES Handling o<span class=\"_ _2\"></span>f<span class=\"_ _6\"></span> susta<span class=\"_ _7\"></span>inabilit<span class=\"_ _7\"></span>y risks Sustaina<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty risks a<span class=\"_ _2\"></span>re risks<span class=\"_ _7\"></span> to <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h the <span class=\"_ _2\"></span>company is <span class=\"_ _2\"></span>expos<span class=\"_ _7\"></span>ed (o<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>tsid<span class=\"_ _7\"></span>e-in pe<span class=\"_ _7\"></span>rspecti<span class=\"_ _7\"></span>ve), <span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>well as<span class=\"_ _7\"></span> any ris<span class=\"_ _7\"></span>ks<span class=\"_ _7\"></span> arisi<span class=\"_ _7\"></span>ng fro<span class=\"_ _7\"></span>m <span class=\"_ _7\"></span>the business activit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>of VIG <span class=\"_ _6\"></span>that could potentiall<span class=\"_ _7\"></span>y have a<span class=\"_ _6\"></span>dve<span class=\"_ _7\"></span>rse eff<span class=\"_ _7\"></span>ects <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>so<span class=\"_ _7\"></span>ciety or <span class=\"_ _6\"></span>the enviro<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ment (inside<span class=\"_ _7\"></span>-out perspecti<span class=\"_ _2\"></span>ve). Such <span class=\"_ _f\"> </span>risks <span class=\"_ _4\"> </span>have <span class=\"_ _f\"> </span>alwa<span class=\"_ _7\"></span>ys <span class=\"_ _f\"> </span>been <span class=\"_ _4\"> </span>t<span class=\"_ _6\"></span>aken<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>into <span class=\"_ _f\"> </span>acco<span class=\"_ _2\"></span>unt<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>impli<span class=\"_ _7\"></span>citl<span class=\"_ _7\"></span>y <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>even<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>explicitly<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>some <span class=\"_ _4\"> </span>ca<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>es <span class=\"_ _f\"> </span>withi<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>sco<span class=\"_ _7\"></span>pe <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>ri<span class=\"_ _7\"></span>sk managem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt.<span class=\"_ _2\"></span> T<span class=\"_ _e\"></span>o ensur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> a structu<span class=\"_ _7\"></span>red <span class=\"_ _7\"></span>appro<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ch to t<span class=\"_ _7\"></span>he identifi<span class=\"_ _7\"></span>cation of <span class=\"_ _7\"></span>sustainabi<span class=\"_ _7\"></span>lity risks i<span class=\"_ _7\"></span>n the grou<span class=\"_ _2\"></span>p and approp<span class=\"_ _2\"></span>riately acco<span class=\"_ _7\"></span>unt for bo<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>h perspecti<span class=\"_ _7\"></span>ves, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>gro<span class=\"_ _7\"></span>up-wide <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _1\"></span>catalog<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>e <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>explicit <span class=\"_ _1\"></span>ref<span class=\"_ _2\"></span>erence <span class=\"_ _6\"></span>to <span class=\"_ _0\"></span>sustai<span class=\"_ _7\"></span>nabili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>risks <span class=\"_ _6\"></span>ha<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>additio<span class=\"_ _7\"></span>nally <span class=\"_ _0\"></span>bee<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>par<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>in observa<span class=\"_ _7\"></span>nce <span class=\"_ _0\"></span>of<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>Guide<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>Handli<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>Sust<span class=\"_ _7\"></span>ainabili<span class=\"_ _7\"></span>ty <span class=\"_ _0\"></span>Risks <span class=\"_ _6\"></span>published <span class=\"_ _1\"></span>by <span class=\"_ _0\"></span>the <span class=\"_ _1\"></span>Austrian <span class=\"_ _1\"></span>Financial <span class=\"_ _1\"></span>Market<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>Aut<span class=\"_ _7\"></span>hority<span class=\"_ _10\"></span>. <span class=\"_ _1\"></span>Th<span class=\"_ _6\"></span>is<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>ris<span class=\"_ _7\"></span>k<span class=\"_ _6\"></span> catalogu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _d\"> </span>is <span class=\"_ _3\"> </span>regularly <span class=\"_ _3\"> </span>review<span class=\"_ _7\"></span>ed  to <span class=\"_ _3\"> </span>ensur<span class=\"_ _7\"></span>e <span class=\"_ _d\"> </span>comple<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>eness <span class=\"_ _f\"> </span>a<span class=\"_ _6\"></span>nd  s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>pplem<span class=\"_ _2\"></span>ented  w<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>en <span class=\"_ _3\"> </span>nece<span class=\"_ _6\"></span>ss<span class=\"_ _7\"></span>ary <span class=\"_ _3\"> </span>b<span class=\"_ _6\"></span>y  t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e <span class=\"_ _3\"> </span>VIG<span class=\"_ _6\"></span> <span class=\"_ _d\"> </span>ins<span class=\"_ _7\"></span>urance companies w<span class=\"_ _6\"></span>ithin <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>scope <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>gro<span class=\"_ _7\"></span>up\u2019<span class=\"_ _e\"></span>s <span class=\"_ _1\"></span>standardi<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>sk <span class=\"_ _1\"></span>managem<span class=\"_ _7\"></span>ent <span class=\"_ _1\"></span>process<span class=\"_ _7\"></span>. <span class=\"_ _1\"></span>Thus, <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>cat<span class=\"_ _7\"></span>alogu<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>also <span class=\"_ _6\"></span>forms <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>e basis <span class=\"_ _6\"></span>for<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>conside<span class=\"_ _7\"></span>ration <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>sust<span class=\"_ _7\"></span>ainabili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>risks <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>existi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g r<span class=\"_ _6\"></span>isk <span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>anagem<span class=\"_ _7\"></span>ent <span class=\"_ _6\"></span>pro<span class=\"_ _7\"></span>cesses for <span class=\"_ _6\"></span>meas<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ring, analysi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>an<span class=\"_ _7\"></span>d managing <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>gro<span class=\"_ _2\"></span>up\u2019<span class=\"_ _10\"></span>s <span class=\"_ _10\"></span>risks. <span class=\"_ _2\"></span>The <span class=\"_ _10\"></span>handling <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>sust<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>inabil<span class=\"_ _7\"></span>ity <span class=\"_ _2\"></span>risks <span class=\"_ _10\"></span>in <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _10\"></span>managem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _2\"></span>is <span class=\"_ _10\"></span>also <span class=\"_ _2\"></span>explicitly <span class=\"_ _10\"></span>addr<span class=\"_ _7\"></span>essed <span class=\"_ _10\"></span>in <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _5\"></span>s internal (risk m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span>) guideli<span class=\"_ _7\"></span>nes.<span class=\"_ _2\"></span> Also <span class=\"_ _7\"></span>in the <span class=\"_ _7\"></span>repo<span class=\"_ _7\"></span>rting p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>iod, <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>staina<span class=\"_ _7\"></span>bili<span class=\"_ _7\"></span>ty risks r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>le<span class=\"_ _7\"></span>vant fo<span class=\"_ _7\"></span>r the g<span class=\"_ _7\"></span>rou<span class=\"_ _7\"></span>p wer<span class=\"_ _2\"></span>e identi<span class=\"_ _7\"></span>fied a<span class=\"_ _7\"></span>nd assess<span class=\"_ _2\"></span>ed in t<span class=\"_ _7\"></span>he indi<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>idual V<span class=\"_ _2\"></span>IG insuranc<span class=\"_ _7\"></span>e com<span class=\"_ _7\"></span>panies<span class=\"_ _2\"></span> and a<span class=\"_ _7\"></span>t th<span class=\"_ _7\"></span>e level of<span class=\"_ _2\"></span> the<span class=\"_ _7\"></span> VIG<span class=\"_ _7\"></span> Insu<span class=\"_ _7\"></span>rance <span class=\"_ _7\"></span>Gr<span class=\"_ _7\"></span>oup on<span class=\"_ _2\"></span> the b<span class=\"_ _7\"></span>asis o<span class=\"_ _7\"></span>f t<span class=\"_ _7\"></span>he abo<span class=\"_ _7\"></span>ve-m<span class=\"_ _7\"></span>ention<span class=\"_ _7\"></span>ed risk <span class=\"_ _2\"></span>catalogu<span class=\"_ _7\"></span>e. T<span class=\"_ _7\"></span>he results<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>were<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>docum<span class=\"_ _2\"></span>ented in <span class=\"_ _6\"></span>the Gro<span class=\"_ _7\"></span>up ORSA<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>(Own Risk an<span class=\"_ _7\"></span>d Solvency Assessm<span class=\"_ _7\"></span>ent<span class=\"_ _7\"></span>) Report. Overall,<span class=\"_ _7\"></span> the analysis show<span class=\"_ _2\"></span>ed<span class=\"_ _6\"></span> that V<span class=\"_ _6\"></span>IG\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>sust<span class=\"_ _7\"></span>ainabil<span class=\"_ _7\"></span>ity <span class=\"_ _6\"></span>risks are <span class=\"_ _6\"></span>mostly<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>low <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>mediu<span class=\"_ _7\"></span>m <span class=\"_ _6\"></span>level <span class=\"_ _6\"></span>at <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>pr<span class=\"_ _7\"></span>esent t<span class=\"_ _6\"></span>ime.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>It <span class=\"_ _1\"></span>is expected,<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>h<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>wever<span class=\"_ _e\"></span>, <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>at <span class=\"_ _6\"></span>these risks <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>ill <span class=\"_ _10\"></span>cont<span class=\"_ _6\"></span>inue <span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>gain <span class=\"_ _10\"></span>relevan<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>large <span class=\"_ _10\"></span>part <span class=\"_ _2\"></span>due <span class=\"_ _7\"></span>to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>gr<span class=\"_ _7\"></span>owing <span class=\"_ _2\"></span>impor<span class=\"_ _7\"></span>tance <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _10\"></span>issue. <span class=\"_ _7\"></span>The <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>bo<span class=\"_ _7\"></span>ve-me<span class=\"_ _7\"></span>ntioned <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ess<span class=\"_ _7\"></span> for th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p-wid<span class=\"_ _2\"></span>e <span class=\"_ _6\"></span>identification and <span class=\"_ _6\"></span>ass<span class=\"_ _7\"></span>essme<span class=\"_ _7\"></span>nt <span class=\"_ _6\"></span>of su<span class=\"_ _6\"></span>st<span class=\"_ _7\"></span>ainabili<span class=\"_ _7\"></span>ty <span class=\"_ _6\"></span>risks will be <span class=\"_ _6\"></span>substantiall<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>expanded in <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>cou<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>se <span class=\"_ _6\"></span>of the prep<span class=\"_ _7\"></span>arations <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o be m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>de f<span class=\"_ _7\"></span>or the n<span class=\"_ _7\"></span>ew r<span class=\"_ _7\"></span>eporti<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g obli<span class=\"_ _7\"></span>gations <span class=\"_ _7\"></span>under t<span class=\"_ _7\"></span>he ES<span class=\"_ _7\"></span>RS (E<span class=\"_ _7\"></span>urop<span class=\"_ _7\"></span>ean S<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>stainabili<span class=\"_ _7\"></span>ty Repo<span class=\"_ _7\"></span>rting St<span class=\"_ _2\"></span>andard<span class=\"_ _2\"></span>s).  Regulatory <span class=\"_ _7\"></span>conditions<span class=\"_ _2\"></span> VIG <span class=\"_ _7\"></span>Insu<span class=\"_ _7\"></span>rance <span class=\"_ _7\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ubject <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>dom<span class=\"_ _7\"></span>estic <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>for<span class=\"_ _2\"></span>eign <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance) <span class=\"_ _2\"></span>super<span class=\"_ _7\"></span>visory <span class=\"_ _2\"></span>regulatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s. <span class=\"_ _7\"></span>These <span class=\"_ _2\"></span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lations <span class=\"_ _7\"></span>go<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ern s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ch matters as: <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Own funds<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ompa<span class=\"_ _7\"></span>nies an<span class=\"_ _7\"></span>d ins<span class=\"_ _7\"></span>urance gr<span class=\"_ _2\"></span>oups,<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Admiss<span class=\"_ _7\"></span>ibili<span class=\"_ _7\"></span>ty of investme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts for <span class=\"_ _7\"></span>the p<span class=\"_ _7\"></span>urpose of pr<span class=\"_ _2\"></span>otecting <span class=\"_ _2\"></span>underwriti<span class=\"_ _7\"></span>ng pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>isio<span class=\"_ _7\"></span>ns, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Concessio<span class=\"_ _7\"></span>ns of t<span class=\"_ _7\"></span>he dif<span class=\"_ _2\"></span>ferent ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce comp<span class=\"_ _7\"></span>anies o<span class=\"_ _7\"></span>f the V<span class=\"_ _7\"></span>IG I<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce Gro<span class=\"_ _2\"></span>up, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Marketing <span class=\"_ _7\"></span>activities a<span class=\"_ _2\"></span>nd sales of <span class=\"_ _7\"></span>insura<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ce co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tracts, a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Cancellatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> rig<span class=\"_ _7\"></span>hts of poli<span class=\"_ _7\"></span>cyhold<span class=\"_ _7\"></span>ers. Chang<span class=\"_ _7\"></span>es in the l<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gal fram<span class=\"_ _2\"></span>ework co<span class=\"_ _7\"></span>nditions <span class=\"_ _7\"></span>could n<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cessit<span class=\"_ _7\"></span>ate rest<span class=\"_ _2\"></span>ructuring <span class=\"_ _7\"></span>and t<span class=\"_ _7\"></span>hereb<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> cause <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>igh<span class=\"_ _7\"></span>er costs.<span class=\"_ _2\"></span> Risk of con<span class=\"_ _2\"></span>centration<span class=\"_ _7\"></span> Risk of <span class=\"_ _7\"></span>concent<span class=\"_ _7\"></span>ration <span class=\"_ _7\"></span>comp<span class=\"_ _7\"></span>rises t<span class=\"_ _7\"></span>hose ris<span class=\"_ _7\"></span>ks t<span class=\"_ _7\"></span>hat<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e caus<span class=\"_ _7\"></span>ed eith<span class=\"_ _7\"></span>er by i<span class=\"_ _7\"></span>nadequa<span class=\"_ _7\"></span>te dive<span class=\"_ _7\"></span>rsificatio<span class=\"_ _2\"></span>n of the inves<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ment <span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>ortfol<span class=\"_ _2\"></span>io<span class=\"_ _6\"></span> or by hei<span class=\"_ _7\"></span>ghte<span class=\"_ _7\"></span>ned expos<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re <span class=\"_ _7\"></span>to t<span class=\"_ _7\"></span>he default ris<span class=\"_ _7\"></span>ks of i<span class=\"_ _7\"></span>ndivid<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>al i<span class=\"_ _2\"></span>ssuers or gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p of <span class=\"_ _2\"></span>affi<span class=\"_ _7\"></span>liated issue<span class=\"_ _7\"></span>rs of sec<span class=\"_ _7\"></span>urities. <span class=\"_ _7\"></span>  A r<span class=\"_ _6\"></span>isk of conc<span class=\"_ _6\"></span>entratio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> e<span class=\"_ _6\"></span>xists as part <span class=\"_ _6\"></span>of the <span class=\"_ _6\"></span>strategic partne<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ship with <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>Erst<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p, wh<span class=\"_ _6\"></span>ic<span class=\"_ _7\"></span>h <span class=\"_ _6\"></span>is con<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ciously accepted by the <span class=\"_ _7\"></span>VIG<span class=\"_ _7\"></span> I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>Group.<span class=\"_ _2\"></span> The <span class=\"_ _10\"></span>exposure<span class=\"_ _2\"></span> is <span class=\"_ _2\"></span>regula<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ly <span class=\"_ _2\"></span>assesse<span class=\"_ _2\"></span>d a<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>monitor<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>by me<span class=\"_ _2\"></span>ans o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> es<span class=\"_ _2\"></span>tablished <span class=\"_ _2\"></span>risk <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>anagem<span class=\"_ _7\"></span>ent process<span class=\"_ _2\"></span>es. Risks from<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>merg<span class=\"_ _7\"></span>ers and<span class=\"_ _7\"></span> acquisit<span class=\"_ _7\"></span>ions<span class=\"_ _7\"></span> In <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>past, <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Holdi<span class=\"_ _2\"></span>ng <span class=\"_ _4\"></span>has <span class=\"_ _4\"> </span>dir<span class=\"_ _7\"></span>ectly <span class=\"_ _4\"> </span>or <span class=\"_ _4\"> </span>indir<span class=\"_ _2\"></span>ectly <span class=\"_ _4\"> </span>acquir<span class=\"_ _2\"></span>ed <span class=\"_ _4\"> </span>a <span class=\"_ _4\"> </span>nu<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>ber <span class=\"_ _4\"> </span>of <span class=\"_ _4\"></span>comp<span class=\"_ _7\"></span>anies <span class=\"_ _4\"></span>in <span class=\"_ _4\"> </span>Ce<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tral <span class=\"_ _4\"></span>and <span class=\"_ _0\"></span>E<span class=\"_ _6\"></span>aste<span class=\"_ _7\"></span>r<span class=\"_ _6\"></span>n <span class=\"_ _4\"></span>Europ<span class=\"_ _2\"></span>e <span class=\"_ _4\"> </span>or participat<span class=\"_ _7\"></span>ed <span class=\"_ _f\"> </span>i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>hem. <span class=\"_ _4\"> </span>Merge<span class=\"_ _7\"></span>rs <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>subsidi<span class=\"_ _7\"></span>aries <span class=\"_ _4\"></span>are<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>side<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _4\"> </span>when <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>he <span class=\"_ _4\"> </span>synergy <span class=\"_ _4\"></span>ef<span class=\"_ _7\"></span>fects <span class=\"_ _4\"> </span>achieved <span class=\"_ _4\"> </span>are <span class=\"_ _4\"> </span>gr<span class=\"_ _7\"></span>eater <span class=\"_ _4\"> </span>than <span class=\"_ _4\"> </span>the advantag<span class=\"_ _7\"></span>es of a di<span class=\"_ _2\"></span>versified m<span class=\"_ _7\"></span>arket pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>ence.   Mergers <span class=\"_ _4\"> </span>and <span class=\"_ _f\"> </span>acquisiti<span class=\"_ _7\"></span>ons <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span>ten <span class=\"_ _f\"> </span>e<span class=\"_ _7\"></span>ntail <span class=\"_ _f\"> </span>chall<span class=\"_ _7\"></span>enges <span class=\"_ _4\"> </span>w<span class=\"_ _6\"></span>ith <span class=\"_ _f\"> </span>r<span class=\"_ _2\"></span>espect <span class=\"_ _f\"> </span>to<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>corpor<span class=\"_ _7\"></span>ate <span class=\"_ _f\"> </span>go<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ernance, <span class=\"_ _f\"> </span>o<span class=\"_ _7\"></span>rganisatio<span class=\"_ _2\"></span>n, <span class=\"_ _3\"> </span>p<span class=\"_ _7\"></span>roc<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>sses <span class=\"_ _4\"> </span>and financing. S<span class=\"_ _2\"></span>uch challe<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ges in<span class=\"_ _7\"></span>clude:<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The need to i<span class=\"_ _2\"></span>ntegrate th<span class=\"_ _7\"></span>e inf<span class=\"_ _7\"></span>rastructur<span class=\"_ _2\"></span>e of the a<span class=\"_ _7\"></span>cquire<span class=\"_ _2\"></span>d company o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> comp<span class=\"_ _7\"></span>any to<span class=\"_ _7\"></span> be m<span class=\"_ _7\"></span>erged, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cluding m<span class=\"_ _2\"></span>anageme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t informatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> s<span class=\"_ _7\"></span>ystems, ris<span class=\"_ _7\"></span>k ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt syst<span class=\"_ _7\"></span>ems a<span class=\"_ _7\"></span>nd contr<span class=\"_ _7\"></span>oll<span class=\"_ _7\"></span>ing systems<span class=\"_ _7\"></span>,<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The reso<span class=\"_ _7\"></span>lutio<span class=\"_ _7\"></span>n of outs<span class=\"_ _7\"></span>tandi<span class=\"_ _7\"></span>ng leg<span class=\"_ _7\"></span>al or reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>la<span class=\"_ _7\"></span>tory issu<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>s and t<span class=\"_ _7\"></span>he r<span class=\"_ _7\"></span>elated leg<span class=\"_ _2\"></span>al and com<span class=\"_ _7\"></span>pliance <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isks arisi<span class=\"_ _2\"></span>ng from<span class=\"_ _7\"></span> the merger o<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> acquisiti<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n, \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The integra<span class=\"_ _7\"></span>tion of m<span class=\"_ _7\"></span>ark<span class=\"_ _7\"></span>eting, cus<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ome<span class=\"_ _7\"></span>r service a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d pr<span class=\"_ _7\"></span>od<span class=\"_ _7\"></span>uct <span class=\"_ _7\"></span>of<span class=\"_ _2\"></span>fer<span class=\"_ _6\"></span>ings,<span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The integra<span class=\"_ _7\"></span>tion of di<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>fere<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t corpo<span class=\"_ _7\"></span>rate <span class=\"_ _7\"></span>and ma<span class=\"_ _7\"></span>nageme<span class=\"_ _7\"></span>nt c<span class=\"_ _7\"></span>ultures, <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>The coor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>nation of b<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>siness <span class=\"_ _2\"></span>and repor<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ing p<span class=\"_ _7\"></span>rocess<span class=\"_ _2\"></span>es and t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e consid<span class=\"_ _2\"></span>eration of gro<span class=\"_ _2\"></span>up-wide r<span class=\"_ _2\"></span>equir<span class=\"_ _7\"></span>emen<span class=\"_ _7\"></span>ts.<span class=\"_ _7\"></span> Climat<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>isks<span class=\"_ _7\"></span> Global <span class=\"_ _10\"></span>w<span class=\"_ _6\"></span>arming <span class=\"_ _10\"></span>is <span class=\"_ _2\"></span>causing <span class=\"_ _2\"></span>more <span class=\"_ _2\"></span>extr<span class=\"_ _7\"></span>em<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>weather <span class=\"_ _2\"></span>events. <span class=\"_ _10\"></span>That <span class=\"_ _2\"></span>presents <span class=\"_ _10\"></span>additio<span class=\"_ _7\"></span>nal <span class=\"_ _2\"></span>challenges <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>insuran<span class=\"_ _7\"></span>ce <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>omp<span class=\"_ _2\"></span>anies <span class=\"_ _2\"></span>that prote<span class=\"_ _7\"></span>ct <span class=\"_ _2\"></span>their <span class=\"_ _10\"></span>custome<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s <span class=\"_ _2\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>financial<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>consequ<span class=\"_ _7\"></span>ences <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>damage<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>caus<span class=\"_ _7\"></span>ed <span class=\"_ _2\"></span>by <span class=\"_ _10\"></span>natural <span class=\"_ _10\"></span>hazards. <span class=\"_ _e\"></span>VIG <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _10\"></span>theref<span class=\"_ _7\"></span>ore <span class=\"_ _10\"></span>incr<span class=\"_ _7\"></span>eased its <span class=\"_ _10\"></span>kn<span class=\"_ _6\"></span>owledge <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>th<span class=\"_ _6\"></span>is <span class=\"_ _10\"></span>su<span class=\"_ _6\"></span>bj<span class=\"_ _7\"></span>ect <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nsider<span class=\"_ _7\"></span>ably <span class=\"_ _2\"></span>in <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>last <span class=\"_ _2\"></span>few <span class=\"_ _10\"></span>years. <span class=\"_ _10\"></span>It <span class=\"_ _7\"></span>conducts <span class=\"_ _10\"></span>scenario <span class=\"_ _10\"></span>analyses <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _2\"></span>gain <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>idea <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>ow <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>lim<span class=\"_ _7\"></span>ate change <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> af<span class=\"_ _7\"></span>fect claims de<span class=\"_ _7\"></span>velopm<span class=\"_ _7\"></span>ent and <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>her<span class=\"_ _2\"></span>efore t<span class=\"_ _7\"></span>he ins<span class=\"_ _7\"></span>urance busi<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span>ss. T<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e m<span class=\"_ _7\"></span>edium a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d long<span class=\"_ _7\"></span>-term <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fects of cli<span class=\"_ _7\"></span>mate change <span class=\"_ _f\"> </span>a<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span> <span class=\"_ _3\"> </span>a<span class=\"_ _6\"></span>lso <span class=\"_ _f\"> </span>examined<span class=\"_ _7\"></span> <span class=\"_ _d\"> </span>in <span class=\"_ _3\"> </span>the <span class=\"_ _3\"> </span>gro<span class=\"_ _7\"></span>up\u2019<span class=\"_ _e\"></span>s <span class=\"_ _3\"> </span>\u201cOw<span class=\"_ _7\"></span>n <span class=\"_ _3\"> </span>R<span class=\"_ _6\"></span>isk <span class=\"_ _f\"> </span>and  So<span class=\"_ _7\"></span>lven<span class=\"_ _7\"></span>cy <span class=\"_ _3\"> </span>Assessm<span class=\"_ _7\"></span>ent\u201d <span class=\"_ _3\"> </span>(ORSA<span class=\"_ _7\"></span>), <span class=\"_ _3\"> </span>a  p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>iodic<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>lly <span class=\"_ _3\"> </span>co<span class=\"_ _7\"></span>nducted<span class=\"_ _7\"></span> assessme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t of<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>the g<span class=\"_ _7\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p\u2019<span class=\"_ _5\"></span>s ow<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> ris<span class=\"_ _7\"></span>k s<span class=\"_ _7\"></span>ituatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>equit<span class=\"_ _7\"></span>y bas<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>(solven<span class=\"_ _7\"></span>cy). <span class=\"_ _7\"></span>The <span class=\"_ _7\"></span>investig<span class=\"_ _2\"></span>ations r<span class=\"_ _2\"></span>elated <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>cons<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>que<span class=\"_ _7\"></span>nces<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>of global <span class=\"_ _2\"></span>warming <span class=\"_ _2\"></span>also <span class=\"_ _2\"></span>pertain to<span class=\"_ _2\"></span> tr<span class=\"_ _7\"></span>ansitio<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isks, <span class=\"_ _2\"></span>which <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>assessed <span class=\"_ _10\"></span>pr<span class=\"_ _6\"></span>ima<span class=\"_ _7\"></span>rily <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n a <span class=\"_ _2\"></span>qualitati<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e b<span class=\"_ _2\"></span>asis, <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>ph<span class=\"_ _7\"></span>ysical <span class=\"_ _2\"></span>risks, <span class=\"_ _2\"></span>which are <span class=\"_ _7\"></span>additio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ally s<span class=\"_ _7\"></span>ubjected to <span class=\"_ _7\"></span>detaile<span class=\"_ _2\"></span>d quantitativ<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> anal<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>sis (s<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>e the tabl<span class=\"_ _2\"></span>e on pag<span class=\"_ _7\"></span>e 195).  <span class=\"_ _2\"></span> \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>T<span class=\"_ _e\"></span>r<span class=\"_ _6\"></span>ansitio<span class=\"_ _7\"></span>n risks r<span class=\"_ _2\"></span>efer to t<span class=\"_ _7\"></span>he risks a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ising as <span class=\"_ _2\"></span>a result of<span class=\"_ _7\"></span> the t<span class=\"_ _7\"></span>ransition to <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> climat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>-neut<span class=\"_ _7\"></span>ral an<span class=\"_ _7\"></span>d resil<span class=\"_ _7\"></span>ie<span class=\"_ _7\"></span>nt eco<span class=\"_ _7\"></span>nomy and societ<span class=\"_ _7\"></span>y and could l<span class=\"_ _7\"></span>ead to <span class=\"_ _2\"></span>a devalu<span class=\"_ _7\"></span>ation of ass<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ts, i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cluding <span class=\"_ _2\"></span>chan<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>es in th<span class=\"_ _7\"></span>e politi<span class=\"_ _7\"></span>cal and l<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>gal fram<span class=\"_ _2\"></span>ework of th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> re<span class=\"_ _7\"></span>al economy <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>e.g. i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tro<span class=\"_ _7\"></span>duction of <span class=\"_ _2\"></span>a CO2 tax<span class=\"_ _2\"></span>)<span class=\"_ _6\"></span>, tec<span class=\"_ _7\"></span>hnologic<span class=\"_ _7\"></span>al dev<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>lopme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts (e.g. r<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span>newable <span class=\"_ _2\"></span>ener<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>y<span class=\"_ _10\"></span>, ene<span class=\"_ _7\"></span>rgy stor<span class=\"_ _7\"></span>age) a<span class=\"_ _7\"></span>nd changes i<span class=\"_ _7\"></span>n cons<span class=\"_ _7\"></span>umer b<span class=\"_ _7\"></span>ehavio<span class=\"_ _7\"></span>ur<span class=\"_ _10\"></span>.  \u2022<span class=\"ff4a\"> <span class=\"_ _0\"> </span></span>Phy<span class=\"_ _6\"></span>si<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>al risks o<span class=\"_ _7\"></span>f clim<span class=\"_ _7\"></span>ate c<span class=\"_ _7\"></span>hange a<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ise dir<span class=\"_ _2\"></span>ectly fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he cons<span class=\"_ _7\"></span>equenc<span class=\"_ _7\"></span>es of cli<span class=\"_ _7\"></span>mate c<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>anges, s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ch <span class=\"_ _7\"></span>as an in<span class=\"_ _7\"></span>cre<span class=\"_ _7\"></span>ase i<span class=\"_ _7\"></span>n the global <span class=\"_ _7\"></span>average t<span class=\"_ _7\"></span>emper<span class=\"_ _7\"></span>ature <span class=\"_ _2\"></span>and the asso<span class=\"_ _7\"></span>ciated o<span class=\"_ _2\"></span>ccurre<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>of mo<span class=\"_ _7\"></span>re fr<span class=\"_ _7\"></span>equent <span class=\"_ _7\"></span>and mor<span class=\"_ _10\"></span>e<span class=\"_ _6\"></span> inte<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sive n<span class=\"_ _7\"></span>atural di<span class=\"_ _7\"></span>sasters a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d extrem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>weather e<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ents s<span class=\"_ _7\"></span>uch as floo<span class=\"_ _7\"></span>ds, <span class=\"_ _7\"></span>heat <span class=\"_ _7\"></span>waves a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d dro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ghts, s<span class=\"_ _7\"></span>torms <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>hail.<span class=\"_ _7\"></span> Internal <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>exte<span class=\"_ _7\"></span>rna<span class=\"_ _6\"></span>l <span class=\"_ _2\"></span>exper<span class=\"_ _7\"></span>ts <span class=\"_ _2\"></span>working <span class=\"_ _2\"></span>tog<span class=\"_ _7\"></span>ether <span class=\"_ _10\"></span>a<span class=\"_ _6\"></span>ss<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>obabiliti<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>of <span class=\"_ _2\"></span>natural <span class=\"_ _2\"></span>disas<span class=\"_ _7\"></span>ters <span class=\"_ _10\"></span>and <span class=\"_ _7\"></span>calc<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>late <span class=\"_ _10\"></span>the <span class=\"_ _7\"></span>possi<span class=\"_ _7\"></span>ble <span class=\"_ _10\"></span>eff<span class=\"_ _7\"></span>ects in <span class=\"_ _4\"></span>all<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>key <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rkets <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>V<span class=\"_ _7\"></span>IG. <span class=\"_ _4\"></span>T<span class=\"_ _7\"></span>hey <span class=\"_ _4\"></span>a<span class=\"_ _7\"></span>nalyse <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>cenarios <span class=\"_ _0\"></span>inv<span class=\"_ _6\"></span>ol<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ing <span class=\"_ _0\"></span>th<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>e <span class=\"_ _4\"></span>dif<span class=\"_ _2\"></span>fere<span class=\"_ _7\"></span>nt <span class=\"_ _4\"></span>temp<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rat<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>rises <span class=\"_ _0\"></span>(<span class=\"_ _6\"></span>1.5, <span class=\"_ _0\"></span>2.0 <span class=\"_ _0\"></span>and <span class=\"_ _4\"></span>3.0 <span class=\"_ _0\"></span>degr<span class=\"_ _7\"></span>ees Celsius). The r<span class=\"_ _6\"></span>isk mod<span class=\"_ _7\"></span>els applied <span class=\"_ _6\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>conti<span class=\"_ _2\"></span>nua<span class=\"_ _6\"></span>lly impro<span class=\"_ _2\"></span>ved <span class=\"_ _6\"></span>on <span class=\"_ _6\"></span>the ba<span class=\"_ _6\"></span>sis of new <span class=\"_ _6\"></span>data, facts and <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsights such a<span class=\"_ _6\"></span>s the <span class=\"_ _6\"></span>lat<span class=\"_ _2\"></span>est scientif<span class=\"_ _7\"></span>ic studi<span class=\"_ _7\"></span>es or ne<span class=\"_ _7\"></span>wly co<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>structe<span class=\"_ _7\"></span>d flo<span class=\"_ _7\"></span>od prote<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tio<span class=\"_ _7\"></span>n mea<span class=\"_ _2\"></span>su<span class=\"_ _6\"></span>res, f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r example.<span class=\"_ _2\"></span> The sce<span class=\"_ _7\"></span>nario <span class=\"_ _2\"></span>analyses s<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>w that fl<span class=\"_ _7\"></span>ooding<span class=\"_ _2\"></span> in partic<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lar is<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>a si<span class=\"_ _7\"></span>gnifica<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t risk f<span class=\"_ _7\"></span>or t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tivities<span class=\"_ _7\"></span> of V<span class=\"_ _2\"></span>IG<span class=\"_ _6\"></span>. <span class=\"_ _7\"></span>Besides <span class=\"_ _2\"></span>the high<span class=\"_ _7\"></span>er lo<span class=\"_ _7\"></span>ss<span class=\"_ _7\"></span>es caused <span class=\"_ _6\"></span>by <span class=\"_ _1\"></span>floo<span class=\"_ _7\"></span>ding, <span class=\"_ _6\"></span>damage <span class=\"_ _6\"></span>can <span class=\"_ _6\"></span>be <span class=\"_ _1\"></span>expec<span class=\"_ _7\"></span>ted <span class=\"_ _1\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>stro<span class=\"_ _7\"></span>nger <span class=\"_ _6\"></span>hailstorms <span class=\"_ _6\"></span>and <span class=\"_ _6\"></span>summe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>storms. <span class=\"_ _1\"></span>W<span class=\"_ _7\"></span>hereas hail <span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>mag<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>al<span class=\"_ _7\"></span>so has <span class=\"_ _0\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>signifi<span class=\"_ _7\"></span>cant <span class=\"_ _0\"></span>effec<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>motor <span class=\"_ _0\"></span>own <span class=\"_ _0\"></span>damag<span class=\"_ _7\"></span>e <span class=\"_ _0\"></span>insurance, <span class=\"_ _1\"></span>flood <span class=\"_ _1\"></span>da<span class=\"_ _6\"></span>mage <span class=\"_ _0\"></span>aff<span class=\"_ _7\"></span>ects <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>other <span class=\"_ _0\"></span>prop<span class=\"_ _7\"></span>erty <span class=\"_ _0\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _0\"></span>lines <span class=\"_ _0\"></span>to <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span> great<span class=\"_ _7\"></span>er degre<span class=\"_ _2\"></span>e. <span class=\"_ _6\"></span>The under<span class=\"_ _7\"></span>writing expe<span class=\"_ _7\"></span>rtise it has acquired<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>helps VIG purc<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ase the optimal r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>insu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ance for ass<span class=\"_ _7\"></span>umed risks,<span class=\"_ _7\"></span> among o<span class=\"_ _7\"></span>ther thi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>gs.<span class=\"_ _7\"></span> The <span class=\"_ _6\"></span>table <span class=\"_ _1\"></span>sho<span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>s <span class=\"_ _6\"></span>which n<span class=\"_ _6\"></span>atural hazards<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>eleva<span class=\"_ _7\"></span>nt <span class=\"_ _1\"></span>for <span class=\"_ _6\"></span>VIG<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _6\"></span>which <span class=\"_ _6\"></span>are <span class=\"_ _6\"></span>infl<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>enced <span class=\"_ _6\"></span>by climate <span class=\"_ _6\"></span>change <span class=\"_ _6\"></span>from<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>a <span class=\"_ _6\"></span>scientif<span class=\"_ _7\"></span>ic standpoin<span class=\"_ _7\"></span>t:<span class=\"_ _7\"></span> Due <span class=\"_ _0\"></span>to <span class=\"_ _4\"></span>glob<span class=\"_ _2\"></span>al <span class=\"_ _0\"></span>w<span class=\"_ _6\"></span>armi<span class=\"_ _7\"></span>ng, <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>preven<span class=\"_ _7\"></span>tion <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>amage <span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>aused <span class=\"_ _4\"></span>by<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>na<span class=\"_ _6\"></span>tu<span class=\"_ _7\"></span>ral <span class=\"_ _0\"></span>hazards<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>underw<span class=\"_ _7\"></span>riting <span class=\"_ _0\"></span>proc<span class=\"_ _7\"></span>ess <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>becomi<span class=\"_ _7\"></span>ng incr<span class=\"_ _7\"></span>easingl<span class=\"_ _7\"></span>y im<span class=\"_ _7\"></span>porta<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t. Th<span class=\"_ _7\"></span>e m<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ement <span class=\"_ _7\"></span>pr<span class=\"_ _2\"></span>ocess <span class=\"_ _2\"></span>for corpo<span class=\"_ _7\"></span>rate c<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>stom<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs <span class=\"_ _2\"></span>and ke<span class=\"_ _7\"></span>y a<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>cou<span class=\"_ _7\"></span>nts begi<span class=\"_ _2\"></span>ns wit<span class=\"_ _7\"></span>h a <span class=\"_ _2\"></span>car<span class=\"_ _7\"></span>eful <span class=\"_ _7\"></span>anal<span class=\"_ _7\"></span>ysi<span class=\"_ _7\"></span>s of the <span class=\"_ _6\"></span>nat<span class=\"_ _7\"></span>ural hazard<span class=\"_ _7\"></span> situation by the VIG partner compa<span class=\"_ _7\"></span>ny Risk Consult. Risks<span class=\"_ _7\"></span> can be<span class=\"_ _6\"></span> assess<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d with the aid of <span class=\"_ _6\"></span>the lates<span class=\"_ _7\"></span>t natural hazar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>models toget<span class=\"_ _7\"></span>her <span class=\"_ _6\"></span>with informatio<span class=\"_ _2\"></span>n <span class=\"_ _6\"></span>about <span class=\"_ _6\"></span>the circ<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>mstan<span class=\"_ _7\"></span>ces on <span class=\"_ _6\"></span>locatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>(e.g. prot<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>cti<span class=\"_ _7\"></span>ve <span class=\"_ _6\"></span>meas<span class=\"_ _7\"></span>ures that have alrea<span class=\"_ _7\"></span>dy <span class=\"_ _6\"></span>bee<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>impleme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ted). On <span class=\"_ _6\"></span>this basis, the <span class=\"_ _6\"></span>experts of R<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>sk Consu<span class=\"_ _6\"></span>lt develop customi<span class=\"_ _7\"></span>sed recomm<span class=\"_ _2\"></span>endatio<span class=\"_ _7\"></span>ns <span class=\"_ _6\"></span>to impro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>e the risk si<span class=\"_ _7\"></span>tuat<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> further and pr<span class=\"_ _2\"></span>event damage. I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>urance ter<span class=\"_ _7\"></span>ms and conditio<span class=\"_ _7\"></span>ns ar<span class=\"_ _7\"></span>e derived f<span class=\"_ _7\"></span>rom<span class=\"_ _7\"></span> pre<span class=\"_ _7\"></span>cisely this<span class=\"_ _7\"></span> risk situati<span class=\"_ _7\"></span>on and i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> m<span class=\"_ _7\"></span>any <span class=\"_ _2\"></span>ca<span class=\"_ _6\"></span>ses <span class=\"_ _2\"></span>the <span class=\"_ _7\"></span>impleme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>tation <span class=\"_ _2\"></span>of t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e pr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>posed <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>easures <span class=\"_ _2\"></span>is <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>pr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>conditio<span class=\"_ _2\"></span>n for <span class=\"_ _2\"></span>insuring <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>risks <span class=\"_ _2\"></span>in q<span class=\"_ _7\"></span>uestion. <span class=\"_ _10\"></span>R<span class=\"_ _6\"></span>isk Cons<span class=\"_ _7\"></span>ult <span class=\"_ _1\"></span>analys<span class=\"_ _7\"></span>es <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>und <span class=\"_ _1\"></span>2,000 <span class=\"_ _6\"></span>business establi<span class=\"_ _7\"></span>shments <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>VIG <span class=\"_ _6\"></span>every <span class=\"_ _6\"></span>year<span class=\"_ _10\"></span>, <span class=\"_ _6\"></span>thereb<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>making <span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>important <span class=\"_ _6\"></span>contributio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> to<span class=\"_ _6\"></span> making t<span class=\"_ _7\"></span>he econom<span class=\"_ _2\"></span>y mor<span class=\"_ _7\"></span>e resil<span class=\"_ _7\"></span>ie<span class=\"_ _7\"></span>nt agains<span class=\"_ _7\"></span>t nat<span class=\"_ _7\"></span>ural hazar<span class=\"_ _7\"></span>ds.<span class=\"_ _7\"></span> All <span class=\"_ _2\"></span>known cli<span class=\"_ _7\"></span>mate <span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>isks <span class=\"_ _10\"></span>h<span class=\"_ _6\"></span>ave <span class=\"_ _2\"></span>been i<span class=\"_ _2\"></span>nc<span class=\"_ _6\"></span>l<span class=\"_ _7\"></span>uded <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e m<span class=\"_ _7\"></span>easur<span class=\"_ _2\"></span>ement of<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>assets <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>nd <span class=\"_ _2\"></span>liabiliti<span class=\"_ _7\"></span>es i<span class=\"_ _7\"></span>n t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e p<span class=\"_ _2\"></span>resent <span class=\"_ _2\"></span>consoli<span class=\"_ _7\"></span>dated <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>ci<span class=\"_ _7\"></span>al stateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts. <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>this <span class=\"_ _6\"></span>context,<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>refer<span class=\"_ _7\"></span>ence <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>made to <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>storm and <span class=\"_ _6\"></span>weather<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>da<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>age <span class=\"_ _6\"></span>that <span class=\"_ _6\"></span>occu<span class=\"_ _7\"></span>rred in <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>past <span class=\"_ _6\"></span>fina<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>cial y<span class=\"_ _6\"></span>ear<span class=\"_ _e\"></span>, which was <span class=\"_ _2\"></span>ta<span class=\"_ _6\"></span>ke<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> into ac<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>ount i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the s<span class=\"_ _7\"></span>tateme<span class=\"_ _7\"></span>nt of fin<span class=\"_ _7\"></span>ancial p<span class=\"_ _2\"></span>osition and in<span class=\"_ _7\"></span>come st<span class=\"_ _7\"></span>ateme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t. Reinsuran<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>e The VIG <span class=\"_ _6\"></span>Insu<span class=\"_ _7\"></span>rance Grou<span class=\"_ _7\"></span>p limits its potential liability from its insuran<span class=\"_ _7\"></span>ce <span class=\"_ _6\"></span>acti<span class=\"_ _7\"></span>vities, where ne<span class=\"_ _7\"></span>cessar<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>by tran<span class=\"_ _6\"></span>sf<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rring a portion of <span class=\"_ _1\"></span>assumed<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>risks <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>internatio<span class=\"_ _7\"></span>nal <span class=\"_ _1\"></span>rei<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _1\"></span>marke<span class=\"_ _7\"></span>t. <span class=\"_ _6\"></span>Risks <span class=\"_ _6\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>i<span class=\"_ _7\"></span>nsurance<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>compa<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ies <span class=\"_ _6\"></span>are <span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>insur<span class=\"_ _7\"></span>ed <span class=\"_ _6\"></span>within <span class=\"_ _6\"></span>the <span class=\"_ _1\"></span>VIG Insurance <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p to <span class=\"_ _7\"></span>some ex<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ent <span class=\"_ _7\"></span>and ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> the<span class=\"_ _7\"></span>n transfe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>ed to<span class=\"_ _7\"></span> external r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>insur<span class=\"_ _7\"></span>ers.<span class=\"_ _2\"></span> REINSURAN<span class=\"_ _2\"></span>CE GUIDELIN<span class=\"_ _7\"></span>E The <span class=\"_ _0\"></span>Reinsur<span class=\"_ _6\"></span>ance <span class=\"_ _1\"></span>Guideline <span class=\"_ _0\"></span>is <span class=\"_ _0\"></span>drafted <span class=\"_ _0\"></span>ever<span class=\"_ _6\"></span>y <span class=\"_ _0\"></span>year<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>anew<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>by<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>central <span class=\"_ _1\"></span>R<span class=\"_ _6\"></span>einsur<span class=\"_ _6\"></span>ance <span class=\"_ _1\"></span>Depa<span class=\"_ _6\"></span>rtment <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>cooperat<span class=\"_ _6\"></span>ion <span class=\"_ _1\"></span>with<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>e Managing <span class=\"_ _0\"></span>Board <span class=\"_ _0\"></span>member <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>esponsible <span class=\"_ _0\"></span>for <span class=\"_ _0\"></span>reinsuran<span class=\"_ _6\"></span>ce <span class=\"_ _0\"></span>during <span class=\"_ _0\"></span>the<span class=\"_ _6\"></span> <span class=\"_ _0\"></span>development <span class=\"_ _0\"></span>of <span class=\"_ _0\"></span>th<span class=\"_ _6\"></span>e <span class=\"_ _0\"></span>r<span class=\"_ _7\"></span>einsur<span class=\"_ _6\"></span>ance <span class=\"_ _0\"></span>strategy <span class=\"_ _4\"></span>f<span class=\"_ _7\"></span>or <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>next financial year<span class=\"_ _10\"></span>. It imposes the obligation on ev<span class=\"_ _6\"></span>ery insurance company to design appropriate r<span class=\"_ _7\"></span>einsur<span class=\"_ _6\"></span>ance cove<span class=\"_ _7\"></span>rage for their local <span class=\"_ _6\"></span>company<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>in <span class=\"_ _6\"></span>con<span class=\"_ _6\"></span>sultation <span class=\"_ _6\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Corporate R<span class=\"_ _6\"></span>einsurance <span class=\"_ _6\"></span>Department. <span class=\"_ _6\"></span>Th<span class=\"_ _6\"></span>e <span class=\"_ _6\"></span>Reinsurance <span class=\"_ _6\"></span>Gu<span class=\"_ _6\"></span>ideline <span class=\"_ _6\"></span>governs <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>fol-<span class=\"_ _3d5\"> </span>lowing poi<span class=\"_ _7\"></span>nts.<span class=\"_ _6\"></span> Reinsuran<span class=\"_ _7\"></span>ce is th<span class=\"_ _7\"></span>e prereq<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>isite fo<span class=\"_ _7\"></span>r granting<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>insuranc<span class=\"_ _7\"></span>e protect<span class=\"_ _7\"></span>ion<span class=\"_ _7\"></span> Specialised <span class=\"_ _6\"></span>depa<span class=\"_ _7\"></span>rtme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ts <span class=\"_ _6\"></span>may<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _7\"></span>nly <span class=\"_ _1\"></span>grant <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>bindi<span class=\"_ _7\"></span>ng <span class=\"_ _1\"></span>promi<span class=\"_ _7\"></span>se<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>to <span class=\"_ _1\"></span>insure <span class=\"_ _1\"></span>an<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>risk <span class=\"_ _6\"></span>ov<span class=\"_ _6\"></span>er <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>certain <span class=\"_ _6\"></span>limit if<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span>dequate <span class=\"_ _6\"></span>reins<span class=\"_ _7\"></span>uran<span class=\"_ _7\"></span>ce has alr<span class=\"_ _7\"></span>eady <span class=\"_ _7\"></span>been ass<span class=\"_ _2\"></span>ured.<span class=\"_ _2\"></span> Retentio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s As <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>group<span class=\"_ _7\"></span>-wide <span class=\"_ _2\"></span>rule, n<span class=\"_ _7\"></span>atural <span class=\"_ _2\"></span>disaster <span class=\"_ _7\"></span>dam<span class=\"_ _7\"></span>age e<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ents <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>ay b<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>nsured <span class=\"_ _2\"></span>for <span class=\"_ _7\"></span>no m<span class=\"_ _7\"></span>ore <span class=\"_ _2\"></span>than EU<span class=\"_ _2\"></span>R 70 m<span class=\"_ _7\"></span>ill<span class=\"_ _7\"></span>ion <span class=\"_ _7\"></span>on a <span class=\"_ _2\"></span>PML (pr<span class=\"_ _2\"></span>obabl<span class=\"_ _7\"></span>e maximum l<span class=\"_ _7\"></span>oss) b<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>sis. <span class=\"_ _7\"></span>The maxi<span class=\"_ _7\"></span>mum <span class=\"_ _7\"></span>grou<span class=\"_ _7\"></span>p-wide r<span class=\"_ _2\"></span>etentio<span class=\"_ _7\"></span>n fo<span class=\"_ _7\"></span>r each claim<span class=\"_ _7\"></span> is l<span class=\"_ _7\"></span>ess tha<span class=\"_ _7\"></span>n EUR 25 <span class=\"_ _7\"></span>mill<span class=\"_ _7\"></span>ion. Selection <span class=\"_ _7\"></span>of reins<span class=\"_ _7\"></span>urers<span class=\"_ _7\"></span>: Div<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rsificati<span class=\"_ _7\"></span>on VIG <span class=\"_ _f\"> </span>Holding <span class=\"_ _f\"> </span>a<span class=\"_ _7\"></span>nd <span class=\"_ _3\"> </span>its <span class=\"_ _f\"> </span>s<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>bsidia<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ies <span class=\"_ _f\"> </span>spr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ad <span class=\"_ _f\"> </span>t<span class=\"_ _7\"></span>heir <span class=\"_ _3\"> </span>r<span class=\"_ _2\"></span>ein<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>uranc<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>prote<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tion <span class=\"_ _f\"> </span>amo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>large <span class=\"_ _f\"> </span>n<span class=\"_ _7\"></span>umber <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>dif<span class=\"_ _2\"></span>ferent <span class=\"_ _f\"> </span>inte<span class=\"_ _7\"></span>rn<span class=\"_ _6\"></span>atio<span class=\"_ _7\"></span>nal reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e <span class=\"_ _f\"> </span>compa<span class=\"_ _7\"></span>nies, <span class=\"_ _f\"> </span>w<span class=\"_ _7\"></span>hich <span class=\"_ _f\"> </span>h<span class=\"_ _7\"></span>ave <span class=\"_ _f\"> </span>ad<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>qua<span class=\"_ _7\"></span>te <span class=\"_ _f\"> </span>cr<span class=\"_ _7\"></span>edit<span class=\"_ _7\"></span>worthiness <span class=\"_ _4\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>opi<span class=\"_ _7\"></span>nio<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>V<span class=\"_ _6\"></span>IG <span class=\"_ _f\"> </span>Holdi<span class=\"_ _7\"></span>ng <span class=\"_ _f\"> </span>to <span class=\"_ _4\"> </span>minimise <span class=\"_ _4\"> </span>t<span class=\"_ _6\"></span>he <span class=\"_ _f\"> </span>ris<span class=\"_ _7\"></span>k <span class=\"_ _f\"> </span>of<span class=\"_ _7\"></span> insolvenc<span class=\"_ _7\"></span>y o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e p<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>t <span class=\"_ _2\"></span>of a <span class=\"_ _2\"></span>rei<span class=\"_ _7\"></span>nsur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2\"></span>(<span class=\"_ _6\"></span>cr<span class=\"_ _7\"></span>edit <span class=\"_ _2\"></span>risk). T<span class=\"_ _2\"></span>he m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>netary <span class=\"_ _7\"></span>limi<span class=\"_ _7\"></span>t p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>reins<span class=\"_ _7\"></span>urer<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>indiv<span class=\"_ _6\"></span>id<span class=\"_ _7\"></span>uall<span class=\"_ _7\"></span>y sp<span class=\"_ _2\"></span>ec<span class=\"_ _6\"></span>ified <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>each <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ubsidiary<span class=\"_ _e\"></span>. Selection <span class=\"_ _7\"></span>of reins<span class=\"_ _7\"></span>urers<span class=\"_ _7\"></span>: Rati<span class=\"_ _7\"></span>ng For those lin<span class=\"_ _7\"></span>es of busi<span class=\"_ _7\"></span>ness in w<span class=\"_ _7\"></span>hich claims<span class=\"_ _7\"></span> are se<span class=\"_ _7\"></span>ttled o<span class=\"_ _7\"></span>n a long-term b<span class=\"_ _7\"></span>asis, espe<span class=\"_ _7\"></span>cially moto<span class=\"_ _7\"></span>r third p<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>ty li<span class=\"_ _7\"></span>ability ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ranc<span class=\"_ _7\"></span>e, general <span class=\"_ _7\"></span>thir<span class=\"_ _7\"></span>d par<span class=\"_ _7\"></span>ty li<span class=\"_ _7\"></span>ability ins<span class=\"_ _2\"></span>urance and<span class=\"_ _7\"></span> aviatio<span class=\"_ _2\"></span>n insura<span class=\"_ _7\"></span>nce, <span class=\"_ _7\"></span>the VIG <span class=\"_ _7\"></span>Insu<span class=\"_ _7\"></span>rance <span class=\"_ _7\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p uses<span class=\"_ _2\"></span> reinsu<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>rs with <span class=\"_ _7\"></span>excell<span class=\"_ _7\"></span>ent rati<span class=\"_ _2\"></span>ngs (at least<span class=\"_ _7\"></span> Stand<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>rd<span class=\"_ _7\"></span> &amp; Po<span class=\"_ _7\"></span>or\u2019<span class=\"_ _5\"></span>s rating <span class=\"_ _7\"></span>\u201cA\u201d, pr<span class=\"_ _2\"></span>eferred<span class=\"_ _2\"></span> \u201cAA\u201d or<span class=\"_ _7\"></span> hig<span class=\"_ _7\"></span>her ra<span class=\"_ _7\"></span>ting), t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at c<span class=\"_ _7\"></span>an be <span class=\"_ _7\"></span>expect<span class=\"_ _7\"></span>ed to <span class=\"_ _7\"></span>r<span class=\"_ _7\"></span>emai<span class=\"_ _7\"></span>n in busi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ess o<span class=\"_ _2\"></span>ver<span class=\"_ _6\"></span> <span class=\"_ _7\"></span>the long <span class=\"_ _0\"></span>t<span class=\"_ _6\"></span>erm <span class=\"_ _0\"></span>with <span class=\"_ _4\"></span>a <span class=\"_ _0\"></span>high <span class=\"_ _4\"></span>degr<span class=\"_ _2\"></span>ee <span class=\"_ _4\"></span>of <span class=\"_ _0\"></span>prob<span class=\"_ _7\"></span>ability<span class=\"_ _e\"></span>. <span class=\"_ _4\"></span>Fo<span class=\"_ _7\"></span>r <span class=\"_ _4\"></span>lines <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>b<span class=\"_ _7\"></span>usiness <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>whic<span class=\"_ _7\"></span>h <span class=\"_ _4\"></span>claims <span class=\"_ _0\"></span>must <span class=\"_ _0\"></span>be <span class=\"_ _4\"></span>settle<span class=\"_ _7\"></span>d <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ickly <span class=\"_ _0\"></span>(e.g. <span class=\"_ _0\"></span>n<span class=\"_ _6\"></span>atural disaste<span class=\"_ _7\"></span>rs, <span class=\"_ _2\"></span>fire, <span class=\"_ _10\"></span>enginee<span class=\"_ _7\"></span>ring, <span class=\"_ _2\"></span>transpo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>t, <span class=\"_ _2\"></span>storm, <span class=\"_ _10\"></span>burglar<span class=\"_ _7\"></span>y<span class=\"_ _e\"></span>, <span class=\"_ _7\"></span>house<span class=\"_ _7\"></span>hold, <span class=\"_ _2\"></span>water <span class=\"_ _2\"></span>damag<span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>motor <span class=\"_ _2\"></span>own <span class=\"_ _2\"></span>damag<span class=\"_ _2\"></span>e)<span class=\"_ _6\"></span>, <span class=\"_ _2\"></span>i<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>which <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>number of <span class=\"_ _4\"></span>reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>rs <span class=\"_ _4\"> </span>is <span class=\"_ _4\"> </span>gre<span class=\"_ _7\"></span>ater<span class=\"_ _e\"></span>, <span class=\"_ _4\"> </span>the <span class=\"_ _4\"> </span>pref<span class=\"_ _7\"></span>err<span class=\"_ _7\"></span>ed <span class=\"_ _4\"> </span>Stand<span class=\"_ _7\"></span>ard <span class=\"_ _4\"></span>&amp; <span class=\"_ _4\"></span>Poo<span class=\"_ _2\"></span>r\u2019<span class=\"_ _10\"></span>s <span class=\"_ _4\"></span>rating <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>\u201cA<span class=\"_ _2\"></span>\u201d<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>or <span class=\"_ _4\"></span>hig<span class=\"_ _7\"></span>her<span class=\"_ _10\"></span>. <span class=\"_ _4\"></span>Reins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>re<span class=\"_ _7\"></span>rs <span class=\"_ _4\"></span>with <span class=\"_ _4\"> </span>lowe<span class=\"_ _7\"></span>r <span class=\"_ _4\"> </span>ratings <span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _f\"> </span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly accepted i<span class=\"_ _2\"></span>n a few isol<span class=\"_ _7\"></span>ated c<span class=\"_ _7\"></span>ases for <span class=\"_ _7\"></span>a lim<span class=\"_ _7\"></span>ited period o<span class=\"_ _7\"></span>f time.<span class=\"_ _2\"></span> Design <span class=\"_ _7\"></span>of reins<span class=\"_ _7\"></span>urance pr<span class=\"_ _7\"></span>ogrammes<span class=\"_ _2\"></span> If eco<span class=\"_ _7\"></span>nomicall<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> justifiabl<span class=\"_ _7\"></span>e, r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance <span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>verage m<span class=\"_ _7\"></span>ay b<span class=\"_ _7\"></span>e pur<span class=\"_ _2\"></span>chased fr<span class=\"_ _7\"></span>om ex<span class=\"_ _2\"></span>terna<span class=\"_ _6\"></span>l r<span class=\"_ _2\"></span>einsur<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rs by <span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ac<span class=\"_ _7\"></span>h subsi<span class=\"_ _7\"></span>diary i<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>dividu<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span>ly<span class=\"_ _e\"></span>.<span class=\"_ _6\"></span> If <span class=\"_ _1\"></span>individual <span class=\"_ _1\"></span>rei<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>ntracts <span class=\"_ _1\"></span>ca<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>be <span class=\"_ _1\"></span>pur<span class=\"_ _7\"></span>chased <span class=\"_ _6\"></span>by <span class=\"_ _0\"></span>each <span class=\"_ _1\"></span>subsidia<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ly <span class=\"_ _1\"></span>at <span class=\"_ _0\"></span>un<span class=\"_ _7\"></span>economic<span class=\"_ _2\"></span>al <span class=\"_ _0\"></span>terms, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Insuran<span class=\"_ _7\"></span>ce Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p wil<span class=\"_ _7\"></span>l seek<span class=\"_ _7\"></span> a join<span class=\"_ _7\"></span>t pla<span class=\"_ _7\"></span>ceme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t of r<span class=\"_ _2\"></span>einsura<span class=\"_ _7\"></span>nce cont<span class=\"_ _7\"></span>racts <span class=\"_ _7\"></span>as<span class=\"_ _7\"></span> much <span class=\"_ _7\"></span>as possi<span class=\"_ _7\"></span>bl<span class=\"_ _7\"></span>e to cov<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r risks<span class=\"_ _7\"></span> fro<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>cove<span class=\"_ _7\"></span>rage of <span class=\"_ _7\"></span>natu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>al catastrop<span class=\"_ _2\"></span>hes, propert<span class=\"_ _7\"></span>y <span class=\"_ _6\"></span>lines of <span class=\"_ _6\"></span>business, casu<span class=\"_ _7\"></span>alty<span class=\"_ _10\"></span>, transpo<span class=\"_ _7\"></span>rt, aviation and <span class=\"_ _6\"></span>motor liability<span class=\"_ _e\"></span>. <span class=\"_ _6\"></span>Internal reinsu<span class=\"_ _7\"></span>rance assumptio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>s within <span class=\"_ _4\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>up <span class=\"_ _4\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>also <span class=\"_ _0\"></span>transferre<span class=\"_ _2\"></span>d <span class=\"_ _4\"> </span>to <span class=\"_ _4\"></span>the <span class=\"_ _0\"></span>reinsu<span class=\"_ _7\"></span>rance <span class=\"_ _0\"></span>mar<span class=\"_ _6\"></span>ket <span class=\"_ _0\"></span>by <span class=\"_ _4\"></span>retro<span class=\"_ _2\"></span>cessio<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>whe<span class=\"_ _7\"></span>n <span class=\"_ _4\"></span>necess<span class=\"_ _7\"></span>ary <span class=\"_ _4\"></span>for <span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>isk <span class=\"_ _0\"></span>diversifica<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>ion<span class=\"_ _7\"></span> purposes. <span class=\"_ _2\"></span> Liquidit<span class=\"_ _7\"></span>y manag<span class=\"_ _7\"></span>ement The VIG Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up manag<span class=\"_ _7\"></span>es its li<span class=\"_ _7\"></span>quidity on the basi<span class=\"_ _7\"></span>s of <span class=\"_ _7\"></span>guidelines resol<span class=\"_ _2\"></span>ved by the Managi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g Bo<span class=\"_ _7\"></span>ard of<span class=\"_ _7\"></span> VIG Hol<span class=\"_ _7\"></span>ding. Liquidity <span class=\"_ _10\"></span>pla<span class=\"_ _7\"></span>nning <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>basically <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>respo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>sibi<span class=\"_ _7\"></span>lity <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>every<span class=\"_ _6\"></span> <span class=\"_ _10\"></span>subsi<span class=\"_ _2\"></span>diary <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>V<span class=\"_ _6\"></span>IG <span class=\"_ _10\"></span>Holdi<span class=\"_ _7\"></span>ng <span class=\"_ _10\"></span>itself. <span class=\"_ _10\"></span>VIG <span class=\"_ _2\"></span>Holding <span class=\"_ _5\"></span>a<span class=\"_ _6\"></span>s <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>parent <span class=\"_ _e\"></span>compa<span class=\"_ _7\"></span>ny handles<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>allocatio<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>capit<span class=\"_ _7\"></span>al <span class=\"_ _6\"></span>for <span class=\"_ _6\"></span>the entire V<span class=\"_ _6\"></span>IG<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>Insurance<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Group.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>This <span class=\"_ _6\"></span>ens<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>res<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>effi<span class=\"_ _7\"></span>cient <span class=\"_ _6\"></span>dist<span class=\"_ _7\"></span>ribution<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>of <span class=\"_ _6\"></span>capital w<span class=\"_ _6\"></span>ithi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> the <span class=\"_ _7\"></span>VIG <span class=\"_ _7\"></span>Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>ra<span class=\"_ _7\"></span>nce G<span class=\"_ _2\"></span>roup. <span class=\"_ _2\"></span>It<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>also <span class=\"_ _7\"></span>ena<span class=\"_ _7\"></span>bles <span class=\"_ _7\"></span>VIG <span class=\"_ _2\"></span>Holdi<span class=\"_ _7\"></span>ng to <span class=\"_ _10\"></span>ensure<span class=\"_ _2\"></span> t<span class=\"_ _7\"></span>hat <span class=\"_ _7\"></span>the t<span class=\"_ _2\"></span>ar<span class=\"_ _6\"></span>g<span class=\"_ _7\"></span>eted <span class=\"_ _7\"></span>liquidit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>and e<span class=\"_ _2\"></span>qu<span class=\"_ _6\"></span>ity <span class=\"_ _2\"></span>resou<span class=\"_ _2\"></span>rces <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>available both at t<span class=\"_ _7\"></span>he level<span class=\"_ _7\"></span> of the VI<span class=\"_ _2\"></span>G<span class=\"_ _6\"></span> Ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>Gro<span class=\"_ _7\"></span>up a<span class=\"_ _7\"></span>nd at t<span class=\"_ _7\"></span>he level<span class=\"_ _7\"></span> of the i<span class=\"_ _7\"></span>ndividual op<span class=\"_ _2\"></span>erating e<span class=\"_ _7\"></span>ntities. The <span class=\"_ _2\"></span>great<span class=\"_ _7\"></span>er <span class=\"_ _2\"></span>part <span class=\"_ _7\"></span>of <span class=\"_ _10\"></span>liquid <span class=\"_ _2\"></span>funds <span class=\"_ _2\"></span>for <span class=\"_ _2\"></span>ongoing <span class=\"_ _2\"></span>business<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>activit<span class=\"_ _7\"></span>y <span class=\"_ _2\"></span>d<span class=\"_ _6\"></span>erives <span class=\"_ _2\"></span>fro<span class=\"_ _7\"></span>m <span class=\"_ _2\"></span>premi<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>m <span class=\"_ _2\"></span>incom<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>from <span class=\"_ _10\"></span>primary <span class=\"_ _2\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>from ongoing in<span class=\"_ _7\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t income a<span class=\"_ _7\"></span>nd pro<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>eeds f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>the sale of <span class=\"_ _7\"></span>investm<span class=\"_ _7\"></span>ents. O<span class=\"_ _7\"></span>n the cost side, ex<span class=\"_ _2\"></span>penses are i<span class=\"_ _7\"></span>ncurre<span class=\"_ _2\"></span>d for claim payme<span class=\"_ _7\"></span>nts <span class=\"_ _6\"></span>in prop<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>rty and casualt<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>ins<span class=\"_ _7\"></span>urance and benefit pa<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span>ments in life and health <span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>nsurance. The rem<span class=\"_ _2\"></span>aining balance of liquid f<span class=\"_ _7\"></span>unds is us<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d to p<span class=\"_ _7\"></span>ay ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance <span class=\"_ _7\"></span>acquisitio<span class=\"_ _7\"></span>n costs <span class=\"_ _2\"></span>and o<span class=\"_ _7\"></span>perating exp<span class=\"_ _2\"></span>en<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>es. The <span class=\"_ _f\"> </span>matu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ity <span class=\"_ _f\"> </span>st<span class=\"_ _7\"></span>ructure<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>of <span class=\"_ _f\"> </span>th<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _f\"> </span>busi<span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span>ss <span class=\"_ _f\"> </span>pr<span class=\"_ _2\"></span>ovides<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>natural<span class=\"_ _7\"></span> <span class=\"_ _f\"> </span>liquidit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>cushion.<span class=\"_ _2\"></span> <span class=\"_ _3\"> </span>In <span class=\"_ _f\"> </span>con<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>rast <span class=\"_ _4\"> </span>t<span class=\"_ _6\"></span>o <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>coll<span class=\"_ _7\"></span>ectio<span class=\"_ _7\"></span>n <span class=\"_ _f\"> </span>of premiums<span class=\"_ _7\"></span>, <span class=\"_ _7\"></span>the VIG <span class=\"_ _7\"></span>Insu<span class=\"_ _7\"></span>rance Gr<span class=\"_ _2\"></span>oup grants<span class=\"_ _7\"></span> ins<span class=\"_ _7\"></span>urance co<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>er<span class=\"_ _7\"></span>age for <span class=\"_ _7\"></span>a certain <span class=\"_ _2\"></span>period during <span class=\"_ _7\"></span>whic<span class=\"_ _7\"></span>h ther<span class=\"_ _7\"></span>e ar<span class=\"_ _7\"></span>e no di<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ct cas<span class=\"_ _7\"></span>h outflows un<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>il the oc<span class=\"_ _7\"></span>curr<span class=\"_ _7\"></span>ence of an ins<span class=\"_ _7\"></span>ured e<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ent. T<span class=\"_ _7\"></span>his liquidi<span class=\"_ _7\"></span>ty cu<span class=\"_ _6\"></span>shio<span class=\"_ _2\"></span>n is invested d<span class=\"_ _7\"></span>ur<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>ng this time to ge<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>erate i<span class=\"_ _7\"></span>nvestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t income.<span class=\"_ _7\"></span> Some<span class=\"_ _2\"></span> of th<span class=\"_ _7\"></span>ese f<span class=\"_ _7\"></span>unds <span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>e kept<span class=\"_ _7\"></span> in<span class=\"_ _7\"></span> liquid<span class=\"_ _2\"></span> a<span class=\"_ _6\"></span>sse<span class=\"_ _7\"></span>ts to<span class=\"_ _7\"></span> allo<span class=\"_ _2\"></span>w for r<span class=\"_ _7\"></span>apid <span class=\"_ _7\"></span>conversio<span class=\"_ _2\"></span>n into<span class=\"_ _7\"></span> cash<span class=\"_ _7\"></span> to <span class=\"_ _7\"></span>pay <span class=\"_ _7\"></span>claims.<span class=\"_ _7\"></span> In <span class=\"_ _7\"></span>additio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>, <span class=\"_ _7\"></span>the bond <span class=\"_ _0\"></span>portfolio <span class=\"_ _0\"></span>in <span class=\"_ _4\"> </span>parti<span class=\"_ _7\"></span>cular <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>s <span class=\"_ _4\"></span>str<span class=\"_ _7\"></span>uct<span class=\"_ _7\"></span>ured <span class=\"_ _0\"></span>in <span class=\"_ _4\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _4\"></span>a <span class=\"_ _0\"></span>way <span class=\"_ _4\"></span>th<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>t <span class=\"_ _4\"></span>it <span class=\"_ _0\"></span>w<span class=\"_ _6\"></span>ill<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>mat<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>r<span class=\"_ _7\"></span>e <span class=\"_ _4\"></span>at <span class=\"_ _0\"></span>a <span class=\"_ _4\"></span>time <span class=\"_ _0\"></span>when <span class=\"_ _0\"></span>the <span class=\"_ _4\"></span>cor<span class=\"_ _7\"></span>respo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _4\"></span>fu<span class=\"_ _7\"></span>nds <span class=\"_ _0\"></span>are expecte<span class=\"_ _7\"></span>d to<span class=\"_ _2\"></span> be<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ne<span class=\"_ _6\"></span>eded.<span class=\"_ _2\"></span> Ex<span class=\"_ _7\"></span>ternal f<span class=\"_ _7\"></span>acto<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>s <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>uch <span class=\"_ _2\"></span>as t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>perfor<span class=\"_ _2\"></span>mance <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>capital <span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>arkets<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>and <span class=\"_ _2\"></span>the l<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>el <span class=\"_ _7\"></span>of <span class=\"_ _2\"></span>inter<span class=\"_ _7\"></span>est <span class=\"_ _2\"></span>rates i<span class=\"_ _2\"></span>nfluence<span class=\"_ _7\"></span> the liquidi<span class=\"_ _7\"></span>ty situ<span class=\"_ _7\"></span>ation i<span class=\"_ _7\"></span>nsofar as t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>ey <span class=\"_ _7\"></span>either fa<span class=\"_ _7\"></span>vour o<span class=\"_ _7\"></span>r r<span class=\"_ _7\"></span>estrict t<span class=\"_ _7\"></span>he abili<span class=\"_ _7\"></span>ty to sel<span class=\"_ _7\"></span>l the in<span class=\"_ _7\"></span>vestme<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>t portfol<span class=\"_ _7\"></span>io at ma<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>ket v<span class=\"_ _7\"></span>alue.<span class=\"_ _7\"></span> The <span class=\"_ _10\"></span>t<span class=\"_ _6\"></span>ime, <span class=\"_ _10\"></span>fr<span class=\"_ _7\"></span>equen<span class=\"_ _7\"></span>cy <span class=\"_ _2\"></span>and <span class=\"_ _2\"></span>si<span class=\"_ _7\"></span>ze <span class=\"_ _10\"></span>of <span class=\"_ _2\"></span>insur<span class=\"_ _7\"></span>ed <span class=\"_ _10\"></span>claims <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e <span class=\"_ _10\"></span>also <span class=\"_ _2\"></span>impor<span class=\"_ _7\"></span>tant <span class=\"_ _2\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>liquidit<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>sit<span class=\"_ _7\"></span>uat<span class=\"_ _6\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>prop<span class=\"_ _7\"></span>erty <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>c<span class=\"_ _6\"></span>as<span class=\"_ _7\"></span>ualty <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rance.<span class=\"_ _7\"></span> The numbe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> of i<span class=\"_ _7\"></span>nsura<span class=\"_ _7\"></span>nce co<span class=\"_ _7\"></span>ntract re<span class=\"_ _2\"></span>newals also<span class=\"_ _7\"></span> pla<span class=\"_ _7\"></span>ys a role<span class=\"_ _2\"></span>.  T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> li<span class=\"_ _2\"></span>qui<span class=\"_ _2\"></span>di<span class=\"_ _7\"></span>ty<span class=\"_ _7\"></span> r<span class=\"_ _2\"></span>equi<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>me<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span> of<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>li<span class=\"_ _7\"></span>f<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> g<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span>l<span class=\"_ _7\"></span>y in<span class=\"_ _2\"></span>flu<span class=\"_ _7\"></span>en<span class=\"_ _7\"></span>ce<span class=\"_ _2\"></span>d b<span class=\"_ _7\"></span>y t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> d<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>el<span class=\"_ _2\"></span>opm<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span> of a<span class=\"_ _2\"></span>ctu<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>rt<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>li<span class=\"_ _2\"></span>ty i<span class=\"_ _7\"></span>n c<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>so<span class=\"_ _2\"></span>n wi<span class=\"_ _2\"></span>th the<span class=\"_ _2\"></span> as<span class=\"_ _2\"></span>su<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>pti<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>s <span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _10\"></span>whi<span class=\"_ _2\"></span>ch <span class=\"_ _2\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>und<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>wri<span class=\"_ _2\"></span>ti<span class=\"_ _7\"></span>ng<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>vis<span class=\"_ _2\"></span>ion<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>ar<span class=\"_ _2\"></span>e <span class=\"_ _7\"></span>ba<span class=\"_ _2\"></span>se<span class=\"_ _7\"></span>d. <span class=\"_ _2\"></span>Ma<span class=\"_ _2\"></span>rke<span class=\"_ _2\"></span>t <span class=\"_ _2\"></span>r<span class=\"_ _7\"></span>et<span class=\"_ _2\"></span>urns <span class=\"_ _10\"></span>or <span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>nim<span class=\"_ _2\"></span>um <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>t <span class=\"_ _10\"></span>rat<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>an<span class=\"_ _7\"></span>d <span class=\"_ _10\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>be<span class=\"_ _2\"></span>havi<span class=\"_ _2\"></span>o<span class=\"_ _7\"></span>ur <span class=\"_ _10\"></span>of<span class=\"_ _7\"></span> l<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>fe i<span class=\"_ _7\"></span>ns<span class=\"_ _2\"></span>ura<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>cus<span class=\"_ _2\"></span>to<span class=\"_ _7\"></span>m<span class=\"_ _7\"></span>er<span class=\"_ _2\"></span>s, <span class=\"_ _2\"></span>suc<span class=\"_ _2\"></span>h a<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _2\"></span>num<span class=\"_ _2\"></span>ber<span class=\"_ _2\"></span> of <span class=\"_ _2\"></span>pol<span class=\"_ _2\"></span>ici<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>sur<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>nde<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>or<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>te<span class=\"_ _7\"></span>rmi<span class=\"_ _2\"></span>na<span class=\"_ _7\"></span>te<span class=\"_ _2\"></span>d,<span class=\"_ _7\"></span> al<span class=\"_ _2\"></span>so<span class=\"_ _7\"></span> h<span class=\"_ _2\"></span>ave <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>ef<span class=\"_ _2\"></span>fe<span class=\"_ _7\"></span>ct<span class=\"_ _2\"></span> on <span class=\"_ _2\"></span>li<span class=\"_ _7\"></span>q<span class=\"_ _7\"></span>uid<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> n<span class=\"_ _7\"></span>ee<span class=\"_ _2\"></span>ds<span class=\"_ _7\"></span>. Capital ma<span class=\"_ _7\"></span>nag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> In the inter<span class=\"_ _2\"></span>est of our sh<span class=\"_ _7\"></span>arehol<span class=\"_ _7\"></span>ders a<span class=\"_ _7\"></span>nd insu<span class=\"_ _7\"></span>rance c<span class=\"_ _7\"></span>ustomers,<span class=\"_ _2\"></span> it is our goal that VI<span class=\"_ _7\"></span>G Holding b<span class=\"_ _2\"></span>e a<span class=\"_ _6\"></span>dequ<span class=\"_ _7\"></span>ately c<span class=\"_ _7\"></span>apitalise<span class=\"_ _7\"></span>d at all times <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>that <span class=\"_ _4\"></span>all<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>operating<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>nsura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"></span>com<span class=\"_ _2\"></span>panies <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>least <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>ulfil <span class=\"_ _0\"></span>th<span class=\"_ _6\"></span>eir <span class=\"_ _0\"></span>respe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tive <span class=\"_ _0\"></span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lato<span class=\"_ _7\"></span>ry <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>apital <span class=\"_ _0\"></span>req<span class=\"_ _7\"></span>uir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ments. <span class=\"_ _1\"></span>V<span class=\"_ _6\"></span>IG Holdi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>istoric<span class=\"_ _7\"></span>ally <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>very <span class=\"_ _1\"></span>well <span class=\"_ _1\"></span>capitalis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>by <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>rtue <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>its <span class=\"_ _0\"></span>succ<span class=\"_ _7\"></span>essful <span class=\"_ _1\"></span>busin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss <span class=\"_ _1\"></span>strategy<span class=\"_ _e\"></span>. <span class=\"_ _1\"></span>Pr<span class=\"_ _7\"></span>eservi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>his <span class=\"_ _1\"></span>good capital strength <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>especiall<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>importan<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>us <span class=\"_ _1\"></span>so <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>we <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>seize <span class=\"_ _6\"></span>profitable <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>wth <span class=\"_ _1\"></span>oppo<span class=\"_ _7\"></span>rtunities and <span class=\"_ _1\"></span>absorb <span class=\"_ _6\"></span>even <span class=\"_ _6\"></span>lar<span class=\"_ _7\"></span>ge loss<span class=\"_ _7\"></span> or damage e<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ents.<span class=\"_ _7\"></span> ST<span class=\"_ _2\"></span>ANDARD &amp;<span class=\"_ _7\"></span> POOR<span class=\"_ _7\"></span>\u2019S RA<span class=\"_ _10\"></span>T<span class=\"_ _6\"></span>IN<span class=\"_ _7\"></span>G VIG <span class=\"_ _6\"></span>Holding also <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>tac<span class=\"_ _7\"></span>hes <span class=\"_ _6\"></span>partic<span class=\"_ _7\"></span>ular <span class=\"_ _6\"></span>impo<span class=\"_ _7\"></span>rtance <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>maintai<span class=\"_ _2\"></span>ning <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>perma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>entl<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>stro<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g credit <span class=\"_ _6\"></span>rating <span class=\"_ _6\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>rating agency Standar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>&amp; Poor<span class=\"_ _7\"></span>\u2019<span class=\"_ _e\"></span>s (S&amp;P), ther<span class=\"_ _2\"></span>efore it r<span class=\"_ _7\"></span>egularly <span class=\"_ _7\"></span>undergoes<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the S&amp;P assessm<span class=\"_ _2\"></span>ent. S&amp;P uses its<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>own capital mo<span class=\"_ _7\"></span>del to asse<span class=\"_ _7\"></span>ss the <span class=\"_ _6\"></span>rel<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>nship <span class=\"_ _6\"></span>betwee<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the requir<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>isk capital and <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>available<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>capital<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>enterp<span class=\"_ _7\"></span>rise. <span class=\"_ _6\"></span>S&amp;P<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nfirmed the <span class=\"_ _6\"></span>\u201cA+\u201d<span class=\"_ _7\"></span> rating, <span class=\"_ _6\"></span>combined<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>with <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>\u201cstable\u201d <span class=\"_ _6\"></span>outlook, <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>Novem<span class=\"_ _7\"></span>ber <span class=\"_ _1\"></span>202<span class=\"_ _7\"></span>3. <span class=\"_ _1\"></span>VIG\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>capital <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>exceed<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>requir<span class=\"_ _2\"></span>ements <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>AAA level rati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ub<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>nat<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> bond<span class=\"_ _2\"></span>s i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>d i<span class=\"_ _7\"></span>n 2<span class=\"_ _2\"></span>015<span class=\"_ _2\"></span> (E<span class=\"_ _7\"></span>U<span class=\"_ _7\"></span>R 4<span class=\"_ _2\"></span>00 <span class=\"_ _7\"></span>mi<span class=\"_ _2\"></span>lli<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n Ti<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span> 2,<span class=\"_ _2\"></span> fir<span class=\"_ _2\"></span>st ca<span class=\"_ _2\"></span>ll<span class=\"_ _7\"></span> da<span class=\"_ _2\"></span>te 2<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>M<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>ch<span class=\"_ _7\"></span> 2<span class=\"_ _7\"></span>02<span class=\"_ _7\"></span>6<span class=\"_ _7\"></span>),<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _2\"></span> 201<span class=\"_ _2\"></span>7 (<span class=\"_ _7\"></span>EU<span class=\"_ _7\"></span>R <span class=\"_ _2\"></span>200<span class=\"_ _2\"></span> mil<span class=\"_ _2\"></span>li<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n Tie<span class=\"_ _2\"></span>r 2, f<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>st<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>te 1<span class=\"_ _2\"></span>3 <span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>pril<span class=\"_ _2\"></span> 2<span class=\"_ _7\"></span>02<span class=\"_ _7\"></span>7<span class=\"_ _7\"></span>) <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> in <span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>02<span class=\"_ _7\"></span>2<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>(EU<span class=\"_ _2\"></span>R 5<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>0 <span class=\"_ _7\"></span>mi<span class=\"_ _2\"></span>lli<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n Ti<span class=\"_ _2\"></span>er 2<span class=\"_ _2\"></span>, fi<span class=\"_ _2\"></span>rs<span class=\"_ _7\"></span>t <span class=\"_ _7\"></span>ca<span class=\"_ _7\"></span>ll<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>15 <span class=\"_ _2\"></span>Jun<span class=\"_ _7\"></span>e 2<span class=\"_ _2\"></span>032<span class=\"_ _2\"></span>) <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e r<span class=\"_ _2\"></span>ate<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> \u201cA<span class=\"_ _2\"></span>-\u201d<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>y S<span class=\"_ _7\"></span>&amp;P<span class=\"_ _44\"></span>. <span class=\"_ _2\"></span>The<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>enior<span class=\"_ _2\"></span> s<span class=\"_ _7\"></span>ub<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>nat<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> bo<span class=\"_ _2\"></span>nd i<span class=\"_ _2\"></span>ssu<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n 2<span class=\"_ _7\"></span>02<span class=\"_ _2\"></span>1 <span class=\"_ _7\"></span>(EU<span class=\"_ _2\"></span>R <span class=\"_ _7\"></span>5<span class=\"_ _7\"></span>00<span class=\"_ _7\"></span> m<span class=\"_ _2\"></span>ill<span class=\"_ _7\"></span>io<span class=\"_ _2\"></span>n, 1<span class=\"_ _2\"></span>5-<span class=\"_ _2\"></span>yea<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>term<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>yab<span class=\"_ _2\"></span>le <span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>atu<span class=\"_ _7\"></span>rit<span class=\"_ _2\"></span>y) <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>ed \u201c<span class=\"_ _2\"></span>A\u201d<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>by<span class=\"_ _7\"></span> S<span class=\"_ _7\"></span>&amp;P<span class=\"_ _44\"></span>,<span class=\"_ _2\"></span> no<span class=\"_ _2\"></span>t c<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>edi<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r S<span class=\"_ _7\"></span>&amp;<span class=\"_ _7\"></span>P<span class=\"_ _44\"></span>. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ub<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>din<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>bo<span class=\"_ _2\"></span>nd i<span class=\"_ _2\"></span>ss<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span> 2<span class=\"_ _2\"></span>013<span class=\"_ _2\"></span> (EU<span class=\"_ _2\"></span>R <span class=\"_ _7\"></span>5<span class=\"_ _7\"></span>00<span class=\"_ _2\"></span> mil<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span>ion<span class=\"_ _7\"></span> Ti<span class=\"_ _2\"></span>er 2<span class=\"_ _2\"></span>) <span class=\"_ _7\"></span>wa<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>cal<span class=\"_ _2\"></span>le<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>all<span class=\"_ _2\"></span> d<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>e o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>9 <span class=\"_ _7\"></span>Oc<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>be<span class=\"_ _2\"></span>r 2<span class=\"_ _2\"></span>02<span class=\"_ _7\"></span>3. ACTIVE CAPI<span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>AL MANA<span class=\"_ _2\"></span>GEMENT VIG Holding<span class=\"_ _7\"></span> monitors its capital positi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>on the basis<span class=\"_ _7\"></span> of <span class=\"_ _6\"></span>the criteria liste<span class=\"_ _7\"></span>d above and implem<span class=\"_ _2\"></span>ents <span class=\"_ _6\"></span>appr<span class=\"_ _7\"></span>opriat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> meas<span class=\"_ _7\"></span>ures to<span class=\"_ _7\"></span> further <span class=\"_ _7\"></span>impr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ve t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>capital <span class=\"_ _2\"></span>structur<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>anently <span class=\"_ _7\"></span>st<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ngthen <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>compan<span class=\"_ _7\"></span>y\u2019<span class=\"_ _e\"></span>s c<span class=\"_ _7\"></span>apital <span class=\"_ _2\"></span>and s<span class=\"_ _7\"></span>olvenc<span class=\"_ _7\"></span>y posi<span class=\"_ _7\"></span>tion. <span class=\"_ _2\"></span>VIG Holdi<span class=\"_ _2\"></span>ng has <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>et <span class=\"_ _6\"></span>itself <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>go<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>keepi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>solven<span class=\"_ _7\"></span>cy <span class=\"_ _1\"></span>ratio <span class=\"_ _6\"></span>at <span class=\"_ _0\"></span>least<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>at <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>current <span class=\"_ _6\"></span>level <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>all <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>companies<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Grou<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>, despite t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ta<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>geted gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>wth. A<span class=\"_ _7\"></span>t the <span class=\"_ _7\"></span>Solve<span class=\"_ _7\"></span>ncy II <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p le<span class=\"_ _7\"></span>vel, VIG <span class=\"_ _7\"></span>Holding <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _7\"></span>defi<span class=\"_ _7\"></span>ned a sol<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ncy corrido<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> of 15<span class=\"_ _7\"></span>0% to 2<span class=\"_ _7\"></span>00<span class=\"_ _7\"></span>% of <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>solv<span class=\"_ _7\"></span>ency <span class=\"_ _4\"></span>ratio,<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>this <span class=\"_ _4\"></span>ra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ge <span class=\"_ _4\"></span>havi<span class=\"_ _7\"></span>ng <span class=\"_ _4\"> </span>been <span class=\"_ _4\"></span>sp<span class=\"_ _7\"></span>ecified<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>without <span class=\"_ _0\"></span>claiming <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>ransition<span class=\"_ _7\"></span>al <span class=\"_ _4\"></span>rules <span class=\"_ _4\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>unde<span class=\"_ _7\"></span>rwriting<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>reser<span class=\"_ _7\"></span>ves claimed b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e individu<span class=\"_ _7\"></span>al gr<span class=\"_ _7\"></span>oup comp<span class=\"_ _2\"></span>anies.<span class=\"_ _7\"></span> The m<span class=\"_ _2\"></span>ain fo<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>s o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>capital <span class=\"_ _2\"></span>manag<span class=\"_ _7\"></span>ement <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>on s<span class=\"_ _2\"></span>ubordi<span class=\"_ _7\"></span>nated l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ng-term<span class=\"_ _7\"></span> l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _2\"></span>an e<span class=\"_ _7\"></span>quity <span class=\"_ _2\"></span>character<span class=\"_ _e\"></span>. T<span class=\"_ _2\"></span>he G<span class=\"_ _2\"></span>roup <span class=\"_ _2\"></span>T<span class=\"_ _10\"></span>reasu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y &amp; <span class=\"_ _10\"></span>Capital <span class=\"_ _10\"></span>Managem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _10\"></span>Departm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _10\"></span>consta<span class=\"_ _7\"></span>ntly <span class=\"_ _10\"></span>observes <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>de<span class=\"_ _6\"></span>velopm<span class=\"_ _7\"></span>ents <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _10\"></span>markets, <span class=\"_ _e\"></span>paying <span class=\"_ _10\"></span>particula<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>atte<span class=\"_ _7\"></span>ntion to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>developm<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>b<span class=\"_ _6\"></span>onds <span class=\"_ _10\"></span>with <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>equity <span class=\"_ _10\"></span>character <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>uro<span class=\"_ _7\"></span>pean <span class=\"_ _2\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>sector<span class=\"_ _e\"></span>. <span class=\"_ _2\"></span>New <span class=\"_ _10\"></span>capital <span class=\"_ _10\"></span>instrume<span class=\"_ _7\"></span>nts <span class=\"_ _2\"></span>developed<span class=\"_ _2\"></span> for insura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>companies i<span class=\"_ _2\"></span>n the capit<span class=\"_ _7\"></span>al market <span class=\"_ _2\"></span>are r<span class=\"_ _7\"></span>evie<span class=\"_ _7\"></span>wed t<span class=\"_ _7\"></span>o see if<span class=\"_ _7\"></span> they ca<span class=\"_ _7\"></span>n be <span class=\"_ _7\"></span>used fo<span class=\"_ _7\"></span>r VIG Holdi<span class=\"_ _2\"></span>ng. EQUITY B<span class=\"_ _7\"></span>ASE<span class=\"_ _7\"></span> As <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>31 <span class=\"_ _0\"></span>December <span class=\"_ _0\"></span>2023<span class=\"_ _7\"></span>, <span class=\"_ _0\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>capital <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>E<span class=\"_ _6\"></span>UR 132,<span class=\"_ _7\"></span>887,4<span class=\"_ _2\"></span>68.20 <span class=\"_ _0\"></span>was <span class=\"_ _1\"></span>register<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>omm<span class=\"_ _2\"></span>ercial <span class=\"_ _1\"></span>regist<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>, <span class=\"_ _0\"></span>di<span class=\"_ _7\"></span>vided <span class=\"_ _0\"></span>into<span class=\"_ _7\"></span> 128,0<span class=\"_ _7\"></span>00,000<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>no-par <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>bear<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2\"></span>or<span class=\"_ _7\"></span>dinary <span class=\"_ _10\"></span>shares <span class=\"_ _10\"></span>with <span class=\"_ _2\"></span>voting<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>rights. <span class=\"_ _2\"></span>VIG <span class=\"_ _2\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>held <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>own <span class=\"_ _2\"></span>shar<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>20<span class=\"_ _7\"></span>23 (2022: none). <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>addition,<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>VIG <span class=\"_ _6\"></span>Holdi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>can, a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>autho<span class=\"_ _7\"></span>risation by <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>eholde<span class=\"_ _7\"></span>rs, <span class=\"_ _6\"></span>incr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ase <span class=\"_ _6\"></span>its <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>eholders\u2019 equity <span class=\"_ _3\"> </span>by <span class=\"_ _3\"> </span>issui<span class=\"_ _7\"></span>ng  co<span class=\"_ _2\"></span>mmon <span class=\"_ _3\"> </span>or <span class=\"_ _3\"> </span>pr<span class=\"_ _7\"></span>eferred<span class=\"_ _2\"></span>  sh<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>es. <span class=\"_ _3\"> </span>The <span class=\"_ _3\"> </span>individu<span class=\"_ _7\"></span>al <span class=\"_ _d\"> </span>aut<span class=\"_ _7\"></span>horisatio<span class=\"_ _7\"></span>ns <span class=\"_ _3\"> </span>are <span class=\"_ _3\"> </span>liste<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>in <span class=\"_ _d\"> </span>Not<span class=\"_ _7\"></span>e  2<span class=\"_ _7\"></span>5.10<span class=\"_ _2\"></span>  Consol<span class=\"_ _7\"></span>id<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ted shar<span class=\"_ _7\"></span>eholde<span class=\"_ _7\"></span>rs<span class=\"ff4a\">\u02be</span> eq<span class=\"_ _7\"></span>uity sta<span class=\"_ _7\"></span>rting on p<span class=\"_ _7\"></span>age 177.<span class=\"_ _2\"></span> As <span class=\"_ _4\"> </span>o<span class=\"_ _6\"></span>f <span class=\"_ _f\"> </span>31 <span class=\"_ _4\"> </span>Decem<span class=\"_ _6\"></span>ber<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>20<span class=\"_ _7\"></span>23,<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>th<span class=\"_ _6\"></span>e <span class=\"_ _f\"> </span>solven<span class=\"_ _6\"></span>cy <span class=\"_ _f\"> </span>ratio <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>th<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>V<span class=\"_ _6\"></span>IG<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>In<span class=\"_ _6\"></span>suran<span class=\"_ _6\"></span>ce <span class=\"_ _f\"> </span>Gro<span class=\"_ _7\"></span>up<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>defined <span class=\"_ _f\"> </span>by <span class=\"_ _4\"> </span>S<span class=\"_ _6\"></span>olvenc<span class=\"_ _6\"></span>y <span class=\"_ _4\"> </span>I<span class=\"_ _6\"></span>I <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>268.90<span class=\"_ _6\"></span>%<span class=\"_ _6\"></span>  (31 Dece<span class=\"_ _6\"></span>mber <span class=\"_ _6\"></span>2022: 2<span class=\"_ _6\"></span>79.91%)<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span> LONG-T<span class=\"_ _7\"></span>ERM DEBT<span class=\"_ _7\"></span> FINANCIN<span class=\"_ _2\"></span>G VIG <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>Group <span class=\"_ _0\"></span>had <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>ut<span class=\"_ _6\"></span>sta<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding <span class=\"_ _0\"></span>subor<span class=\"_ _7\"></span>dinat<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>bo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds <span class=\"_ _0\"></span>with <span class=\"_ _4\"></span>dif<span class=\"_ _2\"></span>fering <span class=\"_ _0\"></span>maturities <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>31<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>De<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>emb<span class=\"_ _7\"></span>er <span class=\"_ _4\"></span>20<span class=\"_ _7\"></span>23. <span class=\"_ _0\"></span>Detailed<span class=\"_ _2\"></span> informatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n the bonds pr<span class=\"_ _7\"></span>ogr<span class=\"_ _7\"></span>amme of VIG Insu<span class=\"_ _7\"></span>rance Gro<span class=\"_ _2\"></span>up <span class=\"_ _6\"></span>is pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ided in Not<span class=\"_ _7\"></span>e 2.10. Subor<span class=\"_ _2\"></span>dinated liabili<span class=\"_ _7\"></span>ties starting<span class=\"_ _2\"></span> on<span class=\"_ _6\"></span> page 99. <span class=\"_ _2\"></span>The mat<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rity <span class=\"_ _7\"></span>stru<span class=\"_ _7\"></span>cture <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hows t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>VIG I<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _7\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p pl<span class=\"_ _7\"></span>aces <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>n em<span class=\"_ _2\"></span>phasis <span class=\"_ _7\"></span>on s<span class=\"_ _7\"></span>ubor<span class=\"_ _7\"></span>dinate<span class=\"_ _7\"></span>d l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties, <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>hich are <span class=\"_ _1\"></span>creditabl<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>as <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>quity<span class=\"_ _e\"></span>. <span class=\"_ _0\"></span>Gen<span class=\"_ _7\"></span>eral <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nditions <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>capital <span class=\"_ _1\"></span>markets <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>other <span class=\"_ _0\"></span>cir<span class=\"_ _2\"></span>cumstanc<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>either <span class=\"_ _0\"></span>the financial servic<span class=\"_ _7\"></span>es sector <span class=\"_ _6\"></span>as a <span class=\"_ _6\"></span>whole or VIG <span class=\"_ _6\"></span>Insura<span class=\"_ _7\"></span>nce Grou<span class=\"_ _7\"></span>p in pa<span class=\"_ _6\"></span>rtic<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lar <span class=\"_ _6\"></span>could have a de<span class=\"_ _6\"></span>trim<span class=\"_ _7\"></span>ental ef<span class=\"_ _7\"></span>fect <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>funding cos<span class=\"_ _7\"></span>ts and the availabili<span class=\"_ _7\"></span>ty of debt capital. T<span class=\"_ _7\"></span>he <span class=\"_ _6\"></span>goal<span class=\"_ _7\"></span>, therefo<span class=\"_ _7\"></span>re,<span class=\"_ _7\"></span> is <span class=\"_ _6\"></span>to actively<span class=\"_ _7\"></span> manage the capit<span class=\"_ _7\"></span>al struct<span class=\"_ _7\"></span>ure to keep refi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>anci<span class=\"_ _7\"></span>ng risks as low as pos<span class=\"_ _7\"></span>sible.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-465": {
   "value": "<div class=\"t m0 h2d ff45 fse fc3 sc0 ls5 ws2 gs2b3b\">Capital ma<span class=\"_ _7\"></span>nag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b3c\">In the inter<span class=\"_ _2\"></span>est of our sh<span class=\"_ _7\"></span>arehol<span class=\"_ _7\"></span>ders a<span class=\"_ _7\"></span>nd insu<span class=\"_ _7\"></span>rance c<span class=\"_ _7\"></span>ustomers,<span class=\"_ _2\"></span> it is our goal that VI<span class=\"_ _7\"></span>G Holding b<span class=\"_ _2\"></span>e a<span class=\"_ _6\"></span>dequ<span class=\"_ _7\"></span>ately c<span class=\"_ _7\"></span>apitalise<span class=\"_ _7\"></span>d at all </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b3d\">times <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>that <span class=\"_ _4\"></span>all<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>he <span class=\"_ _0\"></span>operating<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _7\"></span>nsura<span class=\"_ _7\"></span>nce <span class=\"_ _4\"></span>com<span class=\"_ _2\"></span>panies <span class=\"_ _0\"></span>at <span class=\"_ _0\"></span>least <span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>ulfil <span class=\"_ _0\"></span>th<span class=\"_ _6\"></span>eir <span class=\"_ _0\"></span>respe<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>tive <span class=\"_ _0\"></span>reg<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lato<span class=\"_ _7\"></span>ry <span class=\"_ _4\"></span>c<span class=\"_ _7\"></span>apital <span class=\"_ _0\"></span>req<span class=\"_ _7\"></span>uir<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ments. <span class=\"_ _1\"></span>V<span class=\"_ _6\"></span>IG </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b3e\">Holdi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>is <span class=\"_ _6\"></span>h<span class=\"_ _6\"></span>istoric<span class=\"_ _7\"></span>ally <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>very <span class=\"_ _1\"></span>well <span class=\"_ _1\"></span>capitalis<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>c<span class=\"_ _6\"></span>om<span class=\"_ _7\"></span>pan<span class=\"_ _7\"></span>y <span class=\"_ _0\"></span>by <span class=\"_ _6\"></span>v<span class=\"_ _6\"></span>i<span class=\"_ _7\"></span>rtue <span class=\"_ _0\"></span>of <span class=\"_ _6\"></span>its <span class=\"_ _0\"></span>succ<span class=\"_ _7\"></span>essful <span class=\"_ _1\"></span>busin<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ss <span class=\"_ _1\"></span>strategy<span class=\"_ _e\"></span>. <span class=\"_ _1\"></span>Pr<span class=\"_ _7\"></span>eservi<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>t<span class=\"_ _7\"></span>his <span class=\"_ _1\"></span>good </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b3f\">capital strength <span class=\"_ _6\"></span>is <span class=\"_ _6\"></span>especiall<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>importan<span class=\"_ _7\"></span>t <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o <span class=\"_ _6\"></span>us <span class=\"_ _1\"></span>so <span class=\"_ _6\"></span>that <span class=\"_ _1\"></span>we <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>an <span class=\"_ _6\"></span>seize <span class=\"_ _6\"></span>profitable <span class=\"_ _6\"></span>gro<span class=\"_ _2\"></span>wth <span class=\"_ _1\"></span>oppo<span class=\"_ _7\"></span>rtunities and <span class=\"_ _1\"></span>absorb <span class=\"_ _6\"></span>even <span class=\"_ _6\"></span>lar<span class=\"_ _7\"></span>ge </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b40\">loss<span class=\"_ _7\"></span> or damage e<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ents.<span class=\"_ _7\"></span> </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2b41\">ST<span class=\"_ _2\"></span>ANDARD &amp;<span class=\"_ _7\"></span> POOR<span class=\"_ _7\"></span>\u2019S RA<span class=\"_ _10\"></span>T<span class=\"_ _6\"></span>IN<span class=\"_ _7\"></span>G </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b42\">VIG <span class=\"_ _6\"></span>Holding also <span class=\"_ _6\"></span>at<span class=\"_ _6\"></span>tac<span class=\"_ _7\"></span>hes <span class=\"_ _6\"></span>partic<span class=\"_ _7\"></span>ular <span class=\"_ _6\"></span>impo<span class=\"_ _7\"></span>rtance <span class=\"_ _6\"></span>to <span class=\"_ _6\"></span>maintai<span class=\"_ _2\"></span>ning <span class=\"_ _6\"></span>a<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>perma<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>entl<span class=\"_ _7\"></span>y <span class=\"_ _1\"></span>stro<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g credit <span class=\"_ _6\"></span>rating <span class=\"_ _6\"></span>from<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>rating agency </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b43\">Standar<span class=\"_ _2\"></span>d <span class=\"_ _6\"></span>&amp; Poor<span class=\"_ _7\"></span>\u2019<span class=\"_ _e\"></span>s (S&amp;P), ther<span class=\"_ _2\"></span>efore it r<span class=\"_ _7\"></span>egularly <span class=\"_ _7\"></span>undergoes<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>the S&amp;P assessm<span class=\"_ _2\"></span>ent. S&amp;P uses its<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>own capital mo<span class=\"_ _7\"></span>del to asse<span class=\"_ _7\"></span>ss </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b44\">the <span class=\"_ _6\"></span>rel<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>nship <span class=\"_ _6\"></span>betwee<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>the requir<span class=\"_ _2\"></span>ed <span class=\"_ _6\"></span>r<span class=\"_ _6\"></span>isk capital and <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>available<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>capital<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>an <span class=\"_ _6\"></span>enterp<span class=\"_ _7\"></span>rise. <span class=\"_ _6\"></span>S&amp;P<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>c<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>nfirmed the <span class=\"_ _6\"></span>\u201cA+\u201d<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b45\">rating, <span class=\"_ _6\"></span>combined<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>with <span class=\"_ _6\"></span>a <span class=\"_ _1\"></span>\u201cstable\u201d <span class=\"_ _6\"></span>outlook, <span class=\"_ _6\"></span>in <span class=\"_ _1\"></span>Novem<span class=\"_ _7\"></span>ber <span class=\"_ _1\"></span>202<span class=\"_ _7\"></span>3. <span class=\"_ _1\"></span>VIG\u2019<span class=\"_ _e\"></span>s <span class=\"_ _6\"></span>capital <span class=\"_ _6\"></span>ba<span class=\"_ _6\"></span>s<span class=\"_ _7\"></span>e <span class=\"_ _1\"></span>exceed<span class=\"_ _7\"></span>ed <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>requir<span class=\"_ _2\"></span>ements <span class=\"_ _6\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>AAA </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b46\">level rati<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b47\">T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ub<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>nat<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> bond<span class=\"_ _2\"></span>s i<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>d i<span class=\"_ _7\"></span>n 2<span class=\"_ _2\"></span>015<span class=\"_ _2\"></span> (E<span class=\"_ _7\"></span>U<span class=\"_ _7\"></span>R 4<span class=\"_ _2\"></span>00 <span class=\"_ _7\"></span>mi<span class=\"_ _2\"></span>lli<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n Ti<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span> 2,<span class=\"_ _2\"></span> fir<span class=\"_ _2\"></span>st ca<span class=\"_ _2\"></span>ll<span class=\"_ _7\"></span> da<span class=\"_ _2\"></span>te 2<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>M<span class=\"_ _7\"></span>ar<span class=\"_ _2\"></span>ch<span class=\"_ _7\"></span> 2<span class=\"_ _7\"></span>02<span class=\"_ _7\"></span>6<span class=\"_ _7\"></span>),<span class=\"_ _2\"></span> <span class=\"_ _6\"></span>in<span class=\"_ _2\"></span> 201<span class=\"_ _2\"></span>7 (<span class=\"_ _7\"></span>EU<span class=\"_ _7\"></span>R <span class=\"_ _2\"></span>200<span class=\"_ _2\"></span> mil<span class=\"_ _2\"></span>li<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n Tie<span class=\"_ _2\"></span>r 2, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b48\">f<span class=\"_ _7\"></span>i<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>st<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>da<span class=\"_ _2\"></span>te 1<span class=\"_ _2\"></span>3 <span class=\"_ _7\"></span>A<span class=\"_ _7\"></span>pril<span class=\"_ _2\"></span> 2<span class=\"_ _7\"></span>02<span class=\"_ _7\"></span>7<span class=\"_ _7\"></span>) <span class=\"_ _2\"></span>and<span class=\"_ _2\"></span> in <span class=\"_ _7\"></span>2<span class=\"_ _7\"></span>02<span class=\"_ _7\"></span>2<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>(EU<span class=\"_ _2\"></span>R 5<span class=\"_ _7\"></span>0<span class=\"_ _7\"></span>0 <span class=\"_ _7\"></span>mi<span class=\"_ _2\"></span>lli<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n Ti<span class=\"_ _2\"></span>er 2<span class=\"_ _2\"></span>, fi<span class=\"_ _2\"></span>rs<span class=\"_ _7\"></span>t <span class=\"_ _7\"></span>ca<span class=\"_ _7\"></span>ll<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>ate <span class=\"_ _2\"></span>15 <span class=\"_ _2\"></span>Jun<span class=\"_ _7\"></span>e 2<span class=\"_ _2\"></span>032<span class=\"_ _2\"></span>) <span class=\"_ _2\"></span>ar<span class=\"_ _7\"></span>e r<span class=\"_ _2\"></span>ate<span class=\"_ _7\"></span>d<span class=\"_ _7\"></span> \u201cA<span class=\"_ _2\"></span>-\u201d<span class=\"_ _7\"></span> b<span class=\"_ _2\"></span>y S<span class=\"_ _7\"></span>&amp;P<span class=\"_ _44\"></span>. <span class=\"_ _2\"></span>The<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>enior<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b49\">s<span class=\"_ _7\"></span>ub<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>nat<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> bo<span class=\"_ _2\"></span>nd i<span class=\"_ _2\"></span>ssu<span class=\"_ _7\"></span>ed<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n 2<span class=\"_ _7\"></span>02<span class=\"_ _2\"></span>1 <span class=\"_ _7\"></span>(EU<span class=\"_ _2\"></span>R <span class=\"_ _7\"></span>5<span class=\"_ _7\"></span>00<span class=\"_ _7\"></span> m<span class=\"_ _2\"></span>ill<span class=\"_ _7\"></span>io<span class=\"_ _2\"></span>n, 1<span class=\"_ _2\"></span>5-<span class=\"_ _2\"></span>yea<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>term<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>re<span class=\"_ _7\"></span>pa<span class=\"_ _2\"></span>yab<span class=\"_ _2\"></span>le <span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>atu<span class=\"_ _7\"></span>rit<span class=\"_ _2\"></span>y) <span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>ed \u201c<span class=\"_ _2\"></span>A\u201d<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>by<span class=\"_ _7\"></span> S<span class=\"_ _7\"></span>&amp;P<span class=\"_ _44\"></span>,<span class=\"_ _2\"></span> no<span class=\"_ _2\"></span>t c<span class=\"_ _7\"></span>r<span class=\"_ _2\"></span>edi<span class=\"_ _7\"></span>ta<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> f<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>r </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b4a\">S<span class=\"_ _7\"></span>&amp;<span class=\"_ _7\"></span>P<span class=\"_ _44\"></span>. <span class=\"_ _7\"></span>T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ub<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>din<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>bo<span class=\"_ _2\"></span>nd i<span class=\"_ _2\"></span>ss<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span>d <span class=\"_ _2\"></span>in<span class=\"_ _7\"></span> 2<span class=\"_ _2\"></span>013<span class=\"_ _2\"></span> (EU<span class=\"_ _2\"></span>R <span class=\"_ _7\"></span>5<span class=\"_ _7\"></span>00<span class=\"_ _2\"></span> mil<span class=\"_ _7\"></span>l<span class=\"_ _2\"></span>ion<span class=\"_ _7\"></span> Ti<span class=\"_ _2\"></span>er 2<span class=\"_ _2\"></span>) <span class=\"_ _7\"></span>wa<span class=\"_ _7\"></span>s<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>cal<span class=\"_ _2\"></span>le<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>at<span class=\"_ _2\"></span> th<span class=\"_ _2\"></span>e fi<span class=\"_ _2\"></span>rst<span class=\"_ _2\"></span> c<span class=\"_ _7\"></span>all<span class=\"_ _2\"></span> d<span class=\"_ _7\"></span>at<span class=\"_ _2\"></span>e o<span class=\"_ _7\"></span>n <span class=\"_ _2\"></span>9 <span class=\"_ _7\"></span>Oc<span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>be<span class=\"_ _2\"></span>r 2<span class=\"_ _2\"></span>02<span class=\"_ _7\"></span>3. </div><div class=\"t m0 h24 ff46 fse fc3 sc0 ls5 ws2 gs2b4b\">ACTIVE CAPI<span class=\"_ _2\"></span>T<span class=\"_ _7\"></span>AL MANA<span class=\"_ _2\"></span>GEMENT </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b4c\">VIG Holding<span class=\"_ _7\"></span> monitors its capital positi<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>on the basis<span class=\"_ _7\"></span> of <span class=\"_ _6\"></span>the criteria liste<span class=\"_ _7\"></span>d above and implem<span class=\"_ _2\"></span>ents <span class=\"_ _6\"></span>appr<span class=\"_ _7\"></span>opriat<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> meas<span class=\"_ _7\"></span>ures to<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b4d\">further <span class=\"_ _7\"></span>impr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ve t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>capital <span class=\"_ _2\"></span>structur<span class=\"_ _7\"></span>e a<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>d p<span class=\"_ _2\"></span>er<span class=\"_ _6\"></span>m<span class=\"_ _7\"></span>anently <span class=\"_ _7\"></span>st<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ngthen <span class=\"_ _7\"></span>the <span class=\"_ _2\"></span>compan<span class=\"_ _7\"></span>y\u2019<span class=\"_ _e\"></span>s c<span class=\"_ _7\"></span>apital <span class=\"_ _2\"></span>and s<span class=\"_ _7\"></span>olvenc<span class=\"_ _7\"></span>y posi<span class=\"_ _7\"></span>tion. <span class=\"_ _2\"></span>VIG Holdi<span class=\"_ _2\"></span>ng </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b4e\">has <span class=\"_ _0\"></span>s<span class=\"_ _7\"></span>et <span class=\"_ _6\"></span>itself <span class=\"_ _1\"></span>the <span class=\"_ _0\"></span>go<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>keepi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>solven<span class=\"_ _7\"></span>cy <span class=\"_ _1\"></span>ratio <span class=\"_ _6\"></span>at <span class=\"_ _0\"></span>least<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>at <span class=\"_ _1\"></span>the <span class=\"_ _6\"></span>current <span class=\"_ _6\"></span>level <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>all <span class=\"_ _1\"></span>insura<span class=\"_ _7\"></span>nce <span class=\"_ _6\"></span>companies<span class=\"_ _7\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Grou<span class=\"_ _2\"></span>p<span class=\"_ _6\"></span>, </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b4f\">despite t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>e ta<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>geted gr<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>wth. A<span class=\"_ _7\"></span>t the <span class=\"_ _7\"></span>Solve<span class=\"_ _7\"></span>ncy II <span class=\"_ _2\"></span>G<span class=\"_ _6\"></span>ro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p le<span class=\"_ _7\"></span>vel, VIG <span class=\"_ _7\"></span>Holding <span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>as <span class=\"_ _7\"></span>defi<span class=\"_ _7\"></span>ned a sol<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ncy corrido<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> of 15<span class=\"_ _7\"></span>0% to 2<span class=\"_ _7\"></span>00<span class=\"_ _7\"></span>% </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b50\">of <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>solv<span class=\"_ _7\"></span>ency <span class=\"_ _4\"></span>ratio,<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>this <span class=\"_ _4\"></span>ra<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ge <span class=\"_ _4\"></span>havi<span class=\"_ _7\"></span>ng <span class=\"_ _4\"> </span>been <span class=\"_ _4\"></span>sp<span class=\"_ _7\"></span>ecified<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>without <span class=\"_ _0\"></span>claiming <span class=\"_ _4\"> </span>the <span class=\"_ _4\"></span>t<span class=\"_ _7\"></span>ransition<span class=\"_ _7\"></span>al <span class=\"_ _4\"></span>rules <span class=\"_ _4\"></span>fo<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _4\"></span>unde<span class=\"_ _7\"></span>rwriting<span class=\"_ _7\"></span> <span class=\"_ _4\"> </span>reser<span class=\"_ _7\"></span>ves </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b51\">claimed b<span class=\"_ _2\"></span>y<span class=\"_ _6\"></span> th<span class=\"_ _7\"></span>e individu<span class=\"_ _7\"></span>al gr<span class=\"_ _7\"></span>oup comp<span class=\"_ _2\"></span>anies.<span class=\"_ _7\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b52\">The m<span class=\"_ _2\"></span>ain fo<span class=\"_ _2\"></span>cu<span class=\"_ _6\"></span>s o<span class=\"_ _7\"></span>f <span class=\"_ _2\"></span>capital <span class=\"_ _2\"></span>manag<span class=\"_ _7\"></span>ement <span class=\"_ _7\"></span>is <span class=\"_ _2\"></span>on s<span class=\"_ _2\"></span>ubordi<span class=\"_ _7\"></span>nated l<span class=\"_ _7\"></span>o<span class=\"_ _7\"></span>ng-term<span class=\"_ _7\"></span> l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>ith <span class=\"_ _2\"></span>an e<span class=\"_ _7\"></span>quity <span class=\"_ _2\"></span>character<span class=\"_ _e\"></span>. T<span class=\"_ _2\"></span>he G<span class=\"_ _2\"></span>roup <span class=\"_ _2\"></span>T<span class=\"_ _10\"></span>reasu<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span>y </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b53\">&amp; <span class=\"_ _10\"></span>Capital <span class=\"_ _10\"></span>Managem<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _10\"></span>Departm<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>nt <span class=\"_ _10\"></span>consta<span class=\"_ _7\"></span>ntly <span class=\"_ _10\"></span>observes <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>de<span class=\"_ _6\"></span>velopm<span class=\"_ _7\"></span>ents <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _2\"></span>capit<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>l <span class=\"_ _10\"></span>markets, <span class=\"_ _e\"></span>paying <span class=\"_ _10\"></span>particula<span class=\"_ _7\"></span>r <span class=\"_ _2\"></span>atte<span class=\"_ _7\"></span>ntion </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b54\">to <span class=\"_ _2\"></span>the <span class=\"_ _2\"></span>developm<span class=\"_ _7\"></span>ent <span class=\"_ _2\"></span>of <span class=\"_ _10\"></span>b<span class=\"_ _6\"></span>onds <span class=\"_ _10\"></span>with <span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>equity <span class=\"_ _10\"></span>character <span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>the <span class=\"_ _10\"></span>E<span class=\"_ _6\"></span>uro<span class=\"_ _7\"></span>pean <span class=\"_ _2\"></span>insu<span class=\"_ _7\"></span>rance <span class=\"_ _2\"></span>sector<span class=\"_ _e\"></span>. <span class=\"_ _2\"></span>New <span class=\"_ _10\"></span>capital <span class=\"_ _10\"></span>instrume<span class=\"_ _7\"></span>nts <span class=\"_ _2\"></span>developed<span class=\"_ _2\"></span> </div><div class=\"t m0 h21 ff47 fse fc3 sc0 ls5 ws2 gs2b55\">for insura<span class=\"_ _7\"></span>nce <span class=\"_ _7\"></span>companies i<span class=\"_ _2\"></span>n the capit<span class=\"_ _7\"></span>al market <span class=\"_ _2\"></span>are r<span class=\"_ _7\"></span>evie<span class=\"_ _7\"></span>wed t<span class=\"_ _7\"></span>o see if<span class=\"_ _7\"></span> they ca<span class=\"_ _7\"></span>n be <span class=\"_ _7\"></span>used fo<span class=\"_ _7\"></span>r VIG Holdi<span class=\"_ _2\"></span>ng. </div>EQUITY B<span class=\"_ _7\"></span>ASE<span class=\"_ _7\"></span> As <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>31 <span class=\"_ _0\"></span>December <span class=\"_ _0\"></span>2023<span class=\"_ _7\"></span>, <span class=\"_ _0\"></span>shar<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>capital <span class=\"_ _0\"></span>of <span class=\"_ _1\"></span>E<span class=\"_ _6\"></span>UR 132,<span class=\"_ _7\"></span>887,4<span class=\"_ _2\"></span>68.20 <span class=\"_ _0\"></span>was <span class=\"_ _1\"></span>register<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>c<span class=\"_ _6\"></span>omm<span class=\"_ _2\"></span>ercial <span class=\"_ _1\"></span>regist<span class=\"_ _7\"></span>er<span class=\"_ _10\"></span>, <span class=\"_ _0\"></span>di<span class=\"_ _7\"></span>vided <span class=\"_ _0\"></span>into<span class=\"_ _7\"></span> 128,0<span class=\"_ _7\"></span>00,000<span class=\"_ _7\"></span> <span class=\"_ _2\"></span>no-par <span class=\"_ _2\"></span>value <span class=\"_ _2\"></span>bear<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>r <span class=\"_ _2\"></span>or<span class=\"_ _7\"></span>dinary <span class=\"_ _10\"></span>shares <span class=\"_ _10\"></span>with <span class=\"_ _2\"></span>voting<span class=\"_ _2\"></span> <span class=\"_ _7\"></span>rights. <span class=\"_ _2\"></span>VIG <span class=\"_ _2\"></span>Holdi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>g <span class=\"_ _2\"></span>held <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>own <span class=\"_ _2\"></span>shar<span class=\"_ _7\"></span>es <span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>Decembe<span class=\"_ _2\"></span>r<span class=\"_ _6\"></span> <span class=\"_ _2\"></span>20<span class=\"_ _7\"></span>23 (2022: none). <span class=\"_ _6\"></span>In <span class=\"_ _6\"></span>addition,<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>VIG <span class=\"_ _6\"></span>Holdi<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>can, a<span class=\"_ _6\"></span>ccor<span class=\"_ _7\"></span>di<span class=\"_ _7\"></span>ng <span class=\"_ _6\"></span>t<span class=\"_ _6\"></span>o<span class=\"_ _7\"></span> <span class=\"_ _6\"></span>the <span class=\"_ _6\"></span>autho<span class=\"_ _7\"></span>risation by <span class=\"_ _1\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _6\"></span>shar<span class=\"_ _7\"></span>eholde<span class=\"_ _7\"></span>rs, <span class=\"_ _6\"></span>incr<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span>ase <span class=\"_ _6\"></span>its <span class=\"_ _6\"></span>shar<span class=\"_ _2\"></span>eholders\u2019 equity <span class=\"_ _3\"> </span>by <span class=\"_ _3\"> </span>issui<span class=\"_ _7\"></span>ng  co<span class=\"_ _2\"></span>mmon <span class=\"_ _3\"> </span>or <span class=\"_ _3\"> </span>pr<span class=\"_ _7\"></span>eferred<span class=\"_ _2\"></span>  sh<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>es. <span class=\"_ _3\"> </span>The <span class=\"_ _3\"> </span>individu<span class=\"_ _7\"></span>al <span class=\"_ _d\"> </span>aut<span class=\"_ _7\"></span>horisatio<span class=\"_ _7\"></span>ns <span class=\"_ _3\"> </span>are <span class=\"_ _3\"> </span>liste<span class=\"_ _7\"></span>d <span class=\"_ _3\"> </span>in <span class=\"_ _d\"> </span>Not<span class=\"_ _7\"></span>e  2<span class=\"_ _7\"></span>5.10<span class=\"_ _2\"></span>  Consol<span class=\"_ _7\"></span>id<span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>ted shar<span class=\"_ _7\"></span>eholde<span class=\"_ _7\"></span>rs<span class=\"ff4a\">\u02be</span> eq<span class=\"_ _7\"></span>uity sta<span class=\"_ _7\"></span>rting on p<span class=\"_ _7\"></span>age 177.<span class=\"_ _2\"></span> As <span class=\"_ _4\"> </span>o<span class=\"_ _6\"></span>f <span class=\"_ _f\"> </span>31 <span class=\"_ _4\"> </span>Decem<span class=\"_ _6\"></span>ber<span class=\"_ _6\"></span> <span class=\"_ _f\"> </span>20<span class=\"_ _7\"></span>23,<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>th<span class=\"_ _6\"></span>e <span class=\"_ _f\"> </span>solven<span class=\"_ _6\"></span>cy <span class=\"_ _f\"> </span>ratio <span class=\"_ _f\"> </span>of <span class=\"_ _4\"> </span>th<span class=\"_ _6\"></span>e <span class=\"_ _4\"> </span>V<span class=\"_ _6\"></span>IG<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>In<span class=\"_ _6\"></span>suran<span class=\"_ _6\"></span>ce <span class=\"_ _f\"> </span>Gro<span class=\"_ _7\"></span>up<span class=\"_ _6\"></span> <span class=\"_ _4\"> </span>a<span class=\"_ _6\"></span>s <span class=\"_ _f\"> </span>defined <span class=\"_ _f\"> </span>by <span class=\"_ _4\"> </span>S<span class=\"_ _6\"></span>olvenc<span class=\"_ _6\"></span>y <span class=\"_ _4\"> </span>I<span class=\"_ _6\"></span>I <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>268.90<span class=\"_ _6\"></span>%<span class=\"_ _6\"></span>  (31 Dece<span class=\"_ _6\"></span>mber <span class=\"_ _6\"></span>2022: 2<span class=\"_ _6\"></span>79.91%)<span class=\"_ _6\"></span>. <span class=\"_ _6\"></span> LONG-T<span class=\"_ _7\"></span>ERM DEBT<span class=\"_ _7\"></span> FINANCIN<span class=\"_ _2\"></span>G VIG <span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>suran<span class=\"_ _7\"></span>ce <span class=\"_ _0\"></span>Group <span class=\"_ _0\"></span>had <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>ut<span class=\"_ _6\"></span>sta<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ding <span class=\"_ _0\"></span>subor<span class=\"_ _7\"></span>dinat<span class=\"_ _7\"></span>ed <span class=\"_ _4\"></span>bo<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>ds <span class=\"_ _0\"></span>with <span class=\"_ _4\"></span>dif<span class=\"_ _2\"></span>fering <span class=\"_ _0\"></span>maturities <span class=\"_ _0\"></span>as <span class=\"_ _0\"></span>of <span class=\"_ _4\"></span>31<span class=\"_ _7\"></span> <span class=\"_ _4\"></span>De<span class=\"_ _2\"></span>c<span class=\"_ _6\"></span>emb<span class=\"_ _7\"></span>er <span class=\"_ _4\"></span>20<span class=\"_ _7\"></span>23. <span class=\"_ _0\"></span>Detailed<span class=\"_ _2\"></span> informatio<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span> <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n the bonds pr<span class=\"_ _7\"></span>ogr<span class=\"_ _7\"></span>amme of VIG Insu<span class=\"_ _7\"></span>rance Gro<span class=\"_ _2\"></span>up <span class=\"_ _6\"></span>is pro<span class=\"_ _2\"></span>v<span class=\"_ _6\"></span>ided in Not<span class=\"_ _7\"></span>e 2.10. Subor<span class=\"_ _2\"></span>dinated liabili<span class=\"_ _7\"></span>ties starting<span class=\"_ _2\"></span> on<span class=\"_ _6\"></span> page 99. <span class=\"_ _2\"></span>The mat<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>rity <span class=\"_ _7\"></span>stru<span class=\"_ _7\"></span>cture <span class=\"_ _7\"></span>s<span class=\"_ _7\"></span>hows t<span class=\"_ _2\"></span>h<span class=\"_ _6\"></span>at <span class=\"_ _2\"></span>t<span class=\"_ _6\"></span>he <span class=\"_ _7\"></span>VIG I<span class=\"_ _7\"></span>nsuran<span class=\"_ _7\"></span>ce <span class=\"_ _7\"></span>Gro<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>p pl<span class=\"_ _7\"></span>aces <span class=\"_ _2\"></span>a<span class=\"_ _6\"></span>n em<span class=\"_ _2\"></span>phasis <span class=\"_ _7\"></span>on s<span class=\"_ _7\"></span>ubor<span class=\"_ _7\"></span>dinate<span class=\"_ _7\"></span>d l<span class=\"_ _7\"></span>iabili<span class=\"_ _7\"></span>ties, <span class=\"_ _2\"></span>w<span class=\"_ _6\"></span>hich are <span class=\"_ _1\"></span>creditabl<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>as <span class=\"_ _6\"></span>e<span class=\"_ _6\"></span>quity<span class=\"_ _e\"></span>. <span class=\"_ _0\"></span>Gen<span class=\"_ _7\"></span>eral <span class=\"_ _0\"></span>co<span class=\"_ _7\"></span>nditions <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>the<span class=\"_ _7\"></span> <span class=\"_ _0\"></span>capital <span class=\"_ _1\"></span>markets <span class=\"_ _1\"></span>and <span class=\"_ _0\"></span>other <span class=\"_ _0\"></span>cir<span class=\"_ _2\"></span>cumstanc<span class=\"_ _7\"></span>es <span class=\"_ _0\"></span>that <span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>e<span class=\"_ _6\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _6\"></span>f<span class=\"_ _7\"></span>fecti<span class=\"_ _7\"></span>ng <span class=\"_ _0\"></span>either <span class=\"_ _0\"></span>the financial servic<span class=\"_ _7\"></span>es sector <span class=\"_ _6\"></span>as a <span class=\"_ _6\"></span>whole or VIG <span class=\"_ _6\"></span>Insura<span class=\"_ _7\"></span>nce Grou<span class=\"_ _7\"></span>p in pa<span class=\"_ _6\"></span>rtic<span class=\"_ _2\"></span>u<span class=\"_ _6\"></span>lar <span class=\"_ _6\"></span>could have a de<span class=\"_ _6\"></span>trim<span class=\"_ _7\"></span>ental ef<span class=\"_ _7\"></span>fect <span class=\"_ _6\"></span>o<span class=\"_ _7\"></span>n <span class=\"_ _6\"></span>funding cos<span class=\"_ _7\"></span>ts and the availabili<span class=\"_ _7\"></span>ty of debt capital. T<span class=\"_ _7\"></span>he <span class=\"_ _6\"></span>goal<span class=\"_ _7\"></span>, therefo<span class=\"_ _7\"></span>re,<span class=\"_ _7\"></span> is <span class=\"_ _6\"></span>to actively<span class=\"_ _7\"></span> manage the capit<span class=\"_ _7\"></span>al struct<span class=\"_ _7\"></span>ure to keep refi<span class=\"_ _2\"></span>n<span class=\"_ _6\"></span>anci<span class=\"_ _7\"></span>ng risks as low as pos<span class=\"_ _7\"></span>sible.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  }
 }
}